Southeast

Cushman & Wakefield Brokers Sale of 175,239 SF Manufacturing Facility in Bessemer City, North Carolina

by John Nelson November 16, 2023

BESSEMER CITY, N.C. — Cushman & Wakefield has brokered the sale of a 175,239-square-foot manufacturing facility located at 201 Southridge Parkway in Bessemer City, a western suburb of Charlotte. KORE Investments acquired the Class A property from the previous owner and tenant, Hunter Douglas, a window manufacturer that closed the facility earlier this year, according to local media outlets. Matt Treble and Andrew DeLamielleure of Cushman & Wakefield represented the buyer in the transaction. The sales price was not disclosed. KORE Investments plans to backfill the facility with a new tenant in the coming months.

November 16, 2023

Georgia Leasing Activity Office Southeast

Banyan Street Capital Signs 109,963 SF of Office Leases at Satellite Place in Duluth, Georgia

by John Nelson November 16, 2023

DULUTH, GA. — Banyan Street Capital has signed 109,963 square feet of office leases at Satellite Place, a 117-acre office park in Duluth, a northeast suburb of Atlanta. The 21 transactions include 13 new leases or expansions totaling 89,926 square feet and six renewals totaling 20,037 square feet. Eight of the leases (for 46,527 square feet) are tied to the electric vehicle (EV) industry, including a 17,808-square-foot lease with Hyundai Glovis. Situated near I-85, Satellite Place comprises 820,000 square feet of six-story office space. Banyan Street Capital has recently partnered with Greystar for a 328-unit multifamily development underway at Satellite Place. The property, known as Elan Satellite Place, is expected to deliver in early 2025.

November 16, 2023

Content Partner Features Loans Midwest Multifamily Northeast Southeast Texas Western

It’s Not Déjà Vu: Loan Workouts Return

by Sarah Daniels November 16, 2023

Following the financial markets crash 15 years ago, banks and other lenders began working with commercial real estate (CRE) borrowers who had run into trouble. Solutions included loan extensions, loan sales, recapitalizations and foreclosures. Today lenders are pulling out the playbook again. “We have seen a huge number of loan workout deals come across our desk,” says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. “Any lender that holds loans on their books is seeing the same thing.” Back in 2008, dodgy and highly leveraged residential and CRE loans — along with the emergence of exceedingly risky debt derivatives created by Wall Street — eventually crashed, causing the credit market to collapse. Today credit is still available, but the cost of it has spiked over the last 18 months. Consequently, many commercial properties owners have seen values plummet, making it difficult to find refinancing. The Federal Deposit Insurance Corp.’s (FDIC) imminent auction of Signature Bank’s $33 billion in commercial property loans and other assets is expected to attract bids as much as 40 percent below face value, according to The Wall Street Journal. That’s just the latest gloomy bellwether regarding CRE values and underscores the predicament …

November 16, 2023

Development Mixed-Use Seniors Housing Southeast Virginia

Hoffman, ESL to Develop 15-Story Seniors Housing Project at West Falls Development in Northern Virginia

by John Nelson November 15, 2023

FALLS CHURCH, VA. — Hoffman & Associates and Experience Senior Living (ESL) plan to co-develop The Reserve at Falls Church, a 15-story seniors housing project within the 10-acre West Falls mixed-use development underway in Northern Virginia. The Reserve will feature more than 200 units of independent living, assisted living and memory care residences. Amenities will include a spa with a saltwater pool and fitness center, multiple onsite restaurants, a sky bar, maker space, concierge floors and electric vehicle transportation services. Aside from the seniors housing component, West Falls will feature apartments, condominiums, shops, restaurants, service retailers, a hotel and a medical office building, along with a central 18,000-square-foot outdoor community gathering space. Hoffman and ESL aim to open The Reserve in fourth-quarter 2026.

November 15, 2023

Development Florida Leasing Activity Mixed-Use Restaurant Retail Southeast

Katz & Associates Signs 120,000 SF of Retail Leases at Solar-Powered Mixed-Use Development in South Florida

by John Nelson November 15, 2023

BABCOCK RANCH, FLA. — Katz & Associates has signed several retail tenants to leases totaling more than 120,000 square feet at Babcock Ranch, a solar-powered mixed-use community currently underway in South Florida. The project is entitled for 6 million square feet of commercial space, in addition to residences. Jon Cashion and Eric Spritz of Katz & Associates represented the landlord and developer, Kitson & Partners, in the lease negotiations. Upon completion, the development will feature 4 million square feet of retail space, including shopping centers The Shoppes at Yellow Pine and Crescent B Commons. Marshalls, Ace Hardware, Five Below, Oar & Iron, Tipsy Salonbar, Fountain Pools, Seymour Orthodontics, Yummy Thai & Chinese, Verizon Wireless, Papa John’s Pizza, Carvel and Laser Lounge will occupy space at The Shoppes at Yellow Pine. Starbucks Coffee, Fifth Third Bank and Fiore + Ela Salon recently signed leases at Crescent B Commons. A total of 24 retail tenants have now signed leases at Babcock Ranch. The Shoppes at Yellow Pine, which will comprise 120,000 square feet, is scheduled for completion in the first quarter of 2025, with retailer openings scheduled to begin early that year.

November 15, 2023

Development Industrial North Carolina Office Southeast

Swinerton to Construct $21M Build-to-Suit Flex Facility in Metro Raleigh

by John Nelson November 15, 2023

RALEIGH, N.C. — Swinerton will serve as the design coordinator and general contractor for a $21 million build-to-suit office and industrial facility south of Raleigh. The location of the 75,000-square-foot development and name of the tenant, a Fortune 150 electrical utilities provider, were not disclosed. Set to open on a 33-acre site in spring 2025, the project will comprise a 45,000-square-foot, single-story mobile substation storage facility and a 30,000-square-foot command center that will feature eight office spaces and four large collaboration areas.

November 15, 2023

Development Florida Retail Southeast

Sembler Completes $13.3M Redevelopment of Publix-Anchored Shopping Center in Metro Tampa

by John Nelson November 15, 2023

SPRING HILL, FLA. — The Sembler Co. has completed the $13.3 million redevelopment of Hernando West Plaza, a Publix-anchored shopping center in Spring Hill, approximately 35 miles northwest of Tampa. Publix closed its store at the center last December to make way for its new 45,000-square-foot store, which opened earlier this month. Originally built in 1980 along U.S. Highway 19, Hernando West Plaza features 54,800 square feet of inline retail space in addition to the Publix store, as well as 3,200 square feet of small shop space and an outparcel. The center is 94 percent leased to tenants including Beall’s Outlet, AAA Auto Club, Little Caesar’s, Miracle Ear and other soft goods, dining and service retailers. Forge Real Estate Partners IV, a joint venture between Sembler and Forge Capital Partners, has owned the center since 2020.

November 15, 2023

Acquisitions Florida Industrial Loans Southeast

Axiom Arranges $2.1M Acquisition Financing for Industrial Property on Florida’s Space Coast

by John Nelson November 15, 2023

MELBOURNE, FLA. — Axiom Capital has arranged a $2.1 million loan for the acquisition of an industrial property located 1.5 miles from I-95 in Melbourne, a city on Florida’s Space Coast. Constructed on a 4.2-acre site in 1998, the 30,000-square-foot property features 18- to 20-foot ceiling heights, two dock doors, three drive-in doors and 101 car parking spaces. The borrower was not disclosed.

November 15, 2023

Loans Maryland Multifamily Southeast

PGIM Provides $188M Refinancing for Multifamily Portfolio in Downtown Silver Spring, Maryland

by John Nelson November 14, 2023

SILVER SPRING, MD. — PGIM Real Estate has provided a $188 million loan for a five-property multifamily portfolio in downtown Silver Spring. The borrower, Tower Cos., is using the fixed-rate loan to refinance The Blairs, a 1,396-unit portfolio that comprises The Pearl, Blair Towns, Blair House, Blair East and Blair Plaza. The five properties are situated within a master-planned community that Tower Cos. owns. In 2012, The Blairs was the first multifamily residential campus to receive the LEED Gold certification for operations and maintenance, according to PGIM.

November 14, 2023

Acquisitions North Carolina Retail Southeast

Tanger Acquires 382,000 SF Asheville Outlets in North Carolina for $70M

by John Nelson November 14, 2023

ASHEVILLE, N.C. — Tanger, a publicly traded owner and operator of outlet malls, has purchased Asheville Outlets, a 382,000-square-foot retail development in Asheville. Tanger acquired the outlet mall from New England Development for $70 million in an all-cash, off-market transaction. The property represents Tanger’s 38th outlet mall and the second new addition to its holdings in fourth-quarter 2023, following the opening of Tanger Outlets Nashville last month. Asheville Outlets was 95 percent leased at the time of sale to tenants including Nike, Under Armour, RH, Bath & Body Works, Crate & Barrel and West Elm. The property includes two anchors: Sportsman’s Warehouse and a separately owned Dillard’s Clearance Center. New England Development purchased and redeveloped the former indoor regional mall into an outlet mall in 2015. Tanger will officially transition the center to become Tanger Outlets Asheville in early January 2024.

November 14, 2023

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