Southeast

Graham & Co. Sells Warehouse in Bessemer, Alabama for $17M

by John Nelson February 22, 2024

BESSEMER, ALA. — Graham & Co. has sold a Class A warehouse located at 4251 Turin Drive in Bessemer, about 15 miles southwest of Birmingham via I-20. The Birmingham-based developer broke ground on the 187,200-square-foot facility in 2021 and completed construction in June 2022. Barber Cos. purchased the facility from Graham & Co. for $17 million. Situated along the Lakeshore Parkway corridor, the rear-load warehouse features 32-foot clear heights and 31 dock-high doors. The property is best-suited for one or two tenants and offers proximity to nearby industrial distributors including FedEx, Dollar General, Amazon and Lowe’s Home Improvement. John Coleman and Matthew Graham represented Graham & Co. on an internal basis in the transaction, and Gifford Taylor and Merrimon Epps were Barber’s internal representatives.

February 22, 2024

Leasing Activity Louisiana Office Southeast

Gulf States Negotiates Pelican Energy’s Corporate Relocation in Covington, Louisiana

by John Nelson February 22, 2024

COVINGTON, LA. — Pelican Energy Consultants LLC, an energy consulting and project management firm, has moved its corporate office to the newly branded Pelican Energy Building, a 48,000-square-foot office building located at 4099 Highway 190 E. Service Road in Covington. Gulf States Real Estate, Development and Construction Services arranged the new office lease on behalf of the tenant and helped negotiate renovations prior to Pelican Energy’s relocation, according to New Orleans City Business. Stephen Camp is the owner/landlord of the Pelican Energy Building. Prior to the new lease, Gulf States also brokered the sale of Pelican Energy’s former 25,000-square-foot office headquarters within the nearby Ashland Business Park. Additionally, the brokerage services firm temporarily housed Pelican Energy within one of its own offices within Tammany West Business Park while renovations were made to its new offices.

February 22, 2024

Development Industrial South Carolina Southeast Top Stories

PRP, Flint Development Complete 1.9 MSF Distribution Center in Moore, South Carolina

by Katie Sloan February 22, 2024

MOORE, S.C. — A partnership between PRP and Flint Development has completed the development of a 1.9 million-square-foot distribution center in the Greenville-Spartanburg metropolitan area community of Moore. The property is fully leased to an affiliate of Hong Kong-based power tool manufacturer Techtronic Industries Co. and will distribute goods from the company’s Hart Consumer Products division. The development is one of the largest single-story logistics properties in the United States, according to PRP. The center features a cross-dock loading configuration with 40-foot clear heights, 338 dock doors and a 185-foot truck court, with 835 spaces of excess trailer parking across 178 acres of land. The development is located near the Greenville-Spartanburg International Airport and Inland Port Greer, which offers direct rail connection to the Port of Charleston. Techtronic Industries leases a second 1.4 million-square-foot logistics center roughly 11 miles away in Duncan, which PRP also developed. The property distributes products from the company’s Hoover brand. PRP is a Washington, D.C.-based real estate investment management company with a focus on corporate headquarters facilities, office properties, logistics facilities, high-street retail properties, multifamily and data centers. Prairie Village, Kan.-based Flint Development is a commercial real estate development firm specializing in industrial, multifamily and …

February 22, 2024

Acquisitions Hospitality South Carolina Southeast

Hybridge Capital Acquires Yachtsman Resort in Myrtle Beach Out of Bankruptcy

by John Nelson February 21, 2024

MYRTLE BEACH, S.C. — Hybridge Capital Management has purchased The Yachtsman Resort, a 159-room hotel located at 1304 N. Ocean Blvd. in Myrtle Beach. The Los Angeles-based investor acquired the hotel, which was built in 1982, out of bankruptcy in an off-market transaction. Bhavesh Patel of Hodges Ward Elliott represented the seller, Maryland-based Lemonjuice Solutions, in the transaction. The sales price was not disclosed. Max Mellman and Drew Rands of Max Benjamin Partners Inc., along with Justin Ghaderi of CBRE, secured an undisclosed amount of acquisition financing for the deal. Hybridge Capital, which now owns 569 hotel/resort rooms in Myrtle Beach, plans to implement a capital improvement program to restore The Yachtsman. Details about the renovation were not disclosed.

February 21, 2024

Development Florida Mixed-Use Multifamily Southeast

Partnership Tops Out 509-Unit Residences at The Wynwood Plaza in Miami

by John Nelson February 21, 2024

MIAMI — Co-developers L&L Holding Co. and Oak Row Equities, along with project partner Shorenstein Properties and capital partner Claure Group, have topped out the Residences at The Wynwood Plaza, a 509-unit apartment development in Miami. The property serves as the multifamily component of Wynwood Plaza, a 1 million-square-foot mixed-use development underway in the city’s Wynwood district. Designed by Gensler, Residences at The Wynwood Plaza will feature studio, one- and two-bedroom apartments with floor-to-ceiling windows, modern appliances, high-end finishes and flexible layouts. Amenities will include 32,000 square feet of retail space, multiple connected rooftops, a multi-purpose sports court, two outdoor pools, sauna, hot tub, cold plunge pool, coworking spaces, private phone rooms, game lounge and a modern fitness center. Urban planning firm Field Operations designed the property’s 26,000-square-foot public plaza. L&L Holding and Oak Row plan to begin welcoming residents in 2025. The duo also topped off on Wynwood Plaza’s 12-story office tower in September 2023.

February 21, 2024

Development Industrial Southeast Tennessee

Foundry, Principal Global Investors Complete 371,000 SF Warehouse in Metro Nashville

by John Nelson February 21, 2024

SMYRNA, TENN. — A joint venture between Foundry Commercial and Principal Global Investors, doing business as Tridon Property Owner LLC, has completed the development of Creekside Logistics, a warehouse development located in Smyrna, roughly 25 miles outside Nashville. Ware Malcomb provided architecture and interior design services for the project, and Layton Construction served as the general contractor. Totaling 371,000 square feet, the property features three buildings comprising 147,500; 135,240; and 88,500 square feet. Situated on 43 acres, the development will accommodate tenant occupancies ranging from 17,860 to 147,260 square feet. The buildings feature tilt-wall construction with 32-foot clear heights.

February 21, 2024

Development Florida Industrial Southeast

Miller Construction Completes 199,643 SF Industrial Facility in Hollywood, Florida

by John Nelson February 21, 2024

HOLLYWOOD, FLA. — Miller Construction Co. has completed a 199,643-square-foot warehouse for Seagis Property Group at 1700 Eller Drive in Hollywood, a South Florida city near Port Everglades in Fort Lauderdale. The load bearing, tilt-wall structure gives tenant access to Florida’s Turnpike, I-95 and I-595. The property features 54- by 50-foot bays, a 60-foot speed bay and 36-foot clear heights, as well as two spec office spaces. In addition to Miller Construction, the project team included Ware Malcomb Architects, MEP engineer Puga & Associates Inc., structural engineer DDA Engineers and civil engineer Langan Engineering.

February 21, 2024

Georgia Leasing Activity Retail Southeast

Arhaus to Open New Store at Avenue Peachtree City in Metro Atlanta

by John Nelson February 21, 2024

PEACHTREE CITY, GA. — Arhaus plans to open a new 7,085-square-foot Arhaus Studio store at The Avenue Peachtree City, an open-air shopping center in Peachtree City, a southern suburb of Atlanta. The new store is expected to open later this year between Souls by LT and fab’rik. Other tenants set to debut at The Avenue Peachtree City this year include HOBNOB Neighborhood Tavern, Warby Parker and 9292 Korean BBQ. Managed by JLL and owned by Poag, Avenue Peachtree City opened in 1999. Atlanta-based Cousins Properties developed the open-air center, along with other Avenue-branded properties in the metro Atlanta area.

February 21, 2024

Florida Loans Mixed-Use Southeast

Greystone Provides $419.6M Refinancing for Panorama Tower in Miami

by John Nelson February 20, 2024

MIAMI — Greystone has closed a $419.6 million financing package for the refinancing of Panorama Tower, an 85-story mixed-use skyscraper located on Brickell Bay Drive in Miami’s Brickell district. The tower features 821 apartments; 112,731 square feet of Class A offices; 25,219 square feet of retail space; a 2,000-space private parking garage; and an attached 19-story, 208-room Hyatt Centric hotel. The financing package included a nearly $335 million Freddie Mac Optigo senior loan that was underwritten with a five-year term and 35-year amortization schedule. The financing also included $85 million of “agency-compliant subordinate debt” and preferred equity led by an unnamed global pension fund. The borrower is Florida East Coast Realty, an entity led by the Hollo family.

February 20, 2024

Development Industrial South Carolina Southeast

OMRON Automation to Build Manufacturing Facility in Upstate South Carolina

by John Nelson February 20, 2024

GREER, S.C. — OMRON Automation, a global industrial automation solutions provider, plans to expand its operations footprint to Upstate South Carolina with a new manufacturing facility in Greer. The new facility will be located at 311 Genoble Road and will support 162 new jobs. OMRON plans to invest $9.2 million into the operation, which will include the manufacturing of motion controllers and drives, machine vision, barcode readers and verification systems. Meredith O’Connor, Sean Reynolds, Perry Major and John Cashion of JLL represented OMRON in the development and site selection process, which included the evaluation of more than 85 cities across the United States. The size and construction timeline for the Greer facility were not disclosed.

February 20, 2024

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