Southeast

Marcus & Millichap Arranges $23M Sale of Retail Portfolio in Miami

by Julia Sanders April 11, 2022

MIAMI — Marcus & Millichap has arranged the sale of a 17-suite retail portfolio in Miami dubbed Midtown Miami. The assets sold for $23 million, or $922.77 per square foot. The portfolio is occupied by tenants such as Citi Bank, 305 Kicks, Calligaris, Wynwood Tattoo and Galerie Monnin. Alex Zylberglait, Alejandro D’Alba and Scott Sandelin of Marcus & Millichap represented the seller, Block Capital Group, and procured the German-based buyer, Rüger Holding KG. Robert Bhat of Marcus & Millichap arranged an undisclosed amount of acquisition financing for the buyer. The Midtown Miami retail portfolio features two buildings totaling 24,925 square feet of gross leasable space at 3300 N Miami Ave. and 30 NW 34 St. The property also includes 30 dedicated parking spaces. The adjacent retail assets are located about 7.5 miles from Miami International Airport and 6.4 miles from Miami Beach.

April 11, 2022

Acquisitions Florida Industrial Southeast

Colliers Brokers $14.9M Sale of Two Industrial Buildings in Fort Lauderdale

by Julia Sanders April 11, 2022

FORT LAUDERDALE, FLA. — Colliers has brokered the $14.9 million sale of two industrial buildings in Fort Lauderdale. Mark Rubin, Bastian Laggerbauer, Jake Stauber, Steven Wasserman and Erin Byers of Colliers represented the seller, Apogee Investment Partners LLC, as well as the buyer, Elion Acquisitions LLC, in the transaction. The two buildings include a 60,000-square-foot repair facility that was renovated in 2019 and a 11,682-square-foot staging facility. The buildings are conjoined by a recently constructed covered walkway. The industrial buildings are currently occupied by CTS Engines, a turbine engine maintenance, repair and overhaul (MRO) company, with long-term leases in place. Located at 3000 & 3060 SW 2nd Ave. on 2.6 acres, the properties are adjacent to Fort Lauderdale-Hollywood International Airport and less than three miles from Port Everglades.

April 11, 2022

Acquisitions Florida Retail Southeast

Navarra Investments Sells Avenue Shoppes Retail Center in Orlando for $8.1M

by Julia Sanders April 11, 2022

ORLANDO, FLA. — Navarra Investments LLC has sold Avenue Shoppes, a 42,196-square-foot retail strip center and outparcel in Orlando. John Krzyminski and Max Krzyminski of JLL represented the seller and procured the buyer, House Reform Group. The sales price was $8.1 million. Originally constructed in 1988, Avenue Shoppes was most recently renovated in 2020 when the seller implemented a capital improvement plan to reposition the property. The property was 94 percent leased at the time of sale to tenants including Euro Living, Wallcoverings Mart, Toxic Lounge, Greenberg Dental, GL Staffing, Little New Orleans, Let’s Relax Spa, Le’s Alternations, Memories of Peru, Adega Gaucha and Estrella Insurance. Located on 2.7 acres at 8204 Crystal Clear Lane, the center is situated 12.4 miles from Walt Disney World Resort and 9.6 miles from Orlando International Airport.

April 11, 2022

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Nashville’s Robust Industrial Market is Growing Toward the South and East

by John Nelson April 11, 2022

After several years in the top 10, Nashville was named the No. 1 “market to watch” in overall commercial real estate prospects, according to Urban Land Institute and PwC’s 2022 Emerging Trends in Real Estate report. Nashville surpassed its supernova competitors (markets with a population between 1 million and 2 million people) such as Raleigh-Durham, Phoenix, Austin and Charlotte. The report credits Nashville’s robust and sustained job and population growth, above-average levels of economic diversity and investment/development opportunities. In short, Nashville’s economy fared relatively well during the pandemic-induced recession, and its industrial market never slowed down. Nashville has been a top location for relocating and expanding industrial-using companies, as its location is unmatched for distribution. Fifty percent of the nation’s population lives within 650 miles of Middle Tennessee, with 24 states falling within that radius. This translates to a one- or two-day truck delivery time to more than 75 percent of all U.S. markets. Additionally, it is one of only six U.S. cities with three major intersecting interstate highways. Nashville’s economy is extremely resilient due to its diversified economy. However, Nashville is not immune to national trends that have affected multiple industrial markets. The cost of construction continues to increase, …

April 11, 2022

Development Georgia Top Stories

Kubota Opens 280-Acre Research, Development Center in Gainesville, Georgia

by Julia Sanders April 8, 2022

GAINESVILLE, GA. — Farming and construction machinery producer Kubota North America Corp. has opened a 280-acre research and development (R&D) center in Gainesville, approximately 50 miles northeast of Atlanta. The firm invested more than $85 million to build the new facility. The center houses engineering offices, workshops and testing labs. Outside of the facility, there are tracks for testing turf, utility vehicles, tractors and construction equipment. Kubota is opening the facility with 70 engineering and technical employees and plans to grow to nearly 200 employees over the next five years. According to Phil Sutton, vice president for Kubota Manufacturing of America, the firm already employs more than 3,000 team members in the state of Georgia across manufacturing, sales, distribution and engineering operations. The new R&D center is fully powered by renewable energy and built on the sustainable principles. The center is powered in part by solar panels and the parking lot features a solar-powered roof to support electric vehicle charging stations. Kubota North America Corp. is the parent company for Grapevine, Texas-based Kubota Tractor Corp. and Gainesville-based Kubota Manufacturing of America. “This new R&D center here in Georgia is going to allow us to continue to innovate products and solution …

April 8, 2022

Acquisitions Florida North Carolina Office Southeast Tennessee

CBRE Brokers $91M Sale of Eight-Building Medical Office Portfolio Across Southeast, Texas

by Julia Sanders April 8, 2022

DALLAS — Dallas-based CBRE has brokered the $91 million sale of an eight-building medical office portfolio across four states in the Southeast and Texas. A joint venture between Chicago-based Remedy Medical Properties and Boca Raton, Fla.-based Kanye Anderson Real Estate purchased the properties. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Cole Reethof, Sabrina Solomiany and Zach Holderman of CBRE represented the seller, Los Angeles-based Spruce Healthcare, in the transaction. The 177,000-square-foot portfolio includes five properties in Florida and one each in Texas, North Carolina and Tennessee. The portfolio was fully leased at the time of sale with 11 years of weighted average lease terms remaining. Two-thirds of the overall tenancy features orthopedics, oncology and imaging practices. Other specialties include ophthalmology and dermatology, both of which include ambulatory surgery centers.

April 8, 2022

Georgia Loans Multifamily Southeast

Eastern Union Secures $83.3M Bridge Loan for Multifamily Property in Atlanta’s Vinings District

by Julia Sanders April 8, 2022

ATLANTA — New York-based Eastern Union has secured an $83.3 million bridge loan for The Halsten at Vinings Mountain, a 440-unit multifamily property in Atlanta. Michael Muller of Eastern Union arranged the non-recourse, two-year loan, which has three 12-month extension options. The loan was underwritten with interest-only payments for a period of up to three years. The borrower was not disclosed. Formerly known as Stone Ridge at Vinings, The Halsten offers studio, one-, two- and three-bedroom floorplans. Completed in 1973, the property spans 452,385 square feet. The new owner plans to upgrade the property’s exteriors and modernize and renovate the interiors. Unit features include walk-in closets, patios and balconies and washer and dryer hookups. Community amenities include a business center, clubhouse, playground, tennis court, grill, picnic area, fitness center, laundry facilities and a pet play area. Located at 3000 Cumberland Club Drive, the property is situated two miles from The Battery Atlanta and 15.7 miles from downtown Atlanta.

April 8, 2022

Affordable Housing Florida Loans Multifamily Seniors Housing Southeast

Greystone Provides $17.5M HUD-Insured Loan for Affordable Seniors Housing Rehab Project in West Palm Beach

by Julia Sanders April 8, 2022

WEST PALM BEACH, FLA. — Greystone has provided a $17.5 million HUD-insured loan for the redevelopment of Christian Manor Apartments, a 200-unit affordable seniors housing community located in West Palm Beach. Jon Morales of Greystone arranged the loan on behalf of the borrower, Phase Housing Corp. Inc. Located in Palm Beach County, Christian Manor includes four, three-story buildings that offer studio and one-bedroom units. Originally built in 1972, the property will provide affordable housing for low-income, which is classified as below 60 percent of area median income, and “extremely low-income” seniors (below 28 percent AMI) over 62 years of age. The project team worked with HUD and the West Palm Beach Housing Authority to obtain project-based rental assistance for over half of the residents who, although eligible, were previously not receiving this support. The expected construction cost for the redevelopment of the property is $38.7 million. Along with the funding from Greystone, the project also received 4 percent Low-Income Tax Credit (LIHTC) equity, and secondary debt consisting of a Florida State Apartment Incentive Loan and Florida Extremely Low-Income funds. The non-recourse loan carries a 40-year term at a low, fixed interest rate. Paul Ponte of Phase Housing Corp. Inc., Jason …

April 8, 2022

Acquisitions Development Georgia Multifamily Southeast Student Housing

Aspen Square Purchases Student Housing Property in Carrollton, Georgia, Plans Multifamily Conversion

by Julia Sanders April 8, 2022

CARROLLTON, GA. — Aspen Square Management has purchased Timbercrest at Carrollton, a 240-unit, 792-bed student housing community in Carrollton. Sean Baird of Colliers arranged the transaction. DoubleLine Capital sold the property for an undisclosed price. The buyer plans to convert the student housing community into a multifamily property. Since 2019, the community has undergone capital improvements totaling nearly $1.1 million, which included upgrades to the pool, basketball courts, courtyard and technology package. The property was 87 percent occupied at the time of sale. Located at 316 Columbia Drive, the property is situated about one mile from the University of West Georgia and 46.2 miles from the Hartsfield-Jackson Atlanta International Airport.

April 8, 2022

Leasing Activity Retail Southeast Virginia

Four Retailers Join Tenant Lineup at Village at Leesburg in Leesburg, Virginia

by Julia Sanders April 8, 2022

LEESBURG, VA. — Four retailers are joining the tenant lineup at Village at Leesburg, a mixed-use property with over 60 boutiques, restaurants and entertainment experiences in Leesburg. Rappaport owns, manages and leases Village at Leesburg. The tenants joining the lineup include Sienna Sky Boutique, a women’s clothing store; Mochinut, a mochi donut store; My Wellness Physicians, a weight loss and weight management provider; and Playful Pack, a doggy daycare and boarding provider. Other tenants currently at the Village at Leesburg include Wegmans, CMX Cinemas and Bowlero.

April 8, 2022

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