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Southeast

AcquisitionsGeorgiaRetailSoutheast

CBRE Arranges Sale of Fayette Pavilion, Georgia’s Largest Open-Air Retail Center

by John Nelson

FAYETTEVILLE, GA. — CBRE’s National Retail Partners team has arranged the sale of Fayette Pavilion, an open-air retail center in Fayetteville, a city about 22 miles south of Atlanta. At nearly 1.1 million square feet, Fayette Pavilion is the largest open-air retail center in Georgia and also the most visited with approximately 8.3 million annual visitors, according to CBRE. Chris Decoufle, Kevin Hurley and Matt Karempelis of CBRE’s National Retail Partners’ Southeast team represented the seller, Chicago-based Nuveen Real Estate, and procured the buyer, Houston-based 5Rivers CRE, in the transaction. The sales price was not disclosed. Developed on 106 acres from 1995 to 2003, Fayette Pavilion’s tenant roster includes Publix, Hobby Lobby, Burlington, Ross Dress for Less, Marshalls, PetSmart, Old Navy, pOpshelf, Dollar Tree and Five Below.

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AcquisitionsOfficeSoutheastVirginia

CoStar Group Acquires 31-Story Office Building in Arlington, Virginia

by John Nelson

ARLINGTON, VA. — CoStar Group has purchased Central Place Tower, a 552,000-square-foot office building located at 1201 Wilson Blvd. in Arlington. The seller and sales price were not disclosed, but media outlets report JBG Smith, which developed the 31-story tower in 2018, and joint venture partner PGIM Real Estate sold the tower for $339 million. The office building sits directly above the Rosslyn Metro station. The Richmond-based commercial real estate research giant plans to move 650 Washington, D.C.-area employees to the building as the company’s current lease is set to expire in 2025. CoStar previously acquired an office building at 1331 L St. NW in D.C. in 2011 before executing a sale-leaseback. The company will occupy about 150,000 square feet in the Arlington building and pay about $14 million to Arlington County for sole rights of use of the building’s observation deck, according to Arlington Economic Development. The building was

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AcquisitionsIndustrialSoutheastVirginia

Phoenix Investors Purchases 813,000 SF Industrial Facility in Martinsville, Virginia

by John Nelson

MARTINSVILLE, VA. — An affiliate of Phoenix Investors has purchased an 813,000-square-foot industrial building located at 1 Walker Road in Martinsville, a city in southern Virginia. Resurgence Properties sold the property for an undisclosed price. The facility previously served as a textile plant for Bassett-Walker before shuttering in 2002. Situated on 53 acres, the property is located 10 miles from the Virginia-North Carolina border and less than 12 miles from Blue Ridge Regional Airport. The facility features six dock doors and four grade-level drive-in doors, as well as 200 parking spaces. Grant Bates of Newmark is handling the leasing assignment for 1 Walker Road, which has more than 700,000 square feet of availability at the time of sale.

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District of ColumbiaLoansSoutheast

MBA: Commercial and Multifamily Loan Originations Decline 47 Percent in 2023

by John Nelson

WASHINGTON, D.C. — Preliminary estimates from Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations show that commercial and multifamily loan originations in 2023 are down 47 percent compared to 2022. The Washington, D.C.-based organization also reports that originations in fourth-quarter 2023 declined 25 percent year-over-year but increased by 13 percent from third-quarter 2023. The association released its findings during its 2024 Commercial/Multifamily Finance Convention and Expo (MBA CREF), an annual conference that concludes today. Loan volume declined for every property sector and investor type that MBA tracks in 2023. By property type, originations for healthcare properties decreased 67 percent compared to 2022; office properties decreased 65 percent; industrial properties decreased 49 percent; multifamily properties decreased 46 percent; retail properties decreased 27 percent; and hotel properties decreased 10 percent. Among investor types, originations for depositories (i.e. banks and credit unions) decreased 64 percent; originations for investor-driven lenders decreased 51 percent; loans for life insurance companies decreased 39 percent; loans for government-sponsored enterprises, including Fannie Mae and Freddie Mac, decreased 21 percent; and CMBS loans decreased 21 percent.

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Company NewsGeorgiaRetailSoutheast

Matthews Real Estate Investment Services Adds Veteran Retail Specialists to the Firm

by John Nelson

ATLANTA — Matthews Real Estate Investment Services has hired Pierce Mayson and Kyle Stonis as senior vice presidents, Jeff Enck as first vice president and Boris Shilkrot as associate vice president. The veteran retail specialists join the company’s shopping center division from SRS Real Estate Partners where they managed the sales of shopping centers in 17 different states across the Southeast, Midwest and Northeast. Collectively, Mayson, Stonis, Enck and Shilkrot have brokered the sales of $4 billion in career transactions over a combined 50 years. The group will operate from the Matthews’ Atlanta office off Peachtree Road and work with Matthew Wallace, the company’s national director of shopping centers.

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DevelopmentMixed-UseSoutheastTennessee

Equitable Property Co. to Develop 44-Acre Mixed-Use District in Smyrna, Tennessee

by John Nelson

SMYRNA, TENN. — Equitable Property Co. has purchased 44 acres in Smyrna, with plans to develop a mixed-use district dubbed Sewart’s Landing. Situated about 24 miles southwest of Nashville, the project will comprise 250,000 square feet of ground-level retail space, in addition to two medical office buildings (MOBs) totaling 400,000 square feet; a 240-room hotel; and 75 for-sale townhomes. Sewart’s Landing is named after the former Sewart Air Force Base that operated from 1941 to 1971. The groundbreaking is scheduled for next month, with completion of Phase I expected in the first quarter of 2025. Tenants at the development’s first phase will include Starbucks Coffee, Wawa, Jonathan’s Grille and an undisclosed grocer. Equitable Property acquired the land for the project from the City of Smyrna, which helped the developer formulate the master plan for Sewart’s Landing. Kipper Worthington of JLL and Land Deleot of Equitable Property will lead leasing efforts at the development.

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DevelopmentFloridaLoansMultifamilySoutheast

Madison Communities, Heitman Obtain $44M Construction Loan for Southwest Florida Apartment Development

by John Nelson

BONITA SPRINGS, FLA. — Madison Communities and Heitman have obtained a $44 million construction loan for the development of Madison Bonita Springs, a 252-unit apartment development in Southwest Florida. Patterson Real Estate Advisors arranged the financing through First Citizens Bank on behalf of the developers. The Class A community will be located on Bonita Beach Road adjacent to the I-75 interchange. BenCo, Madison Communities’ in-house general contractor, plans to deliver Madison Bonita Springs by the end of 2025.

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DevelopmentFloridaHospitalitySoutheast

Southern Hospitality Breaks Ground on First Extended Stay America Select Suites Hotel in Central Florida

by John Nelson

WILDWOOD, FLA. — Southern Hospitality has broken ground on the first new construction of the Extended Stay America Select Suites prototype hotel. The four-story, 124-room hotel will be located in Wildwood, a city in Central Florida near The Villages master-planned community. The 50,000-square-foot property will be situated on less than two acres and feature apartment-like suites with full kitchens and onsite laundry services. Southern Hospitality and operator Extended Stay America plan to open the hotel in early 2025.

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DevelopmentDistrict of ColumbiaOfficeSoutheast

Marx Realty Delivers Renovated Grogan Office Building in D.C.’s East End

by John Nelson

WASHINGTON, D.C. — Marx Realty has delivered The Grogan, a repositioned office building located at 819 7th St. NW in Washington, D.C.’s East End. The New York City-based developer purchased the 21,000-square-foot property in 2018. The renovated asset includes a new façade, canopy and entryways, as well as an upgraded lobby and mezzanine space of the penthouse that includes a café, delineated seating and access to a private terrace. Built in 1891, The Grogan features 12- to 15-foot wood ceilings, exposed brick, wood columns and arched windows, all of which have Marx Realty has restored.

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AcquisitionsAlabamaIndustrialSoutheast

Ironside Realty Acquires 7,500 SF Industrial Property in Huntsville, Alabama

by John Nelson

HUNTSVILLE, ALA. — Ironside Realty has acquired a 7,500-square-foot industrial property located at 376 Dan Tibbs Road N.W. in Huntsville. The property was fully leased to United Rentals at the time of sale. A local broker represented the undisclosed seller in the transaction, and Jimmy Goodman of Chicago-based The Boulder Group represented Ironside. The sales price was not disclosed.

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