Sunday, March 9, 2025
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Southeast

FloridaLoansOfficeSoutheast

JLL Arranges $68.2M Refinancing for Royal Palm Office Complex in South Florida

by John Nelson

PLANTATION, FLA. — JLL has arranged a $68.2 million loan for the refinancing of Royal Palm I and II, a two-building office complex totaling more than 460,000 square feet in Plantation, a city in South Florida’s Broward County. Paul Stasaitis and Maddy McMillen of JLL arranged the fixed-rate loan through Barclays on behalf of the borrower, Dallas-based Lincoln Property Co. Constructed between 2001 and 2007, Royal Palm consists of two towers standing eight and nine stories tall and a four-level, 1,927-space parking garage. The 25.4-acre campus was recently renovated and includes an amenity package comprising modern conference rooms, a full fitness center, a wellness room and other tenant services.

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AcquisitionsRetailSoutheastVirginia

Cushman & Wakefield Negotiates Sale of 119,085 SF Springfield Commons Shopping Center in Northern Virginia

by John Nelson

SPRINGFIELD, VA. — Cushman & Wakefield has negotiated the sale of Springfield Commons, a 119,085-square-foot shopping center located near the I-95/I-495 interchange in Springfield, approximately 15 miles southwest of Washington, D.C. Built in 1998, the property’s tenant roster includes Old Navy, PureGym and Staples. Virginia’s highest trafficked Home Depot shadow-anchors Springfield Commons, according to Cushman & Wakefield. DLC, in partnership with Cohen & Steers, purchased the center from AEW Capital Management for an undisclosed price. Cushman & Wakefield represented the seller in the transaction.

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AcquisitionsGeorgiaIndustrialSoutheast

Marcus & Millichap Brokers $8.2M Sale of Flex Industrial Property in Kennesaw, Georgia

by John Nelson

KENNESAW, GA. — Marcus & Millichap has brokered the $8.2 million sale of Noonday Business Center, a 66,000-square-foot flex industrial facility located at 771 Shallowford Road in Kennesaw, a northwest suburb of Atlanta. Ani Paulson and Mason Bierster of Marcus & Millichap marketed the property for sale and also procured the buyer in the transaction. Both parties requested anonymity. Paulson says the buyer’s winning bid was for $230,000 over the asking price and came in at a 5.12 percent cap rate. Built in 2001 near State Route 92 and I-575, Noonday Business Park was fully leased to a diverse tenant mix at the time of sale.

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AcquisitionsOfficeRetailSoutheastVirginia

Girl Scouts of Virginia Acquires Flex Building in Richmond for $3.6M

by John Nelson

RICHMOND, VA. — Girl Scout Commonwealth Council of Virginia Inc. has purchased an 18,375-square-foot flex building located at 3214 Skipwith Road in Richmond. The former tenant, Self-Help Credit Union, sold the commercial building for $3.6 million. Will McGoogan of Cushman & Wakefield | Thalhimer represented the seller in the transaction, and Amy Broderick and Kate Hosko, also with Thalhimer, represented the buyer. The Girl Scouts plan to move its current offices and retail center from nearby Willow Lawn to the new location. The organization plans to use the space as a storefront and install its administrative offices. The space will also feature collaborative areas for local Girl Scouts troops to have meetings.

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FloridaLeasing ActivityOfficeSoutheast

CP Group Executes 30,000 SF of Office Leases at The Landing at MIA in West Miami

by John Nelson

MIAMI — CP Group has executed nearly 30,000 square feet of leasing agreements at The Landing at MIA, a 1.1 million-square-foot office campus in west Miami. The 11-building complex is situated on 50 acres directly adjacent to Miami International Airport. Gordon Messinger and Randy Carballo of CBRE represented CP Group in all eight lease transactions. The deals include Butler, Buckley, Deets Inc. (new 5,886-square-foot lease); CVS Health (5,716-square-foot renewal); Trane Inc. (new 5,100-square-foot lease); Harding Retail (new 3,390-square-foot lease); Patagonia Sea Farms (expansion to 3,163 square feet); Nomi Health (new 2,641-square-foot lease); The Ashvins Group (new 1,460-square-foot lease); and FleetMasters (new 1,231-square-foot lease).

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FloridaGeorgiaKentuckyLoansRetailSoutheastTennessee

CBRE Arranges $171.4M Refinancing for Southeast Shopping Center Portfolio

by John Nelson

ATLANTA — CBRE has arranged a $171.4 million loan for the refinancing of an eight-property portfolio of grocery-anchored shopping centers in the Southeast. The portfolio totals nearly 1.2 million square feet and was 96.6 percent leased at the time of financing to 194 tenants, including Kroger, Publix and Whole Foods Market. PGIM provided the loan to the borrowers, Branch Properties and Corebridge Real Estate Investors (formerly AIG Global Real Estate). Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE arranged the loan, which refinanced the mortgages for shopping centers in Bradenton, Sarasota, Melbourne and Palm Coast, Fla.; Atlanta and Gainesville, Ga.; Lexington, Ky.; and Memphis and Knoxville, Tenn.

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DevelopmentMultifamilySoutheastVirginia

Breeden Construction Delivers 164-Unit Apartment Community in Williamsburg, Virginia

by John Nelson

WILLIAMSBURG, VA. — Breeden Construction has delivered Governor’s Inn, a 164-unit apartment community located in Williamsburg. An entity doing business as CDG Holdings LLC is the developer behind the $33.5 million project. Governor’s Inn comprises six two- to four-story residential buildings, as well as community amenities including a swimming pool, fitness center, outdoor grilling station and a community clubhouse.

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FloridaLoansMultifamilySoutheast

Berkadia Secures $42.5M Loan for Skye at Hunter’s Creek Apartments in Kissimmee, Florida

by John Nelson

KISSIMMEE, FLA. — Berkadia has secured a $42.5 million loan for Skye at Hunter’s Creek, a 216-unit apartment community located at 1300 Santa Rosa Drive in the Central Florida city of Kissimmee. Brad Williamson, Wesley Moczul, Mitch Sinberg, Matt Robbins and Scott Wadler of Berkadia arranged the loan on behalf of the borrower, ZMR Capital, a Tampa-based real estate investment firm. Nuveen Real Estate provided the three-year, floating-rate loan, which was underwritten with two one-year extension options, full-term interest only payments, a 68 percent loan-to-value ratio, an interest rate cap and flexible prepayment terms. Built in 2015, Skye at Hunter’s Creek features newly renovated one-, two- and three-bedroom apartments, as well as a new resident clubhouse, resort‐style swimming pool, outdoor pavilion, fitness center, bark park, business center, detached garages, a playground and electric vehicle charging stations.

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DevelopmentFloridaLeasing ActivityRetailSoutheast

Whole Foods to Open 42,024 SF Grocery Store in Boynton Beach, Florida

by John Nelson

BOYNTON BEACH, FLA. — Whole Foods Market plans to open a 42,024-square-foot grocery store located at 7395 Boynton Beach Blvd. in Boynton Beach. Set to open on Dec. 10, the new store will serve as the anchor of Boynton Beach Marketplace, a 69,204-square-foot shopping center that Atlanta-based SJC Ventures is developing in South Florida’s Palm Beach County. The new Whole Foods’ product assortment will feature more than 1,500 local items from Florida, including beer, wine, meats, seafood, cheeses, baked goods and health and wellness merchandise. Founded in 1980, Austin-based Whole Foods operates more than 530 stores across the United States, Canada and the UK.

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GeorgiaLeasing ActivityLife SciencesOfficeSoutheast

Georgia Department of Agriculture Signs 11,129 SF Lease at New Life Sciences Tower in Atlanta

by John Nelson

ATLANTA — The Georgia Department of Agriculture (GDA), via the Georgia State Properties Commission, has signed an 11,129-square-foot lease at Science Square Labs in Atlanta. The 13-story, 368,258-square-foot life sciences building is an anchor of Georgia Tech’s Science Square innovation district, a mixed-use development that spans 18 acres near campus and will include retail space and The Grace Residences apartment tower. Trammell Crow Co. delivered Science Square Labs, the first speculative life sciences building in the city’s history, in April 2024. The GDA will occupy pre-built lab and office space on the building’s 11th floor. Eric Ross, Jessica Doyle and Graham Little of CBRE represented the landlord in the lease negotiations, while Erik Weiss and Kari Downing with Savills represented the tenant. The organization joins national life sciences incubator Portal Innovations, which leased 33,000 square feet at Science Square Labs this past summer.

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