ROANOKE, VA. — Cushman & Wakefield | Thalhimer has brokered the sale of Oak Grove Plaza, a nearly 50,000-square-foot shopping center located at 2061 Electric Road in Roanoke. An entity doing business as Omma Management LLC purchased the property for $4.8 million. William Poe and Payal Shah of Cushman & Wakefield | Thalhimer represented the undisclosed seller in the transaction.
CHARLOTTE, N.C. — The NRP Group has broken ground on South Tryon, a multifamily development located at 3310 S. Tryon St. in Charlotte’s South End. Totaling five stories, the apartment community will comprise 310 units in one-, two- and three-bedroom layouts. Amenities at the property will include a fitness center, coworking space, indoor bike room, club room and social area, dog wash and park, a pool, courtyards and an outdoor cooking and dining area. Delivery of the project is scheduled for 2025. Canyon Partners Real Estate provided an equity investment in conjunction with a senior construction loan from CIBC Bank USA to finance the project.
HOLLY SPRINGS, N.C. — Crescent Communities and Nuveen Real Estate have broken ground on the second phase of THE YIELD, a speculative biomanufacturing development in Holly Springs, roughly 20 miles southwest of Raleigh. This phase will comprise three shell-ready, cGMP (Current Good Manufacturing Practice) biomanufacturing buildings totaling 322,000 square feet. The first two buildings are scheduled for completion in late 2023, with the third delivery expected in spring 2024. Including the first phase, which was sold to Apollo Global Real Estate and GeneSuites and is now known as Catalyst BioCampus, the development will total 2 million square feet of biomanufacturing, office/lab and retail space.
OCALA, FLA. — MDH Partners has completed construction on Ocala Logistics Center, a 350,878-square-foot speculative distribution facility situated on 27.9 acres in Ocala. Located at the corner of Northwest 35th Street and Northwest 27th Avenue, the property features 196 parking spaces, 96 trailer drops, ESFR sprinkler systems and 36-foot clear heights. The building allows for single or multi-tenant occupancy and includes 2,759 square feet of office space, LED warehouse lighting and six dock levelers. Peak Development Co. served as development manager on the project, and Avison Young is handling leasing on behalf of MDH Partners.
ALPHARETTA, KENNESAW AND ROSWELL, GA. — Coro Realty and Pope & Land Enterprises have sold three shopping centers totaling 120,000 square feet in metro Atlanta in recent months. The joint venture acquired the properties as a portfolio in February 2020, purchasing them from Muntzing-Sattele. Most recently, the partnership completed the disposition of Brookside Station, a 23,500-square-foot retail center located on Old Milton Parkway in Alpharetta, a northeast suburb of Atlanta. Zach Taylor of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the sellers in the transaction. The buyer was Last Mile Investments. In August 2022, Coro Realty and Pope & Land sold Town Center Oaks, a 52,000-square-foot shopping center in Kennesaw, roughly 30 miles northwest of Atlanta. Additionally, Mimms Enterprises acquired Mansell Oaks, a 43,000-square-foot property located in Roswell, from the partners in November 2022. Taylor represented Coro Realty and Pope & Land in all three transactions, which totaled more than $29 million. “In each sale, the sellers secured compelling cap rates and the buyers added well-located, north Atlanta centers with upside to their portfolios,” says Taylor. “It was a true win-win.”
COLUMBIA, S.C. — NAI Columbia has sold a 40,883-square-foot retail center located at 3900 N. Main St. in Columbia’s NOMA District for an undisclosed price. Dubbed the “Ultra Hub,” a 30,000-square-foot O’Reilly Auto Parts store, warehouse and distribution center anchors the property. North Main Kidney Center and TitleMax are also tenants at the shopping center. NAI Columbia’s development team purchased the property, formerly home to a BI-LO grocery store, in December 2021 before making extensive renovations. Ben Kelly and Patrick Chambers of NAI Columbia brokered the sale to the undisclosed buyer.
WALTERBORO, S.C. — Pomega Energy Storage Technologies, a subsidiary of Kontrolmatik Technologies, has broken ground on its first U.S. lithium-ion battery manufacturing plant in South Carolina. The company will invest $300 million in upfront capital expenditures in the new facility in Walterboro, a suburb of Charleston in Colleton County. Pomega Energy Storage expects to begin production at the 500,000-square-foot facility in mid-2024, create about 575 new jobs and have an initial production capacity of 3 gigawatt-hours (GWh) — with plans to later increase capacity to 6 GWh with future development on the site. In addition to manufacturing the battery cells at the South Carolina plant, Pomega Energy Storage will also manufacture and assemble turnkey battery energy storage systems, including modules, cabinets and final containerized energy storage solutions. JLL led the site selection process for Pomega Energy Storage, which considered more than 200 locations before selecting the Colleton County site.
MIAMI — JLL has arranged a $193 million permanent loan for the refinancing of a nine-property industrial portfolio totaling 1.7 million square feet. The properties are located on infill sites in South Florida, Texas, North Carolina, Alabama and Maryland. Chris Drew, Melissa Rose and Christopher Gathman of JLL arranged the five-year, fixed-rate, non-recourse loan through TIAA Bank on behalf of the borrower, Adler Real Estate Partners. The assets were constructed between 1981 and 2001 and were leased to 145 separate tenants at the time of financing. The properties included: • Riverchase Center in Hoover, Ala. • 1001 Broken Sound Parkway in Boca Raton, Fla. • Prospect Park I & II in Fort Lauderdale, Fla. • Delray North Business Center in Delray Beach, Fla. • Rivers Business Park I & II in Columbia, Md. • South Point Business Park in Charlotte, N.C. • Parkwest I & II in Raleigh, N.C. • Addison Tech Center in Addison, Texas • Kramer 1-5 at Braker Center in Austin, Texas
MIAMI — Locally based developer Terra and brokerage firm Blanca Commercial Real Estate have launched leasing at The Offices at THE WELL, the office component of THE WELL Bay Harbor Islands mixed-use project located at 1177 Kane Concourse in Miami. Tere Blanca, Danet Linares, Christina Jolley and Nicole Kaiser of Blanca Commercial Real Estate have begun leasing the building’s 98,420 square feet of office space, which is spread across four floors. In addition to offices, THE WELL Bay Harbor Islands will also feature 54 luxury residences and 11,000 square feet of wellness space operated by New York-based THE WELL that includes a fitness center, concierge services, indoor and outdoor classes and onsite sessions with a health coach. Other amenities include a 6,500-square-foot food-and-beverage outlet, elevated plaza, rooftop and a parking garage. Terra plans to break ground on the mixed-use development in the first quarter with completion anticipated for late 2024. The design team includes architect Arquitectonica and interior designer Meyer Davis.
CANTON, MISS. — Hodges Ward Elliott has brokered the sale of an 80-room Hampton Inn hotel located in Canton, about 30 miles north of Jackson, Miss. B.J. Patel, Clint Hodges and Michael Brandes of Hodges Ward Elliott represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed. Built in 2004 along I-55, the Hampton Inn Canton hotel features a business center, outdoor pool, fitness center, complimentary breakfast and connecting rooms.
