Southeast

CBRE Secures Sale of 263,188 SF Warehouse in Medley, Florida

by Julia Sanders April 20, 2022

MEDLEY, FLA. — CBRE has secured the sale of Medley 104 Industrial Center, a 263,188-square-foot distribution center in Medley. José Lobón, Trey Barry, Frank Fallon, Royce Rose and Devin White of CBRE represented the seller, Dallas-based Lincoln Property Co., in transaction. The buyer, an Ares Management fund, purchased the asset for an undisclosed price. Medley 104 Industrial Center is fully leased to three tenants, including USPLY, PGT Industries and Artefacto. The building features include 25-foot clear heights, 132-foot truck court depths, a rear-load configuration, 40 dock-high doors, three drive-in doors and ESFR sprinklers. The property has recently undergone a $7 million renovation, including converting the north side of the property to a truck court, replacing the dock doors and canopies for the existing truck bays, converting the south side of the building to a car parking lot, constructing three speculative offices, replacing the roof membrane, upgrading the exterior building lighting and adding LED lighting in the warehouse. Located at 9400 NW 104th St., the property is situated approximately 10 miles from Miami International Airport.

April 20, 2022

Acquisitions Florida Industrial Southeast

MDH Partners Acquires 208,000 SF Industrial Property in Bradenton, Florida

by Julia Sanders April 20, 2022

BRADENTON, FLA. — Atlanta-based MDH Partners has acquired 301 Corporate Center, a two-building, 208,000-square-foot industrial property in Bradenton. Joe DeHaven served as the acquisition lead for MDH Partners. John Dunphy of JLL represented the seller and developer, Peak Development, in the transaction. JLL will handle the leasing and property management assignment at the property. Built in 2022, 301 Corporate Center is situated on 16 acres and features two 104,000-square-foot buildings available for lease. Amenities include ESFR sprinkler systems, clear heights of 32 feet, 30 exterior dock doors, 375 parking spaces and access to a 175-foot shared truck court. The property is situated close to Tampa International Airport, as well as Interstates 75 and 275.

April 20, 2022

Acquisitions Retail Southeast Tennessee

SRS Brokers Sale of 58,950 SF East Ridge Crossing Shopping Center in Chattanooga

by Julia Sanders April 20, 2022

CHATTANOOGA, TENN. — SRS Real Estate Partners has brokered the sale of East Ridge Crossing, a 58,950-square-foot, Food Lion-anchored shopping center in Chattanooga. Hancock White Columns Inc. purchased the property for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS represented the undisclosed seller in the transaction. Tyler Matthews of Austin Sumner Properties represented Hancock White Columns. Built in 1988 and renovated in 2021, East Ridge Crossing was 91 percent leased at the time of sale to national retailers, including e-commerce-resistant service providers. The property is situated about seven miles southeast of downtown Chattanooga and just west of Interstate 75.

April 20, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $11M Sale of Doral Park Centre in Metro Miami

by Julia Sanders April 20, 2022

DORAL, FLA. — Marcus & Millichap has arranged the sale of Doral Park Centre, a 13,925-square-foot retail strip center in Doral. The property sold for $11 million, or $789.72 per square foot. Edward Romo and Scott Sandelin of Marcus & Millichap represented the seller, an affiliate of IRAS Group, a Miami-based real estate investment firm. Kristina Filippone of First City Realty Partners Inc. procured the undisclosed buyer. Built in 2017, Doral Park Centre is a seven-suite property that was fully leased at the time of sale to tenants including 5.11 Tactical Miami, PANNA New Latino Food, Ohana Sushi, 107 Beauty Bar & Spa and CKO Kickboxing. Located at 3887 NW 107th Ave., the property is situated 10 miles from Miami International Airport.

April 20, 2022

Conference Coverage Features Industrial North Carolina Southeast Southeast Feature Archive

Electric Vehicle Manufacturing Powers Real Estate Activity Along I-85 Industrial Corridor, Say InterFace Panelists

by John Nelson April 20, 2022

CHARLOTTE, N.C. — The Southeast has long been home to automotive giants such as Honda, Hyundai, Toyota and Mercedes-Benz, as well as their large network of suppliers. In 2021, BMW led the nation in automotive exports by value, the eighth consecutive year the German automaker held that distinction. BMW produced and exported $10.1 billion worth of cars and SUVs from its mega campus in Spartanburg, S.C., last year, and the company recently announced two new facilities — one on its campus and the other across Interstate 85 — that will total $300 million in investment. Similarly, Hyundai Motor Manufacturing Alabama, the regional headquarters and only U.S. plant for the South Korean auto giant, announced last week that it planned to invest $300 million to expand and improve its Montgomery plant. The initiative will create 200 jobs and accommodate the manufacturing of the hybrid Santa Fe vehicle line and launch of the first Electrified Genesis GV70 SUV. Hyundai Motor Group said it aims to sell 1.87 million battery electric vehicles (BEVs) annually by 2030 in order to secure a 7 percent global market share of BEVs sold. The automaker announced on April 12 that it plans to invest $7.4 billion in …

April 20, 2022

Midwest Multifamily Multifamily & Affordable Housing Feature Archive Northeast Southeast Texas Western

How to Dispute Unfair Multifamily Property Assessments in Six Steps

by Jaime Lackey April 19, 2022

Property tax systems vary from state to state across the country, with differing procedures in each assessor’s jurisdiction. Complicating things further, the personalities of assessors and their staff influence the way they interact with property owners or their agents. It is the responsibility of the property owner or their agent to learn and adapt to the procedures and behaviors at work in their assessor’s offices. However, there are universal pre-emptive steps that property owners in any jurisdiction can take to combat excessive valuations. These property-specific action items and best practices can significantly increase the chances of a successful valuation protest. 1. Document Property Financial Statements In most appraisal systems, income-producing apartment property will be valued using the income approach. Arguably the most important pieces of information the apartment owner can present in protesting assessed values are the property’s rent rolls and profit-and-loss statements. The timely preparation and completion of these documents prior to a protest is essential to any discussion of fair market value. Key line items such as potential gross income, vacancy and collection loss, and net operating income can assist in negotiating lower assessed values. Market rent, in-place rents and occupancy are key indicators on a rent roll …

April 19, 2022

Acquisitions Florida Multifamily Southeast

Electra America, AKA Purchase Multifamily Building in West Palm Beach for $84M, Plan Hotel Conversion

by Julia Sanders April 19, 2022

WEST PALM BEACH, FLA. — Electra America Hospitality Group, a joint venture between Electra America and AKA, has purchased a new multifamily property in downtown West Palm Beach for $84 million, with plans to develop a 217-room hotel asset called AKA West Palm. Transwestern Development Co. sold the six-story property. Once redeveloped, AKA West Palm will offer rooms ranging from 351 square feet to over 840 square feet in size. Originally designed as micro-apartments, all suites and residences will have a kitchen or kitchenette to cater to longer-stay guests. The property will also feature 6,000 square feet of ground-floor retail space. Other amenities will include an indoor and outdoor lounge and bar, pool and deck, fitness center, conference room and smaller conference nooks, pet spa and a private residence lounge space for AKA members. The hotel is slated to open this summer. Located at 695 S. Olive Ave., the property is situated one mile from Palm Beach and about four miles from Palm Beach International Airport.

April 19, 2022

Acquisitions North Carolina Office Southeast

Serac Capital Partners Acquires Office Project in Cary, North Carolina for $19.3M

by Julia Sanders April 19, 2022

CARY, N.C. — Houston-based Serac Capital Partners has acquired 500 Gregson, a 106,047-square-foot office building in Cary, for $19.3 million. Ben Kilgore of CBRE represented the seller, Boston-based Albany Road Partners, in the transaction. Bill Dampier of Independent Financial provided an undisclosed amount of acquisition financing for the sale. The single-story building was originally a build-to-suit for American Airlines. The property is now 93 percent occupied by multiple tenants, including American Airlines. 500 Gregson is situated within MacGregor Park, a 108-acre business park with about 1 million square feet of office space. The park is about 97 percent occupied to public and private companies, including LORD Corp., ABB and Siemens.

April 19, 2022

Acquisitions Mississippi Multifamily Southeast

Marcus & Millichap Brokers Sale of 80-Unit Multifamily Property in New Albany, Mississippi

by Julia Sanders April 19, 2022

NEW ALBANY, MISS. — Marcus & Millichap has brokered the sale of The Gardens Apartments, an 80-unit community in New Albany. David Dorris and Bryan Sisk of Marcus & Millichap represented the undisclosed seller and procured the New York City-based buyer. Built in 2004, The Gardens offers one- and two-bedroom floorplans. Community amenities include a pool, fitness center, playground, grill, picnic area, pet care and laundry facilities. Located at 910 Kings Creed Road on 5.6 acres, the property is situated 35.5 miles from the University of Mississippi in Oxford.

April 19, 2022

Development Leasing Activity Mixed-Use North Carolina Southeast

Stonemar Properties Adds New Retail Tenants at Ballantyne Village in Charlotte

by Julia Sanders April 19, 2022

CHARLOTTE, N.C. — Stonemar Properties is adding several new retailers at Ballantyne Village, a mixed-use development in Charlotte that features offices, shops, restaurants and the new 14-story AC Hotel Charlotte Ballantyne. The New York-based firm has tapped Foundry Commercial, which handles retail leasing at the property, to oversee leasing of the 55,000 square feet of office space that formerly housed a movie theater. Ballantyne Village offers large floor plates for various layouts, 13-foot ceiling heights and the potential for a private tenant rooftop. The property features a recently revamped covered parking deck, directional signage and an outdoor patio space overlooking the center’s retailers. Ballantyne Village is located at the southwest corner of Johnston Road and Ballantyne Commons Parkway. The new retail tenants include Casa Del Tequila, a 2,623-square-foot authentic Mexican restaurant and tequila bar; Vel Tree, a 2,503-square-foot soulful vegan restaurant; and Deka Lash, a 1,082-square-foot eyelash extension and beauty shop. Vel Tree is open, and both Casa Del Tequila and Deka Lash are expected to open by early summer. The 186-room AC Hotel Charlotte Ballantyne opened within Ballantyne Village earlier this year. Additionally, directly across the street is the Ballantyne Reimagined project, which is expected to include 10 additional …

April 19, 2022

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