EAST POINT, GA. — The Transportation Security Administration (TSA) has signed a 44,000-square-foot, long-term office lease at 1500 Centre Parkway in East Point, roughly seven miles west of Hartsfield-Jackson Atlanta International Airport. Caroline Fisher, Hunter Henritze and Michael Howell of Lincoln Property Co. Southeast arranged the lease on behalf of the landlord, a partnership between SGP Real Estate, Hight Property Group and Knox Properties. This lease brings the office building, which comprises 97,696 square feet total, to 95 percent occupancy and marks the second long-term federal user signed to the building by Lincoln and Lincoln’s Government Services Group (GSC), following the U.S. General Services Administration’s 29,737-square-foot lease agreement in late 2020. Originally built in 2008 and situated within a 320-acre landscaped park, the property was renovated in 2018 and features an updated lobby, onsite amenities and flexible floor plates.
NASHVILLE, TENN. — The Malin, a work-focused members club, will open a 16,000-square-foot coworking location in Nashville’s Wedgewood-Houston neighborhood this fall. Located within Nashville Warehouse Co., the city’s first mass timber building, the space will comprise 48 dedicated desks, seven private offices, six meeting rooms and a library. AJ Capital Partners is leading the development of the project. Other committed tenants at Nashville Warehouse Co.’s 5.2-acre campus include Soho House Nashville, Apple Music, Live Nation, Red Bull and Pastis, a French restaurant also set to open this year.
RALEIGH, N.C. — First Citizens Bank has entered into an agreement with the Federal Deposit Insurance Corp. (FIDC) to acquire Silicon Valley Bank following the California-based regional lender’s collapse earlier this month. Under the terms of the deal, First Citizens Bank will purchase all loans and certain other assets and assume all customer deposits and certain other liabilities out of receivership from the FDIC. This assumption includes approximately $110 billion in assets, $56 billion in consumer and business deposits and $72 billion in outstanding loans. In addition, First Citizens Bank will receive a line of credit from the FDIC to ensure its own liquidity throughout the purchase process. First Citizens Bank has also entered into a loss-share agreement with the FDIC to provide further downside protection against potential credit losses. First Citizens Bank will not acquire any assets, common stock, preferred stock or debt of SVB Financial Group, the former holding company of Silicon Valley Bank. Frank Holding Jr., chairman and CEO of First Citizens Bank, said in a prepared statement that at the most fundamental level, the acquisition allows his company to scale its platform by adding new lines of business in new markets. He specifically cited the appeal …
Birmingham’s office market is facing many of the same challenges our peer markets are encountering. Lingering economic uncertainties have created a very cautious environment. Most tenants and business owners I speak with are either cautiously pessimistic or cautiously optimistic about the economy. Regardless of which side is right, economic projections for 2023 have caused a general slowdown in deal flow as decision makers have become more guarded with business decisions and commitment levels. Is there cause for concern in Birmingham? Historically, Birmingham’s office market has remained stable during challenging times, dodging the extreme highs and lows as markets ebb and flow nationwide. Birmingham’s office market consists of approximately 19 million square feet of multi-tenant inventory across five submarkets, four of which have Class A inventory. Fundamentals, subleases As of fourth-quarter 2022, the occupancy rate for Birmingham’s office market sits at 83.8 percent. For the same period over the last five years, the occupancy rate has only slightly fluctuated year-over-year, ranging from 86.1 percent in fourth-quarter 2018 to 83.8 percent in fourth-quarter 2020. The current rate is at 83.8 percent, illustrating consistency throughout a very problematic time for the office sector. Birmingham’s office sublease inventory is rising, but again, not to …
DURHAM, N.C. — Oxford Properties Group has finalized its acquisition of 78 TW Alexander in Durham, a biomanufacturing facility in Durham comprising 95,000 square feet with expansion capabilities up to 190,500 square feet. Oxford first entered into a forward-purchase agreement with the developer, Davidson Craven, in the fourth quarter of 2021. CBRE|Raleigh arranged the transaction. Construction of the facility, which features 36-foot clear heights, seven loading docks and robust power and water systems, was fully completed in February of this year.
Beacon Partners Signs Four Tenants Totaling 202,403 SF at Carolina Logistics Park in Metro Charlotte
PINEVILLE, N.C. — Beacon Partners has signed four tenants to leases at 12004 Carolina Logistics Drive within Carolina Logistics Park in Pineville, roughly 13 miles outside Charlotte. Together the companies will fully occupy the property’s full 202,403 square feet, which was completed last month and features 32-foot ceilings and a full concrete truck court. ProSource, a Greenville-founded distributor of plumbing supplies, luxury plumbing fixtures, lighting fixtures and cabinet and door hardware, will lease 54,694 square feet. VIP Products, a pet toy and product distributor, will occupy 54,605 square feet. E2i Solutions, a supplier of multifamily and seniors housing lighting, will open a 40,237-square-foot distribution hub at the property, and Elnik Systems, a metal injection molding furnace and debinding oven manufacturer, will occupy 52,867 square feet for production and training. Jay Hill of JLL represented ProSource in the lease negotiations, Dave Hanna of Foundry Commercial represented VIP Products, Bradley Dunn of Stream Realty Partners represented E2i Solutions and Hill and John Cashion of JLL represented Elnik Systems.
NASHVILLE, TENN. — Sports & Social, a dining and entertainment concept, has signed an 8,900-square-foot lease at The Mall at Green Hills, a shopping mall located in Nashville. The venue will feature a menu curated by James Beard Award nominee Chef John Suley and a 33-foot LED media wall for viewing games and sporting events. The Taubman Realty Group, a joint venture between mall giant Simon and the Taubman family, is the owner of the mall. Sports & Social is a dining and entertainment concept headed by Live! Hospitality & Entertainment, a division of The Cordish Cos. No opening date was announced, but Live! Hospitality expects Sports & Social to open before the end of the year.
PALM BEACH, FLA. — Cushman & Wakefield has arranged an $8.6 million acquisition loan for the purchase of an office building located at 100 Ave. of Champions in Palm Beach. Totaling two stories and 42,090 square feet, the property served as PGA of America’s headquarters since its construction more than 50 years ago prior to the organization’s relocation to Frisco, Texas. Jason Hochman and Ron Granite of Cushman & Wakefield secured the financing through a local bank on behalf of the borrower, Blue Water Advisors LP, which plans to convert the property to a multi-tenant building.
GRIFFIN, GA. — Burlington Stores Inc. has signed a 20,000-square-foot lease at North Griffin Square, a retail center located in Griffin, approximately 40 miles south of Atlanta. Beginning this summer, Burlington will open a store at the 226,694-square-foot center, located at 1617 N. Expressway. Belk, Bealls and Big Lots anchor the property, which is also leased to tenants including PetSmart, T-Mobile, Little Caesars, LongHorn Steakhouse and Starbucks Coffee. Sandy Springs, Ga.-based Halpern Enterprises Inc., which developed North Griffin Square in 1979, is the landlord and is currently finalizing an exterior improvement program at the shopping center.
TROUTMAN, N.C. — Collett Industrial plans to develop Northside 77, a three-building industrial park in the northern Charlotte suburb of Troutman. Situated along I-77, the park will comprise Building 1 (217,620 square feet), Building 2 (340,200 square feet) and Building 3 (135,200 square feet). Collett Industrial has tapped Grant Miller and Phoebe Dinga of Colliers’ Charlotte office to handle the leasing assignment for the project. The Charlotte-based developer plans to break ground in the third quarter and deliver the park in the second half of 2024. Colliers’ Charlotte office is also the leasing agent for Collett’s Airport 85 Business Center industrial park in Charlotte.