Southeast

Stan Johnson Co. Arranges $21.3M Sale of Industrial Facility in Grenada, Mississippi

by Julia Sanders March 4, 2022

GRENADA, MISS. — Stan Johnson Co. has arranged the sale of a single-tenant, 288,000-square-foot industrial facility in Grenada. Mike Sladich and Maggie Holmes of Stan Johnson Co. represented the seller, an Illinois-based industrial developer, Agracel Inc. The buyer, a Dallas, Texas-based REIT, purchased the property for approximately $21.3 million. The property is leased to Advanced Distributors Products (ADP), a producer of residential evaporator coils. The industrial facility serves as the distribution center for the tenant’s manufacturing plant, which is located less than one mile east of the property. Originally built in 2017 as an 84,000-square-foot warehouse, the property was expanded by 70 percent to its current size. Prior to leasing the property, ADP was using part of its neighboring 379,000-square-foot manufacturing facility for warehouse and distribution space. The tenant spent approximately $20 million moving into the new distribution center and repurposing the existing facility into a full manufacturing plant. Adjacent industrial park tenants include Novipax, Resolute Forest Products, Ice Industries and Averitt. Located at 445 American Way, the property has access to Interstate 55, the Grenada Municipal Airport and the Grenada Railroad.

March 4, 2022

Development Office South Carolina Southeast

CrossRidge Development Completes 120,000 SF Office Building in Metro Charlotte

by Julia Sanders March 4, 2022

INDIAN LAND, S.C. — CrossRidge Development has completed CrossRidge One, a 120,000-square-foot, Class A office building in Indian Land. CrossRidge One is located within CrossRidge Center, a 190-acre, mixed-use development situated about 23 miles south of Charlotte. Charley Leavitt of JLL is leading office leasing, while Margot Bizon and Lindsay Stafford of JLL are marketing the retail component. Architectural firm Perkins Eastman designed CrossRidge One, and Edifice Inc. served as the general contractor. The next phase of development for CrossRidge Center, which includes 55,000 square feet of retail space, is slated to begin construction in the fourth quarter. Phase I of CrossRidge Center’s retail expansion will deliver in the summer of 2023. The center encompasses six retail parcels available for ground lease, build-to-suit and multi-tenant buildings. CrossRidge Center’s first phase also includes a 120-room hotel. Phase II will deliver an additional 150,000 square feet of space over the course of three years.

March 4, 2022

Georgia Leasing Activity Office Southeast

Trenton Systems Signs 50,000 SF Office Lease in Metro Atlanta

by Julia Sanders March 4, 2022

DULUTH, GA. — Trenton Systems has signed a 50,000-square-foot office lease at 3100 Breckinridge Building 1200 in Duluth. David Shockley of Progressive Realty LLC represented Trenton Systems, which is a computer hardware manufacturer providing secure computing solutions for the aerospace and defense industries. With the new tenant, the property is now fully occupied. Hunter Henritze, Matt Fergus and Seabie Hickson of Dallas-based Lincoln Property Co. Southeast represented the landlord, TerraCap Management, in the lease deal. 3100 Breckinridge is a 30-acre office park featuring seven buildings totaling 253,307 square feet. Located between Pleasant Hill and Old Norcross roads, the complex offers direct access to Interstate 85 and resides within the Gwinnett Opportunity Zone. The building amenities include ample surface parking, floor-to-ceiling windows and a landscaped campus.

March 4, 2022

District of Columbia Southeast

US Economy Added 678,000 Jobs in February, Wages Changed Little

by Julia Sanders March 4, 2022

WASHINGTON, D.C. — Total nonfarm payroll employment rose by 678,000 in February, while the unemployment rate decreased from 4 percent in January to 3.8 percent last month, according to the U.S. Bureau of Labor Statistics (BLS). Still, the total nonfarm employment is down by 2.1 million, or 1.4 percent, from its pre-pandemic level in February 2020. The BLS reports that average hourly earnings for all employees on private nonfarm payrolls rose by 1 cent in February over the prior month, or 0.03 percent. The year-over-year wage increase was 5.13 percent. The biggest job growth was led by gains in leisure and hospitality (+124,000). However, since February 2020, employment in the sector is still down by 1.5 million, or 9 percent. Other notable gains were in professional and business services (+95,000), healthcare (+64,000) and construction (+60,000). Additionally, jobs in transportation and warehousing rose by 48,000 last month and is 584,000 higher than two years ago. Employment changed very little in information and government jobs.

March 4, 2022

Acquisitions Florida Georgia Retail Southeast

Retailers Merge: Aaron’s to Acquire BrandsMart USA for $230M

by Julia Sanders March 3, 2022

ATLANTA AND FORT LAUDERDALE, FLA. — Atlanta-based furniture retailer The Aaron’s Co. Inc. has entered into a definitive agreement to acquire BrandsMart U.S.A. Founded in 1977, BrandsMart is one of the leading appliance and consumer electronics retailers in the Southeast, with 10 stores in Florida and Georgia. For the 12 months that ended Dec. 25, 2021, BrandsMart generated revenues of $757 million. Total consideration is approximately $230 million in cash, subject to certain closing adjustments, and the transaction is expected to close in the second quarter of 2022. Upon closing of the transaction, the BrandsMart business will report to Aaron’s president, Steve Olsen, and continue to be headquartered in Fort Lauderdale, Fla. Additionally, Aaron’s will acquire 100 percent of the outstanding equity interests of Interbond Corp. of America, which does business as BrandsMart U.S.A., from the Perlman family for consideration at closing of $230 million in cash, subject to certain post-closing adjustments. BofA Securities Inc. is acting as financial advisor to Aaron’s and Jones Day is acting as legal advisor. Cassel Salpeter & Co. LLC is acting as financial advisor to BrandsMart and Cooley LLP is acting as legal advisor.

March 3, 2022

Florida Leasing Activity Retail Southeast

SJC Ventures Signs Whole Foods to Anchor Boynton Beach Marketplace in South Florida

by Julia Sanders March 3, 2022

BOYNTON BEACH, FLA. — Atlanta-based SJC Ventures has signed a new lease with Whole Foods Market at Boynton Beach Marketplace, a 69,204-square-foot shopping center underway in Boynton Beach. Located at 7499 W Boynton Beach Blvd., Boynton Beach Marketplace is expected to house sit-down restaurants, fast-casual eateries, service establishments and boutique fitness options. The property is 11.4 miles away from Delray Beach and 15.1 miles from Boca Raton.

March 3, 2022

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Brokers $23.6M Sale of Hotel in Fort Walton Beach, Florida

by Julia Sanders March 3, 2022

FORT WALTON BEACH, FLA. — Marcus & Millichap has brokered the sale of the Best Western Fort Walton Beachfront, a six-story, 100-room hotel in Fort Walton Beach. The 1.4-acre property sold for $23.6 million. David Altman, Robert Hunter and Leo Reilly of Marcus & Millichap marketed the property on behalf of the seller, Ft. Walton Beach Hotel Group Inc., as well as secured and represented the buyer, Spartanburg, S.C.-based OTO Development LLC. Built in 1998, Best Western Fort Walton Beachfront includes amenities such as offsite fitness center access at Gold’s Gym, a business center, ocean-facing outdoor pool area, Cabana Bar and live entertainment nightly in the Swizzle Stick Lounge. Located at 380 Santa Rosa Blvd., the Best Western Fort Walton Beachfront provides guests with direct beach access and private balconies overlooking the Gulf of Mexico.

March 3, 2022

Development Florida Multifamily Southeast

Summit Contracting Breaks Ground on 256-Unit Apartment Community in Palmetto, Florida

by Julia Sanders March 3, 2022

PALMETTO, FLA. — Summit Contracting Group has broken ground on Trevesta Place, a 256-unit apartment community located within the master-planned Trevesta Community in Palmetto. The project team includes Terwilliger Brothers Residential LLC as the developer, Group 4 Architectural Services LLC as the architect and Morris Engineering and Consulting LLC as the civil engineer. Construction is now underway with the first units available for lease in January 2023. The project will be fully completed in the summer of 2023. Trevesta Place Apartments will include one-, two- and three-bedroom floorplans, ranging in size from 770 to 1,248 square feet. All units will be fashioned with modern finishes like granite countertops, tile backsplashes, washer and dryer and plenty of closet space. Community amenities will include a central clubhouse with fitness center and lounge areas, swimming pool, garages and a dog walk park.

March 3, 2022

Georgia Leasing Activity Retail Southeast

Bealls Outlet Signs 17,000 SF Lease at Shopping Center in Northeast Georgia

by Julia Sanders March 3, 2022

ELBERTON, GA. — Bealls Outlet has signed a 17,000-square-foot lease for its first location in Elberton. The store’s new location will be at The Shopper’s Center in Elberton, a 43,273-square-foot shopping mall located 33 miles west of Athens. Sam Krueger and Kaitlyn Theriot of Franklin Street represented the landlord, Atlanta-based Vanguard Associates, while Monetha Cobb, Maggie Coppage and Sterling Hale of Franklin Street represented Bealls Outlet. The lease brings The Shopper’s Center to full occupancy. Bealls will co-anchor the center along with Tractor Supply with plans to take occupancy in August. Other tenants at the property include Cricket Wireless, LA Nails and World Finance. Located at 709 Elbert St., the property is prominently situated along the main traffic artery in the city of Elbert. The property is also near retailers and restaurants including Cobo Auto Sales, Elberton Animal Hospital, Dunkin’, Taco Bell, Woodson Florist & Vintages and Dollar General.

March 3, 2022

Acquisitions Company News Northeast Retail Southeast Top Stories

Cedar Realty Trust to Sell Retail Portfolio, Company in Various Transactions Totaling $1.2B

by Katie Sloan March 3, 2022

MASSAPEQUA, N.Y. — Cedar Realty Trust (NYSE: CDR) has agreed to sell the company and its portfolio of assets through several transactions totaling $1.2 billion. The Massapequa-based firm’s portfolio includes 53 properties with approximately 7.6 million square feet of gross leasable space. Properties are predominantly located across high-density markets in New York, New Jersey, Connecticut, Pennsylvania, Massachusetts, Washington, D.C., Virginia, Maryland and Delaware. A fund managed by DRA Advisors and KPR Centers will acquire a portfolio of 33 grocery-anchored shopping centers from the company for $840 million. Cedar also agreed to sell its Revelry redevelopment project in Philadelphia for $34 million and its Northeast Heights redevelopment project in Washington, D.C., for $46.5 million to undisclosed buyers. In the event the sales are not completed prior to closing of the grocery-anchored shopping center portfolio acquisition, the DRA-KPR joint venture has agreed to acquire both projects at an aggregate price of $80.5 million. The company and its remaining assets are set to be acquired by Virginia Beach, Va.-based Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) in an all-cash merger valued at $291.3 million. Upon completion of the transaction, Cedar will be wholly owned by Wheeler and the company’s common stock …

March 3, 2022

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