Sunday, June 8, 2025
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AcquisitionsIndustrialSoutheastTennessee

Urban Story Ventures Acquires 169,000 SF Manufacturing Facility in Chattanooga

by John Nelson

CHATTANOOGA, TENN. — Urban Story Ventures has acquired a 169,000-square-foot manufacturing facility located at 3800 Amnicola Highway in Chattanooga. New York City-based Arcade Beauty sold the property, which includes two buildings comprising 130,000 and 39,000 square feet, respectively. The larger building features climate-controlled areas and fire suppression, and the second building offers office and industrial flex space. Additionally, the site includes 9.8 acres of undeveloped land zoned for manufacturing. Urban Story will serve as the landlord and property manager for the site as Arcade Beauty transitions to a new location in Chattanooga. The sales price was not disclosed.

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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

Urban Standard Capital Provides $8M Construction Financing for Apartment Development in Durham

by John Nelson

DURHAM, N.C. — Urban Standard Capital has provided an $8 million loan to finance the construction of 555 Abranova, an apartment development in Durham, near the city’s downtown and Research Triangle Park. Abranova Real Estate is the borrower and developer. Upon completion, the property will feature 48,000 square feet of residential space across 37 units, with 5,000 square feet and 1,500 square feet of coworking and retail space, respectively. Other amenities will include a gym, yoga studio, outdoor terrace with grills and a communal lounge. Residents will also have access to the basketball court, dog park and walking paths within the developer’s adjacent townhome project. Site work has been completed at 555 Abranova, and completion is expected for either the fourth quarter of this year or the first quarter of 2025.

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IndustrialLouisianaMarket ReportsSoutheastSoutheast Market Reports

New Orleans Industrial Market Remains Subdued, But Two Projects Are Breaking the Ice

by John Nelson

For the past decade, the inventory of industrial space in the Greater New Orleans market has not been large enough to meet demand. Comprising mostly older product that would be considered Class B or C in more populous markets, New Orleans-area warehouses have an overall vacancy rate of less than 2 percent. The demand has resulted in rising rental rates.  Development of new product is warranted, but a combination of factors has prevented new projects from being built. Finally, in 2023, despite increased construction costs, high insurance costs and rising interest rates, projects are underway that will accommodate the demand in a market that is long overdue for new, modern warehouse product. Despite having all the ingredients to be a major industrial market, including one of the country’s largest port systems, warehouse infrastructure in New Orleans is dated, mostly due to a lack of suitable land for development. Institutional ownership and investment here is limited to select groups that, while chasing higher yields, took the time to learn the market’s dynamics and build local relationships.  Historically, as brokers and tenants bemoaned a lack of product, national developers were reluctant to deploy capital to speculate in an unfamiliar and unproven locale. …

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DevelopmentGeorgiaIndustrialSoutheast

Farpoint, Grandview to Develop 2 MSF Industrial Park in LaGrange, Georgia

by John Nelson

LAGRANGE, GA. — Farpoint Development and Grandview Partners plan to develop Lafayette Logistics Park, a 134-acre industrial project site located off I-85 in LaGrange. Southpoint Realty Group sold the land to the developers for an undisclosed price. Plans for the site include the development of up to 2 million square feet of industrial facilities across two phases. Phase I, which is scheduled to begin construction in the first quarter of this year, will comprise four buildings ranging from 187,000 to 270,000 square feet. Completion of Phase I is scheduled for the fourth quarter of this year. Phase II will feature up to 1 million additional square feet of industrial space. Wesley Budd of NAI Brannen Goddard represented Farpoint in the land acquisition and will lead leasing efforts at the property.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Cushman & Wakefield Brokers $70M Sale of 501 Estates Apartments in Durham

by John Nelson

DURHAM, N.C. — Cushman & Wakefield has arranged the $70 million sale of 501 Estates, a 270-unit community located in Durham. Jefferson Apartment Group and Stars REI purchased the property from Spyglass Capital Partners LLC. Alex McDermott and Hunter Bowling of Cushman & Wakefield represented the seller in the transaction. 501 Estates was built in 2001 near Durham-Chapel Hill Boulevard. The community offers a mix of garden-style apartments, townhomes and cottages. Amenities at the property include a 3,000-square-foot fitness center, pool, dog park, detached garages and billiards room.

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AcquisitionsFloridaHospitalityRestaurantSoutheast

Marcus & Millichap Arranges $17.7M Sale of Days Inn Airport Hotel, Brewery in Miami

by John Nelson

MIAMI — Marcus & Millichap has arranged the $17.7 million sale of a Days Inn hotel located at 7250 N.W. 11th St. in Miami. The 103-room hotel, which includes an onsite Beat Culture Brewery & Restaurant, is situated on the campus of Miami International Airport. Leo Reilly and Robert Hunter of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor, in the transaction. The team also procured the Massachusetts-based buyer. Both parties requested anonymity.

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FloridaLoansRetailSoutheast

CBRE Secures $17M Refinancing for Grocery-Anchored Shopping Center in South Florida

by John Nelson

FORT LAUDERDALE, FLA. — CBRE has secured a $17 million loan for the refinancing of Galt Ocean Marketplace, a 105,589-square-foot shopping center located at 3700-4032 N. Ocean Blvd. in Fort Lauderdale. Winn-Dixie anchors the property, which was built in 1988 and was 96 percent occupied at the time of sale. Other tenants at the center include CVS/pharmacy, Holy Cross Hospital and McDonald’s. Palm Beach Gardens, Fla.-based Kitson & Partners acquired the property in 2006. Paul Ahmed and Mackenzie Lampman of CBRE arranged the financing through a regional bank on behalf of the borrower.

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District of ColumbiaSoutheast

US Economy Adds 216,000 Jobs in December, Exceeding Predicted Increase

by John Nelson

WASHINGTON, D.C. — Total nonfarm employment in the United States increased by 216,000 jobs in December 2023, according to the U.S. Bureau of Labor Statistics (BLS). This jump significantly exceeds the one predicted by Dow Jones economists, who expected an increase of 170,000, according to CNBC. This number falls slightly below the 2023 monthly average increase of 225,000, and the unemployment rate remained unchanged at 3.7 percent. Government employment comprised a significant portion of the total, with 52,000 positions added. Growth occurred primarily at a local level as municipal governments added 37,000 jobs, whereas the federal government added 7,000. The BLS calculates the monthly average for government employment growth in 2023 was 56,000 jobs, which is more than double the average of 23,000 in 2022. Ryan Severino, managing director, chief economist and head of U.S. research at BentallGreenOak (BGO), says that government entities were challenged in 2022 because workers had the upper hand in the labor market as the private sector was actively hiring across various categories, which led to more mobility for employees. He says the government sector experienced a market correction of sorts in 2023. “People aren’t leaving jobs as quickly as they once were, and the slowdown …

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DevelopmentFloridaMultifamilySoutheast

Black Salmon, LD&D to Develop $115M Multifamily Tower in Tampa Bay Area

by John Nelson

ST. PETERSBURG, FLA. — Black Salmon and LD&D plan to co-develop Gallery Haus, a 23-story multifamily tower in the Tampa Bay city of St. Petersburg. The $115 million project will be located at 155 17th St. S, which is adjacent to the upcoming $6.5 billion overhaul of Tropicana Field, the home ballpark of the Tampa Bay Rays. Black Salmon and LD&D purchased the 0.8-acre site last month for a little more than $9 million. The duo plan to break ground on Gallery Haus in the fourth quarter. The project will include 10,000 square feet of amenities and coworking space, as well as 5,000 square feet of ground-level retail space.

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AcquisitionsNorth CarolinaOfficeSoutheast

Lionstone Investments Trades 12-Story Midtown Plaza Office Building in Raleigh’s North Hills District

by John Nelson

RALEIGH, N.C. — Lionstone Investments has sold Midtown Plaza, a 12-story office building located in Raleigh’s North Hills submarket. The buyer and sales price were not disclosed, but the Triangle Business Journal reported the asset traded for $132 million. Completed in 2017, the 329,747-square-foot property was fully leased at the time of sale to tenants including Altera, Gilead Sciences and Fifth Third Bank. Ryan Clutter, Richard Reid, Daniel Flynn, C.J. Liuzzo, Sarah Holloway and Woody Flythe of JLL represented Lionstone, which was working on behalf of an institutional investor.

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