Southeast

Caddell Construction Breaks Ground on 2.1 MSF Industrial Development Near Savannah

by John Nelson December 12, 2023

MIDWAY, GA. — Caddell Construction, on behalf of Flint Development, has broken ground on three Class A distribution centers within Dorchester Commerce Park, an industrial park in the metro Savannah city of Midway. The speculative project totals 2.1 million square feet and is expected to deliver by spring 2025. The development will offer immediate access to I-95 and a 33-mile drive to Port of Savannah. The project team includes Davidson Architecture + Engineering and CBRE. The project will comprise a 1.2 million-square-foot building, a 594,522-square-foot cross-dock facility and a 276,062-square-foot facility, which is expected to open in April. Caddell Construction will establish an onsite batching plant to manufacture its own concrete for the development.

December 12, 2023

Georgia Leasing Activity Office Southeast

Granite Properties Inks Five Office Leases in Atlanta Totaling 198,000 SF

by John Nelson December 12, 2023

ATLANTA — Granite Properties has signed five leases between September and November at three of its Atlanta office buildings for a total of 198,000 square feet. The deals included three leases at 100 City View in the Cumberland/Galleria submarket for Murata Electronics North America (50,019 square feet), Insurica (4,097 square feet) and Prairie Capital Advisors (3,598 square feet). Jennifer Koontz, Frances Land Klee, Sam Neel of Pope & Land represented Granite in the lease negotiations at 100 City View. The other two deals included Womble Bond Dickinson’s 27,733-square-foot lease at Midtown Union and an expansion for Amwins at 3630 Peachtree in Buckhead, going from 94,000 square feet to nearly 114,000 square feet. Brooke Dewey and Adam Viente of JLL represented Granite in the Womble Bond Dickinson lease, and Greg Frankum, Matt Spickard and Ansley Chenault of Transwestern represented the firm in the Amwins lease. Tenant representatives for the five deals included Mass Realty, CoRErep, Newmark, CBRE and Ackerman & Co.

December 12, 2023

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $4.2M Sale of Windy Hill West Retail Center in Marietta, Georgia

by John Nelson December 12, 2023

MARIETTA, GA. — Zach Taylor and Eric Abbott of Marcus & Millichap’s Atlanta office have brokered the $4.2 million sale of Windy Hill West, a retail center located at 1995 Windy Hill Road in Marietta, a northern suburb of Atlanta. A private investor based in Atlanta purchased the center. The buyer and seller were not disclosed. Windy Hill West is situated near Dobbins Air Force Base, Cumberland Mall, The Battery and Truist Park, home ballpark of the Atlanta Braves. “This deal closed all-cash above our list price to a private investor local to Atlanta,” says Taylor, senior managing director of investments at Marcus & Millichap. “Demand for quality unanchored retail centers remains at an all-time high, albeit in a challenging capital markets environment.”

December 12, 2023

Acquisitions Florida Industrial Southeast

CBRE Arranges Sale of 1.4 MSF Industrial Portfolio in South Florida

by John Nelson December 11, 2023

MIAMI — CBRE has arranged the sale of a 25-building, 1.4 million-square-foot industrial portfolio located in the Mami-Dade and Broward Counties of South Florida. Boston-based Longpoint Partners acquired the properties from Pennsylvania-based Seagis Property Group for an undisclosed price. The portfolio was 97 percent leased to 77 tenants at the time of sale. Jose Lobón, Frank Fallon, Trey Barry and Chris Riley of CBRE National Partners represented Seagis in the transaction. Tom O’Loughlin, Devin White, Royce Rose and Alain Bonvecchio of CBRE assisted in closing the sale.

December 11, 2023

Development Georgia Mixed-Use Multifamily Office Retail Southeast

PMG, Greybrook Complete Vertical Construction of 31-Story Mixed-Use Tower in Atlanta

by John Nelson December 11, 2023

ATLANTA — Developers PMG and Greybrook have completed the vertical construction of Society Atlanta, a 31-story mixed-use tower situated at 811 Peachtree St. NE in the Midtown district of Atlanta. Upon completion, the development will feature 460 apartments, 87,000 square feet of office space and 14,500 square feet of ground-floor retail space. Amenities at the property will include a sky pool deck, coworking lab, fitness studio, entertainment lounges, yoga lawn and smart package lockers. Juneau Construction Co. is the general contractor for the project, which is scheduled for completion in fall 2024. Cooper Carry is the architect. Cushman & Wakefield and Bridger Properties will handle leasing for the office and retail spaces, respectively. PMG launched the Society Living multifamily brand, which includes more than 8,500 planned units, in 2019.

December 11, 2023

Development Georgia Industrial Leasing Activity Southeast

Automotive Parts Supplier Signs 136,000 SF Lease at 2,600-Acre Logistics Park in Savannah

by John Nelson December 11, 2023

SAVANNAH, GA. — Automotive parts supplier Kyungshin America Corp. (KAC) has signed a 136,000-square-foot lease at Savannah Gateway Industrial Hub (SGIH) in Georgia. Scheduled to open in February 2024, the facility will import and distribute automotive components to Hyundai Motor Group’s new, $7.5 billion electric vehicle plant underway near Port of Savannah and throughout the Southeast. SGIH, which comprises a total 2,600 acres, is a public-private partnership between the Effingham County Industrial Development Authority (ECIDA) and Broe Real Estate Group, the real estate affiliate of The Broe Group.

December 11, 2023

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $6.5M Sale of Robbinswood Plaza Retail Center in Gainesville, Florida

by John Nelson December 11, 2023

GAINESVILLE, FLA. — Marcus & Millichap has brokered the $6.5 million sale of Robbinswood Plaza, a 13,218-square-foot retail center located in Gainesville. Tenants at the property, which was fully leased at the time of sale, include Chipotle Mexican Grill and Trulieve. Reid Thedford and Evan Cannan of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller. A private investor acquired the property.

December 11, 2023

Development District of Columbia Leasing Activity Mixed-Use Retail Southeast

State of Play, Brookfield Properties to Open 8,546 SF Flight Club Darts Entertainment Venue in D.C.

by John Nelson December 11, 2023

WASHINGTON, D.C. — “Eatertainment” operator State of Play plans to open an 8,546-square-foot Flight Club darts venue in Washington, D.C. Scheduled to open summer 2024 and marking the 13th location for the brand, Flight Club D.C. will be situated at 641 New York Ave. NW within 655 New York, a 756,000-square-foot mixed-use development by Brookfield Properties. Other tenants at 655 New York, which features 79,000 square feet of retail space, include Rumi’s Kitchen, Capital Burger, Pearl’s Bagels, Kinship, Metier and Compass Coffee.

December 11, 2023

Louisiana Market Reports Office Southeast Southeast Market Reports

Shell’s Move Exemplifies Flight to Quality Trend for Office Users in New Orleans

by John Nelson December 11, 2023

Shell’s announcement in mid-September to relocate its home from the Central Business District (CBD) of New Orleans to the planned 50-plus acre River District rocked the office market. The oil and gas giant has been in the Hancock Whitney Center (formerly One Shell Square) since 1972, and will be rightsizing in a Class A mid-rise office building that will anchor the River District. The planned building will be approximately 142,000 square feet and home to 850 to 1,000 employees. What a huge win for the planned River District and city of New Orleans. However, the void left in Hancock Whitney Center raises the question, what will building ownership group do with all of the space that Shell vacates? If the current occupancy rate stands, Hancock Whitney Center will have over 500,000 square feet of vacant space. Elsewhere, Entergy is in the process of a major contraction in its building located at 639 Loyola Ave., and earlier this year, Freeport McMoRan vacated over 100,000 square feet of space at 1615 Poydras. Both buildings are also located in the CBD. A number of office towers have loans maturing within the next 24 months, and the logical assumption is that securing financing will …

December 11, 2023

Development Hospitality Mixed-Use North Carolina Southeast

NexPoint, Alamo Manhattan to Develop 250-Room Hotel in North Carolina’s Research Triangle Park

by John Nelson December 8, 2023

RESEARCH TRIANGLE PARK, N.C. — An affiliate of NexPoint Advisors has acquired land within Research Triangle Park (RTP) for the development of a 250-room Marriott Renaissance-branded hotel. The buyer has partnered with Dallas-based developer Alamo Manhattan to deliver the project, which will be situated at 4175 Sancar Way within Hub RTP, a $1.5 billion mixed-use development serving as RTP’s downtown. Construction is scheduled to begin next summer. Dubbed Renaissance RTP, the property will feature a full-service restaurant and bar, as well as 13,000 square feet of meeting space. Upon full build-out, Hub RTP will comprise up to 1 million square feet of office and life sciences lab space, 38,000 square feet of retail space and 1,200 multifamily units, in addition to the hotel.

December 8, 2023

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