Southeast

Marcus & Millichap Arranges Sale of 40-Unit Jefferson Park Apartment Community in Louisville

by John Nelson November 20, 2023

LOUISVILLE, KY. — Marcus & Millichap has arranged the sale of Jefferson Park, a 40-unit apartment community located at 5161 Jefferson Blvd. in Louisville. Built in 2016, the single-building property was constructed and sold by an unnamed, locally based developer. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented both the seller and buyer, a limited liability company, in the transaction. Grant Fitzgerald assisted in closing the sale as the Kentucky broker of record for Marcus & Millichap. The sales price was not disclosed.

November 20, 2023

Kentucky Market Reports Office Southeast Southeast Market Reports

Office Tenants Are Seeking Class A Spaces in Downtown Louisville, Suburbs

by John Nelson November 20, 2023

Like many regional peer cities, there is a clear bifurcation between office leasing activity in Louisville’s downtown and suburban office markets. Downtown Louisville has been slower to recover from the double gut-punch of the COVID-19 pandemic and local social unrest that kept workers away from the office in 2020, with overall vacancy stubbornly exceeding 20 percent for most of this year. Much of the vacancy has been driven by health insurer Humana, by far the largest office occupier in downtown Louisville, which has let several large Class B office leases expire as it continues to consolidate its workforce into properties the company owns. Year-to-date, downtown leasing activity totals 115,000 square feet, which is up 58 percent compared to this time last year, while overall absorption has swung sharply lower at negative 237,000 square feet. The relative oversupply of available office space has created a very “tenant-friendly” dynamic downtown, with landlords becoming increasingly aggressive to court leasing activity. More so than their suburban counterparts, downtown landlords are offering outsized incentive packages to tenants, including rental concessions, turnkey construction delivery of new tenant space, termination options and rental abatement periods that in some cases extend beyond one year. In exchange, downtown tenants …

November 20, 2023

Data Centers Development Leasing Activity Southeast Virginia

TA Realty Signs Tenant for 1.9 MSF Build-to-Suit Data Center Project in Metro D.C.

by John Nelson November 17, 2023

LEESBURG, VA. — TA Realty has signed a build-to-suit lease agreement with an unnamed tenant at its 1.9 million-square-foot data campus project in Leesburg, approximately 40 miles outside of Washington, D.C. The tenant, a global cloud services provider, will occupy the entirety of the property. Construction of the development, which will comprise five buildings, is scheduled to begin later this year. Completion is scheduled for 2027.

November 17, 2023

Acquisitions Retail South Carolina Southeast

ZRP Acquires Wando Crossing Shopping Center Near Charleston for $46.8M

by John Nelson November 17, 2023

MOUNT PLEASANT, S.C. — Ziff Real Estate Partners (ZRP) has acquired Wando Crossing, a retail center located in the Charleston suburb of Mount Pleasant, for $46.8 million. Marshalls/HomeGoods, T.J. Maxx, Total Wine & More, Petco, Ashley HomeStore, Michaels and Five Below anchor the property, which totals 214,029 square feet. Ohio-based SITE Centers Corp. was the seller. Brad Peterson, Scott Israel, Whitaker Leonhardt, Joe Montgomery and Patrick Nealon of Colliers represented the seller in the transaction. Donald Jennewein of Colliers arranged an undisclosed amount of acquisition financing for ZRP.

November 17, 2023

Development Florida Multifamily Southeast

Oak Row, LNDMRK to Develop 324-Unit 2900 Terrace Apartment Community in Miami

by John Nelson November 17, 2023

MIAMI — Oak Row Equities and LNDMRK Development will develop 2900 Terrace, a 324-unit luxury apartment community in the Edgewater neighborhood of Miami. Final design plans include residences in one-, two- and three-bedroom layouts, many of which will feature wraparound terraces and home offices. Arquitectonica designed the property, which will be situated on 1.5 acres with 500 parking spots, including electric vehicle charging stations. Amenities will include a fitness center, yoga studio, pet spa, coworking spaces with podcast studios, content creator studio, card room, resident lounge, treatment rooms, sauna, golf simulator, theater and a children’s playroom. Outdoor amenities will include a swimming pool, cold plunge, poolside cabanas and lounge seating, barbecue grills and picnic seating, a hot tub, summer kitchen, two padel courts, a children’s playground and a coworking terrace. Move-ins are scheduled to begin in 2026.

November 17, 2023

Development Georgia Industrial Southeast

Dermody Plans 181,000 SF Industrial Project in Douglasville, Georgia

by John Nelson November 17, 2023

DOUGLASVILLE, GA. — Dermody Properties plans to develop LogistiCenter at Bright Star, a 181,000-square-foot industrial project located in Douglasville, roughly 23 miles west of Atlanta. Upon completion, the property will feature two logistics buildings that will be divisible for up to three tenants each. Building 1 will comprise 113,400 square feet and feature 32-foot clear heights, 50- by 45-foot column spacing with a 60-foot speed bay, 28 dock-high doors, two drive-in doors, approximately 90 car parking spaces and ESFR fire protection. Building 2 will total 68,040 square feet with 32-foot clear heights, 40- by 54-foot column spacing with a 60-foot speed bay, 26 dock-high doors, two drive-in doors, approximately 50 car parking spaces and ESFR fire protection. Construction is scheduled to begin early next year. Mason Marstellar of Hughes Commercial Real Estate represented Dermody Properties in the deal.

November 17, 2023

Acquisitions Georgia Retail Southeast

Franklin Street Arranges Sale of 66,387 SF Shopping Center in Metro Atlanta

by John Nelson November 17, 2023

MCDONOUGH, GA. — Franklin Street has arranged the sale of Kelleytown Village, a 66,387-square-foot shopping center located at 3500 Highway 155 N in McDonough, roughly 30 miles southeast of Atlanta. Publix anchors the property, which was constructed in 2022. Other tenants at the center include Your Pie, Allure Nails, UPS and 100% Chiropractic. Bryan Belk and John Tennant of Franklin Street represented the seller, Georgia- and Alabama-based Venture South Investments, in the transaction. The buyer and sales price were not disclosed.

November 17, 2023

Development Industrial Southeast Virginia

Rockefeller Group, Matan to Develop 5 MSF Logistics Park Near Port of Virginia

by John Nelson November 16, 2023

SUFFOLK, VA. — Rockefeller Group and Matan Cos. have partnered to develop Port 460 Logistics Center, a 5 million-square-foot industrial park in Suffolk. The 500-acre property, which will provide direct access to the Port of Virginia via U.S. Route 58, is zoned for heavy industrial, logistics, advanced manufacturing, life sciences and warehouse uses. Rockefeller and Matan plan to break ground on Phase I, which will comprise five buildings totaling 2.4 million square feet, in 2025. Matan led the two-year process of rezoning the Port 460 site and will continue to manage further entitlements. The company identified Rockefeller Group as a potential development partner through a process led by JLL’s D.C. Capital Markets team. The joint venture partnership selected JLL as the exclusive leasing agent of Port 460. The Port of Virginia is expected to be the deepest seaport on the East Coast following completion of its multibillion-dollar infrastructural improvements in 2024.

November 16, 2023

Florida Industrial Loans Southeast

BWE Secures Financing for 362,710 SF Adaptive Reuse Industrial Facility in Fort Pierce, Florida

by John Nelson November 16, 2023

FORT PIERCE, FLA. — BWE has secured an undisclosed amount of permanent financing for a converted industrial facility in Fort Pierce, a city midway between Orlando and Miami. Situated near I-95 and the Florida Turnpike, the 362,710-square-foot flex property was formerly Orange Blossom Mall. Now known as Renaissance Business Park, the property features loading docks, drive-in loading, private restrooms, HVAC, 18-foot clear ceilings, a fiber optic cable feed and a suite of interior and exterior security cameras and fire safety measures. The borrower and owner, Fort Lauderdale-based Prime Rock Real Estate Capital, recently made exterior improvements to the property, including a new roof, façade, irrigation system, sewer line, signage, overhead doors for tenant spaces, driveways for tenant entrances, outdoor lighting, overhauled landscaping and modern flood protection. Kevin Hicks and Michael Powell of BWE originated the loan through an unnamed life insurance company on behalf of Prime Rock.

November 16, 2023

Development Hospitality North Carolina Southeast

Lendlease, IHG Army Hotels Break Ground on 207-Room Candlewood Suites Hotel at Fort Liberty in North Carolina

by John Nelson November 16, 2023

FORT LIBERTY, N.C. — Lendlease and IHG Army Hotels have broken ground on a 207-room Candlewood Suites hotel at Fort Liberty, a U.S. Army base in central North Carolina. The companies plan to open the hotel in early 2026. As a partner lodging developer for the Department of Defense, Lendlease will own the hotel and IHG Army Hotels will operate the property. The hotel represents the 17th Candlewood Suites hotel that Lendlease and IHG have partnered on since 2009 as part of the Privatization of Army Lodging (PAL) initiative, an Army-led, public-private venture to revitalize on-post lodging for service members, their families and government travelers. Fort Liberty welcomes approximately 100,000 travelers annually at one of the base’s three existing hotels. The new Candlewood Suites Fort Liberty hotel will feature studio, one- and two-bedroom rooms with fully equipped kitchens in each suite. Amenities will include a business center, lounge, fitness center, laundry facilities, 24-hour market and an outdoor barbecue area, as well as complimentary breakfast. Lendlease and IHG will make enhancements at two other Fort Liberty hotels, the Carolina Inn and Normandy House, over the next year.

November 16, 2023

Newer Posts

Older Posts