MCCALLA, ALA. — Graham & Co. Inc. has arranged the $32.3 million sale of a 303,730-square-foot distribution and manufacturing facility in McCalla, about 20 miles southwest of Birmingham. The seller, an entity doing as AMR REIT Prestige Industrial II LLC, developed the property in 2022 as a build-to-suit for Lear, a Tier 1 auto parts supplier. Located at 6700 Jefferson Metropolitan Parkway, the property is situated on nearly 25 acres within the Jefferson Metropolitan Industrial Park along the I-20 corridor. The facility features 32-foot clear heights, ESFR sprinklers, 45 dock-high doors, a 185-foot truck court and 21,000 square feet of office space. Sonny Culp of Graham & Co., along with Doug Longyear of Cushman & Wakefield, brokered the transaction.
ATLANTA – PrizePicks, a daily fantasy sports operator based in Atlanta, has selected the Star Metals Offices at 1055 Howell Mill Road for its new corporate headquarters. The owner and office landlord of the building in Atlanta’s West Midtown district is Coral Gables, Fla.-based Allen Morris Co. PrizePicks will occupy 33,000 square feet at Star Metals and will invest $25 million in its new headquarters space. The company estimates it will expand its workforce at the new space by 1,000 employees over the next seven years. Organizations involved in the site selection process for the PrizePicks headquarters include the Georgia Department of Economic Development, the Metro Atlanta Chamber, Invest Atlanta, Select Fulton and Georgia Power.
By David Wilson of Berkadia Birmingham’s apartment market has softened, which is consistent with trends both nationally and regionally in other Southeastern metros. But the market remains healthy and balanced despite a bump in new construction. With total employment gains exceeding 18,000 in 2023, a substantial jump from the 5,500-person gain in 2022, and unemployment rate falling to 2.2 percent, the Birmingham economy is as strong as it’s been in over 10 years, and the economic outlook is very favorable. The majority of population growth has been in the southern areas such as Shelby County, although a steady delivery of new Class A apartments in downtown Birmingham in recent years, and the opening of a Publix grocery in 2017 on the ground level of the 436-unit 20 Midtown development, is helping the city core to grow. Research by Berkadia Birmingham reveals 12 properties comprising 2,936 units are under construction in the Birmingham area, excluding Tuscaloosa. These properties reflect a cross-section of product types such as a purpose-built student property and an affordable Low-Income Housing Tax Credit (LIHTC) property. Four are in their initial site work phase, while another four are beginning preleasing. New developments In the thriving Highway 280 submarket, …
CHARLOTTE, N.C. — General contractor Swinerton is underway on the development of Oxbow, a $97.8 million apartment community located within The Mill District in Charlotte. Swinerton is constructing the property on behalf of the developer, Space Craft. Upon completion, which is set for fall 2026, Oxbow will total 398 units across six floors and feature 14,300 square feet of ground-floor retail space. Apartments will range from studio to four-bedroom layouts. Amenities will include a gym, rooftop patio, bike storage and a resident courtyard. Swinerton is using cross laminated timber for Oxbow’s façade that was fabricated by affiliate firm Timberlab at its facility in Greenville, S.C.
ORLANDO, FLA. — Futura and Linkvest Capital have completed the construction of Nona Cove Self Storage, a 130,000-square-foot development featuring self-storage and retail space at 14800 Narcoossee Road in the Lake Nona neighborhood of Orlando. The facility — which comprises 122,000 square feet of self-storage space and 8,000 square feet of retail space — is part of the first phase of Futura at Nona Cove, a 17-acre mixed-use project anchored by a new 260-unit apartment community. Managed by Extra Space, Nona Cove Self Storage includes 1,046-square-foot bays with a gated drive-thru and is currently 57 percent leased.
FORT LAUDERDALE, FLA. — Berkadia has brokered the $14.6 million sale of ID Flagler Village, a build-to-rent (BTR) townhouse community located at 113 N.E. 6th St. in the Flagler Village neighborhood of Fort Lauderdale. The property totals 24 homes spanning 1,600 square feet each. Built in 2018, ID Flagler Village also features private two-car garages, private patios and balconies and amenities including an onsite dog park and controlled access entry. Yoav Yuhjtman, Roberto Pesant, Jaret Turkell and Omar Morales of Berkadia’s South Florida office represented the seller, locally based Ceiba Groupe, in the transaction. An entity doing business as US Housing Reditus Fund LLC acquired the property.
MAULDIN, S.C. — Reedy River Retail at SVN Blackstream has arranged the acquisition of a 10.9-acre development site located at 1116 Ashmore Bridge Road in Mauldin, roughly 10 miles south of Greenville, S.C. The buyer, Atlanta-based Venture South Investments, plans to develop a Publix-anchored shopping center at the site. Dustin Tenney and Daniel Holloway of Reedy River Retail represented the buyer in the $4.6 million transaction. Plans for the site include the development of a 63,000-square-foot retail center anchored by a 45,000-square-foot Publix grocery store, as well as two outparcels. A construction timeline was not disclosed.
WASHINGTON, D.C. — Nonfarm employment in the United States rose by 303,000 jobs in March, according to the U.S. Bureau of Labor Statistics (BLS). The March total eclipsed the expectation of 200,000 jobs set by Dow Jones economists, according to CNBC. The figure also exceeds the average monthly gain of 231,000 jobs over the past 12 months. The employment sectors that saw the biggest leap last month were in healthcare (72,000 jobs) and government (71,000 jobs). Within the healthcare industry, employment in ambulatory healthcare services rose by 28,000 jobs, followed by employment in hospitals (27,000) and nursing and residential care facilities (18,000). The healthcare industry’s average monthly gain is 60,000 over the past 12 months. Government employment in March surpassed the rolling 12-month average of 54,000 jobs. Over the month, employment increased in local government (49,000) and federal government (9,000). Other sectors that saw above-average increases in March included construction (39,000 jobs compared to its 12-month average of 19,000) and leisure and hospitality (49,000 jobs compared to an average of 37,000 over the prior 12 months). The BLS also reports that employment in leisure and hospitality has returned to its pre-pandemic level set in February 2020. The sector was the …
EDEN, N.C. — Nestlé Purina PetCare has opened its newest pet food factory in Eden, about 36 miles north of Greensboro, N.C. Situated on 1,350 acres, the $450 million development is the first Nestlé factory in the state and features a vertical dryer, automated warehousing, cold storage and an experience center that showcases modern manufacturing practices for new and prospective workers. The new 1.3-million-square-foot Purina facility involved the repurposing of 80 percent of the former MillerCoors Brewing Plant. North Carolina Gov. Roy Cooper says that the remainder of the brewery’s existing structure could be retrofitted for another manufacturer. Nestlé has hired 300 new positions at the Purina factory with more to come in the near future. Between 2020 and 2025, Nestlé is on track to invest $2 billion in the Eden property and capital expansion projects to enhance its manufacturing footprint. A 24th factory is currently under construction in Williamsburg Township, Ohio, and is expected to be fully operational in the next 12 months.
LAKELAND, FLA. — A joint venture between BBX Logistics Properties and FRP Development Corp. plans to develop BBX Park at Lakeland, a 213,500-square-foot logistics park in Lakeland. The 22.5-acre project will be located at 8255 State Road 33 N, which is directly north of I-4 and within 50 miles of both Tampa and Orlando. BBX and FRP plan to break ground on the park in the fourth quarter, with delivery and occupancy slated for 2025. The joint venture has tapped Kris Courier of CBRE’s Tampa office to market BBX Park at Lakeland for lease.