Southeast

Marcus & Millichap Brokers $4.9M Sale-Leaseback of Office Building in Metro Birmingham

by John Nelson September 6, 2023

HOOVER, ALA. — Marcus & Millichap has brokered the $4.9 million sale-leaseback of 5 Inverness Center Parkway, a 15,851-square-foot office building in Hoover. Built in 2005, the three-story office building was fully leased at the time of sale to eQRP Inc., a self-directed 401k company. The property features common areas, conference rooms, a fitness center and a podcast studio. The tenant, an entity doing business as Fuden LLC, sold the property to Wakefield Enterprises LLC and leased the property back. Brian Higdon and Nick Neuroth of Marcus & Millichap’s Birmingham office represented the seller in the transaction.

September 6, 2023

Development Georgia Multifamily Southeast Student Housing Top Stories

Core Spaces Opens 792-Bed Student Housing Community Near Georgia Tech in Atlanta

by Kristin Harlow September 6, 2023

ATLANTA — Core Spaces has opened Hub Atlanta, a 792-bed student housing community located near the Georgia Tech campus in Atlanta’s Midtown neighborhood. The 19-story property offers 292 units in studio through six-bedroom configurations. Amenities include a fitness center, coworking spaces, private study lounges, a rooftop pool deck with a hot tub, dog park, 6,990 square feet of ground-floor retail space and a four-story parking garage. New Here Coffee operates a coffee shop. Curioso provided interior design services alongside Core’s in-house design team. Hartshorne Plunkard Architecture served as the architect, and Juneau Construction Co. was the general contractor. Core Spaces is managing the community. Residents recently moved in for the 2023-2024 school year, and leasing is now open for next year. Core Spaces focuses on developing, buying and managing student housing and build-to-rent communities. The firm maintains offices in Austin and Chicago. — Kristin Harlow and Katie Sloan

September 6, 2023

Acquisitions Florida Hospitality Southeast

Newbond Holdings Acquires 130-Room Aloft Hotel in Downtown Tampa

by Hayden Spiess September 5, 2023

TAMPA, FLA. — Newbond Holdings has acquired Aloft Tampa Downtown Hotel, a 130-room hotel located on the Riverwalk in downtown Tampa. Amenities at the property include a waterfront pool and gym, corporate meeting and event space and a bar and lounge. The acquisition brings Newbond’s footprint along the riverfront, which also includes the Hotel Tampa Riverwalk, to more than 700 hotel rooms. JLL arranged acquisition financing on behalf of Newbond, which plans to implement renovations to the guest rooms, public areas and pool deck. Plasencia Group represented the undisclosed seller in the transaction. The sales price was not disclosed.

September 5, 2023

Acquisitions Florida Retail Southeast

Terra Sells 16000 Pines Market Retail Center in Florida for $56M

by Hayden Spiess September 5, 2023

PEMBROKE PINES, FLA. — Terra has sold 16000 Pines Market, a 135,000-square-foot retail center located in Pembroke Pines, for $56 million. Situated on 13.2 acres and developed between 2020 and 2022, the property was fully leased at the time of sale. Publix anchors the center, whose other tenants include Crunch Fitness, Burlington, First Watch Café, Verizon Wireless, Everglades Family Dental, Tropical Smoothie Café, Cheddar’s Scratch Kitchen, Jersey Mike’s Subs and MD-Now Urgent Care Center. The property also features two standalone parcels that house a U.S. post office and Regions Bank. Mark Gilbert and Adam Feinstein of Cushman & Wakefield represented Terra in the transaction. Apollo Realty Income Solutions (ARIS) acquired the property.

September 5, 2023

Georgia Leasing Activity Retail Southeast

Terra Alma Begins Leasing 11,000 SF of Retail Space at EmmaJames at Savannah Harbor

by Hayden Spiess September 5, 2023

SAVANNAH, GA. — Terra Alma has begun leasing the retail space at a master-planned development currently underway in Savannah. Totaling 11,000 square feet, the space is situated within the EmmaJames at Savannah Harbor property along the Savannah River on Hutchinson Island, which also features apartments and townhomes. Amenities at the development will include a marina and outdoor concert theater. An undisclosed seafood concept has signed the first retail lease.

September 5, 2023

Leasing Activity North Carolina Office Southeast

Trinity Partners Arranges Office Leases Totaling 20,000 SF at One South in Uptown Charlotte

by Hayden Spiess September 5, 2023

CHARLOTTE, N.C. — Trinity Partners has arranged leases totaling 20,000 square feet at One South, a 40-story office tower located in Uptown Charlotte. Law firm Fox Rothschild LLP will occupy 9,371 square feet on the 17th floor of the property, with an undisclosed bank tenant occupying 10,834 square feet on the 18th floor. The property features a 22,000-square-foot amenity space on the third floor, dubbed Three. Spencer Hawkins, Diana Williams and John Moore of CBRE represented Fox Rothschild in the leasing negotiations. Tourmaline Capital Partners and Monarch Alternative Capital are the owners and landlords of One South.

September 5, 2023

Florida Leasing Activity Office Southeast

Alvarez & Marsal Capital Signs Lease at 12-Story Office Development in West Palm Beach

by Hayden Spiess September 5, 2023

WEST PALM BEACH, FLA. — Alvarez & Marsal Capital (AMC) has signed a lease at 300 Banyan, a 12-story office development currently under construction in West Palm Beach. Situated within Brand Atlantic and Wheelock Street Capital’s Banyan & Olive development, the property includes six floors of office space, as well as an 8,000-square-foot restaurant and six-story parking garage. The building features 20,000-square-foot floor plates with shaded private terraces on every other floor, floor-to-ceiling glass and ceiling heights of over 13 feet. Amenities at the building include an indoor-outdoor gym, loggia and lounge and golf simulator lounge.

September 5, 2023

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Memphis Industrial Market Begins to Normalize After Years of Robust Growth

by John Nelson September 4, 2023

In January of 2023, the Memphis industrial market was coming off multiple years of record-breaking growth. However, mid-year we seem to be trending back to a somewhat normal growth pattern. The Memphis industrial market, which was fueled by the pandemic like many other markets, is finally beginning to normalize. Economic factors also influence the market as well. First and foremost is the uncertainty: uncertainty in interest rates, uncertainty in construction costs and uncertainty in when will we see some signs of stabilization. Many say we need to survive until 2025. Yet, the Memphis industrial market seems to have all the tools to handle this moment, and move forward. Memphis, located on the borders of Tennessee, Arkansas and Mississippi, is known as “America’s Distribution Center” — boasting unparalleled expertise in distribution and logistics. With a central location, Memphis’ transportation infrastructure comprises the four Rs: runway, rail, river and road. Memphis International Airport houses the largest cargo airport in the world with the FedEx worldwide hub. Memphis is one of only three cities in the country that has five of the seven Class I railroads: Union Pacific/Southern Pacific, Burlington Northern Santa Fe (BNSF), CSX Corporation, Norfolk Southern and Canadian National Railroad (CN). …

September 4, 2023

Acquisitions Maryland Multifamily Southeast

Berkadia Arranges Sale of 456-Unit Elm Apartments in Bethesda, Maryland

by John Nelson September 1, 2023

BETHESDA, MD. — Berkadia Institutional Solutions has arranged the sale of The Elm, a 456-unit multifamily community located at 4710 Elm St. in Bethesda. Completed in 2021, the property features apartments in one-, two- and three-bedroom floor plans across two 28-story towers that are connected via a glass sky bridge. Amenities at the community include a swimming pool, fitness center, pet spa and a dog park. Brian Crivella, Walter Coker and Bill Gribbin of Berkadia’s DC Metro office brokered the sale on behalf of the seller, Washington, D.C.-based Carr Properties. The buyer and sales price were not disclosed.

September 1, 2023

Development Florida Mixed-Use Southeast

ANF Group Tops Out First Phase of 43-Acre Mixed-Use Development in Delray Beach, Florida

by John Nelson September 1, 2023

DELRAY BEACH, FLA. — Construction firm ANF Group Inc. has topped out the first phase of Parks at Delray, a 43-acre mixed-use development underway at 2100 S. Congress Ave. in Delray Beach. Upon completion, the property will feature residential, retail and office space. The 747-unit residential portion will feature one-, two- and three-bedroom apartments ranging from 580 to 1,400 square feet, as well as three-bedroom townhomes ranging from 1,670 to 1,770 square feet. Retail space at the development will total roughly 40,000 square feet, and the office building will comprise 68,000 square feet. ANF is completing the project on behalf of the developers, 13th Floor Investments, Key International, CDS International Holdings and Wexford Capital. MSA Architects is the architect, and CIBC Bank is providing construction financing. Construction began in March of this year, and Phase I is scheduled for completion in the first quarter of 2025.

September 1, 2023

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