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Southeast

AcquisitionsKentuckyOfficeSoutheast

Albany Road Acquires Two-Building Office Campus in Louisville for $42.5M

by John Nelson

LOUISVILLE, KY. — Albany Road Real Estate Partners, an investment firm based in Boston, has purchased Hurstbourne Park & Place, a two-building office campus located off Shelbyville Road in Louisville. The seller and sales price were not disclosed, but Louisville Business First reports that the 344,000-square-foot campus sold for $42.5 million. Hurstbourne Park & Place was 93 percent leased at the time of sale to tenants including Bank of America, Carewise Health, New York Life, Stantec, DMLO and Central Bancshares, which together boast an average tenure of over 17 years. Patterson Real Estate Advisory Group arranged acquisition financing through First Horizon on behalf of Albany Road. This is the firm’s first investment in the Louisville trade area.

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AcquisitionsFloridaMultifamilySoutheast

Waypoint Residential Sells Two Apartment Communities on Florida’s Space Coast Totaling 576 Units

by John Nelson

DAYTONA BEACH AND WEST MELBOURNE, FLA. — Waypoint Residential has sold two garden-style multifamily communities located along Florida’s Space Coast. Houston-based Venterra Realty purchased the properties — the 276-unit Tomoka Pointe in Daytona Beach and the 300-unit Luminary at 95 in West Melbourne — for an undisclosed price. Scott Ramey, Brad Downing and Paul Grant of Newmark represented the Boca Raton, Fla.-based seller in the transaction. Both properties were constructed in 2019 and had a blended occupancy of 95 percent at the time of sale. Waypoint Residential acquired both assets in 2020.

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Leasing ActivityRetailSoutheastTennessee

Nordstrom Rack to Open 24,000 SF Store at Terrace at Hamilton Place in Chattanooga

by John Nelson

CHATTANOOGA, TENN. — Nordstrom Inc. plans to open a new Nordstrom Rack store at The Terrace at Hamilton Place, an open-air shopping center located at the intersection of Shallowford Road and I-75 in Chattanooga. This will be the third Nordstrom Rack and fourth Nordstrom concept in Tennessee. Locally based CBL Properties owns and manages Hamilton Place, which houses retailers including Academy Sports + Outdoors, DSW, Ulta Beauty and Old Navy. CBL Properties plans to open the Nordstrom Rack store in spring 2023.

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DevelopmentIndustrialSouth CarolinaSoutheast

SunCap Breaks Ground on 1 MSF Spec Industrial Facility in Greenville

by John Nelson

GREENVILLE, S.C. — Charlotte-based SunCap Property Group has broken ground on a 1 million-square-foot spec industrial facility within Greenville Enterprise Park, a 140-acre industrial park on the south side of Greenville. SunCap purchased the land in partnership with the real estate arm of Goldman Sachs Asset Management. Located at 7755 Augusta Road near I-185, the speculative facility is expandable up to 1.5 million square feet, depending on end user requirements. The property will feature 40-foot clear heights and cross-dock orientation, as well as ample onsite employee and trailer parking. Garrett Scott, John Montgomery, Brockton Hall and Dillon Swayngim of Colliers are the leasing agents for the property. The project is SunCap’s eighth in Upstate South Carolina and the largest speculative building in Greenville County, according to Colliers.

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AcquisitionsFloridaRetailSoutheast

Limestone, Orion Buy Millenia Plaza Retail Center in Orlando for $74.1M

by John Nelson

ORLANDO, FLA. — Miami-based Limestone Asset Management and Orion Real Estate Group have purchased Millenia Plaza, a 411,503-square-foot shopping center located at 4403-4467 Millenia Plaza Way in Orlando. The seller, North American Development Group (doing business as Millenia Plaza LLC), sold the property for $74.1 million. Brad Peterson and Whitaker Leonhardt of JLL represented the seller in the transaction. Ocean Bank provided an undisclosed amount of acquisition financing in the transaction. Millenia Plaza’s tenant roster includes The Home Depot, BJ’s Wholesale Club, Ashley Furniture, Dick’s Sporting Goods, Total Wine & More and Ross Dress for Less.

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DevelopmentIndustrialLeasing ActivityNorth CarolinaSoutheast

Apparel Manufacturer AS Colour Signs 240,000 SF Industrial Lease in Southwest Charlotte

by John Nelson

CHARLOTTE, N.C. — AS Colour, a New Zealand-based apparel designer and manufacturer, has signed a 240,000-square-foot lease at 11109 Quality Drive in southwest Charlotte. The new facility will be the largest among AS Colour’s existing network of distribution centers in New Zealand, Australia, the UK and California, and will serve as the firm’s base of operations on the East Coast. Chris Skibinski, Henry Lobb and Colin Ferguson of Avison Young represented the landlord, Charland Partners, in the lease negotiations. Tom Tropeano, also with Avison Young, represented AS Colour.

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DevelopmentGeorgiaIndustrialSoutheast

Robison Weeks Begins Construction on 169,520 SF Industrial Facility at Gillem Logistics Center in Metro Atlanta

by John Nelson

FOREST PARK, GA. — Robinson Weeks Partners has begun construction on Gillem 700, a 169,520-square-foot speculative industrial facility situated within Gillem Logistics Center in the south Atlanta suburb of Forest Park. Gillem 700 is Robinson Weeks’ ninth project underway at Gillem Logistics Center, a 1,168-acre industrial campus home to blue chip companies including Kroger, HD Supply, Cummins Inc. and Kuehne & Nagel. The new property will feature spec office space, 40 dock high loading doors, two drive-in doors, 34 trailer spaces and 175 auto spaces. The property is situated near I-675 and I-285. Cushman & Wakefield’s Pat Murphy, Ray Stache, Ryan Bellows and Andrew Thurman are managing leasing for Gillem 700. Robison Weeks plans to deliver the asset in March 2023.

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AcquisitionsAlabamaRetailSoutheast

First National Realty Acquires 242,000 SF Shopping Center in Birmingham

by John Nelson

BIRMINGHAM, ALA. — Red Bank, N.J.-based First National Realty Partners has acquired Inverness Corners, a 242,000-square-foot retail center located in Birmingham, for an undisclosed price. A 54,000-square-foot Winn-Dixie and a 92,600-square-foot Kohl’s anchor the property. Additional tenants include Orangetheory Fitness, Mellow Mushroom, Tropical Café, Wing Stop, H&R Block and Enterprise. Zach Taylor of Marcus & Millichap’s Institutional Property Advisors (IPA) division represented the undisclosed seller in the transaction.

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IndustrialMarket ReportsSoutheastSoutheast Market ReportsTennessee

Memphis Industrial Market Boom Continues After Record Year of Leasing, Sales

by John Nelson

2021 was a banner year for the Memphis industrial market by virtually every measure. Leasing exceeded 32 million square feet, easily doubling the average of 12.8 million square feet per year; annual net absorption reached 12.7 million square feet, the highest ever recorded; 14.6 million square feet of inventory delivered to the market; rental rates reached historic highs; and investment volume topped $2.2 billion. The potent demand that carried the market to such record-setting extremes continued into the beginning of 2022, with leasing activity in the first quarter approaching 6 million square feet and net absorption surpassing 3.3 million square feet. Sustaining the steady upward trend the Memphis market has followed since the beginning of 2019, the direct vacancy rate rose 50 basis points from last year to 6.8 percent, but this increase is largely due to the profusion of spec product rather than any significant moves out of the market. In typical fashion, the bulk of leasing activity occurred in the Southeast, DeSoto County and Marshall/Fayette County submarkets, comprising more than 75 percent of the quarter’s total volume. But even the Northwest submarket has seen more action recently with the delivery of Amazon’s 181,500-square-foot last-mile facility in the Raleigh …

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AcquisitionsGeorgiaMultifamilySoutheast

RangeWater, Artemis Sell Monroe Apartments in Atlanta for $91M

by John Nelson

ATLANTA — RangeWater Real Estate and Artemis Real Estate Partners have sold The Monroe, a 217-unit apartment community located at 222 Colonial Homes Drive NW in Atlanta’s Brookwood neighborhood. ParkProperty Capital purchased the property, which was delivered in 2015, for $91 million. Robert Stickel and Alex Brown of Cushman & Wakefield represented the sellers in the transaction. Situated along the Atlanta BeltLine and overlooking the Bobby Jones Golf Course, The Monroe features studio, one-, two- and three-bedroom floor plans. Amenities include complimentary package receiving services, controlled access garage parking, an athletic club, saltwater pool, rooftop lounge with skyline views and a clubhouse equipped with a kitchen and coffee bar.

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