Southeast

Vista, Batson-Cook Sell 300-Unit Sweetwater Vista Apartments in Douglasville, Georgia

by John Nelson October 10, 2023

DOUGLASVILLE, GA. — Vista Residential Partners and Batson-Cook Development Co. have sold Sweetwater Vista Apartments, a 300-unit garden-style property located along Riverside Parkway in Douglasville, about 15 miles west of Atlanta. The buyer and sales price were not disclosed. Vista and Batson-Cook developed the property in 2021 using debt financing from Synovus Bank and joint venture equity. Situated near the 2,500-acre Sweetwater Creek State Park, Sweetwater Vista features a clubhouse, resort-style pool, dog park and open green spaces. The property features one-, two- and three-bedroom units ranging from 804 to 1,268 square feet, according to Apartments.com.

October 10, 2023

Florida Loans Multifamily Southeast

Berkadia Arranges $31.5M Refinancing for Apartment Community in Miami

by John Nelson October 10, 2023

MIAMI — Berkadia has arranged a $31.5 million loan for the refinancing of No. 17 Residences Allapattah, a 192-unit apartment community located at 1569 N.W. 17th Ave. in Miami’s Allapattah neighborhood. The borrower, Neology Life Development Group, delivered the property in April 2021. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia’s South Florida office arranged the 10-year, Fannie Mae loan, which features five years of interest-only payments. No. 17 Residences Allapattah features one-, two- and three-bedroom apartments ranging from 600 square feet to 1,125 square feet, as well as an urban park, lobby lounge with coworking and social spaces, pool, fitness center and rooftop amenities.

October 10, 2023

Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Negotiates 131,411 SF Industrial Lease in South Florida

by John Nelson October 10, 2023

DORAL, FLA. — Cushman & Wakefield has negotiated a 131,411-square-foot industrial lease at Bridge Point Doral, a 175-acre industrial park in Doral, a suburb of Miami. The tenant, an unnamed Fortune 50 food distributor, will fully occupy Building 6 upon its completion in mid-2024. Multiple media outlets are reporting that the tenant is snack giant Frito-Lay, a subsidiary of PepsiCo. Wayne Ramoski, Gian Rodriguez, Skylar Stein and Ivanna Leitner Perez of Cushman & Wakefield represented the developer and owner, Bridge Industrial, in the lease negotiations. Jeff Hartsook and Adam Talbot of Cresa represented the tenant. Bridge Point Doral will ultimately span 2.6 million square feet, the first phase of which will feature 1.2 million square feet.

October 10, 2023

Acquisitions Georgia Office Southeast

Bull Realty Brokers $6.9M Sale of Office Building in Sandy Springs, Georgia

by John Nelson October 10, 2023

SANDY SPRINGS, GA. — Atlanta-based Bull Realty has brokered the $6.9 million sale of a 36,000-square-foot office building located at 5009 Roswell Road in Sandy Springs, a suburb of Atlanta. The seller was the property’s lender, an unnamed major bank. The buyer was also not disclosed. The property was 90 percent vacant at the time of sale. Michael Bull of Bull Realty represented the seller in the transaction.

October 10, 2023

Features Industrial North Carolina Southeast Southeast Feature Archive

Industrial Owners Seeking Fair Tax Treatment Should Differentiate Personal Property From Real Estate Values

by John Nelson October 10, 2023

North Carolina taxes both real estate and personal property, but differing valuation schedules and processes for the two types can lead to confusion and inflated tax bills for industrial property owners. Understanding how assessors value industrial properties can help those taxpayers detect issues and contest unfair assessments. Dual processes North Carolina requires assessors to revalue real property at least every eight years. The value as of Jan. 1 of the valuation year then remains constant until the next valuation, unless specified changes in the property occur to trigger a change in the assessment. Many counties revalue every four years, and a few, even more frequently. Assessors use a market analysis to determine real property’s taxable or fair market value. This involves applying one or more of the three valuation approaches: cost, comparable sales, or income. The state requires annual valuation of personal property based on installed cost, which is subject to the applicable trending and depreciation schedules. For the most part, taxing authorities rely on the taxpayer’s annual business personal property listing to determine what items of personal property are present, the installed cost, and the trending and depreciation schedule applied. The counties follow schedules for auditing the property tax …

October 10, 2023

Development Industrial North Carolina Southeast Top Stories

Summit Real Estate Group Breaks Ground on $164M Industrial Park in Youngsville, North Carolina

by John Nelson October 10, 2023

YOUNGSVILLE, N.C. — Summit Real Estate Group has broken ground on US-1 North Commerce Center, a $164 million industrial park underway in Youngsville, about 25 miles north of Raleigh. The St. Louis-based developer is planning to build the nearly 1.4 million-square-foot campus in three phases. Situated off U.S. Highway 1 along Long Mill Road, US-1 North Commerce Center will span five multi-tenant warehouse buildings upon full build-out. Phase I, which will comprise two facilities, is expected to be delivered in first-quarter 2024. Summit Real Estate Group purchased the 106-acre site in fourth-quarter 2022 on behalf of its Arrowrock US Industrial Fund IV. Matthew Lederman, managing director of capital and investor relations at Summit, says that the project has had strong civic support since its inception. “Franklin County government has been a strong supporter of the project since the beginning,” says Lederman. Foundry Commercial is marketing US-1 North Commerce Center for lease. — John Nelson

October 10, 2023

Development Industrial Kentucky Southeast

Toyota Supplier Underway on $225M Manufacturing Facility in Hopkinsville, Kentucky

by John Nelson October 9, 2023

HOPKINSVILLE, KY. — Toyota Boshoku America, a Toyota supplier based in Erlanger, Ky., will invest $225 million in the development of a new automotive parts manufacturing facility in Hopkinsville, a city in southwest Kentucky. Upon completion, the 327,000-square-foot property will be situated on 48 acres within the South Park Development. Construction began in June, and operations are scheduled to begin at the facility in 2025. The project is expected to create 157 jobs. Additionally, Toyota Motor North America announced last week that it has entered into a $3 billion partnership agreement with LG Energy Solution for lithium-ion battery modules to be used in Toyota battery electric vehicles (BEVs). Under terms of the arrangement, the modules will be produced by LG at its Michigan facility and will support Toyota’s expanding line of BEVs, including a new model that will be assembled at the Toyota Manufacturing Kentucky plant in Georgetown, Ky., in 2025.

October 9, 2023

Georgia Loans Retail Southeast

CBL, Horizon Group Secure $79.3M Refinancing for Outlet Mall in Woodstock, Georgia

by John Nelson October 9, 2023

WOODSTOCK, GA. — Joint venture partners CBL Properties and Horizon Group Properties have secured a $79.3 million loan for the refinancing of The Outlet Shoppes of Atlanta, a retail outlet property located in Woodstock. The 10-year, fixed-rate financing replaces two existing loans with a total balance of $69.5 million that were set to mature this November. The property features 103 retailers, including American Eagle Outfitters, Auntie Anne’s, Athleta, Banana Republic Factory Store, Champion, Forever 21 and GNC, among others.

October 9, 2023

Acquisitions Georgia Multifamily Southeast

Capstone Brokers $26.1M Sale of Lancaster Ridge Apartments in Metro Atlanta

by John Nelson October 9, 2023

CANTON, GA. — Capstone Cos. has brokered the $26.1 million sale of Lancaster Ridge Apartments, a 145-unit multifamily community located in Canton, roughly 40 miles north of Atlanta. Built in 1994, the community features apartments in one-, two- and three-bedroom floorplans. Amenities include a clubhouse, playground, picnic area and swimming pool. Eric Liebich and Ron Corrao of Capstone represented the undisclosed seller in the transaction. Emma Capital acquired Lancaster Ridge, which was 96 percent occupied at the time of sale.

October 9, 2023

Development District of Columbia Office Southeast

Rockrose Development Nears Completion of 245,000 SF Office Renovation in D.C.

by John Nelson October 9, 2023

WASHINGTON, D.C. — Rockrose Development will complete the 245,000-square-foot renovation of three office properties located in Washington, D.C., this fall. Located within the Dupont Circle neighborhood, the project includes buildings located at 1900 M St. Northwest, 1146 19th St. and 1140 19th St. Together, the renovated properties will comprise “The Row on 19th.” John Skolnik and Michael Katcher of Cushman & Wakefield are exclusively leasing the project on behalf of Rockrose.

October 9, 2023

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