Southeast

Benderson Acquires 128,399 SF Bee Ridge Square Shopping Center in Sarasota, Florida

by John Nelson May 2, 2023

SARASOTA, FLA. — Benderson Development has acquired Bee Ridge Square, a 128,399-square-foot shopping center in Sarasota. Burlington anchors the center, which houses 15 tenants, including Stage Door Studios, ofKors Bakery and EGGSTraordinary Café. Burlington recently downsized its footprint at the center, which it has anchored since 2001. Bee Ridge Square is located off exit 207 of I-75 at the intersection of Bee Ridge and Cattlemen roads. Justin Smith, Chris Peterson, Fred Victor and Sam Koonce of Atlantic Capital Partners represented the seller and procured the buyer in the transaction. The seller and sales price were not disclosed.

May 2, 2023

Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ First-Quarter 2023 Sector-by-Sector Analysis Indicates Market-Wide Cooling

by Sarah Daniels May 2, 2023

High interest rates and economic uncertainty in the first quarter of this year contributed to lower absorption and declining rent growth in industrial, retail and multifamily sectors across the country, with some regional exceptions, according to Lee & Associates’ 2023 Q1 North America Market Report. Meanwhile office continues to struggle. The sector experienced its third-largest quarterly contraction since the beginning of the pandemic, as work-from-home preferences decoupled office occupancy from job growth numbers. The full Lee & Associates report is available (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city) here. The analysis below provides an overview of four major commercial real estate sectors alongside trends, economic background and exceptions within each sector. Industrial Overview: Sharp Decline Hits First-Quarter U.S. Demand There was a sharp first-quarter decline in U.S. tenant demand for industrial space as wholesalers and retailers reconsider their inventory levels out of caution over the economic outlook. Net absorption in the first quarter totaled 39.4 million square feet, a 57 percent drop from the record set a year ago. The overall U.S. vacancy rate settled at 4.4 percent, an increase of 40 basis points from the close of 2022, comfortably …

May 2, 2023

Acquisitions Florida Industrial Southeast

Basis Industrial Acquires Three-Property Tampa Portfolio for $35M

by John Nelson May 1, 2023

TAMPA, FLA. — Boca Raton-based Basis Industrial has purchased portfolio of industrial properties located in Tampa for $33 million. The portfolio includes Brandywine Business Center at 3801 Corporex Park Drive; Corporex Plaza at 3902 Corporex Park Drive and Presidents Plaza Business Center at 4801 George Road. Together the properties total 224,108 square feet. Tenants at the properties, which were 96 percent occupied at the time of sale, include Joffrey’s Coffee, Global Alliance Distributors, Ademco Inc., E-Med Source and Tri-Ed Distribution. Anthony Scavo represented Basis Industrial on an internal basis. Douglas Mandel of Marcus & Millichap’s Institutional Property Advisors (IPA) division represented the undisclosed sellers.

May 1, 2023

Development Georgia Mixed-Use Southeast

Spalding Site Partners to Develop 2.2-Acre Mixed-Use Property in Metro Atlanta

by John Nelson May 1, 2023

PEACHTREE CORNERS, GA. — Spalding Site Partners LLC has acquired a 2.2-acre land parcel in Peachtree Corners with plans to develop a mixed-use property. Upon completion, the development will include 170 residential units, ground-floor retail space, a fitness center and an extension of the Peachtree Corners public trail system. Redline Property Partners, which has a 98,040-square-foot office building at the site, sold the land for an undisclosed price.

May 1, 2023

Acquisitions Florida Industrial Southeast

CBRE Arranges Sale of 241,124 SF Industrial Portfolio in Orlando

by John Nelson May 1, 2023

ORLANDO, FLA. — CBRE has arranged the sale of an industrial portfolio comprising 241,124 square feet across three buildings in Orlando. Located at 10425 S. Orange Ave., 523 W. Grant St. and 44 27th St., the buildings total 130,400, 62,210 and 48,514 square feet, respectively. GID Industrial purchased the portfolio, which was fully leased to 14 tenants, including USPS, at the time of sale. José Lobón, Trey Barry, Frank Fallon, Royce Rose and Alain Bonvecchio of CBRE Capital Markets represented the undisclosed, Boston-based seller in the transaction. David Murphy and Monica Wonus of CBRE also assisted with the sale, the price of which was not disclosed.

May 1, 2023

Acquisitions Multifamily Single-Family Rental Southeast Tennessee

MZ Capital Purchases 87-Unit Single-Family Rental Community in Knoxville, Tennessee

by John Nelson May 1, 2023

KNOXVILLE, TENN. — MZ Capital Partners has purchased the Residences at Devanshire, a community comprising 87 single-family rental homes in Knoxville. Built in 2006, the property features units with three bedrooms and two full bathrooms. Homes also feature back porches or patios, attached garage parking and grass backyards. The sales price and seller were not disclosed.

May 1, 2023

Acquisitions Industrial Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $7.3M Sale of Wistar Center in Richmond

by John Nelson May 1, 2023

RICHMOND, VA. — Cushman & Wakefield|Thalhimer’s Capital Markets Group has brokered the $7.3 million sale of Wistar Center in Richmond. Located at 8101-8157 Staples Mill Road, the portfolio comprises 49,092 square feet of industrial and retail space. Fully leased to 20 tenants, the retail property features 20,436 square feet. Totaling 28,656 square feet across two buildings, the industrial space was also fully leased at the time of sale. Bo McKown, Catharine Spangler and Eric Robison of Cushman & Wakefield|Thalhimer arranged the sale on behalf of the seller, Fernau LeBlanc Investment Partners. Prudent Growth Partners was the buyer.

May 1, 2023

Market Reports Maryland Retail Southeast Southeast Market Reports

Baltimore’s Retail Market Is Showing Resiliency Post-Pandemic

by John Nelson May 1, 2023

Retail is not dead. In fact, coming out of COVID-19, retail is arguably the strongest that it’s been in many years. According to S&P Global Market Intelligence data, in 2022 we saw a 13-year low in retail companies filing for bankruptcy. Here in Baltimore, we’re seeing extremely low vacancy rates and steady demand, which in turn, is cultivating a competitive environment. However, despite the challenges that retail has faced over the past several years, its resilience is where we continue to find plenty of reasons to be optimistic. A look back In March 2020, the phones stopped ringing and businesses shuttered for what was anticipated to be a few short weeks. We soon came to find that was not the case. Retail did struggle, significantly in some cases. Restaurants, service-based businesses, soft goods, fitness, entertainment and experiential concepts amongst many others, whether large corporate-owned or mom-and-pop users, struggled to stay afloat. And many did fail. Space came back on the market and concepts dwindled at an uncanny pace. But the so-called “retail apocalypse” — a common phrase that was originally coined because of the increased popularity of e-commerce — was, again, proved to be hyperbole. Retailers sought ways to enhance …

May 1, 2023

Acquisitions Georgia Multifamily Southeast

Olympus Property Purchases 203-Unit Apartment Community in Savannah

by John Nelson April 28, 2023

SAVANNAH, GA. — Olympus Property has acquired Capital Crest at Godley Station, a 203-unit apartment community located in Savannah. Built in 2017 along Benton Boulevard, the property offers 14 floor plans in one-, two- and three-bedroom layouts. Amenities at the community include a 2,500-square-foot sports club, saltwater swimming pool, poolside cabanas and fireplace, a theater, car care center, dog park, pet spa and attached and detached garage parking. The seller and purchase price were not disclosed.

April 28, 2023

Acquisitions Loans Multifamily Southeast West Virginia

KeyBank Arranges $33M Acquisition Financing for Meadow Creek Apartments in Bridgeport, West Virginia

by John Nelson April 28, 2023

BRIDGEPORT, W.VA. — KeyBank Real Estate Capital (KBREC) has arranged a $33 million loan for the acquisition of Meadow Creek Apartments, a multifamily community located in Bridgeport. Built in 2017 on 31.5 acres, the property comprises 29 buildings ranging from two to four stories. Alan Isenstadt, Pranav Sarda and John Ward of KBREC structured the fixed-rate Fannie Mae loan. Moshe Feiner of Sevenstone Capital arranged the financing on behalf of the undisclosed borrower.

April 28, 2023

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