Southeast

JLL Brokers Sale of 411,852 SF Distribution Facility in Port St. Lucie, Florida

by John Nelson January 27, 2023

PORT ST. LUCIE, FLA. — JLL Capital Markets has brokered the sale of a newly developed manufacturing and distribution facility located at 11675 S.W. Tom Mackie Blvd. in the South Florida city of Port St. Lucie. Bridge Net Lease, a subsidiary of Bridge Investment Group, acquired the 411,852-square-foot property, which is situated within Tradition Center for Commerce, a 1,247-acre master-planned development with office, retail, industrial, multifamily, recreational and entertainment space. Jason DeWitt, Luis Castillo, Brian Shanfeld, Cody Brais and Josh Katlin of JLL represented the undisclosed seller in the transaction. The sales price was not disclosed.

January 27, 2023

Leasing Activity Office Southeast Tennessee

Oracle Expands Footprint to 100,000 SF at Radius Office Building in Nashville’s Gulch District

by John Nelson January 26, 2023

NASHVILLE, TENN. — Tech giant Oracle has expanded its footprint at Radius, a nine-story office building located at 601 11th Ave. N in Nashville’s Gulch district. The company is expanding its footprint from 31,580 square feet to 100,000 square feet. Rubicon Equities, the landlord of Radius, also recently signed a new lease with CoreTrust, a locally based commercial sourcing agency. The company leased the entire seventh floor, totaling 31,580 square feet. In addition to offices, Radius features a fitness center with lockers and showers, café, onsite security, rooftop terrace, 18,500 square feet of ground-level retail space and a parking garage with 900 spaces. Stream Realty Partners is the property manager for the building and shares the leasing assignment with Sandeema Co. There is currently 125,000 square feet of space available for lease.

January 26, 2023

Acquisitions Multifamily Southeast Virginia

Blackfin Purchases Riverlands Apartments in Newport News, Virginia for $44.2M

by John Nelson January 26, 2023

NEWPORT NEWS, VA. — Blackfin Real Estate Investors LLC has purchased Riverlands Apartments, a 404-unit multifamily community located in the Hampton Roads town of Newport News, for $44.2 million. Hank Hankins, Charles Wentworth, Victoria Pickett and Garrison Gore of Colliers represented the seller, an undisclosed developer that has owned the property since it was delivered in 1989. Riverlands features one-, two- and three-bedroom apartments, as well as a pool and fitness center. The property is adjacent to Westover Station, a 108-unit property that Blackfin acquired in November 2020. Overall Blackfin has acquired nine communities in the Hampton Roads region.

January 26, 2023

Acquisitions Florida Office Southeast

Joint Venture Acquires East Tampa Office Complex for $31M

by John Nelson January 26, 2023

TAMPA, FLA. — A joint venture between Torose Equities, Merrimac Ventures and Linkvest Capital has purchased Interstate Corporate Center, a 350,000-square-foot office complex on Tampa’s east side. The property is located on a 50-acre site at 6302 E. Dr. Martin Luther King Jr. Blvd., about six miles from downtown Tampa. An entity doing business as B&L Investments Interstate LLC sold the property for $31 million. Dale Peterson, Joe Chick, Kristen Hagen, Courtney Snell and Nick Sharpe of CBRE represented the seller in the transaction. Built in 1984 and renovated in 2018, Interstate Corporate Center was 80 percent leased at the time of sale to tenants such as Hillsborough County School Readiness Coalition Inc., Ashley Furniture Industries Inc., HealthPlanOne and the Florida Department of Revenue Child Support Services. The largest tenant, Concentrix CVG Customer Management Group Inc., occupies 81,134 square feet.

January 26, 2023

Acquisitions Florida Multifamily Southeast

Northmarq Arranges Sale of 260-Unit Boulevard Apartments in Tampa Bay Area

by John Nelson January 26, 2023

LARGO, FLA. — Northmarq has arranged the sale of The Boulevard, a 260-unit apartment community located at 2098 Seminole Blvd. in the Tampa Bay city of Largo. The Connor Group purchased the community from Atlanta-based RangeWater Real Estate for an undisclosed price. Luis Elorza, Justin Hofford and Kevin Mosher of Northmarq’s Tampa office brokered the transaction. Built in 2016, The Boulevard features one-, two- and three-bedroom apartments averaging 1,106 square feet in size. Amenities include a resort-style pool with a sun deck, outdoor fireplace, outdoor bar with grills, screened-in gazebo with billiards, TV, wet bar and a fireplace. The property’s clubhouse features an indoor SwimSpa resistance pool, 24/7 Luxor One package room, coffee bar, business center, theater and a fitness center that offers on-demand classes.

January 26, 2023

Acquisitions Arkansas Industrial Southeast

Phoenix Investors Buys 130,000 SF Industrial Building in Pine Bluff, Arkansas

by John Nelson January 26, 2023

PINE BLUFF, ARK. — An affiliate of Milwaukee-based Phoenix Investors has purchased a 130,000-square-foot industrial building located at 3411 N. Hutchinson St. in Pine Bluff. The seller and sales price were not disclosed. Built in 1986, the turnkey property is currently vacant and is available for a single tenant or multiple users. Situated on 15 acres about 45 miles south of Little Rock, the facility features 27-foot clear heights and 40- by 40-foot column spacing, as well as rail access via CSX Greenbrier Rail. Phoenix Investors specializes in the acquisition and renovation of former manufacturing facilities and currently holds interest in approximately 62 million square feet of space across 29 states.

January 26, 2023

Development Industrial Life Sciences North Carolina Southeast

Eli Lilly to Invest $450M at Research Triangle Park Campus in Durham

by John Nelson January 25, 2023

DURHAM, N.C. — Eli Lilly and Co., a pharmaceutical giant based in Indianapolis, plans to invest $450 million to expand its campus within Research Triangle Park (RTP) in Durham. The expansion includes additional parenteral filling, device assembly and packaging capacity to support an increased demand for the company’s incretin products that treat diabetes. The move is expected to create at least 100 new jobs, primarily comprising manufacturing personnel who will produce incretin treatments and medical devices. Eli Lilly expects the new facility to come on line in 2027. Since 2020, the company has committed roughly $4 billion to new manufacturing facilities in North Carolina, including $1.7 billion for the development and expansion of its RTP base.

January 25, 2023

Development Florida Industrial Southeast

Graham & Co. to Develop 262,440 SF Industrial Park in Tampa

by John Nelson January 25, 2023

TAMPA, FLA. — Birmingham, Ala.-based Graham & Co. has purchased 21 acres at the intersection of U.S. Highway 301 and Florida Palm Drive in Tampa. The developer plans to build a 262,440-square-foot, three-building industrial park on the site called East Tampa Commerce Center. The three facilities will range in size from 85,500 to 91,440 square feet and feature 32-foot clear heights within a concrete tilt-wall structure. Set to deliver in early 2024, the buildings will be available for single-tenant users or could be divided into smaller suites to accommodate multiple tenants. The development team includes the previous landowner and development partner, an entity doing business as Palm River JLM Center Ltd., as well as Graham & Co.’s affiliate Graham Capital. Other members of the project team include general contractor ARCO/Murray and civil engineer Kimley-Horn. Truist provided an undisclosed amount of construction financing for the project. Additionally, included in the land acquisition was a separate purchase of an existing industrial facility located at 9208 Palm River Road.

January 25, 2023

Acquisitions Alabama Arkansas Georgia Kentucky Oklahoma Retail Southeast Tennessee

Matthews Arranges $16.1M Portfolio Sale of Eight Stores Leased to Family Dollar-Dollar Tree

by John Nelson January 25, 2023

NASHVILLE, TENN. — Nashville-based Matthews Real Estate Investment Services has arranged the $16.1 million portfolio sale of eight stores leased to the combo Family Dollar-Dollar Tree discount retail concept. The stores are located in Blountsville and Clayton, Ala.; Pauls Valley, Warner and Maud, Okla.; Edison, Ga.; Lincoln, Ark.; and Coldiron, Ky. Josh Bishop of Matthews represented the seller, an unnamed developer that built the stores. The undisclosed institutional buyer purchased the assets at a cap rate of 6.4 percent.

January 25, 2023

Acquisitions Restaurant Retail South Carolina Southeast

NAI Charleston Brokers $12M Sale of Two Retail Buildings in Charleston’s Upper King District

by John Nelson January 25, 2023

CHARLESTON, S.C. — NAI Charleston has brokered the $12 million sale of two retail buildings located at 585 and 587 King St. in Charleston’s Upper King Street district. These buildings, which span approximately 13,700 square feet, were leased to Fuji Sushi Bar and Uptown Social at the time of sale. Thomas Boulware of NAI Charleston represented the undisclosed buyer in the transaction. Tim Weldon of Colony Commercial Real Estate represented the locally based seller, Vanderking Properties.

January 25, 2023

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