WINSTON-SALEM, N.C. — Cushman & Wakefield has brokered the $64 million sale of Union Cross Distribution Center, a newly built logistics center located at 4051 Wallburg Road in Winston-Salem. The developer, Front Street Capital, sold the 610,000-square-foot facility to Galaxy Investments LLC, an affiliate of The Halle Cos. Rob Cochran, Nolan Ashton, Bill Harrison, Stewart Calhoun, Casey Masters, Bobby Finch, Jason Ofsanko and Hap Royster of Cushman & Wakefield represented the seller in the transaction. Union Cross Distribution Center was fully leased to an undisclosed tenant at the time of sale. The property features 40-foot clear heights, cross-dock loading, LED lighting, concrete tilt-wall construction and access to the Triad’s major transportation arteries along with Piedmont Triad International Airport. It is also located adjacent to the established Union Cross Business Park, a 403-acre industrial park.
ATLANTA — Jamestown has signed Anduril Industries, a defense tech firm, to an 180,000-square-foot industrial lease at Allied Studios, a three-building mixed-use campus located at 1435 Hills Place in Atlanta’s Upper Westside district. Anduril will invest $60 million and bring 180 jobs to the new manufacturing and research facility. The facility will house Area-1, a subsidiary of Anduril that manufacturers unmanned aircraft systems. When complete, Area-1 will operate offices, research and development space and production space across two buildings at Allied Studios. Capital Real Estate Group represented Jamestown in the lease transaction, and Hughes Marino represented Anduril.
TUSCALOOSA, ALA. — GBT Realty has sold McFarland Plaza, a 188,406-square-foot shopping center located at 2600 McFarland Blvd. in Tuscaloosa. Cincinnati-based Select Strategies Realty purchased the property from the Brentwood, Tenn.-based owner for an undisclosed price. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented GBT Realty in the transaction. Situated one mile from the University of Alabama, McFarland Plaza’s tenant roster includes HomeGoods, T.J. Maxx, Ross Dress for Less, Michaels, Dollar General, CosmoProf, Shoe Carnival, Slim Chickens, Party Wow, MS Cos. and Jersey Mike’s.
MIAMI — Helm Equities has announced plans for Parterre 42, a $300 million office building that will occupy a full city block between NE 42nd and 43rd streets in Miami’s Design District. The 500,000-square-foot development will offer 80,000 square feet of functional outdoor space dispersed across each floor of the building with communal work tables, outdoor power and charging stations, and flexible furniture groupings. COOKFOX Architects designed the project. Additional amenities at the property, which features unobstructed views of Biscayne Bay and the downtown Miami skyline, will include an indoor-outdoor cafe, multi-level fitness center, bike and scooter storage, and valet parking alongside retail space. The project was designed to achieve LEED Gold and WELL Gold certifications with a dedicated outdoor air system and an all-electric HVAC system. “We worked with COOKFOX to turn the typical office building inside-out, incorporating massive amounts of functional outdoor space on every floor so that occupants of Parterre 42 feel like they are truly working in nature,” says Ayal Horovits, principal at Helm Equities. Paul Amrich, Neil King, Gordon Messinger and Camron Tallon of CBRE have been tapped to lease the project’s 320,000 square feet of office space. A timeline for construction was not announced. …
By John Nelson The period between mid-June and mid-July has become a pivotal moment in the capital markets world as commercial real estate borrowers and lenders navigate inflation levels and interest rates not seen in decades. Scott Cook, commercial real estate market manager with TD Bank’s Charlotte office, says that borrowers and lenders are reshaping the market on the fly, and it’s too early to tell if the elevated capital costs are going to drastically suppress borrower demand. “We’re at an inflection point: the natural, healthy tension between borrowers and lenders where borrowers want more but lenders want to give less,” says Cook. “I don’t know that we’ve seen the full effect yet. Generally speaking, borrowers are still looking for business as usual. They’re aware of the rate hikes but still believe in the product, and certainly there’s overwhelming demand. We’re redefining it as we speak, it’s too early to call.” Cook says that the first true “wake up” call was when the U.S. Bureau of Labor Statistics (BLS) relayed that the Consumer Price Index (CPI), one of the standard inflation measurements that tracks price changes for goods and services, had increased 8.6 percent in May, which is the highest …
DAVIE, FLA. — Levy Realty Advisors has arranged the $50 million sale of Pelican Bays, an eight-building warehouse complex located on SW 52nd Street in Davie, a city in South Florida’s Broward County. Situated near I-595 and the Florida Turnpike, the property spans 197,000 square feet of flex industrial and office space. The buyer, an entity doing business as Pelican Bays LLC, purchased the campus from the original developer, Charles Rowar. Alan Levy and Josh Levy of Levy Realty represented the buyer in the transaction. The firm will also oversee leasing and management at Pelican Bays, which currently houses about 120 tenants. Norman Matus of Red Rock Realty represented the seller.
ATLANTA — Selig Enterprises has opened 500 Chattahoochee Row, an adaptive reuse office building situated within The Works in Atlanta’s Upper Westside neighborhood. Located along Chattahoochee Avenue near Topgolf and several breweries, the 70,000-square-foot property is the redevelopment of an existing warehouse that dates back to the 1950s. The office building is one of two with The Works, an 80-acre mixed-use development. Atlanta-based Selig recently secured leases with Bread N Butter Content Studio, a locally based multimedia company known for operating the “Atlanta Eats” video series and website, and MacDermid Graphic Solutions, a flexographic and printing company that is relocating from the Buckhead district nearby. Bread N Butter will occupy 6,160 square feet, and MacDermid Graphic Solutions will occupy 45,000 square feet. Other uses at The Works include a 31-stall food hall, Scofflaw Brewing taproom, creative offices, restaurants, shops, a fitness center and a one-acre park for children to play and for live music and shows.
ATLANTA — Peachtree Hotel Group has purchased the Canopy Atlanta Midtown, a 176-room hotel that opened in December 2018. A joint venture between Greystar, Concord Hospitality and Whitman Pearson sold the hotel to Peachtree Hotel Group for an undisclosed price. Lou Plasencia, Robert Wiemer, Nick Plasencia and Chris Plasencia of The Plasencia Group represented the seller in the transaction. The hotel opened at the same time as the adjacent Ascent Midtown Apartments, which was also developed by Greystar. Canopy Atlanta Midtown features an onsite restaurant, fitness center, business center and meeting rooms.
ALEXANDRIA, VA. — Avison Young has brokered the $22 million sale of a 110,047-square-foot office building located at 5680 King Centre Drive in Alexandria. Jim Kornick and Bill Evans of Avison Young represented the buyer, Burke & Herbert Bank & Trust Co., in the transaction, and the undisclosed seller was self-represented. The bank plans to consolidate a large swath of its workforce in the LEED Gold-certified building but maintain its headquarters at 100 S. Fairfax St. in Old Town Alexandria.
MEBANE, N.C. — Blaze Capital Partners, a multifamily investment firm based in Charleston, has purchased Fieldstone Apartments, a 240-unit, garden-style community in Mebane. This deal marks the first in the Triangle market for the investment firm. The seller and sales price were not disclosed. Blaze Capital plans to invest $2.5 million in property improvements at Fieldstone, including select unit interior enhancements and upgrades to landscaping and community amenities. Fieldstone offers one-, two- and three-bedroom residences with granite countertops, stainless steel appliances and outdoor patios and balconies. Community amenities include a 24-hour fitness center, resort-style pool and sundeck, coffee bar, dog park and a playground.