ATLANTA — Workspace Property Trust has signed Hyundai Capital America to a 45,000-square-foot office lease at 4100 Wildwood Parkway, a 100,000-square-foot office building located within the Wildwood Office Park in Atlanta’s Cumberland-Galleria submarket. Hyundai Capital America, the finance and loan partner of Hyundai, Kia and Genesis car brands, previously operated a call center out of this location. 4100 Wildwood Parkway features offices, onsite conference facilities, kitchens and recreational areas. Kirk Anders of Anders Commercial Properties and Bob Gibbons of REATA Commercial Realty represented the tenant in the lease negotiations. Wes Rudes represented Workspace on an internal basis.
NEW ORLEANS — LaPhair Capital Partners and former or current members of the NFL’s New Orleans Saints have partnered to invest in Maidstone New Orleans, a boutique hotel redevelopment located at 3522 Tulane Ave. in New Orleans’ Mid-City district. The involved NFL players include current Saints defensive end Cam Jordan, former quarterback Jameis Winston and former running back Mark Ingram. Local media outlets reported last summer that the hotel was formerly known as The Drifter Hotel and sold in an off-market transaction. Further details about the renovations and offerings of Maidstone New Orleans were not disclosed.
ABINGDON, VA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a newly built retail property in Abingdon, a city in southwest Virginia near the Tennessee border. Firestone occupies the 6,262-square-foot retail property on a 15-year triple-net lease. A developer based in Ohio sold the property to an out-of-state 1031 buyer for an undisclosed price. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller in the transaction. Located on a 1.5-acre site at 127 Cook St., the Firestone property serves as an outparcel to a Food City grocery store off I-81. The Taylor-McMinn Retail Group is marketing two other retail properties in the Southeast leased to Firestone, a retail automobile maintenance concept owned by Nashville-based tire manufacturing giant Bridgestone Americas Inc. “We continue to see increased demand and aggressive pricing for Bridgestone assets due to the strong credit, limited supply and growing buyer pool,” says McMinn. “Bridgestone assets continue to command aggressive pricing due to the long-term, triple-net leases backed by investment-grade credit.”
NEW ORLEANS — A partnership between Cypress Equities, a real estate development and management firm based in Dallas, and locally based firm Lauricella Land Co. has broken ground on a new eight-story office building in New Orleans. Situated on the banks of the Mississippi River, the 123,941-square-foot property, named Shell Plaza, will house the headquarters of the Gulf of Mexico operations for oil-and-gas giant Shell (NYSE: SHEL). Shell executed the office lease with Cypress Equities and Lauricella Land Co. last year. The new property represents the first Class A office building to break ground in New Orleans since 1989 and the first office property within the River District, a 39-acre mixed-use neighborhood on the riverfront, according to the development team. “This project will boost the local economy while setting a new standard for sustainable, modern office space in New Orleans,” says Chris Maguire, CEO of Cypress Equities. Shell Plaza will be located on a 1.6-acre site at 1600 Convention Center Blvd. at the corner of Henderson and Euterpe streets and adjacent to the New Orleans Ernest N. Morial Convention Center. River District Neighborhood Investors LLC, working on behalf of the convention center, is overseeing the development of the River District …
SAVANNAH, GA. — The Home Depot has acquired its own 1.4 million-square-foot The Home Depot Distribution Center (DC) from the Savannah Economic Development Authority (SEDA). The facility is situated near the Port of Savannah. The sales price was not disclosed. SEDA has leased the center to The Home Depot since 1995. The acquisition includes 100 acres of adjacent land. The Home Depot DC supports hundreds of The Home Depot stores and typically employs around 250 associates. “This sale signals a significant, long-term commitment by The Home Depot to our region and the Georgia Ports Authority,” says Trip Tollison, president and CEO of SEDA. “We are honored that they continue to have great confidence in the Savannah region.”
ATLANTA — PGIM Real Estate has provided an $82.3 million, floating-rate loan for the refinancing of Mira at Midtown Union, a 355-unit multifamily property located in Midtown Atlanta. The borrower, a joint venture between MetLife Investment Management and StreetLights Residential, will use the loan proceeds to refinance existing debt and secure tenants for the available retail space. Tom Goodsite of PGIM Real Estate led financing efforts for the transaction. Delivered in 2022, the 26-story tower offers a unit mix of studios, one-, two- and three-bedroom floorplans that range from 496 square feet to 1,743 square feet in size. Amenities include a resort-style pool, resident lounge, sunset deck with fire pits and grills, pet spa and dog wash station, coworking spaces and a multi-room fitness center.
PENDERGRASS, GA. — A joint venture between Trammell Crow Co. and CBRE IM has delivered Phase I of Jackson 85 North Business Park in Pendergrass, about 60 miles northeast of Atlanta. Situated on 215 acres, Phase I comprises two Class A warehouse buildings totaling 1.5 million square feet. Building 1 totals 538,450 square feet and Building 2 totals roughly 1 million square feet. The warehouses feature 40-foot clear heights, 185-foot concrete truck courts, parking space for vehicles and trailers, more than 290 dock door positions and four drive-in ramps. Additionally, the facilities include electrical service, an ESFR fire protection system, watertight roofing systems that can accommodate solar panels and 3,900 square feet of interior office space for each building. Phase II, which is currently underway, will include two warehouses spanning 210,080 square feet and 524,160 square feet. Phase II will also include a build-to-suit project up to 750,000 square feet. Wilson, Hull & Neal Real Estate is leading the marketing and leasing efforts for the project.
WELLINGTON, FLA. — JLL Capital Markets has arranged the sale of Wellington Bay, a 283-unit senior living campus located in Wellington, approximately 16 miles west of West Palm Beach. The 45-acre property features a 159-unit independent living community and The Lisbet Health Center, which comprises 124 assisted living and memory care residences. Amenities at the campus include a 65,000-square-foot clubhouse with dining, outdoor and indoor swimming pools, a hot tub, putting green, bocce ball court, pickleball court and fitness, wellness, concierge, arts and entertainment programming. AEW Capital Management acquired the property from an undisclosed buyer. JLL’s Seniors Housing Capital Markets team represented the seller in the transaction and secured a three-year acquisition loan through Capital One Bank on behalf of the buyer.
TITUSVILLE, FLA. — Cushman & Wakefield has arranged the $42.2 million sale of Titusville Logistics Center, a Class A warehouse in Titusville. Located at 7700 US Highway 1 roughly 35 miles east of Orlando, the facility totals 247,069 square feet and was fully leased at the time of sale. The facility features a tilt-wall construction design with dock-high and drive-in loading doors, 30-foot clear heights, a 130-foot truck court and the potential for rail-side access. Houston-based Hines acquired the property via its core-plus fund, Hines U.S. Property Partners, from Reich Brothers. Mike Davis, Rick Colon, Rick Brugge and Dominic Montazemi of Cushman & Wakefield represented the seller in the transaction. Hines has retained Mike Moss and Michael Moss II of Lightle Beckner Robison Inc., who also assisted in brokering the sale, to continue leasing the property.
MIAMI — A partnership locally based firm Mint Developers, hospitality owner-operator Sonesta International Hotels Corp. and property manager AD1 has unveiled plans for an $850 million hotel and residential project in downtown Miami. The James Hotel & Residences in Downtown Miami will comprise 336 fully furnished, for-sale residences and roughly 200 hotel rooms. At 82 stories, the project will be the tallest skyscraper in Miami upon completion, according to the developers. Construction is scheduled to begin in the first quarter of 2026 and to be complete by early 2028, with residential sales expected to launch in the second quarter of this year. Residents and hotel guests will have access to amenities such as a spa, private cabanas with plunge pools, snow and rain rooms and onsite dining. One of the property’s restaurants will include the highest elevation luxury bar in the Americas. The project will also feature a four-story private club where members will have access to the James Hotel. Financing details were not disclosed, but Daniel Berman, president and CEO of AD1, stated that the first round of funding has been secured and that Sonesta is directly contributing to the financing of the project. Berman also said that the project …