Southeast

STILES, HENSLER TO CO-DEVELOP $80M HIGH-RISE IN NASHVILLE'S GULCH DISTRICT

by admin March 12, 2013

NASHVILLE, TENN. — Florida-based real estate firm Stiles and developer Ray Hensler have partnered to develop an $80 million apartment building in Nashville's Gulch District. The Gulch is a 22-block redevelopment district located on the edge of downtown, which has experienced a spike in urban development and an influx of trendy restaurants and retail. Construction of the 312-unit luxury high-rise is set to begin immediately. The project, located at 12th Avenue and Laurel Street, is designed to achieve LEED Silver certification. The 327,000-square-foot project is expected to be complete by summer 2014 and amenities will include a heated saline pool, fitness center and resident lounge. The property will also feature a 7,000-square-foot restaurant on the ground floor.

March 12, 2013

HOME2 SUITES BY HILTON OPENS SECOND PROPERTY IN GEORGIA

by admin March 12, 2013

AUGUSTA, GA. — Home2 Suites by Hilton, the mid-tier hotel designed for business travelers and extended stay guests, has opened its 15th U.S. hotel at 3606 Exchange Lane in Augusta. The four-story, 123-room hotel is located within the Augusta Exchange, an 87-acre regional power center close to the Augusta National Golf Course. Generation Suites of Augusta owns the property, which is managed by The Generation Cos. The property includes an outdoor saline swimming pool, a three-hole putting green and a walking trail.

March 12, 2013

Retail Southeast

JV TO DEVELOP $4.5M SHOPPING CENTER IN ALABAMA

by admin March 12, 2013

MONROEVILLE, ALA. — A joint venture between Bright Interest and Timber Development is developing Monroeville Marketplace Shopping Center, a 40,000-square-foot property adjacent to a Walmart Supercenter in Monroeville. Tenants at the $4.5 million center will include Dollar Tree, Cato, Shoe Show and Verizon Wireless. The center is expected to open this summer.

March 12, 2013

Retail Southeast

INFINITY PROPERTY FUND SELLS LANIER CROSSING FOR $10.5M

by admin March 11, 2013

CUMMING, GA. — Marcus & Millichap has brokered the $10.5 million sale of Lanier Crossing, an 111,000-square-foot retail center located on Atlanta Road in Cumming. The sales price for the Hobby Lobby-anchored property equates to $96 per square foot. Hobby Lobby is in the middle of its first five-year lease, with one five-year option remaining. The property was built in 1964 and most recently renovated in 1989. During the past 10 years, the center has had an average occupancy rate of more than 90 percent. Other tenants at Lanier Crossing include Subway, Sally Beauty Supply, Weight Watchers and Cici's Pizza. Howard Bregman and Brandon Rex, both with Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, Infinity Property Fund, as well as the Northeast-based buyer.

March 11, 2013

Retail Southeast

JOINT VENTURE DEVELOPING $4.5M MONROEVILLE MARKETPLACE SHOPPING CENTER

by admin March 11, 2013

MONROEVILLE, ALA. — Timber Development, in a joint venture with Bright Interest Inc., is developing the approximately 40,000-square-foot Monroeville Marketplace Shopping Center. The $4.5 million center is located adjacent to a Walmart Supercenter on Alabama Avenue in Monroeville, about 90 miles northeast of Mobile. The project, which will open in the summer of 2013, will feature tenants Dollar Tree, Cato and Verizon Wireless. Other tenants will include a Mexican restaurant, china buffet and beauty supply store.

March 11, 2013

Retail Southeast

THE SEMBLER CO. TO REDEVELOP NOKOMIS VILLAGE SHOPPING CENTER IN FLORIDA

by admin March 11, 2013

NOKOMIS, FLA. — The Sembler Co. is redeveloping the Nokomis Village Shopping Center, located at 1091 Tamiami Trail in Nokomis, about 50 miles south of St. Petersburg, Fla. The redevelopment of the 143,697-square-foot center will include improvements to the entire property from landscaping to building facade upgrades. Publix, which anchors the shopping center, will be torn down and rebuilt. Other tenants include Anthony’s ladies apparel, Village Pharmacy, Ophelia’s Pasta restaurant and Saltwater Café.

March 11, 2013

Retail Southeast

CONTINENTAL NAMED LEASING AGENT FOR EIGHT RETAIL CENTERS IN SOUTH FLORIDA

by admin March 11, 2013

MIAMI — Continental Real Estate Cos. (CREC) has been selected as the leasing agent for eight shopping centers in South Florida totaling 629,060 square feet. The retail properties include El Mercado in Hialeah Gardens; Clewiston Town Center in Clewiston; Polo Grounds Mall in West Palm Beach; #1 Marketplace, Tropical Plaza and The Shops of Bird Road in Miami; and Gables Grand Plaza and Red Road Commons in Coral Gables. The firm will also manage El Mercado and Clewiston Town Center. Carlos Guzman, Steven Henenfeld, Mitchell Boxer and Ruben Suarez of CREC will lead the retail leasing team.

March 11, 2013

Market Reports North Carolina Southeast Market Reports

Retail Vacancy Rates Drop and Rents Are on the Rise in Raleigh/Durham

by admin March 11, 2013

Population growth is a direct result of the lifestyle advantages we enjoy in the Triangle region, which include our mild climate as well as educational opportunities and future employment options. People continue to move to the area, with approximately 225,000 new citizens expected by 2015. These new citizens expect jobs and recent estimates indicated an increase of approximately 12,500 jobs in 2012. It’s not the high job growth of the late ’90s through mid-2000, but it was an improvement over the last three years. With so many new people coming to the Triangle, and many unable to sell their homes in depressed markets, the need for apartments has grown considerably. The Triangle apartment market has been on fire with the latest report indicating a vacancy rate of 5.5 percent. In addition almost 6,000 apartment units are currently under construction. The combination of population growth, housing demands and disposable income are key ingredients to our vibrant retail market. In 2011, there was an increase in retail construction of approximately 900,000 square feet, resulting in minimal absorption and continued vacancy at 6 percent. In 2012, construction dropped to just over 300,000 square feet and despite vacancies in strip centers, overall vacancy dropped …

March 11, 2013

Healthcare Southeast

BROADSTONE BUYS THREE-BUILDING MEDICAL OFFICE PORTFOLIO IN FLORIDA

by admin March 8, 2013

SARASOTA, FLA. — Broadstone Net Lease has acquired a three-building medical office portfolio in Florida as part of a sale-leaseback deal. Gulf Coast Surgery Center Inc. was the seller. The portfolio includes a 20,138-square-foot property at 4947 Clark Road and a 24,896-square-foot property at 4937 Clark Road in Sarasota. The deal also included a 5,086-square-foot medical office building at 856 Indiana Ave. in nearby Englewood, Fla. Juan Vega and Pam Pester of Cassidy Turley represented the seller in the transaction.

March 8, 2013

Mixed-Use Southeast

JV PURCHASES 55 ACRES TO DEVELOP 2.4 MILLION SF IN MARYLAND

by admin March 8, 2013

GERMANTOWN, MD. — A joint venture between Trammell Crow Co. and NVCapital Advisors has completed the purchase of a 55-acre site in Germantown form Multi-Employer Property Trust. Trammell and NVCapital plan to transform the former Orbital Sciences Corporate Campus into a new mixed-use community called Century, which will feature 2.4 million square feet of Class A office space, townhome and apartment units, retail and two hotels. The owners are in final negotiations with a developer for the purchase of two hotel parcels, and expect to begin construction on those sites within a year. The venture has begun marketing the first two residential parcels, which will include 350 apartments and 110 townhomes. They plan to partner with developers for these two parcels in the upcoming weeks and immediately begin site plan approval with Montgomery County. Trammell Crow has already obtained full site plan approval for three office buildings totaling 455,000 square feet. According to the company, the approval positions the owners to quickly respond to build-to-suit and prelease opportunities as they arise in the I-270 office market.

March 8, 2013

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