Southeast

Colliers Brokers $8.3M Sale of Medical Office Building in West Palm Beach

by John Nelson January 3, 2024

WEST PALM BEACH, FLA. — Colliers has brokered the $8.3 million sale of West Palm Medical Plaza, a medical office building located at 4700 N. Congress Ave. in West Palm Beach. The property is situated within walking distance of the HCA Florida JFK North Hospital. Mark Rubin, Bastian Schauer, Jake Stauber and Jared Mann of Colliers represented the seller, Triple Double Real Estate, in the transaction. The buyer, Orbvest, was not represented by a broker. The asset was fully leased at the time of sale.

January 3, 2024

Acquisitions Office Southeast Tennessee

Cushman & Wakefield | Commercial Advisors Arranges Sale of 12-Story Memphis Office Building

by John Nelson January 3, 2024

MEMPHIS, TENN. — Cushman & Wakefield | Commercial Advisors has brokered the sale of a Class B office building located at 2670 Union Ave. in the Midtown submarket of Memphis. According to LoopNet Inc., the 12-story property spans 119,213 square feet and tenants include Pearson Vue, Shelby County Community Service Agency and Lipscomb & Pitts Insurance LLC, which has exterior signage on the building. Landon Williams and Katie Hargett of Cushman & Wakefield | Commercial Advisors represented the sellers, an entity doing business as Union Office Center LLC and private investor Brett Kaye, in the transaction. The buyer, an entity doing business as 2670 Union Avenue Extended Building Owner LLC, purchased the building for an undisclosed price.

January 3, 2024

Development Florida Mixed-Use Southeast Top Stories

Bank OZK Provides $220M Construction Loan for Phase I of FAT Village Mixed-Use Project in Fort Lauderdale

by Kristin Harlow January 3, 2024

FORT LAUDERDALE, FLA. — Bank OZK has provided a $220 million construction loan for Phase I of FAT Village, an 835,000-square-foot mixed-use development in Fort Lauderdale’s Flagler Village neighborhood. Plans for Phase I include 601 multifamily units, 180,000 square feet of creative office space and more than 70,000 square feet of retail space, including food-and-beverage offerings, shopping, entertainment, and art studios and galleries. FAT stands for Food Art Technology. FAT Village is located two blocks from the Brightline’s Fort Lauderdale high-speed commuter rail station, which connects Fort Lauderdale to Miami, West Palm Beach and Orlando. The developers say that this four-block creative enclave will serve as the reimagined epicenter of the city’s art-centric district. Hines and local partner Urban Street Development are developing the 5.6-acre project. “At a time when financing and construction starts have materially slowed, it’s gratifying to be in a position to move forward on FAT Village, which we believe will be a transformational development for Flagler Village and Fort Lauderdale,” says Alan Kennedy, managing director at Hines. “We look forward to creating a dynamic and engaging destination that honors and advances the neighborhood’s legacy while providing new living, working and recreational options to help the city …

January 3, 2024

Development North Carolina Retail Southeast

Topgolf Breaks Ground on Two-Level Venue in Greensboro, North Carolina

by John Nelson January 2, 2024

GREENSBORO, N.C. — Topgolf has broken ground on a new, two-level venue in Greensboro. Situated along I-40 at Guilford College Road, the venue will comprise 72 outdoor climate-controlled hitting bays, with each bay featuring lounge furniture or high-top tables. Additionally, the new Topgolf will include a full-service restaurant, private event rooms and an outdoor area with yard games. The opening is scheduled for late 2024 and is expected to create 300 jobs. Dallas-based Topgolf operates more than 90 venues worldwide.

January 2, 2024

Acquisitions Florida Industrial Southeast

CBRE Brokers Sale of 300,240 SF Industrial Building in Jacksonville

by John Nelson January 2, 2024

JACKSONVILLE, FLA. — CBRE has brokered the sale of a 300,240-square-foot industrial building located at 9909 Pritchard Blvd. in Jacksonville. Newly constructed and dubbed Building 200, the property is situated within the master-planned Florida Gateway Logistic Park. The building features 36-foot clear heights, cross-dock loading, 86 dock doors, four drive-in doors, ESFR sprinkler systems, 168 car parking spaces and 138 trailer parking spaces. IPEX USA, a PVC and thermoplastic piping system supplier, fully occupies the property. Clarion Partners acquired the building in a joint venture with Diamond Realty Investments on behalf of a separate account. CT Realty sold the property for an undisclosed price. Jose Lobón, Trey Barry, Frank Fallon, Chris Riley, Royce Rose, Alain Bonvecchio and Gabriel Braun of CBRE represented the seller in the transaction.

January 2, 2024

Development Mixed-Use North Carolina Southeast

Deep River Partners to Develop 27-Acre Mixed-Use Project in Mebane, North Carolina

by John Nelson January 2, 2024

MEBANE, N.C. — Deep River Partners has acquired 27 acres off Mebane Oaks Road in Mebane, roughly 25 miles northwest of Durham, with plans to develop a mixed-use project. Deep River purchased the site from an undisclosed seller for $4.3 million. Upon completion, the site will feature five commercial outparcels and a 90-unit townhome comprising residences in three-bedroom layouts. Amenities at the townhome community will include picnic and playground areas, a dog park and an exercise area. Brian Craven and Matt King of CBRE|Triad represented Deep River in the land acquisition, and Ken Walker of RE/MAX Diamond Realty represented the seller.

January 2, 2024

Acquisitions Georgia Retail Southeast

JLL Arranges $18.5M Sale of Reynolds Crossing Retail Center in Metro Atlanta

by John Nelson January 2, 2024

DULUTH, GA. — JLL Capital Markets has brokered the $18.5 million sale of Reynolds Crossing, a 45,809-square-foot retail center located in Duluth, roughly 30 miles northeast of Atlanta. Built in 2004 and 2005, the property was fully leased at the time of sale to tenants including Little Caesar’s, The UPS Store, MetroPCS, Chase Bank and Cricket Wireless. Kroger shadow-anchors Reynolds Crossing. Brad Buchanan and Jim Hamilton of JLL represented the seller, Leaders Real Estate Group, in the transaction. Justin Miller of Marcus & Millichap procured the undisclosed buyer. Jamie Safier of Marcus & Millichap secured financing on behalf of the buyer.

January 2, 2024

Florida Leasing Activity Retail Southeast

Dollar Tree Opens Three New Stores in South Florida

by John Nelson January 2, 2024

HIALEAH, MIAMI AND WEST PALM BEACH, FLA. — Dollar Tree has opened three new stores in South Florida. The retailer now occupies 13,500 and 14,000 square feet in Hialeah and Miami, respectively. Dollar Tree has also opened a 9,000-square-foot store in West Palm Beach. Additionally, the retailer is currently underway on the development of two stores in Sunny Isles Beach and Lauderhill, Fla. Steve Miller of The Rotella Group represented Dollar Tree in the lease negotiations.

January 2, 2024

Georgia Loans Southeast

Berkadia Secures $36.8M Refinancing for Pointe Grand Warner Robins Apartments in Central Georgia

by John Nelson December 22, 2023

WARNER ROBINS, GA. — Berkadia has secured a $36.8 million loan for the refinancing of Pointe Grand Warner Robins, a recently completed, 288-unit apartment community located at 1601 Leverette Road in Warner Robins. Michael Weinberg and Wesley Moczul of Berkadia’s Orlando office arranged the two-year, floating-rate loan on behalf of the developer and borrower, Hillpointe. Situated about 20 miles south of Macon, Ga, the property comprises two-bedroom, 1,170-square-foot apartments across 10 three-story buildings. Amenities include a swimming pool, 24-hour fitness center and a business center. Hillpointe will use the financing to provide a return of equity to its fund and allow for more flexibility in placing permanent debt or selling the property.

December 22, 2023

Acquisitions Georgia Retail Southeast

Publix Purchases Matt Town Center in Metro Atlanta for $30M

by John Nelson December 22, 2023

CUMMING, GA — Publix Super Markets Inc. has purchased Matt Town Center, an 81,077-square-foot shopping center located at 5310 Matt Highway in Cumming, roughly 40 miles northeast of Atlanta. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller, Marietta, Ga.-based Retail Planning Corp., in the $30 million transaction. Publix anchors the property, which was built in 2020. Matt Town Center was 95 percent leased at the time of sale to tenants including Domino’s, Great Clips, North Shore Dry Cleaners, Grand Nails, Sage Dental, Reveille Café, The UPS Store, EasyVet, Dunkin’ and Zaxby’s. The sale also included roughly 3.9 acres of adjacent, undeveloped land that is zoned for retail and office space.

December 22, 2023

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