Southeast

Federal Realty Tops Out Pike & Rose Office Tower in North Bethesda, Maryland

by John Nelson November 21, 2022

NORTH BETHESDA, MD. — Federal Realty Investment Trust (NYSE: FRT), a real estate investment trust based in Rockville, has topped out 915 Meeting Street, an office tower underway within the company’s Pike & Rose mixed-use development in North Bethesda. The building rises 16 stories and will comprise 250,000 square feet of office space upon completion, as well as 545 parking spaces and 6,000 square feet of ground-floor retail space. Choice Hotels International Inc. signed a lease last year to occupy nearly half of the office tower for its new corporate headquarters. Sodexo, a food services and facilities management company based in Paris, is another notable tenant that has preleased office space at 915 Meeting Street. General contractor Clark Construction Group and architectural firm Gensler lead the development team, which is targeting LEED Gold certification for the tower. “915 Meeting Street is our newest trophy building offering to the market,” says Jay Brinson, vice president of development at Federal Realty. “This collaborative effort with our partners at Clark and Gensler has resulted in a building that is 60 percent [preleased].” Clark Construction broke ground last December on 915 Meeting Street. With vertical construction complete, the firm is focused on building out …

November 21, 2022

Louisiana Market Reports Office Southeast Southeast Market Reports

See You at Work: New Orleans Employers Rethink the Office Environment

by John Nelson November 21, 2022

In the post-pandemic environment where employers are trying to navigate new work schedules, office tenants are focusing more on the finish and design of office space than they are the rents. In New Orleans, we are seeing office tenants rethink the concept of office space altogether, and their employees are thinking differently about their individual offices as well. There has been a shift from the traditional office space of years past where one spends eight hours a day in a large private office with the door closed. The office has evolved into more of a social place. Companies want their employees to come back to the office and not to be fully remote. Many employees want to get out of their pajamas and come back to the office. But, getting them all to come back has proven to be the challenge. Companies are now enticing their employees with redesigned spaces that are more aesthetically pleasing and rich with amenities that allow for more social interactions and collaboration. Employees who work remotely a few days a week are coming to the office because they want that engagement with their colleagues. Tenants are now less interested in refurbishing private offices and spend …

November 21, 2022

Development Industrial South Carolina Southeast

NorthPoint Breaks Ground on 3.3 MSF Industrial Park in Spartanburg, South Carolina

by John Nelson November 18, 2022

SPARTANBURG, S.C. — Kansas City-based NorthPoint Development has broken ground on the first phase of Spartan Enterprise Park, a 310-acre industrial park in Spartanburg that will span nearly 3.3 million square feet upon completion. Phase I comprises two buildings spanning more than 1.3 million square feet, and future phases can accommodate an additional 1.9 million square feet of space. The Colliers team of Garrett Scott, Brockton Hall and Dillon Swayngim helped facilitate the land purchase and will handle all leasing for the park on behalf of NorthPoint. Preleasing for Building One and Building Two is underway, and completion is expected for fourth-quarter 2023. Spartan Enterprise Park is located at 2116 U.S. Highway 221/Chesnee Highway, which is less than one mile from I-85, four miles from downtown Spartanburg and approximately 20 miles from Inland Port Greer, Greenville-Spartanburg International Airport and BMW’s regional manufacturing plant.

November 18, 2022

Acquisitions Multifamily North Carolina Southeast

JLL Negotiates $91M Sale of Apartment Community in Charlotte’s NoDa District

by John Nelson November 18, 2022

CHARLOTTE, N.C. — JLL Capital Markets has brokered the sale of Abberly NoDa Vista, a 261-unit apartment community located in the NoDa neighborhood of Charlotte. Matthew Lawton, John Gavigan, John Mikels and Nick Brown of JLL represented the buyer, HHHunt, in the $91 million transaction. Travis Anderson and Warren Johnson of JLL aarranged a $60.3 million, floating-rate acquisition loan on behalf of the buyer. Constructed in 2019, Abberly NoDa Vista features apartments in studio, one-, two- and three-bedroom layouts with an average size of 892 square feet. Amenities include a barbecue grill and picnic area, a community gas grill, electric vehicle charging stations, private balconies and patios, a resort-style pool, sun deck and a gym.

November 18, 2022

Georgia Industrial Leasing Activity Southeast

Cushman & Wakefield Secures 1 MSF Industrial Lease in Locust Grove, Georgia

by John Nelson November 18, 2022

LOCUST GROVE, GA. — Cushman & Wakefield has arranged a 1 million-square-foot lease for an undisclosed transport and logistics company at Gardner Logistics Park, a three-phase industrial project in Locust Grove, approximately 40 miles southeast of Atlanta. James Phillpott, Helen Cauthen, Lisa Pittman and Ray Stache of Cushman & Wakefield represented the landlord, Scannell Properties, for the lease deal. The tenant will occupy most of Building 1, which totals more than 1.4 million square feet and is scheduled for completion in late 2023. Building 1 is the final building to be constructed at the project, for which Cushman & Wakefield is overseeing all leasing efforts.

November 18, 2022

Acquisitions Multifamily North Carolina Southeast

Northmarq Brokers Sale of 352-Unit Apartment Community in Charlotte

by John Nelson November 18, 2022

CHARLOTTE, N.C. — Northmarq has arranged the sale of Tapestry University City, a 352-unit multifamily community located on 17 acres at 5340 Periwinkle Hill Ave. in Charlotte. The community features apartment homes in one-, two- and three-bedroom layouts. Amenities include a dog park, pet washing station, pool deck, clubroom, cyber café, fitness center, electric vehicle charging stations, a yoga and spin studio, grilling station and bike racks. Andrea Howard, John Currin, Allan Lynch, Caylor Mark and Jeff Glenn of Northmarq represented the sellers, Arlington Properties and Glenmont Capital Management, in the transaction. Faron Thompson, David Vinson and Grant Harris of Northmarq originated a fixed-rate Fannie Mae acquisition loan. The buyer, sales price and loan amount were not disclosed.

November 18, 2022

Acquisitions North Carolina Office Southeast

CBRE Arranges Sale of 176,601 SF Northchase at Midtown Office Park in Raleigh

by John Nelson November 18, 2022

RALEIGH, N.C. — An entity doing business as JPB Raleigh Holdings LLC has sold Northchase at Midtown, an office park comprising two buildings totaling 176,601 square feet at 6501 and 6601 Six Forks Road in Raleigh. Ben Kilgore, Chandler Hawkins and Leslie Holmes of CBRE, along with with NAI Tri Properties’ Jimmy Barnes, represented the seller in the transaction. Rachael Gaston and Sesha Debnam of Debnam Commercial Real Estate represented the buyer, local investor Dean Debnam. The sales price was not disclosed. Fully renovated in 2014 and 2015, Northchase at Midtown was 95 percent leased at the time of sale to companies including Merz North America, Globant, Redline and HITT Construction.

November 18, 2022

Development Georgia Hospitality Multifamily Southeast Top Stories

Centennial Yards Breaks Ground on Two High-Rise Buildings in Downtown Atlanta as Part of $5B Project

by Jeff Shaw November 18, 2022

ATLANTA — Centennial Yards Co. has broken ground on two high-rise towers in downtown Atlanta as the next phase of the development plan that will turn the city’s Gulch district into a $5 billion multi-phase area known as Centennial Yards. One tower will be an 18-story, full-service, boutique hotel called Anthem, which will feature guest rooms averaging over 400 square feet, a pool deck with a bar and event room, an 8,000-square-foot ballroom and a rooftop restaurant and bar. The second tower, also rising 18 stories, will be an apartment building. The multifamily community will offer studio, one-, two- and three-bedroom floor plans and include features such a pool with an event lawn and grilling stations, on-site co-working space, a dog run, a fitness center and multiple lounges for residents. Individual units will feature interior design by Atlanta-based design firm TVS Architecture + Design. The two towers are adjacent to Mercedes-Benz Stadium and State Farm Arena, the sports venues that are home to the NBA’s Atlanta Hawks, NFL’s Atlanta Falcons and MLS’ Atlanta United. Atlanta-based architecture firm Goode Van Slyke Architects designed both buildings. The towers are slated for completion in 2025, ahead of the recently announced 2026 FIFA World …

November 18, 2022

Development Industrial South Carolina Southeast

Janko, Cresset Partners Begin Construction on 1.5 MSF Industrial Park in St. George, South Carolina

by John Nelson November 17, 2022

ST. GEORGE, S.C. — A joint venture between Janko Group and Cresset Partners has broken ground on Port 95, a business park project in St. George that will span nearly 1.5 million square feet. The campus will feature three buildings: Building 1 will comprise 978,120 square feet, Building 2 will comprise 242,000 square feet and Building 3 will be 240,000 square feet in size. The first two buildings, which will be constructed simultaneously, are expected to be complete in spring 2024. Bridge Commercial will serve as the exclusive leasing agent on behalf of the ownership. Peak Construction Corp. is acting as the designer and builder for the site work, the first two buildings and the widening of Highway 78. Architects LS3P and McMillan Pazdan Smith will design Building 1 and Building 2, respectively. Seamon Whiteside is acting as the civil engineer for both buildings, as well as for the site work and highway widening.

November 17, 2022

Development Industrial Southeast Tennessee

Foundry Breaks Ground on 43-Acre Industrial Development in Metro Nashville

by John Nelson November 17, 2022

SMYRNA, TENN. — Foundry Commercial has broken ground on Creekside Logistics, a three-building, 43-acre industrial project located in Smyrna, roughly 25 miles southeast of Nashville. Building 1 will comprise 88,400 square feet, with Buildings 2 and 3 spanning 147,209 square feet and 135,200 square feet, respectively. Completion of the single-phase development is scheduled for late 2023. Synovus Bank is providing financing for the project, and Layton Construction is serving as the general contractor.

November 17, 2022

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