Southeast

JLL Arranges $40.2M Sale of Crossroads 429 Industrial Property in Central Florida

by John Nelson May 24, 2023

APOPKA, FLA. — JLL has arranged the $40.2 million sale of Crossroads 429, a two-building industrial property in Central Florida spanning 280,437 square feet. The 52.1-acre site is located at 2800 General Electric Road in Apopka and features rear-load configuration, 32-foot clear heights, 67 dock-high doors, 198 parking spaces and 93 trailer spaces. Drake Street Partners and Whalley Capital Group purchased Crossroads 429 from Summit Real Estate Group. Luis Castillo, Cody Braiz and Dennis Mitchell of JLL represented the seller and procured the buyers in the transaction.

May 24, 2023

Development Industrial South Carolina Southeast

Summit Delivers 248,000 SF Industrial Facility in Wellford, South Carolina

by John Nelson May 24, 2023

WELLFORD, S.C. — Summit Real Estate Group has delivered Gateway 29, a 248,000-square-foot spec industrial building located at 370 Old Spartanburg Highway in Wellford. The Upstate South Carolina building is ready for occupancy and can accommodate users from 65,000 square feet up to the full 248,000 square feet. The property features 32-foot clear heights, 48 dock doors and two drive-ins, an ESFR sprinkler system 2,500 square feet of office space and 44 trailer and 145 vehicle parking spaces. Kacie Jackson, Brian Young and Elliott Fayssoux of Cushman & Wakefield are overseeing leasing at the facility, and Lori Suchanek, also with Cushman & Wakefield, is leading the property management assignment.

May 24, 2023

Acquisitions Development Florida Mixed-Use Retail Southeast

Codina Partners Acquires Former Sears Site at Westland Mall in Metro Miami

by John Nelson May 24, 2023

HIALEAH, FLA. — Codina Partners has acquired the former Sears site at Westland Mall in Hialeah for an undisclosed price. The 15-acre parcel has been vacant since February 2020. The locally based buyer, following the closure of the sale, formed a joint venture with Westland Mall owner, Centennial, to redevelop the site and add a mixed-use concept with a residential component. Centennial acquired Westland Mall from Starwood Capital in 2021. The shopping center consists of more than 300,000 square feet of retail space that is anchored by Macy’s, JC Penney and the former Sears site. The construction timeline of the mixed-use redevelopment was not disclosed.

May 24, 2023

Loans Multifamily North Carolina Southeast

Greystone Provides $24.1M HUD-Insured Loan for Metro Charlotte Apartment Community

by John Nelson May 24, 2023

HICKORY, N.C. — Greystone has provided a $24.1 million HUD 223(f) loan for the refinancing of Argyle Place Apartments, a 216-unit multifamily community located in the Charlotte suburb of Hickory. Lisa Fischman of Greystone originated the loan on behalf of the borrower, Pressly Development Co. The HUD-insured loan carries a 35-year term and amortization schedule along with a low, fixed interest rate. In addition to refinancing, loan proceeds enable Pressly Development to make renovations to Argyle Place and fund new construction projects. The property features one-, two- and three-bedroom units that were originally constructed in 1987 and 2001 and renovated in 2018.

May 24, 2023

Development Industrial Maryland Southeast

TPC Racing Breaks Ground on 40,000 SF Industrial Headquarters in Jessup, Maryland

by John Nelson May 24, 2023

JESSUP, MD. — TPC Racing, a Porsche maintenance and service provider, has broken ground on its 40,000-square-foot industrial facility at 7869 Dorsey Run Road in Jessup. The Howard County facility will serve as the company’s corporate headquarters. Kate Jordan and Marley Welsh of Lee & Associates l Maryland brokered the purchase of the four-acre site and were also retained by TPC Racing to lease the available 27,000 square feet of industrial/warehouse space at the building. The $8 million, single-story project is expected to be delivered in the fourth quarter and comprise nine bays, each offering 3,000 square feet of space. Chesapeake Contracting Group is acting as general contractor for the project.

May 24, 2023

Development Kentucky Mixed-Use Southeast

Lincoln Property Co., Webb to Build 18-Acre Mixed-Use Project in Downtown Lexington, Kentucky

by John Nelson May 23, 2023

LEXINGTON, KY. — Lincoln Property Co. (LPC) and The Webb Cos. plan to develop an 18-acre mixed-use development in downtown Lexington. The site is situated across from Rupp Arena, the home arena for the University of Kentucky Wildcats men’s and women’s basketball teams. LPC and Webb signed a long-term ground lease with the landowner, Lexington Center Corp., after a competitive request for proposal (RFP) process. The duo’s plan for the site includes apartments, stores, restaurants, a hotel and offices, among other uses. The project’s name and construction timeline were not revealed.

May 23, 2023

Development Florida Retail Southeast

Steinemann & Co. to Develop 100,000 SF Bass Pro Shops Outdoor World Store in St. Augustine, Florida

by John Nelson May 23, 2023

ST. AUGUSTINE, FLA. — Steinemann & Co. plans to develop a Bass Pro Shops Outdoor World store along World Commerce Parkway in St. Augustine, approximately 40 miles southeast of Jacksonville. Upon completion, the store will span 100,000 square feet and offer boating merchandise, in addition to hunting, fishing, camping, leisure and athletic gear and apparel. The store will also feature a large aquarium and water features stocked with native fish species, thousands of local antiques and artifacts, hundreds of trophy fish and wildlife mounts and murals depicting local scenes. The store will also offer fishing classes for kids. Set to open in 2024, the St. Augustine store will mark the 13th location for Bass Pro Shops in Florida and will employ about 115 associates.

May 23, 2023

Development Georgia Leasing Activity Mixed-Use Retail Southeast

Pottery Barn to Open Atlanta Store at 619 Ponce Building in Ponce City Market

by John Nelson May 23, 2023

ATLANTA — Pottery Barn plans to open a new store on the ground level of 619 Ponce, a new four-story, mass-timber office building under construction at Ponce City Market in Atlanta. Master developer Jamestown signed the retailer to a more than 18,000-square-foot lease at the building. 619 Ponce will be situated at the corner of Ponce de Leon Avenue and Glen Iris Drive and feature 87,000 square feet of office space and 27,000 square feet of retail space. The building is part of the next phase at Ponce City Market, which includes a 405-unit flexible-stay hotel and co-living building and Signal House, a 21-story active adult multifamily building. Pottery Barn is the latest retailer to join the roster at Ponce City Market, an adaptive reuse campus in Atlanta’s Old Fourth Ward district. The store is set to open in early 2024 and feature an outdoor patio and design studio.

May 23, 2023

Acquisitions Florida Industrial Southeast

JLL Arranges Sale of 260,000 SF Distribution Center in Jacksonville Leased to Volkswagen

by John Nelson May 23, 2023

JACKSONVILLE, FLA. — JLL has arranged the sale of a 260,000-square-foot distribution center located at 4150 Perimeter Industrial Parkway in Jacksonville’s Westside submarket. Built in 2008 on 15.4 acres, the rear-load property is fully leased to Volkswagen Group of America and is fully air-conditioned. John Huguenard, Luis Castillo, Cody Brais, Luke Pope, Taylor Osborne and Wells Waller of JLL brokered the sale. The buyer, seller and sales price were not disclosed.

May 23, 2023

Florida Leasing Activity Office Southeast

CP Group, Monarch Ink 50,000 SF of Office Leases at Citigroup Center in Downtown Miami

by John Nelson May 23, 2023

MIAMI — CP Group and Monarch Alternative Capital have announced more than 50,000 square feet of office leasing activity at Citigroup Center, a 34-story office tower in downtown Miami. All four leases at the 810,000-square-foot property closed in the first quarter. The deals include wealth management firm Larch Capital Partners signing for 5,466 square feet; real estate development and investment firm Bazbaz Development signing for 5,357 square feet; hotel operator Strategic Hotel Funding LLC renewing its 14,418-square-foot lease; and an undisclosed tenant signing a 21,928-square-foot lease. Steven Hurwitz, Doug Okun and Madeline Fine of JLL represented CP Group and Monarch in the leasing transactions. Grant Killingsworth and Thomas Haughton of CBRE represented Larch Capital, and Randy Carballo, also with CBRE, represented Bazbaz. In addition to the new leases, the ownership is also developing 37,000 square feet of speculative suites at Citigroup Center.

May 23, 2023

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