Southeast

Interstate 85 Corridor Industrial Markets Aren’t Overbuilt Yet, Say InterFace Panelists

by John Nelson June 1, 2023

Interstate 85 traverses through the heart of the Southeast, the fastest-growing region in the United States by way of population. The southern terminus of the 666-mile interstate is in Montgomery, Ala., home of the mega Hyundai Motor Manufacturing Alabama plant, and it travels north to just shy of Richmond, Va., the site of North America’s first LEGO factory. Along the way, I-85 connects through Atlanta and the Carolinas markets of Greenville-Spartanburg, Charlotte, Greensboro and Raleigh-Durham. These I-85 Corridor markets have seen their fair share of industrial development in recent years, so much so that for the first time this cycle, some experts are worried about overbuilding. Steven McGee, vice president of Southeast development at Rockefeller Group, said that half of the nation’s population growth has been coming to the Southeast region, and that faucet isn’t expected to be shut off anytime soon. “America is getting bigger, and half of that growth is occurring in three or four states,” said McGee. “I don’t see any real structural elements that are stopping that growth. It’s a challenge on the timing [for industrial deliveries], but in almost every market we have record vacancy. We have very few options for occupiers coming into the …

June 1, 2023

Acquisitions Florida Retail Southeast

URW Sells Westfield Brandon Shopping Center in Metro Tampa for $220M

by Hayden Spiess May 31, 2023

BRANDON, FLA. — Unibail-Rodamco-Westfield (URW) has sold Westfield Brandon, a shopping center in Brandon, roughly 13 miles east of Tampa, for $220 million. The property, which totals 1.2 million square feet, was approximately 85 percent leased at the time of sale. Dick’s Sporting Goods and a space formerly occupied by Sears anchor the property. The sale also included a three-acre parcel approved for 180,000 square feet of commercial space as well as a seven-acre development parcel. North American Development Group purchased the center in joint venture with an institutional partner. Dennis Carson, Casey Rosen, Sriram Rajan, George Good and Pete Meyer of CBRE represented URW in the transaction.

May 31, 2023

Development Florida Loans Mixed-Use Southeast

Newmark Arranges $91M Refinancing for Mixed-Use Development in Miami

by Hayden Spiess May 31, 2023

MIAMI — Newmark has arranged a $91 million loan for the refinancing of Wynwood 27 & 28, a mixed-use project currently underway in the Wynwood neighborhood of Miami. Upon completion, the development will feature 52,000 square feet of office space, 33,000 square feet of ground-floor retail space, 152 residential units and 232 parking spaces. Jordan Roeschlaub, Dustin Stolly, Christopher Kramer, Nick Scribani and Danny Matz of Newmark secured the financing through Valley National Bank and Israel Discount Bank on behalf of the borrowers, Kushner Cos. and Block Capital Group.

May 31, 2023

SouthPoint-Industrial-Park-Mocksville-N.C

Development Industrial North Carolina Southeast

Hollingsworth Begins Construction of 282,733 SF Industrial Development in Mocksville, North Carolina

by Hayden Spiess May 31, 2023

MOCKSVILLE, N.C. — The Hollingsworth Cos. has begun the construction of two industrial buildings totaling 282,733 square feet in Mocksville, roughly 25 miles southwest of Winston-Salem. Situated within SouthPoint Industrial Park, the speculative buildings will total 130,492 square feet and 152,241 square feet, respectively, and will bring the property to a total of 12 single-tenant industrial buildings. Both facilities are being built for long-term lease by light manufacturing or distribution tenants.

May 31, 2023

Development Retail Southeast Tennessee

Buc-ee’s to Open 74,000 SF Travel Center in Servierville, Tennessee

by Hayden Spiess May 31, 2023

SERVIERVILLE, TENN. — Buc-ee’s is nearing completion of a 74,000-square-foot travel center in Servierville, roughly 30 miles southeast of Knoxville, marking the second location in the state for the brand and the largest travel center in the world. Scheduled to open at the end of June, the center will feature 120 fueling stations in addition to a store and car wash. Buc-ee’s, which currently operates 46 locations, is additionally underway on a 75,000-square-foot center in Texas and announced the first Virginia location in March of this year.

May 31, 2023

Development Georgia Leasing Activity Southeast

Scofflaw Plans 5,500 SF Brewery at Oxton Development in Atlanta

by Hayden Spiess May 31, 2023

ATLANTA — Scofflaw Brewing Co. has announced plans for a 5,500-square-foot brewery space at Oxton, a 35,000-square-foot food and retail project. Ardent Cos., Westbridge and Bridger Properties are developing Oxton at the Piedmont Center office campus in Atlanta, scheduled to open in 2024. Marking the first tenant at the development, the taproom and brewery will feature access to an adjoining courtyard. Square Feet Studio Architects is leading the design of Oxton, which was announced earlier this year. Bridger is handling retail leasing at the property.

May 31, 2023

Life Sciences Innovation Districts Danvers quote

Bohler Content Partner Development Features Life Sciences Midwest Multifamily Northeast Southeast Texas Western

Part 2: How to Promote Collaboration, Efficiency in Life Sciences Innovation Districts Via Design

by Sarah Daniels May 31, 2023

In the biotech and pharmaceutical sectors, life sciences innovation districts have become hubs not only for research and development but also for cooperation and inspiration between cohorts. These districts, often called innovation districts, collect together companies, research institutions, supporting entities, housing and more. Innovation districts necessitate meticulous planning and design strategies to promote scientific inquiry and efficiency. “Municipalities, schools, corporations and organizations that have close ties to their state are piloting life sciences innovation district development, allowing them to group otherwise separated uses — work, recreation, living areas and more — together. When you pair these institutions and include innovative site and building programming in a single location, you move beyond disconnected projects and amenities to a united innovation district that can magnify benefits across organizations,” explains Dan Danvers, a landscape architect project manager with Bohler, a land development consulting and site design company. This article is the design-focused component of our two-part series on life sciences innovation districts. If you would like to read about the planning component of these complex developments, please read our first article here. Moving Life Sciences Innovation Districts Forward Innovation districts must keep pace with evolving technologies and research. Life sciences industries are continually progressing, …

May 31, 2023

Development Florida Multifamily Southeast

Wood Partners Starts Construction of 324-Unit Alta Citron Apartment Community in Davenport, Florida

by Hayden Spiess May 30, 2023

DAVENPORT, FLA. — Wood Partners has broken ground on Alta Citron, a multifamily project in Davenport. Upon completion, the development will comprise 324 apartments in one-, two- and three-bedroom layouts. Amenities at the property will include a pool, clubhouse with a fitness center, grilling stations, outdoor fire pits, hammocks and a pet park with a washing station. Pre-leasing at the community is expected to begin this fall, with the opening scheduled for the fourth quarter of this year.

May 30, 2023

Acquisitions Retail Southeast Virginia

H.I.G. Realty Purchases $110M Shopping Center Portfolio in Metro Richmond, Virginia

by Hayden Spiess May 30, 2023

HENRICO AND MIDLOTHIAN, VA. — H.I.G. Realty Partners has purchased a shopping center portfolio for $110 million and formed a joint venture partnership with Rosenthal Properties and FarmViewVentures. Totaling 592,000 square feet, the portfolio includes Parham Plaza, Ridge Shopping Center and Staples Mill Square in Henrico, roughly 10 miles outside Richmond, and Stonehenge Village Center in Midlothian, roughly 15 miles outside Richmond. The portfolio was approximately 95 percent leased at the time of sale to tenants including Wegmans, Walmart, The Fresh Market and Aldi. Todd Soloway, Danielle Schechner, Ari Tran, Benjamin Teig, Kyle Miller, Nicholas Ratsep, David Saltzman and Michael Kumar of Pryor Cashman represented H.I.G in connection with the acquisition and financing of the shopping center portfolio. The seller and direct lender for the acquisition financing were not disclosed.

May 30, 2023

Georgia Loans Retail Southeast

Acadia Receives $36M Refinancing for Canton Marketplace in Metro Atlanta

by Hayden Spiess May 30, 2023

CANTON, GA. — Acadia Realty Trust has received a $36 million loan for the refinancing of Canton Marketplace, a 335,445-square-foot shopping center in Canton, roughly 40 miles north of Atlanta. Located at 1810 Cumming Highway, the property is 95 percent leased to tenants including Dick’s Sporting Goods, Best Buy, T.J. Maxx and pOpshelf. Mike Ryan, Brian Linnihan, Richard Henry and JP Cordeiro of CBRE secured the financing on behalf of Acadia through Voya Investment Management.

May 30, 2023

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