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AcquisitionsIndustrialKentuckyOfficeSoutheast

MAG Capital Partners Acquires Flex Industrial Facility in Nicholasville, Kentucky in Sale-Leaseback Deal

by John Nelson

NICHOLASVILLE, KY. — MAG Capital Partners has purchased a 112,400-square-foot flex industrial facility located on 40.9 acres at One Security Drive in Nicholasville, a suburb of Lexington. The Fort Worth, Texas-based firm acquired the property in a sale-leaseback deal with Los Angeles-based OpenGate Capital, parent company of the tenant, Sargent & Greenleaf. Founded in 1857, Sargent & Greenleaf is an electronic and mechanical lock manufacturer for the banking, residential, railroad and government sectors. Nick Foster of JLL’s Newport Beach, Calif., office represented MAG Capital in the transaction. The sales price was not disclosed. The property comprises 90,000 square feet of manufacturing space with 22-foot clear heights and 22,400 square feet of office space.

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DevelopmentLeasing ActivityRestaurantRetailSouth CarolinaSoutheast

Branch Properties Adds New Tenants at Publix-Anchored Shopping Center Underway in Metro Charleston

by John Nelson

MONCKS CORNER, S.C. — Branch Properties has added new retailers and restaurants to the tenant lineup at Moncks Corner Marketplace, a Publix-anchored shopping center in the Charleston suburb of Moncks Corner. Branch Properties co-lists the 75,267-square-foot center with Hannah Kamba and Tim Rowley of Coldwell Banker Commercial Atlantic. Set to open at the corner of U.S. Highway 52 and Cypress Gardens Road later this summer, the shopping center’s 48,387-square-foot Publix store will feature a covered outdoor café on the second floor. Other tenants joining Moncks Corner Marketplace include locally owned pub Dog & Duck; pet retailer and groomer Woof Gang Bakery; family-owned taco kitchen Viva Tacos & Tequila; Japanese restaurant Kyoto Sushi & Hibachi; Chinese takeout restaurant Super Pan; locally owned beverage store EJ’s Wine & Spirits; nail salon Magic Nail; forestry insurance firm Swamp Fox Agency; Pacific Dental Services; and hair removal studio Brazilian Wax & Spa by Claudia. In addition to Moncks Corner Marketplace, Branch Properties is currently developing six other Publix-anchored centers around the Southeast.

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Market ReportsMultifamilySoutheastSoutheast Market ReportsVirginia

How Will the Richmond MSA Fare as Multifamily Buyer-Seller Price Gap Takes Shape?

by John Nelson

Similar to the early stages of the COVID-19 pandemic in 2020, a gap has started forming with price expectations between apartment owners and investors. The price disparity at the start of the pandemic was driven namely by market uncertainty, adjustments to underwriting assumptions and increases to lender and insurance escrow requirements. As the pandemic played out, we saw a mass exodus from denser gateway cities, an influx of government stimulus money and a phasing out of state-specific stay-at-home orders that allowed the economy to open back up. Capital moved away from the retail and hospitality industries hit the hardest, with the multifamily sector reaping the benefit. The second half of 2020 saw a dramatic rise in rents, occupancy and new lease and renewal signings. These trends led to a calming of the debt and capital markets, paving the way for the price gap between buyers and sellers to evaporate as an unprecedented wave of investment flooded into the multifamily space, with 2021 hitting a new high of $213 billion of investment volume, well above the previous peak of $129 billion in 2019, according to Yardi Matrix data. Now midway through 2022, we’re seeing a buyer-seller price gap begin to take …

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AcquisitionsOfficeSoutheastTennessee

Cooper Commercial Negotiates $24.5M Sale of Parkside Plaza I Office Building in Knoxville

by John Nelson

KNOXVILLE, TENN. — The Cooper Commercial Investment Group has negotiated the $24.5 million sale of Parkside Plaza I, an office building in Knoxville that was fully leased at the time of sale to tenants such as Raymond James and Waste Connections. Dan Cooper of Cooper Commercial represented the seller, a private investor and repeat client of Cooper Commercial, in the transaction. The buyer was an undisclosed, privately based investment group based in Louisville, Ky.

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AcquisitionsNorth CarolinaSelf-StorageSoutheast

CBRE Arranges $23.6M Sale of Two Self-Storage Facilities in Suburban Charlotte

by John Nelson

SALISBURY AND MOORESVILLE, N.C. — CBRE has arranged the $23.6 million sale of two self-storage facilities in the Charlotte suburbs of Salisbury and Mooresville. Lakeland Village acquired the portfolio, both of which are operated by Extra Space Storage, from an undisclosed private investor. Morgan Windbiel of CBRE’s Self Storage Advisory Group represented the seller in the transaction. The Salisbury facility, located at 725 Jake Alexander Blvd. S, measures 66,000 square feet and includes 680 units. A second phase expansion was delivered at certificate of occupancy, according to CBRE. The Mooresville facility, located at 1110 Brawley School Road, measures 70,994 square feet and consists of 705 units.

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AlabamaDevelopmentSeniors HousingSoutheast

KIRCO Opens 132-Unit Seniors Housing Community in Madison, Alabama

by John Nelson

MADISON, ALA. — KIRCO has delivered and opened Madison Crossings, an independent living and memory care seniors housing community in Madison, about 10 miles from downtown Huntsville. Phoenix Senior Living operates the community, which features an outdoor swimming pool, wellness center, dining experience, pub, beauty salon and spa, yoga studio, outdoor pickleball and bocce ball courts. Madison Crossings comprises 105 independent living apartments and 27 memory care residences. The property represents the 10th seniors housing facility in Alabama operating under the Phoenix Senior Living brand. KIRCO MANIX, a third-party construction services firm and affiliate of KIRCO, completed the construction for Madison Crossings.

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DevelopmentGeorgiaLeasing ActivityRetailSoutheast

Macy’s Debuts 30,000 SF Market by Macy’s Store in Suwanee, Georgia

by John Nelson

SUWANEE, GA. — Macy’s has opened its “off-mall” store concept, Market by Macy’s, in the metro Atlanta area. The 30,000-square-foot store is located within Johns Creek Town Center at 3630 Peachtree Parkway in Suwanee, a northeast suburb of Atlanta in Gwinnett County. The store, the third Markey by Macy’s in the Atlanta area, includes a rotating installation of apparel called “Trend Village,” a Toys ‘R’ Us store-within-a-store and home décor and cosmetics departments. By the end of the year, Macy’s plans to expand Market by Macy’s to eight total locations, including new stores coming to metro St. Louis and Chicago, as well as a couple stores in the Dallas-Fort Worth area.

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Affordable HousingDevelopmentGeorgiaMultifamilySoutheast

Prestwick, ANDP to Develop 58-Unit Affordable Housing Community in Atlanta

by John Nelson

ATLANTA — Prestwick Development Co. and Atlanta Neighborhood Development Partnership Inc. (ANDP) will soon break ground on 1055 Arden, a 58-unit affordable housing community located at 1055 Arden Ave. SW in Atlanta’s Capitol View neighborhood. The development includes 58 units, of which 28 units will be available for individuals and families earning at or below 50 percent area median income (AMI), with six set aside as permanent supportive housing through a program with Atlanta Housing/Partners for HOME for individuals who are experiencing homelessness. Twenty apartments will be available for individuals and families earning at or below 60 percent AMI, and 10 apartments will be available at market-rate rents. Funding for 1055 Arden comes from several partners and sources, including $2 million from the Atlanta BeltLine Affordable Housing Trust Fund, permanent debt from Centrant, a land note from ANDP, a construction loan and “Capital Magnet Funds” from Reinvestment Fund, a grant from HomeFirst program for permanent supportive housing, including project-based rental assistance from Atlanta Housing and supportive services provided by Fulton County and LIHTC equity from Georgia Department of Community Affairs, Enterprise Community Investments and US Bank. 1055 Arden will include 2,000 square feet of ground-floor commercial space that could serve …

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Content PartnerDevelopmentFeaturesIndustrialMidwestNAINortheastSoutheastTexasWestern

Industrial Retailers, Warehouse Users Rely on Ports, Rails to Provide Variety During Economic Uncertainty

by Sarah Daniels

Amazon recently reconfigured and consolidated its network of warehouses, and many other retailers followed suit. The result? The outlook for industrial real estate, particularly retail warehouses, is now more difficult to interpret. Many retail clients are repositioning their supply chains to help avoid slowdowns and a potential International Warehouse Logistics Association (IWLA) union strike on the West Coast. This change has merged with a corporate need to find additional options for shipping and transport (especially as prices for transportation and industrial rents rise). The demand for industrial space has increased rapidly in less “congested” areas. As economic uncertainty continues, there is a shift towards tertiary markets for industrial real estate. This change provides significant opportunities for industrial investors, says Steve Pastor, VP of global supply chain, and ports/rail logistics/consultant at NAI James E. Hanson, who serves as NAI Global Industrial Council Chair. Investors and developers may be able to take advantage of a pause in a highly competitive field, in tertiary markets that have been traditionally less expensive than major and core markets. Amazon’s Impact News of Amazon’s plans to scale back its acquisition of industrial space (and to sublease its existing property to other retailers) has given some users opportunities …

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AcquisitionsCompany NewsDistrict of ColumbiaIndustrialOfficeSoutheast

Avison Young to Acquire Trio of Business Lines from Madison Marquette

by John Nelson

TORONTO AND WASHINGTON, D.C. — Toronto-based commercial real estate services firm Avison Young has signed an agreement to acquire Washington, D.C.-based Madison Marquette’s office and industrial property management, agency leasing and project management service lines. The trio of services will operate under the Avison Young brand as part of the acquisition, which is expected to close in September. Financial terms of the deal were not disclosed. The acquisition includes more than 20 million square feet of affected real estate, as well as 235 team members, including property managers, agency leasing professionals, project managers, building engineers and accountants. The former Madison Marquette staffers will integrate with Avison Young’s existing markets, primarily in Texas and California, the East Coast region and a new Hawaii office. Avison Young will integrate its data analytics, technology and global real estate intelligence platform with Madison Marquette’s trophy assets and institutional clients, such as CenterPoint Energy, Starwood Property Trustand Principal Global Investors. “This is a transformative opportunity for both companies to build on their core strengths to achieve competitive advantage,” says Vince Costantini, CEO of Madison Marquette. “We made the strategic choice to move a portion of our services to Avison Young to better serve our office …

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