Southeast

Sealy & Co. Purchases 185,475 SF Industrial Facility in Little Rock

by John Nelson February 21, 2023

LITTLE ROCK, ARK. — Sealy & Co. has purchased a 185,475-square-foot industrial property located at 6001 Lindsey Road in Little Rock. The firm acquired the property for an undisclosed amount in an off-market deal at below replacement costs. Jason Gandy and Brooks Burgin led the transaction for Sealy & Co. on an internal basis. Andrew Wiechern of Colliers represented the seller, Tempus Realty Partners. The Class A, multi-tenant warehouse has a brand new TPO roof, as well as 22 dock doors, one drive-in door, 120-foot truck court, 24-foot clear heights and front-load configuration.

February 21, 2023

Acquisitions Arkansas Multifamily Southeast

Elevate Commercial Acquires 232-Unit Multifamily Community in Centerton, Arkansas

by John Nelson February 21, 2023

CENTERTON, ARK. — An investment syndication led by Elevate Commercial Investment Group has purchased Watercolors of Centerton, a 232-unit apartment community in northwest Arkansas. The seller and sales price were not disclosed. The acquisition covers Phases I and II of Watercolors of Centerton. Phase III is currently under construction and is expected to be completed this summer. Elevate Commercial is already set to close on the acquisition of Phase III once construction is complete, which will increase the property to 376 units. Situated at the intersection of SW 14th Street and Greenhouse Boulevard, Watercolors of Centerton features a resort-style pool, gym, pickleball court, basketball court, pool tables and a pet park. Elevate Commercial plans to invest $1.5 million in capital improvements to the community.

February 21, 2023

Florida Loans Multifamily Southeast

JLL Arranges Refinancing for 129-Unit Q at Maitland Apartments in Central Florida

by John Nelson February 21, 2023

MAITLAND, FLA. — JLL has arranged the refinancing for The Q at Maitland, a 129-unit apartment community in Central Florida. Melissa Quinn, Lee Weaver and Rob Rothaug of JLL arranged the fixed-rate, Fannie Mae loan on behalf of the borrower, JT Capital. The loan amount was not disclosed. Built in 1966 and renovated in 2008 and 2022, The Q at Maitland features one-, two-, three- and four-bedroom units. Community amenities include a resort-inspired pool, poolside grilling station with cabanas, resident lounge and a 24-hour fitness center.

February 21, 2023

Florida Leasing Activity Office Southeast

Quest Workspaces Expands to 25,947 SF in Downtown West Palm Beach

by John Nelson February 21, 2023

WEST PALM BEACH, FLA. — Quest Workspaces, a female-owned developer and operator of flexible office spaces, has expanded to occupy 25,947 square feet in downtown West Palm Beach, doubling its previous footprint. The company has been a tenant within the 21-story tower at 515 N. Flagler Drive for nearly 10 years. Vanderbilt Office Properties is the landlord of the building, which features an 11,000-square-foot rooftop garden, gym, two restaurants, a coffee shop, security desk, concierge, shoe-shining station, car wash and a salon. Quest’s amenities include treadmill desks, phone booths, chat rooms, a touchdown space, networking area and a garden wall.

February 21, 2023

Development Market Reports Southeast Southeast Market Reports Tennessee

Tennessee’s Appeal Process Allows Nashville Taxpayers to Challenge Assessments for New Construction

by John Nelson February 21, 2023

Over the past decade, Nashville has enjoyed a baffling explosion of growth that sent cranes shooting up all over the city, festooned with developer names like Bell, Clark and Giarratana. Highrise towers of glass and steel rose out of the old rail yards like the emerging monolith in the opening scene of “2001: A Space Odyssey” multiplied in a funhouse mirror. The Metropolitan Government is eager to add new projects to its tax rolls, and its Assessor of Property decides when and how that happens. The assumptions made by the assessor’s office about a project’s cost and timing dictate how quickly and how much a new building is taxed. So, as always, taxpayers need to keep an eye on what the assessor is doing. The assessor’s difficult job has become even more complicated in the post-COVID quagmire of supply chain failures. Twelve-month projects have stretched into 24-month projects, and the assessor’s assumptions about completion times have been thrown out of whack. To make matters worse, Tennessee’s property tax statutes were not designed to give relief for construction delays or lengthy projects, and now the clock is ticking. Assessing new construction The last Davidson County reappraisal was in 2021, and the …

February 21, 2023

Development Florida Multifamily Southeast

Estate Cos. Breaks Ground on Eight-Story Apartment Community in South Florida

by John Nelson February 20, 2023

POMPANO BEACH, FLA. — The Estate Cos. (EIG) has broken ground on Soleste Pompano Beach, an eight-story multifamily project located at 208 N. Federal Highway in South Florida’s Broward County. Upon completion, the community will feature 253 apartments in one- and two-bedroom configurations and 4,000 square feet of commercial space. Amenities will include a pool and sun deck, fitness center and a picnic area. The property will also include a parking garage with 367 spaces and an additional 11 spaces at ground level.

February 20, 2023

Acquisitions Georgia Multifamily Southeast

Crown Bay Group Purchases Cameron Run Apartment Community Near Atlanta for $35M

by John Nelson February 20, 2023

EAST POINT, GA. — Crown Bay Group LLC has purchased Cameron Run, a workforce housing community in East Point, for $35 million. Located at 4395 Washington Road, the property comprises 284 units in one-, two- and three-bedroom layouts. Originally built in 1972, the community recently underwent $1 million in capital improvements and features a gym, playground, artificial turf sports field and a dog park. Cameron Run was 93 percent occupied at the time of sale. Crown Bay Group plans to hold the property for three to five years and make capital improvements. The seller and sales price were not disclosed.

February 20, 2023

Acquisitions Georgia Retail Southeast

Colliers Arranges Sale of 65,785 SF Shopping Center in Metro Atlanta

by John Nelson February 20, 2023

DECATUR, GA. — Colliers has arranged the sale of Sam’s Crossing, a 65,785-square-foot shopping center located in Decatur, a suburb northeast of Atlanta. Publix Super Markets anchors the center and was the buyer in the transaction. In addition to the new, 53,785-square-foot grocery store, tenants at the property include DECA Dental, Planet Smoothie, Jersey Mike’s and Jeremiah’s Italian Ice. Joe Montgomery, Scott Israel and Henry Kushner of Colliers’ Retail Investment Sales team represented the seller, Alliance Realty Services, in the transaction. The sales price was not disclosed.

February 20, 2023

Development Florida Leasing Activity Restaurant Retail Southeast

Asana Partners Adds Five New Tenants to Sunset Harbour Retail Center in Miami Beach

by John Nelson February 20, 2023

MIAMI BEACH, FLA. — Asana Partners has announced the addition of five new tenants to Sunset Harbour, a 21,000-square-foot retail center in Miami Beach. Restaurants Casa Bufala, Sacro and Nautical Bowls will occupy 2,500, 2,813 and 950 square feet, respectively. Chip City Cookies will also join the food-and-beverage lineup, leasing 980 square feet. Additionally, fitness and wellness club The Outsider will open a 2,006-square-foot location.

February 20, 2023

Industrial Leasing Activity Office Southeast Virginia

Sapporo USA Signs 149,030 SF Flex Office Lease in Richmond

by John Nelson February 20, 2023

RICHMOND, VA. — Sapporo USA Inc. has signed an office/warehouse lease at Sauer Industrial Center, an industrial park located at 943 S. Airport Drive in Richmond. The beer manufacturer will occupy 149,030 square feet at the property. Cliff Porter of Porter Realty represented the landlord, Becknell Industrial, in the lease negotiations.

February 20, 2023

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