Southeast

Marcus & Millichap Facilitates $13.2M Sale of Market Square Shopping Center in Fort Myers

by John Nelson December 12, 2022

FORT MYERS, FLA. — Marcus & Millichap has arranged the sale of Market Square, a 65,688-square-foot shopping center in Fort Myers, for $13.2 million. Jim Shiebler, James Medefind and James Garner of Marcus & Millichap represented the undisclosed seller and procured the buyer, a New Jersey-based private investor. Located on 14.9 acres at 13741 S. Tamiami Trail, the center is 1.5 miles from Florida Southwestern State College. Tenants at the property, which was built between 2004 and 2006, include Michaels, World Market, Petco, Dollar Tree and Barnes & Noble.

December 12, 2022

Acquisitions Florida Multifamily Southeast

CBRE Arranges Sale of 300-Unit Sea Sound Apartment Community in Panama City Beach

by John Nelson December 12, 2022

PANAMA CITY BEACH, FLA. — CBRE has brokered the sale of Sea Sound Apartments, a newly constructed, 300-unit multifamily community in Panama City Beach. Cliff Taylor, Joe Ayers, Paul Berry and Don Hoffman of CBRE represented the seller, Flournoy Development, in the transaction. Passco Cos. purchased the property for an undisclosed price. Located at 10400 Panama City Parkway, Sea Sound features four buildings comprising units in one-, two- and three-bedroom layouts, with an average unit size of 1,082 square feet. Amenities at the community include a pool, outdoor cabana with fire pits, grilling areas, a clubhouse, business center, fitness center and spin room, dog park, pet grooming station, playground, pickleball court and RV and boat parking.

December 12, 2022

Acquisitions Healthcare Office Southeast Tennessee

IPA Brokers $7.4M Sale of Chattanooga Medical Office Building

by John Nelson December 12, 2022

CHATTANOOGA, TENN. — Marcus & Millichap’s Institutional Property Advisor’s (IPA) has arranged the sale of CHI Memorial, a 17,837-square-foot medical office building in Chattanooga. An undisclosed buyer purchased the property for $7.4 million. The building is fully occupied by three tenants: Skin Cancer & Cosmetic Dermatology, CHI Memorial and Center MedSpa, all on triple-net leases. Joe Massa, Anthony Lunceford and Michael Grenaway of IPA represented the undisclosed seller in the transaction.

December 12, 2022

Development Georgia Leasing Activity Retail Southeast

Savi Provisions Opens New Grocery Store in Metro Atlanta

by John Nelson December 12, 2022

MILTON, GA. — Savi Provisions, an Atlanta-based boutique grocer, has opened a new location at Crapapple Market in Milton, roughly 30 miles north of Atlanta. Located at 12630 Crabapple Road, the store opened on Saturday, Dec. 10 and features the main grocery store (3,644 square feet) and a liquor market (983 square feet). Founded in 2009, Savi offers prepared foods such as sandwiches and salads in addition to organic groceries, wine, spirits and coffee.

December 12, 2022

Bahadir Yetki, Kontrolmatik Technologies

Development Industrial South Carolina Southeast Top Stories

Kontrolmatik Plans $279M Lithium Ion Battery Factory in Colleton County, South Carolina

by Taylor Williams December 12, 2022

COLLETON COUNTY, S.C. — Kontrolmatik Technologies, a construction and engineering firm based in Istanbul, has unveiled plans for a $279 million plant in coastal South Carolina’s Colleton County that will manufacture lithium ion batteries. Pomega Energy Storage Technologies, a subsidiary of Kontrolmatik, will operate the facility, which is scheduled for completion in 2024. At that time, Kontrolmatik, whose U.S. headquarters are based in Northern Virginia, expects to employ about 575 people at the facility. The exact site was not disclosed, but the southern portion of the county touches the Atlantic Ocean and offers proximity to the Port of Charleston. This aspect of the location, along with access to a qualified workforce, should help address domestic reliance on foreign supply chains for these critical devices, according to the site selection team. Keith Stauber and Meredith O’Connor of JLL led the site selection efforts for Kontrolmatik, a process that involved touring more than 200 locations. The factory will have a three-gigawatt hour capacity, meaning its annual energy consumption is enough to power about 2.3 million American homes. “South Carolina and Colleton County were aggressive in their pursuit of this exciting project and put forth compelling economic, supply chain and workforce reasons why …

December 12, 2022

Acquisitions Florida Multifamily Southeast

Newmark Brokers $50M Sale of Sawgrass Apartments in Orlando

by John Nelson December 9, 2022

ORLANDO, FLA. — Newmark has arranged the sale of Sawgrass Apartments, a 208-unit multifamily community located at 2859 South Conway Road in Orlando. The McKinley Cos., a multifamily investment firm based in Ann Arbor, Mich., acquired the property from Philadelphia-based PRG Real Estate for $50 million. Apartments feature studio, one-, two- and three-bedroom layouts that range in size from 658 to 1,117 square feet. Amenities at the community — which underwent $2.5 million in capital improvements in 2008 — include a lakeside dining area, sundeck and swimming pool, fitness center, pet park, car care center and electric vehicle charging stations. Scott Ramey, Ryan Moody, Patrick Dufour, Brad Downing, Andrew Visnick and Paul Grant of Newmark brokered the transaction. The buyer plans to rebrand Sawgrass Apartments as The Frederick, according to McKinley.

December 9, 2022

Development Georgia Hospitality Southeast

Ascent Breaks Ground on Two New Hotels in Metro Atlanta Totaling 196 Rooms

by John Nelson December 9, 2022

SOUTH FULTON, GA. — Ascent Hospitality Management LLC has broken ground on two new hotels in South Fulton, approximately 20 miles southwest of Atlanta. Home2 Suites by Hilton will comprise 100 suites in studio and one-bedroom layouts and feature health and wellness amenities as well as work and meeting spaces. The second property, TownPlace Suites by Marriott, will feature 96 rooms furnished with full kitchens. Amenities will include a convenience store open 24 hours, a fitness center, swimming pool and an outdoor patio. The City of South Fulton estimates the new properties will drive $2 million of annual economic impact.

December 9, 2022

Development Industrial Leasing Activity South Carolina Southeast

Smart Warehousing Leases 497,952 SF Industrial Facility Underway in Central South Carolina

by John Nelson December 9, 2022

CALHOUN COUNTY, S.C. — Red Rock Developments has preleased the first speculative distribution facility at Sandy Run Industrial Park in Calhoun County, roughly 20 miles south of Columbia, to Smart Warehousing, a warehousing, fulfillment and technology solutions company. The tenant will occupy the full 497,952 square feet of the building, which is scheduled to be completed in the second quarter of 2023. The property is located near an Amazon distribution center, Nephron Pharmaceuticals, the PS Air HUB and the Columbia Metropolitan Airport. Chuck Salley, Dave Matthews, Thomas Bear and John Peebles of Colliers represented Red Rock in the lease negotiations. John Sharpe and John DeCuto of Lee & Associates represented Smart Warehousing.

December 9, 2022

Acquisitions Retail Southeast Tennessee

Matthews Facilitates $8.4M Sale of Nashville Retail Center

by John Nelson December 9, 2022

NASHVILLE, TENN. — Matthews Real Estate Investment Services has brokered the sale of a 10,656-square-foot shopping center located at 6700 Charlotte Pike in Nashville, about six miles outside of the city’s downtown district. The property is currently under construction and is fully preleased to tenants including Chase Bank, Pacific Dental Services and Sleep Outfitters, all of which are on 10-year leases. Hutt Cooke and Clay Smith of Matthews represented the seller, a partnership of five individual investors, in the $8.4 million, all-cash transaction. An undisclosed private investor acquired the property in a 1031 exchange.

December 9, 2022

Kentucky Loans Retail Southeast

Northmarq Arranges $3M Refinancing of Shopping Center in Bardstown, Kentucky

by John Nelson December 9, 2022

BARDSTOWN, KY. — Northmarq’s Louisville office has secured the $3 million refinancing of Wilson & Muir Plaza, a 63,598-square-foot retail center located at 100 W. John Rowan Blvd. in Bardstown, roughly 40 miles southeast of Louisville. Randall Waddell of Northmarq negotiated a blended interest rate of 4.9 percent fixed over a 19-year term on behalf of the undisclosed borrower. A new anchor tenant — Marshalls — recently opened at the property.

December 9, 2022

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