Southeast

Brennan Acquires 143,268 SF Industrial Building in Conover, North Carolina

by John Nelson June 5, 2023

CONOVER, N.C. — Chicago-based Brennan Investment Group has acquired an industrial property located at 221 South McLin Creek Road in Conover. Axjo America Inc., a division of Swedish polymer company Axjo, fully occupies the 143,268-square-foot building, which is situated on an 8.3-acre site about 45 miles northwest of Charlotte. The property offers proximity to I-40, NC Highway 16 and U.S. Route 321. The seller and sales price were not disclosed. The Conover facility is Brennan’s fifth industrial investment in the Carolinas in the past 18 months, according to Scott McKibben, Brennan’s chief investment officer and managing principal.

June 5, 2023

Georgia Leasing Activity Office Southeast

Guardian Pharmacy Leases 25,282 SF at Galleria 300 Office Building in Atlanta’s Cumberland-Galleria District

by John Nelson June 5, 2023

ATLANTA — Guardian Pharmacy Services has leased 25,282 square feet at Galleria 300, a 20-story office building located in Atlanta’s Cumberland-Galleria office submarket. The long-term care pharmacy company is moving its headquarters to Cobb County from Midtown Atlanta. Guardian Pharmacy will occupy the entire eighth floor of Galleria 300, which is part of the 20-acre Galleria on the Park office campus. Sam Hollis and Steven Taylor of Cushman & Wakefield represented the tenant in the lease transaction. Adam Viente, Jeff Bellamy and Claire Ross of JLL represented the landlord, Piedmont Office Realty Trust.

June 5, 2023

Georgia Market Reports Retail Southeast Southeast Market Reports

Atlanta’s Retail Market Remains Robust for Investors, Tenants and Landlords

by John Nelson June 5, 2023

Atlanta has historically been a favorite metro for real estate investors to consider when it comes to a market that checks all the boxes. The Peach State Capital and its surrounding suburbs always have been a beneficial and desirable region for residents to live and work. Topping the list as the most popular city for apartment renters in 2022, Atlanta offers more benefits to its residents than just an affordable city to live. Other benefits of living in and around the city include professional sports teams, a rich arts and entertainment scene and renowned restaurant and retail lineups, among others. Hartsfield-Jackson Atlanta International Airport also offers domestic and international flights to practically anywhere in the world, and it’s situated minutes from downtown. Home to 17 Fortune 500 company headquarters, including prominent names such as The Home Depot, United Parcel Service (UPS), Coca-Cola and Delta Airlines, Atlanta’s job growth is outpacing the rest of the country. Coming out of the pandemic, Atlanta recorded a job growth rate of nearly 23 percent since April 2020, which outperforms the comparative U.S. metric of 11.7 percent in the same time period. Atlanta has also historically held an unemployment rate below the national average. With …

June 5, 2023

Acquisitions Florida Office Southeast

CBRE Brokers Sale of One Independence Park Office Building in Tampa

by Hayden Spiess June 2, 2023

TAMPA, FLA. — CBRE has brokered the sale of One Independence Park, a 115,740-square-foot office property located at 4110 George Road in Tampa. Situated on 9.2 acres, the building comprises three stories and was fully leased at the time of sale. Tenants at the property include WiPro LLC and HealthPlan Services Inc. Dale Peterson, Joe Chick, Kristen Hagen, Courtney Snell, Nick Sharpe and Jimmy Garvey of CBRE represented the seller, Raleigh-based Highwoods Properties, in the transaction. The buyer and price were not disclosed.

June 2, 2023

Acquisitions Florida Southeast

Orange Pineapple Acquires Development Site in Sarasota, Florida for $32M

by Hayden Spiess June 2, 2023

SARASOTA, FLA. — Virginia-based Orange Pineapple LLC has acquired seven parcels in downtown Sarasota for $32 million. Situated near the intersection of Ringling Boulevard and Orange Avenue, the properties total 3.1 acres. Steven Horn and Jag Grewal of Ian Black Real Estate represented the sellers, Capstone Group Holdings LLC and Ringling and Orange 3 LLC, in the transaction. Plans for redevelopment have not yet been announced, but the land is zoned for up to 10 stories and 50 residential units per acre, with the potential for more if affordable housing is included.

June 2, 2023

Acquisitions Retail Southeast Virginia

Cushman & Wakefield Arranges Sale of 56,900 SF Deer Run Village Shopping Center in Metro Richmond

by Hayden Spiess June 2, 2023

MIDLOTHIAN, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $4.9 million sale of Deer Run Village, a 56,900-square-foot shopping center located in Midlothian, roughly 15 miles west of Richmond. Food Lion anchors the property, which was fully leased at the time of sale. Catharine Spangler and Danielle Beckstoffer of Thalhimer represented the undisclosed seller in the transaction. The buyer was also not disclosed.

June 2, 2023

Development Florida Industrial Leasing Activity Southeast

Circularix Signs 67,250 SF Industrial Lease at Airport Logistics Park in Ocala, Florida

by Hayden Spiess June 2, 2023

OCALA, FLA. — Circularix has signed a 67,250-square-foot lease at Airport Logistics Park, an industrial development currently underway at 2675 Southwest 60th Avenue in Ocala. Phase I of the project, which totals 725,400 square feet across three buildings, is now fully preleased. The tenant is scheduled to occupy the space beginning in the first quarter of 2024. Rian Smith, Kris Courier and Josh Tarkow of CBRE represented the landlord, Leon Ocala Holdings IV, in the lease negotiations. The second phase of the project, which is located adjacent to Ocala International Airport, could add up to 400,000 square feet to the property.

June 2, 2023

District of Columbia Southeast

US Economy Added 339,000 Jobs in May, Exceeding Estimates

by Hayden Spiess June 2, 2023

WASHINGTON, D.C. — Nonfarm employment in the United States increased by 339,000 in May, according to the Bureau of Labor Statistics (BLS), with broad-based gains led by the professional and business services sector. Economists surveyed by Dow Jones in advance of Friday’s report had expected job gains of 190,000 in May. The professional and business services sector added 64,000 jobs in May, followed by government (+56,000), healthcare (+52,000), leisure and hospitality (+48,000), construction (+25,000), transportation and warehousing (+24,000), and social assistance (+22,000). The total number of private-sector jobs added for the month was 283,000. The unemployment rate increased from 3.4 percent in April to 3.7 percent in May, and the number of unemployed persons rose by 440,000 to 6.1 million. In May, average hourly earnings for all employees on private nonfarm payrolls rose by 11 cents, or 0.3 percent, to $33.44. Over the past 12 months, average hourly earnings have increased by 4.3 percent. “Despite the increase in job growth, two data points in this report show signs of somewhat weaker labor demand,” said Mike Fratantoni, chief economist of the Mortgage Bankers Association (MBA), in a prepared statement. “Wage growth has slowed to 4.3 percent over the past 12 months, and the …

June 2, 2023

Development Florida Mixed-Use Multifamily Retail Southeast

Key International, 13th Floor Investments Plan Mixed-Use Project in Coral Springs, Florida

by Hayden Spiess June 1, 2023

CORAL SPRINGS, FLA. — A joint venture between Miami-based Key International and 13th Floor Investments has acquired a 4.2-acre site in Coral Springs for $8 million, with plans to develop a mixed-use project at the property. Plans for the development include 377 residential units, 11,525 square feet of ground-floor retail space and a 629-space parking garage. A construction timeline was not disclosed. Roberto Susi of Axiom Capital Partners represented the joint venture in the acquisition.

June 1, 2023

Development Florida Multifamily Southeast

Crest Residential Breaks Ground on 251-Unit Multifamily Development in Palm Coast, Florida

by Hayden Spiess June 1, 2023

PALM COAST, FLA. — Crest Residential has broken ground on Wilton Palm Coast, a 251-unit multifamily project located on Brookhaven Drive in Palm Coast. Upon completion, the community will offer units ranging from 671 to 1,517 square feet in one-, two- and three-bedroom layouts. Amenities will include a pool, outdoor entertainment and dining spaces, a car wash station, bike storage, a fenced dog area and a pet spa. Additionally, the property will feature a clubhouse with a 24-hour fitness center and yoga studio, business center, conference room, coworking lounge and coffee bar. Preleasing is scheduled to begin in the second quarter of next year.

June 1, 2023

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