Southeast

First Solar Plans $1.1B Solar Module Manufacturing Facility in Northern Alabama

by Katie Sloan November 17, 2022

DECATUR, ALA. — First Solar Inc. (NASDAQ: FSLR) has announced plans to develop a $1.1 billion solar module manufacturing facility within Mallard Fox Industrial Park in Decatur, located near the Tennessee River southwest of Huntsville. The factory will contribute 3.5 gigawatts (GWDC) of renewable power each year and create over 700 new jobs for the state of Alabama upon its completion in 2025, according to the developer. First Solar hopes to expand its American manufacturing footprint to over 10 GWDC and a total investment of $4 billion in the coming years. The company currently has two factories operating in the state of Ohio with a third scheduled for completion during the first half of 2023, and several research and development (R&D) centers in California and Ohio. First Solar recently said it would expand its operations in the United States following passage of the Inflation Reduction Act (IRA), which provides tax credits for domestically produced clean energy equipment. “The passage of the Inflation Reduction Act of 2022 has firmly placed America on the path to a sustainable energy future,” says Mark Widmar, CEO of First Solar. “Our Alabama facility, along with its sister factories in Ohio, will form part of the …

November 17, 2022

Development Georgia Industrial Southeast

SJP Properties, Manulife Begin Construction on Phase I of 6.5 MSF Industrial Park in Savannah

by John Nelson November 16, 2022

SAVANNAH, GA. — SJP Properties and Manulife Investment Management have begun construction on the first phase of Georgia International Commerce Centre (GICC), an 809-acre industrial park in Savannah. At full buildout, GICC will comprise 12 buildings spanning 6.5 million square feet. SJP is partnering with Manulife on the first facility and with Chesterfield and Atalaya Capital Management on the overall development. Plans for GICC call for 250,000- to 1.3 million-square-foot buildings, each with cross-dock, front-load or rear-load configurations. The first building, which will span 1 million square feet, will feature 40-foot clear heights, 228 dock doors, four drive-in ramps, 273 trailer parking spots, a 185-foot-deep truck court and car parking for roughly 190 employees. The building is set to be delivered in July 2023 and is available for lease. Stephen Ezelle of Gilbert & Ezelle Inc., a regional non-owned affiliate of Cushman & Wakefield, is serving as the exclusive leasing agent for GICC. The park is situated within three miles of I-16, 22 miles from the Port of Savannah and near the recently announced, 16 million-square-foot Hyundai manufacturing facility.

November 16, 2022

Development Georgia Office Southeast

Sterling Bay, Asana Break Ground on 14-Story Spec Office Building in Atlanta’s West Midtown

by John Nelson November 16, 2022

ATLANTA — Chicago-based Sterling Bay and Charlotte-based Asana Partners have broken ground on 1050 Brickworks, a 14-story office building located at West Marietta Street and Brady Avenue in Atlanta’s West Midtown district. The co-developers are building the 225,000-square-foot property on a speculative basis. The duo recently secured an undisclosed amount of construction financing from Bank OZK. The design-build team includes architect HKS and general contractor Gilbane. The local Stream Realty Partners team of Bryan Heller, Peter McGuone and Parker Welton are leasing the property on behalf of Sterling Bay and Asana. 1050 Brickworks will feature a fitness center, private tenant balconies, open-air conference spaces and lounges and 14,000 square feet of retail space. The property will also feature creative office space with floor plates averaging 33,000 square feet. Upon completion, which is set for early 2024, 1050 Brickworks will anchor Asana’s adjacent Brickworks campus that currently features 166,000 square feet of shops and restaurants.

November 16, 2022

Acquisitions Florida Multifamily Southeast

Lerner Enterprises Purchases Parc at Gatlin Commons Apartments in Port St. Lucie, Florida for $65M

by John Nelson November 16, 2022

PORT ST. LUCIE, FLA. — Lerner Enterprises, a Rockville, Md.-based multifamily developer and manager owned by Washington Nationals’ principal owner Mark Lerner, has purchased Parc at Gatlin Commons, a 200-unit apartment community in Port St. Lucie. Miami-based JSB Capital sold the property to Lerner for $65 million. Aaron Jungreis of Rosewood Realty represented the buyer and seller in the transaction. Built in 2020, Parc at Gatlin Commons features a pool, fitness center, pet play area and a basketball court. The community is located on a 14.4-acre site at 1900 Aledo Lane in Port St. Lucie’s Newport Isles neighborhood. Rental rates range from $1,800 to $2,970, according to Rosewood Realty.

November 16, 2022

Development Florida Hospitality Multifamily Southeast

Estate Cos. Completes Multifamily Conversion of Former Ramada Inn Hotel in Metro Miami

by John Nelson November 16, 2022

HIALEAH, FLA. — The Estate Cos. has completed the conversion of a former Ramada Inn hotel located at 1950 W. 49th St. in Hialeah, a suburb of Miami. The redevelopment, known as Alture Westland, is a four-story garden-style community housing 251 apartments and 5,522 square feet of retail space. The Estate Cos. acquired the shuttered hotel and the five-acre site for $15.3 million in August 2020 and broke ground on the adaptive reuse project in April 2021. Alture Westland, which represents Estate’s first Alture-branded property, features studios and one-bedroom apartments, as well as a pool with a sundeck, fitness center and a clubhouse. The community is currently 85 percent leased, with rental rates starting at $1,636, according to the property website. Additionally, Panera plans to open a new 2,036-square-foot outparcel restaurant on the site with a drive-thru fronting West 49th Street.

November 16, 2022

Development Kentucky Mixed-Use Restaurant Retail Southeast

North American Properties, Galley Group to Open Food Hall at Newport on the Levee in Kentucky

by John Nelson November 16, 2022

NEWPORT, KY. — Cincinnati-based North American Properties (NAP) has partnered with Galley Group, a Pittsburgh-based food hall operator, to open a new food hall and bar at Newport on the Levee, a mixed-use destination along the Ohio River in Newport. The 7,900-square-foot venue, dubbed The Galley on the Levee, will feature four restaurants and a signature bar that will be able to accommodate 200 patrons. Designed by Reztark Design Studio, the food hall will open onto Bridgeview Box Park, an open-air shipping container park that opened in 2020 as part of NAP’s redevelopment of Newport on the Levee, which originally opened in 2001. The Galley on the Levee is set to open in summer 2023 and will mark Galley Group’s entry into the Kentucky market. In addition to the food hall, several other restaurants are currently under construction at the mixed-use development, including Shiners on the Levee, 16 Lots Brewing Co. and Amador. Shiners will soft-open during Thanksgiving week and host grand opening festivities in early December, while 16 Lots and Amador are slated to open next spring, according to NAP.

November 16, 2022

Development Mixed-Use Southeast Tennessee

Highwoods Selects Toro, Ignite Realty to Co-Develop Mixed-Use Ovation Campus in Suburban Nashville

by John Nelson November 15, 2022

FRANKLIN, TENN. — Highwoods Properties has selected Toro Development Co. and Ignite Realty Partners to develop Ovation, a mixed-use community located on a 145-acre site in the Nashville suburb of Franklin. Specific plans and construction timelines were not released as the project is in the planning stages, but Toro and Ignite will partner to transform a 60-acre portion of the Ovation campus into a walkable village that will feature shops, restaurants, apartments and lodging. Highwoods, which developed and owns the Mars Petcare headquarters on the Ovation site, will develop the office component of the project. Open Realty Advisors LLC, a Newmark company led by Mark Masinter, will serve as the leasing agent for Ovation.

November 15, 2022

Acquisitions Development Industrial Kentucky Mixed-Use Southeast

Duncan Brokers Sale of Historic Distillery Commons Complex in Louisville, Buyer Plans $75M Adaptive Reuse Project

by John Nelson November 15, 2022

LOUISVILLE, KY. — Duncan Commercial Real Estate (DCRE)/CORFAC International has brokered the sale of Distillery Commons, a historic distillery complex located at Lexington and Payne streets in Louisville’s Irish Hill neighborhood. The buyer, St. Louis-based Bamboo Acquisitions LLC, an affiliate of Intelica Commercial Real Estate, plans to redevelop the red-brick complex into a mixed-use project housing residences, offices, shops and restaurants. Barrel House Investments sold Distillery Commons to Bamboo for an undisclosed price. In 2019, the seller purchased the complex from Kinetic Properties, which had owned the site since the mid-1970s. The Courier-Journal reports that Distillery Commons operated as a bourbon warehouse that was constructed in the 1890s and that the proposed mixed-use development carries a price tag of $75 million. The City of Louisville recently condemned the rickhouse (Building 100 of the property), which was demolished last month.

November 15, 2022

Acquisitions Development Florida Retail Southeast

Philadelphia Phillies Purchase Distressed Shopping Center Near Metro Tampa Ballpark for $22.5M

by John Nelson November 15, 2022

CLEARWATER, FLA. — An affiliate of the Philadelphia Phillies has purchased the Clearwater Collection, a distressed shopping center spanning 13 acres at 21800 U.S. Highway 19 N in the Tampa suburb of Clearwater, for $22.5 million. The 134,362-square-foot property is located adjacent to BayCare Ballpark, a city-owned baseball arena that the Phillies lease for its Spring Training operations, as well as its Minor League Baseball affiliate team, the Clearwater Threshers. Control of the underlying land affords the Phillies the opportunity to plan for future redevelopment near the park. Michael Vullis of Avison Young was the court-appointed receiver of Clearwater Collection, which recently went into bankruptcy. Vullis and Avison Young colleagues John Crotty, Michael Fay, David Duckworth, Nick Robinson and Brian de la Fé represented the seller, an entity doing business as Clearwater Collection 15, in the transaction. Floor & Décor is the sole occupant of the shopping center and currently occupies 49 percent of the property’s leasable area.

November 15, 2022

Georgia Loans Multifamily Southeast

Northmarq Provides $21.1M Freddie Mac Loan for CoHo Apartments in Atlanta’s Buckhead District

by John Nelson November 15, 2022

ATLANTA — Northmarq has provided a $21.1 million Freddie Mac loan for the refinancing of CoHo Apartments, a 128-unit multifamily community located at 177 N. Colonial Homes Circle NW in Atlanta’s Buckhead district. The property, which was built in 1948 and renovated in 2015, features a yoga studio, resort-style pool, outdoor grilling area, patio space, fitness center, fenced yards, gazebo, pet play/wash area, flexible lease options, onsite maintenance and a clubhouse. Faron Thompson of Northmarq’s Atlanta office originated the loan on behalf of the undisclosed borrower.

November 15, 2022

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