Southeast

Ingka Group to Invest $2.2B in New IKEA Locations, Omnichannel Growth Across US

by Katie Sloan April 20, 2023

LEIDEN, NETHERLANDS — Ingka Group has announced plans to invest $2.2 billion over the course of the next three years on new IKEA retail locations and omnichannel growth across the United States. The Leiden, Netherlands-based company is the largest owner of IKEA stores globally, representing more than 90 percent of IKEA retail sales with more than 370 stores and 100 home décor planning studios open across 31 countries. The initial phase of investment will include opening eight stores in IKEA’s traditional format and nine “Plan and Order” points, which are smaller stores dedicated to kitchen, bedroom and living room planning. Plan and Order is an extension of IKEA’s existing planning studio business and is a relatively new endeavor for the company, with only two locations currently open in England. Ingka Group’s new stores will be primarily located in the Southern United States, a region where IKEA currently has a smaller concentration of locations, according to reports by The Wall Street Journal. These stores will create over 2,000 jobs upon completion. IKEA US, the American subsidiary of the retailer, has also announced new locations in San Francisco and Arlington, Va., that are set to open this summer. The $2.2 billion investment …

April 20, 2023

Acquisitions Content Partner Features Industrial Midwest Multifamily NAI Northeast Office Retail Southeast Texas Western

Tax-Efficient Investment Strategies Open New Opportunities Despite High Interest Rates

by Sarah Daniels April 20, 2023

The recent Silicon Valley Bank and Signature Bank collapses — and the takeover of First Republic Bank — have revived regulatory scrutiny on bank risk to a degree that is reminiscent of the financial crisis 15 years ago. Suddenly, it seems, everyone is concerned about the trillions of dollars in commercial real estate debt held at banks — and regional and community banks in particular — and whether it can be refinanced at higher interest rates as it matures over the next couple of years. The same holds for hundreds of billions of dollars of commercial mortgage-backed securities. The conditions are exacerbating a pullback in credit that started last year, which, along with the elevated interest rate environment, has depressed commercial real estate investment sales. In February, property sales dropped 51 percent, from $54.9 billion to $26.9 billion from a year earlier, according to MSCI Real Assets. Taken together, the wall of maturities, higher interest rates, bank collapses and a slumping economy have largely spooked the investment market, suggests Spencer Lund, chief investment officer with NAI Legacy in Minneapolis, Minn. (which also serves Chicago, Denver and Scottsdale, Ariz.) Still, it’s also the type of environment that breeds opportunity as prices …

April 20, 2023

Development Florida Multifamily Southeast

Estate Cos. to Develop 321-Unit Multifamily Property in Downtown West Palm Beach

by John Nelson April 19, 2023

WEST PALM BEACH, FLA. — The Estate Cos. has received site plan approval for Soleste Palm Station, a 321-unit apartment development in downtown West Palm Beach. The City of West Palm Beach’s Downtown Action Committee voted unanimously to approve the project, which is scheduled to break ground in July. Soleste Palm Station will deliver a mix of studio, one-, two- and three-bedroom apartments ranging from 330 to 1,265 square feet in size. Amenities will include a resort-style pool with cabanas; health club with yoga, spin and aerobics rooms and on-demand fitness; social and gaming lounge; cyber lobby with coworking spaces; dog park and pet washing station; and dry cleaning and laundry services. Estate Cos. has numerous projects in various stages of development in South Florida, including two in North Miami Beach, three in Hollywood and one apiece in Dania Beach, Lauderhill, Pompano Beach and Riviera Beach.

April 19, 2023

Development Florida Leasing Activity Mixed-Use Retail Southeast

Lululemon, Sephora Open Stores at $4B Miami Worldcenter Development

by John Nelson April 19, 2023

MIAMI — Retailers lululemon athletica and Sephora have opened stores at Miami Worldcenter, a $4 billion mixed-use development in downtown Miami. The stores are located adjacent to one another along the development’s 7th Street pedestrian promenade that overlooks World Square Plaza, a 20,000-square-foot park. CIM Group, a co-developer of Miami Worldcenter, is leading the project’s retail leasing along with Miami-based The Comras Co. The master developer is Miami Worldcenter Associates, which is led by Art Falcone and Nitin Motwani. Still to come at the 27-acre Miami Worldcenter are food-and-beverage options including El Vecino by chef Michael Beltran, who also operates the Brasserie Laurel restaurant at the development; Chicago’s Maple & Ash and etta restaurants; Sports & Social, a dining and entertainment concept; as well as other nationally recognized brands including Rihanna’s Savage X Fenty, Club Studio, Ray-Ban, Posman Books, Bowlero and Lucid Motors. Approximately 80 percent of the retail space has been leased at the development.

April 19, 2023

Acquisitions Industrial Maryland Office Southeast

Klein Enterprises Sells 170,000 SF Flex Office Park in Randallstown, Maryland

by John Nelson April 19, 2023

RANDALLSTOWN, MD. — Klein Enterprises has sold Deer Park Center, a 170,000-square-foot flex office park located at 9631-9637 Liberty Road in Randallstown. Fernau LeBlanc Investment Partners (FLB), a commercial real estate owner and operator based in Bethesda, Md., purchased the four-building campus for an undisclosed price. Bill Prutting, Jay Wellschlager and Craig Childs of JLL represented Klein Enterprises, which has owned the property since 2010, in the transaction. Situated about five miles from I-695 and I-795, Deer Park Center’s tenant roster includes Island Quizine, N’Ferno Performing Arts Center, Center for Social Change Inc. and Greater Baltimore Insurance Agency.

April 19, 2023

Acquisitions Data Centers Southeast Virginia

GI Partners to Acquire 138,600 SF Data Center in Ashburn, Virginia

by John Nelson April 19, 2023

ASHBURN, VA. — GI Partners Real Estate has purchased a data center located at 43915 Devin Shafron Drive in Ashburn, a city in North Virginia known as “Data Center Alley.” According to LoopNet Inc., the facility spans 138,600 square feet. Starwood Capital Group and minority owner and property manager Digital Realty sold the facility to GI Partners for an undisclosed price. CBRE’s Data Center Capital Markets team represented the sellers in the transaction. Built in 2010, the property was fully leased at the time of sale to two undisclosed “creditworthy tenants.” The 98-acre property offers 9 megawatts (MW) of critical power and can be expanded in the future.

April 19, 2023

Acquisitions Georgia Retail Southeast

CBRE Brokers Two Sales of Metro Atlanta Retail Strip Centers Totaling $4.4M

by John Nelson April 19, 2023

NEWNAN AND ELLENWOOD, GA. — CBRE has brokered the sales of two retail strip centers in south metro Atlanta totaling nearly $4.4 million. The properties include Sullivan Towers, a 12,950-square-foot property located at 1065 Sullivan Road in Newnan, and Ellenwood Plaza, a 9,450-square-foot asset located at 222 Fairview Road in Ellenwood. Craig Taylor of CBRE’s Atlanta office represented the sellers, two undisclosed private entities, in each transaction. Local investor James Thomasson purchased Sullivan Towers and United Properties Ventures acquired Ellenwood Plaza. Sullivan Towers was fully leased at the time of sale to tenants including CVS/pharmacy, Carr Eye Care, Touch of India, Kuman and Surge Staffing. Ellenwood Plaza was 95 percent leased to tenants including Metro PCS and Domino’s Pizza.

April 19, 2023

Acquisitions Development Florida Multifamily Southeast Top Stories

Empira Group Acquires Development Site in Miami’s Brickell Area for 26-Story Apartment Tower

by Kristin Harlow April 19, 2023

MIAMI — Empira Group, a Switzerland-based institutional real estate investment firm, has acquired a development site at 901 SW Third Ave., formerly known as Empire Brickell, in Miami’s Brickell area. The firm plans to build a 26-story apartment tower comprising 310 market-rate units with roughly 2,500 square feet of retail space on the ground floor. Construction is scheduled to commence in the first quarter of 2024, with completion slated for 2026. The multifamily high-rise, designed by Coral Gables-based Corwil Architects, will offer a range of studio, one-, two- and three-bedroom units along with 380 parking spaces. Amenities will include a pool, fitness center, lounge area and business center all located on the seventh floor. The building will meet specific environmental and sustainability standards, such as energy efficiency, water conservation, use of sustainable materials and indoor air quality, to achieve at least a LEED Silver certification. The transaction marks Empira’s second development site acquisition in greater downtown Miami in the last eight months. “This investment underlines Empira’s commitment to investing in Miami’s residential real estate market, which is poised for tremendous growth over the next few decades,” says Lahcen Knapp, Empira’s chairman. “Miami has emerged as one of the top U.S. …

April 19, 2023

Acquisitions Georgia Industrial Southeast

Cosmetics Company Kiss Acquires New 708,990 SF Warehouse Near Savannah from CRG

by John Nelson April 18, 2023

ELLABELL, GA. — Kiss, a global cosmetics company, has acquired a 708,990-square-foot industrial facility underway in the western Savannah suburb of Ellabell. CRG sold the warehouse, which will be located within the developer’s 300-acre The Cubes at Interstate II campus. Chris Tomasulo, Ryan Hoyt and Bennett Rudder of JLL represented CRG in the transaction. The sales price was not disclosed. Kiss plans to utilize the property for distribution of its cosmetics products once completed. Located at 1864 Interstate Blvd., Building B at The Cubes at Interstate II is located less than two miles from I-16, 15 miles from I-95, 25 miles from Savannah/Hilton Head International Airport and approximately 30 miles west of the Port of Savannah. The development is part of the larger Interstate Centre industrial park in Bryan County. At full buildout, The Cubes at Interstate II will span 4.3 million square feet of industrial space leased to tenants such as Rooms To Go and McKesson Medical-Surgical, among others.

April 18, 2023

Acquisitions Georgia Multifamily Southeast

FCP Purchases Apartment Community in Marietta, Georgia for $51M

by John Nelson April 18, 2023

MARIETTA, GA. — FCP has purchased Amber Grove at Olley Creek Apartments, a 360-unit community located in the north Atlanta suburb of Marietta. Travis Presnell and James Wilber of Cushman & Wakefield represented the undisclosed seller in the $51 million transaction. Located at 2050 Austell Road, the gated property features a leasing center and club room, swimming pool, dog park, fitness center, community garden and a playground. FCP plans to add in-unit washers and dryers and provide an afterschool program for children living at the property. With the purchase of Amber Grove at Olley Creek, the Chevy Chase, Md.-based investment firm now owns 7,230 apartment units in the metro Atlanta area.

April 18, 2023

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