Southeast

Northmarq Arranges $3.3M Sale of Governor’s Walk Shopping Center in Peachtree City, Georgia

by John Nelson February 9, 2023

PEACHTREE CITY, GA. — Northmarq has arranged the $3.3 million sale of Governor’s Walk, a 21,280-square-foot shopping center located at 1980 GA Highway 54 in Peachtree City. The property was fully leased at the time of sale to Car Wash, Donut Shop, Peachtree Pawn, Fresh Smoothie Café, Mary Nails, Curves, Carolina Hemp Co., Southern Crescent Spa, Peachtree Wax Studio, La Plaza R&R Inc., Flooring Store, Men’s World Barber, Rene’e Paige Salon and M&R Alterations. Jeff Enck of Northmarq represented the Florida-based seller in the transaction, as well as the California-based 1031 exchange buyer.

February 9, 2023

Development Mixed-Use Southeast Tennessee Top Stories

Chartwell Hospitality, Southstar Break Ground on $500M Aureum Mixed-Use Development Near Nashville

by John Nelson February 9, 2023

FRANKLIN, TENN. — A joint venture between locally based developers Chartwell Hospitality and Southstar has broken ground on Aureum, a $500 million mixed-use development located in the Nashville suburb of Franklin. Situated in the city’s Cool Springs district, the 22-acre development will feature residences, shops, restaurants, entertainment venues, offices and two hotels, as well as five acres of open space featuring parks and trails. “We are the first to market with an all-in-one entertainment, hospitality and residential community that hasn’t been seen before in this area,” says Rob Schaedle, president of Chartwell Cos. “Studies done by the city predict Cool Springs will be the gateway to a popular and highly accessible submarket of Franklin, and we expect Aureum to be a popular choice for residents.” Aureum, which is Latin for “golden,” was originally announced in summer 2019. No construction timeline was given for the development, which will be completed in phases. Aureum will be situated at the southwest corner of Carothers Parkway and McEwen Drive, a site the co-developers are calling the “golden corner” of Cool Springs. The vertically integrated mixed-use project will reach 12 stories and contain housing, commercial office space and entertainment venues. Phase I will feature 355 …

February 9, 2023

Features Georgia Self-Storage Southeast Southeast Feature Archive

Demand for Self-Storage Remains Intact, but Threats of Oversupply Loom

by John Nelson February 9, 2023

The self-storage sector has historically been considered resilient and recession-resistant. This year, key trends are already emerging that will contribute to the health and performance of this $80 billion industry. Despite risks of oversaturation in some urban markets, 2023 promises to be a strong year for self-storage investments. Shined-up facilities What started in early 2000s continues to today. Where decrepit, one-story metal buildings with chain-link fences were the standard, now high-caliber, well-designed and polished facilities dot the landscape. Today, new development is almost exclusively Class A product. Intown and suburban communities demand it. And customers now expect professional lobbies with music and complimentary snacks and beverages, staffed by knowledgeable and skilled managers selling space that is clean, bright and secure. The once red-headed stepchild of commercial real estate is now the belle of the ball. The proof can be seen in the fervent attention from public REITs and private equity firms. Blackstone Real Estate Income Trust grabbed headlines in 2020 with its acquisition of Simply Self Storage for $1.2 billion. Smaller, yet just as notable, transactions also support increased valuation. In 2022, Space Shop Self Storage, one of the top 20 self-storage operators in the United State, sold two portfolios …

February 9, 2023

Development Mixed-Use North Carolina Southeast

Trammell Crow Co. Tops Out 400H Mixed-Use Project in Downtown Raleigh

by John Nelson February 8, 2023

RALEIGH, N.C. — Trammell Crow Co. (TCC) has topped out 400H, a 365,000-square-foot mixed-use development located at 400 Hillsborough St. in downtown Raleigh. Set to open this summer, the project will include 150,000 square feet of Class A office space, 242 residential units and 16,000 square feet of ground-floor retail space. Amenities will include conference space and an outdoor terrace for office tenants, a shared fitness center and an outdoor swimming pool for residents. The development team includes TCC affiliate High Street Residential, AECOM-Canyon Partners and HM Partners. The design-build team includes architect Gensler and general contractor Barnhill Contracting Co. CBRE will oversee property management for 400H. John MacDonell and Mimi Portratz of JLL are handling office leasing, and John Koonce of York Properties is handling the retail leasing assignment.

February 8, 2023

Acquisitions Development Florida Mixed-Use Southeast

Berkadia Arranges $39.5M Land Sale in Miami, Buyer Plans Mixed-Use Tower

by John Nelson February 8, 2023

MIAMI — Berkadia has arranged the $39.5 million sale of a one-acre, opportunity zone-designated site at 533 N.W. 2nd Ave in Miami, across from the Miami Central Brightline station. The buyer, Chicago-based The John Buck Co., is making its entry into the South Florida market with this land acquisition. The company is leading a joint venture partnership with Florida Value Partners, BH Group and PEBB Enterprises for the development of Miami Station, a mixed-use development that is currently entitled for 301 residential units, 244,000 square feet of office space and more than 7,000 square feet of retail space. The development is zoned for 36 stories with the potential for an additional 24 stories pending Federal Aviation Administration and Miami-Dade Aviation Department approval. Jaret Turkell, Roberto Pesant, Scott Wadler, Yoav Yuhjtman, Omar Morales and Jose Mota of Berkadia South Florida marketed the land on behalf of the sellers, BH 18 Investments LLC and Meyers Group.

February 8, 2023

Development Industrial South Carolina Southeast

Frampton Construction Completes 907,400 SF Industrial Park in Greenville

by John Nelson February 8, 2023

GREENVILLE, S.C. — Frampton Construction has completed Upstate Trade Center, a 907,400-square-foot industrial park in Greenville, on behalf of the developer, The Keith Corp. Situated within four miles of I-85 and adjacent to US Highway 25 and Donaldson Center Airport, the speculative project took approximately 12 months to complete. Building One of Upstate Trade Center is a cross-dock facility spanning 640,640 square feet with a clear height of 36 feet, and Building Two is a rear-load facility totaling 266,760 square feet with a clear height of 32 feet. The design-build team includes architect Merriman-Schmitt Architects and civil engineer Thomas + Hutton. JLL is marketing Upstate Trade Center for sale.

February 8, 2023

Development Florida Restaurant Retail Southeast

Konover South Breaks Ground on 23,000 SF Retail Center in Westlake, Florida

by John Nelson February 8, 2023

WESTLAKE, FLA. — Konover South has broken ground on Shoppes of Westlake Landings in Westlake. Upon completion, the 23,000-square-foot development will comprise two multi-tenant retail centers and a pod of quick-service restaurants. Konover South acquired the property from homebuilder Minto Communities in 2021. MEC Construction is serving as general contractor. Tenants that have signed leases at the center include Starbucks Coffee, KFC, Taco Bell, Habit Burger, 3Natives, Heartland Dental, Verizon Wireless, Go Green Cleaners and Orange Theater.

February 8, 2023

Industrial Leasing Activity Maryland Southeast

Colliers Arranges 110,000 SF Industrial Lease in Metro D.C. for Co-Warehousing Provider ReadySpaces

by John Nelson February 8, 2023

LANDOVER, MD. — Colliers has arranged a 110,000-square-foot warehouse lease at 3341 75th Ave. in Landover, about 10 miles east of Washington, D.C. The tenant is ReadySpaces, a co-warehousing provider that recently launched three other East Coast locations in New Jersey and New York. Mike Davis and Mike McGugen of Colliers represented ReadySpaces in the lease negotiations. The landlord was not disclosed. The Landover deal brings ReadySpaces to 33 locations nationwide. The company provides flexible warehousing and office space ideally suited for small businesses. Each ReadySpaces location provides users with Wi-Fi, loading docks, forklifts, a shared conference room and kitchen and lounge areas, as well as a monthly pricing model.

February 8, 2023

Acquisitions Florida Hospitality Southeast

MCR Acquires Hilton Miami Airport Blue Lagoon Hotel for $118M

by John Nelson February 7, 2023

MIAMI — New York-based hotel owner-operator MCR has acquired the Hilton Miami Airport Blue Lagoon, a 508-room hotel in Miami. The seller and sales price were not disclosed, but the South Florida Business Journal reports that Park Hotels & Resorts sold the 14-story hotel to MCR for $118 million. Set within the Blue Lagoon business park, the waterfront hotel is located south of Miami International Airport and features four food-and-beverage outlets, an outdoor swimming pool and hot tub, complimentary airport shuttle, outdoor tennis and basketball courts, 24-hour fitness center, business center and 32,000 square feet of meeting space. Hilton Miami Airport Blue Lagoon is MCR’s second hotel in the Miami Airport submarket following the acquisition of the Hyatt Place Miami Airport East in December 2022, as well as the company’s 10th hotel in Florida.

February 7, 2023

Development Industrial North Carolina Southeast

Trinity Capital, Barings to Develop 1.3 MSF Industrial Park in Metro Charlotte

by John Nelson February 7, 2023

KANNAPOLIS, N.C. — A joint venture between Trinity Capital Advisors and Barings has purchased 154 acres in the northern Charlotte suburb of Kannapolis. The companies plan to develop 85 Exchange, a Class A industrial park spanning 1.3 million square feet across seven buildings. The park will be situated within one mile of I-85 at Kannapolis Parkway and Davidson Highway. Phase I of 85 Exchange comprises two buildings totaling 314,000 square feet and will begin speculative development this March, delivering first-quarter 2024. The design-build team includes general contractor Choate Construction and architect Merriman Schmitt Architects. Cushman & Wakefield’s Matt Treble, Fermin Deoca, Drew Coholan and Frances Crisler are handling leasing duties.

February 7, 2023

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