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FloridaIndustrialLeasing ActivitySoutheast

BroadRange Logistics Leases 350,899 SF Industrial Building in Ocala, Florida

by Hayden Spiess

OCALA, FLA. — BroadRange Logistics has signed a lease to fully occupy Ocala Logistics Center, a 350,899-square-foot industrial building in Central Florida. Situated at the corner of N.W. 35th St. and N.W. 27th Ave. in Ocala, the property features 196 parking spaces, 96 trailer drops, ESFR sprinkler systems and 36-foot clear heights. Clay Witherspoon of Avison Young represented the landlord, MDH Partners, in the lease negotiations. John Gosnell of Strategic Real Estate Partners represented the tenant. 

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Leasing ActivityNorth CarolinaOfficeSoutheast

CBRE Negotiates 40,000 SF Office Lease in Uptown Charlotte for IWG

by Hayden Spiess

CHARLOTTE, N.C. — CBRE has arranged a 40,000-square-foot lease at First Citizens Bank Plaza, a 23-story office building in Uptown Charlotte. International coworking company IWG will occupy the 18th and 19th floors of the building beginning in February, with plans to expand its SPACES brand. Located at 128 S. Tryon St., the property was recently renovated and features a new lobby, a boutique fitness center, tenant amenity hub with lockers and showers, bicycle parking and storage, upgraded restrooms and a 5,000-square-foot ground-floor restaurant and bar space, currently occupied by MOA Korean BBQ. Kris Westmoreland, Stephanie Spivey and Joe Franco of CBRE represented the landlord, Dornin Investment Group, in the lease negotiations.

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AcquisitionsCaliforniaFloridaRetailWestern

CBRE Arranges Sales of Nine Big Lots Retail Locations in California, Florida for $50.7M

by Amy Works

LOS ANGELES — CBRE has brokered the sales of nine individual Big Lots-occupied retail properties to two buyer. Alex Kozakov and Patrick Wade of CBRE represented the seller, a large institutional investor, in the transactions. Robhana Group acquired four properties, totaling 117,494 square feet, for $23.6 million. The assets are: Reliable Properties purchased five locations, totaling 125,439 square feet, for $27.1 million. The properties are: The retail locations were part of a 25-property sale-leaseback portfolio acquired by a large institutional investor in 2023 with Kozakov and Wade representing the seller, Big Lots, in that transaction.

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Retail Program Bohler-Drive Thru
BohlerContent PartnerFeaturesMidwestNortheastRestaurantRetailSoutheastTexasWestern

Retail Development Programs Favor Suburbs, Shifting Shopper Habits

by Sarah Daniels

With high operating costs eroding profitability at many urban stores, major retailers are concentrating development and store renovations in suburban locations with layouts geared to the latest consumer preferences. As more retailers follow suit, early adopters provide object lessons in best practices to better serve an evolving customer base and reveal pitfalls to avoid along the way. “Retailers are more sensitive to the pressures of high costs and loss prevention in urban markets, and as a result, they are backing off in those areas,” says Cornelius Brown, a principal and regional manager in the Philadelphia office of Bohler. “Retailers looking to grow, in our experience, are shifting to the suburbs and using retail program methods to cut costs.” Bohler is a land development design and consulting firm that helps developers move their projects forward quickly. Recently, those clients have been keen to avoid risk in both site selection and design features, Brown says. Streamlining Retail Development Retail programs allow developers to use pre-existing retail layout prototypes to determine optimal site arrangements. This approach uses checklists to assign one of several pre-made layouts to a development based on factors such as road location, grading and elevation, parking needs, drive-through layout, loading …

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DevelopmentFloridaIndustrialSoutheast

Costco, Sansone Group Acquire 192 Acres in Port St. Lucie, Florida for Industrial Development

by John Nelson

PORT ST. LUCIE, FLA. — Big-box wholesale retail giant Costco and St. Louis-based development firm Sansone Group have teamed up to purchase 192 acres within Legacy Park at Tradition, a 425-acre industrial park in Port St. Lucie. The companies plan to develop a 595,000-square-foot depot facility at the site. Costco has industrial development rights to expand its project up to 1.9 million square feet. Other Sansone-developed projects at Legacy Park at Tradition include build-to-suit facilities for FedEx Ground and Amazon, as well as two speculative facilities. The developer is also in the planning stages of another spec facility and a cold storage property within the park. The project team for the Costco development includes engineer Culpepper & Terpening, legal counsel Husch Blackwell, the City of Port St. Lucie and Robert Smith and Kirk Nelson at CBRE. The construction timeline was not disclosed.

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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

JLL Arranges $132.9M Debt, Equity Financing for Multifamily Development in Charlotte

by John Nelson

CHARLOTTE, N.C. — JLL has arranged a combined $132.9 million in construction financing for 2125 N Davidson, a 389-unit midrise multifamily development underway in Charlotte’s Mill District. Travis Anderson, Cory Fowler, Warren Johnson, Ryan Pride and Naoki Hasegawa of JLL arranged a $34.5 million equity placement with two institutional investors based in Japan on behalf of the developer, Space Craft. JLL also arranged a $98.4 million construction loan through an undisclosed direct lender. Set for completion in summer 2026, 2125 N Davidson will feature studio, one-, two- and three-bedroom apartments averaging 762 square feet in size. Amenities will include a rooftop patio with views of Uptown Charlotte, courtyard with native planting, fitness room in each building, coworking space with a coffee/breakfast nook and electric car share and e-bike share dedicated for resident use. The property will also include 13,751 square feet of street-facing retail space that Space Craft plans to lease to boutique retailers, coffee purveyors and local and neighborhood service retailers. The developer has tapped Swinerton to construct the development. The companies also recently built The Joinery, an $80 million multifamily development in Charlotte’s nearby Optimist Park neighborhood.

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AcquisitionsGeorgiaIndustrialKentuckyLoansNorth CarolinaSouth CarolinaSoutheastTennessee

PCCP Provides $102M Acquisition Loan for Southeast Industrial Portfolio

by John Nelson

LOS ANGELES — Los Angeles-based PCCP LLC has provided a $102 million acquisition loan to Stoltz Real Estate Partners, a real estate fund manager based in Bala Cynwyd, Pa., for a five-property industrial portfolio in the Southeastern United States. John Alascio, Alex Hernandez, Chris Meloni, T.J. Sullivan and Mitch Rothstein of Cushman & Wakefield arranged the financing on behalf of Stoltz. The 1.6 million-square-foot portfolio is located within the Atlanta, Charleston, Charlotte, Louisville and Nashville MSAs. The properties were fully leased at the time of financing to seven tenants that had a weighted average lease term (WALT) remaining of 4.6 years. All five properties were developed between 2018 and 2023 and range in size from 157,000 to 636,000 square feet. The seller and sales price were not disclosed.

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DevelopmentSoutheastStudent HousingTennessee

Annex Group, University of Memphis to Develop 540-Bed On-Campus Residence Hall for Student-Athletes

by John Nelson

MEMPHIS, TENN. — A public-private partnership between The Annex Group and the University of Memphis has announced plans to develop a 540-bed residence hall on the university’s campus in Tennessee. The community will offer a mix of studio, two- and four-bedroom units alongside 300 parking spaces. The property will target occupation by student athletes. Shared amenities will include study space, social gathering areas, outdoor living space and grab-and-go dining options. The community will be part of the university’s Park Avenue Campus development, which will include Tiger Park, an academic and athletic facilities complex that will be developed in phases over the next 10 years. “Living in the vicinity of where [our student-athletes] practice, compete and train will significantly enhance their experience, and a development like this sets our university apart when it comes to recruitment,” says Brooks Monaghan, the university’s head women’s soccer coach. The residence hall is expected for completion in fall 2026. The development team for the project includes architectural firm LRK.

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Affordable HousingDevelopmentFloridaMultifamilySeniors HousingSoutheast

HTG, Elite Equity Break Ground on $44M Affordable Seniors Housing Community in Leisure City, Florida

by John Nelson

LEISURE CITY, FLA. — Housing Trust Group (HTG) has begun construction of Naranja Grand, an affordable housing community for seniors in Leisure City, approximately 25 miles southwest of Miami. The $44 million project is a collaborative effort between HTG and Miami Lakes, Fla.-based Elite Equity Development. The eight-story property will feature 120 units (91 one-bedroom, 29 two-bedroom) reserved for income-qualifying residents age 55 and older who earn at or below 30, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $580 to $1,625. Construction is slated for completion in the spring of 2025. The building will total 117,000 square feet and the developers will seek National Green Building Standard certification. Funding sources for Phase I include $26 million in 9 percent Low-Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James, a construction loan of $26.2 million provided by TD Bank, a permanent Freddie Mac loan of $9 million through Berkadia, a Florida Housing Finance Corp. Viability Loan of $4.3 million and a $3 million loan from the Miami-Dade County Affordable Housing Surtax Program. The design-build team includes architect ATL Architecture, general contractor Gomez Construction, engineer EAC Consulting, interior designer Builders Design and landscape …

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GeorgiaIndustrialMarket ReportsSoutheastSoutheast Market Reports

Emerging Demand and User Trends Propel Atlanta as an Industrial Hotspot

by John Nelson

Atlanta’s industrial sector and its historically strong performance have fortified the city as a strategic Southeast location and gateway market nationwide. Activity, which has decreased since peak demand during the COVID-19 pandemic, is now returning to normalized levels. The net new requirement pipeline remains robust primarily due to the influx of manufacturing, advanced manufacturing, life sciences, automotive, alternative energy and data center projects.  How owners and tenants invest in industrial properties has also shifted. Owners are seeking properties with short weighted average lease terms and investments below replacement cost. Meanwhile, occupiers are making moves to crisis-proof their networks with onshoring and nearshoring of production that was previously conducted overseas, and they’re adjusting their overall supply chain and logistics strategies to diversify and avoid dependence on one region or vendor.  Players in the market remain cautiously optimistic, which has subdued demand, but that is expected to be short-lived once macro-economic conditions stabilize. High inflation and rising interest rates over the past 12 to 18 months have significantly contributed to decreased demand in Atlanta. However, with continued population growth and Atlanta’s central location in the Southeast, the metro area’s compressed demand will be short-lived.  With that said, Atlanta’s industrial market remains strong …

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