Southeast

Joint Venture Acquires East Tampa Office Complex for $31M

by John Nelson January 26, 2023

TAMPA, FLA. — A joint venture between Torose Equities, Merrimac Ventures and Linkvest Capital has purchased Interstate Corporate Center, a 350,000-square-foot office complex on Tampa’s east side. The property is located on a 50-acre site at 6302 E. Dr. Martin Luther King Jr. Blvd., about six miles from downtown Tampa. An entity doing business as B&L Investments Interstate LLC sold the property for $31 million. Dale Peterson, Joe Chick, Kristen Hagen, Courtney Snell and Nick Sharpe of CBRE represented the seller in the transaction. Built in 1984 and renovated in 2018, Interstate Corporate Center was 80 percent leased at the time of sale to tenants such as Hillsborough County School Readiness Coalition Inc., Ashley Furniture Industries Inc., HealthPlanOne and the Florida Department of Revenue Child Support Services. The largest tenant, Concentrix CVG Customer Management Group Inc., occupies 81,134 square feet.

January 26, 2023

Acquisitions Florida Multifamily Southeast

Northmarq Arranges Sale of 260-Unit Boulevard Apartments in Tampa Bay Area

by John Nelson January 26, 2023

LARGO, FLA. — Northmarq has arranged the sale of The Boulevard, a 260-unit apartment community located at 2098 Seminole Blvd. in the Tampa Bay city of Largo. The Connor Group purchased the community from Atlanta-based RangeWater Real Estate for an undisclosed price. Luis Elorza, Justin Hofford and Kevin Mosher of Northmarq’s Tampa office brokered the transaction. Built in 2016, The Boulevard features one-, two- and three-bedroom apartments averaging 1,106 square feet in size. Amenities include a resort-style pool with a sun deck, outdoor fireplace, outdoor bar with grills, screened-in gazebo with billiards, TV, wet bar and a fireplace. The property’s clubhouse features an indoor SwimSpa resistance pool, 24/7 Luxor One package room, coffee bar, business center, theater and a fitness center that offers on-demand classes.

January 26, 2023

Acquisitions Arkansas Industrial Southeast

Phoenix Investors Buys 130,000 SF Industrial Building in Pine Bluff, Arkansas

by John Nelson January 26, 2023

PINE BLUFF, ARK. — An affiliate of Milwaukee-based Phoenix Investors has purchased a 130,000-square-foot industrial building located at 3411 N. Hutchinson St. in Pine Bluff. The seller and sales price were not disclosed. Built in 1986, the turnkey property is currently vacant and is available for a single tenant or multiple users. Situated on 15 acres about 45 miles south of Little Rock, the facility features 27-foot clear heights and 40- by 40-foot column spacing, as well as rail access via CSX Greenbrier Rail. Phoenix Investors specializes in the acquisition and renovation of former manufacturing facilities and currently holds interest in approximately 62 million square feet of space across 29 states.

January 26, 2023

Development Industrial Life Sciences North Carolina Southeast

Eli Lilly to Invest $450M at Research Triangle Park Campus in Durham

by John Nelson January 25, 2023

DURHAM, N.C. — Eli Lilly and Co., a pharmaceutical giant based in Indianapolis, plans to invest $450 million to expand its campus within Research Triangle Park (RTP) in Durham. The expansion includes additional parenteral filling, device assembly and packaging capacity to support an increased demand for the company’s incretin products that treat diabetes. The move is expected to create at least 100 new jobs, primarily comprising manufacturing personnel who will produce incretin treatments and medical devices. Eli Lilly expects the new facility to come on line in 2027. Since 2020, the company has committed roughly $4 billion to new manufacturing facilities in North Carolina, including $1.7 billion for the development and expansion of its RTP base.

January 25, 2023

Development Florida Industrial Southeast

Graham & Co. to Develop 262,440 SF Industrial Park in Tampa

by John Nelson January 25, 2023

TAMPA, FLA. — Birmingham, Ala.-based Graham & Co. has purchased 21 acres at the intersection of U.S. Highway 301 and Florida Palm Drive in Tampa. The developer plans to build a 262,440-square-foot, three-building industrial park on the site called East Tampa Commerce Center. The three facilities will range in size from 85,500 to 91,440 square feet and feature 32-foot clear heights within a concrete tilt-wall structure. Set to deliver in early 2024, the buildings will be available for single-tenant users or could be divided into smaller suites to accommodate multiple tenants. The development team includes the previous landowner and development partner, an entity doing business as Palm River JLM Center Ltd., as well as Graham & Co.’s affiliate Graham Capital. Other members of the project team include general contractor ARCO/Murray and civil engineer Kimley-Horn. Truist provided an undisclosed amount of construction financing for the project. Additionally, included in the land acquisition was a separate purchase of an existing industrial facility located at 9208 Palm River Road.

January 25, 2023

Acquisitions Alabama Arkansas Georgia Kentucky Oklahoma Retail Southeast Tennessee

Matthews Arranges $16.1M Portfolio Sale of Eight Stores Leased to Family Dollar-Dollar Tree

by John Nelson January 25, 2023

NASHVILLE, TENN. — Nashville-based Matthews Real Estate Investment Services has arranged the $16.1 million portfolio sale of eight stores leased to the combo Family Dollar-Dollar Tree discount retail concept. The stores are located in Blountsville and Clayton, Ala.; Pauls Valley, Warner and Maud, Okla.; Edison, Ga.; Lincoln, Ark.; and Coldiron, Ky. Josh Bishop of Matthews represented the seller, an unnamed developer that built the stores. The undisclosed institutional buyer purchased the assets at a cap rate of 6.4 percent.

January 25, 2023

Acquisitions Restaurant Retail South Carolina Southeast

NAI Charleston Brokers $12M Sale of Two Retail Buildings in Charleston’s Upper King District

by John Nelson January 25, 2023

CHARLESTON, S.C. — NAI Charleston has brokered the $12 million sale of two retail buildings located at 585 and 587 King St. in Charleston’s Upper King Street district. These buildings, which span approximately 13,700 square feet, were leased to Fuji Sushi Bar and Uptown Social at the time of sale. Thomas Boulware of NAI Charleston represented the undisclosed buyer in the transaction. Tim Weldon of Colony Commercial Real Estate represented the locally based seller, Vanderking Properties.

January 25, 2023

Georgia Leasing Activity Office Southeast

CBRE Negotiates Office Lease Expansion in Downtown Atlanta for Financial Advisory Firm

by John Nelson January 25, 2023

ATLANTA — CBRE has negotiated a 10,000-square-foot office lease at 55 Allen Plaza, a 14-story office building located at 55 Ivan Allen Blvd. in downtown Atlanta. The tenant, global retail payment advisor CMSPI, is doubling its footprint with this lease and will continue to occupy the office building’s fifth floor. The firm has been a tenant at 55 Allen Plaza since 2018 and uses the space as its North American headquarters. Paul Holmes of CBRE represented CMSPI in the lease negotiations. The landlord is Lone Star Funds, a global private equity firm that purchased the 348,658-square-foot property in 2020. In addition to offices, 55 Allen Plaza features a 5,000-square-foot fitness center with private lockers and showers, a 100-person conference center, catering kitchen, sundry shop and covered parking. Tenants have walkability to downtown’s nearby hotels, museums, restaurants and the Civic Center MARTA station.

January 25, 2023

Market Reports North Carolina Office Southeast Southeast Market Reports

Raleigh-Durham Office Market is Facing Even Stronger Headwinds at Start of 2023

by John Nelson January 25, 2023

Talk to any commercial broker across the Raleigh-Durham market and you will hear much of the same feedback. In answer to the basic questions, one hears, “The in-office work week is now three days, primarily Tuesday through Thursday.” This trend, which was slowly becoming more evident over the last 20 years with the growth of the digital economy, was accelerated by the pandemic. And further aided by the wider availability of high-speed internet, the demands of the digital workforce are taking people out of their offices and, in some cases, around the world. Companies that value their digital workers are letting them make business decisions that affect the office building markets around the world. It is fascinating to watch. Recent data published by Kastle Systems (a keycard and security supplier for commercial buildings) shows that based on keycard swipes across the 10 largest cities in the United States, we are witnessing structural change in both the traditional work week and employee work hours, in degrees that are directly impacting the need for office space. As a result, employers are downsizing their leased footprints, opting for less square footage and/or shorter leases. Those companies with large numbers of digital workers are …

January 25, 2023

Development Industrial South Carolina Southeast

Karis Cold to Open 277,785 SF Cold Storage Facility in Metro Charlotte in 2024

by John Nelson January 24, 2023

ROCK HILL, S.C. — Karis Cold is under construction on a 277,785-square-foot cold storage facility in Rock Hill. Situated on a 40-acre site, the project represents the first cold storage speculative facility in metro Charlotte. The property, which Karis Cold expects to open in first-quarter 2024, will feature convertible freezers, 50-foot clear heights, 28 dock doors with two drive-in doors, 47 trailer parking stalls and 147 regular parking spaces. Spencer Yorke, John Cashion and Rich Grieder of JLL will lead the development’s marketing and leasing efforts on behalf of Karis Cold.

January 24, 2023

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