Southeast

Jamestown Completes Sale of 308-Unit Apartment Community in Metro Miami

by Julia Sanders December 20, 2021

SUNNY ISLES BEACH, FLA. — Atlanta-based Jamestown has completed the sale of Beach Place, a 308-unit apartment community in Sunny Isles Beach, about 19 miles north from Miami. A private buyer purchased the property for an undisclosed amount. Jaret Turkell, Roberto Pesant, Jose Mota and Omar Morales of Berkadia Institutional Solutions represented Jamestown in the sale. Beach Place features four, six-story buildings offering 213 one-bedroom units and 95 two-bedroom units averaging 900 square feet. Units feature stainless steel appliances, granite countertops, tile and hardwood flooring, walk-in closets and patios or balconies. Community amenities include a fitness center, pool, hot tub, bark park, dog wash, business center and bike parking. The property was 96 percent leased at the time of sale. Located at 17101 N. Bay Road on seven acres, the 277,200-square-foot property is located near Aventura Mall, Bal Harbour Shops, Oleta River State Park and Florida International University.

December 20, 2021

Acquisitions Multifamily South Carolina Southeast

Blaze Capital Partners Sells 256-Unit Apartment Community in North Charleston

by Julia Sanders December 20, 2021

NORTH CHARLESTON, S.C. — Charleston-based Blaze Capital Partners has sold Dwell at Greenridge, a 256-unit apartment community located in North Charleston. The buyer and sales price were not disclosed. Built in 1980, The Dwell at Greenridge is a two-story multifamily community that offers one- and two-bedroom units ranging in size from 650 to 960 square feet. Community amenities include a pool with sun deck, grill and picnic areas, clubhouse and two laundry centers. Located at 7910 Crossroads Drive, Dwell at Greenridge is situated close to Interstate 26 and two of South Carolina’s largest manufacturers: Boeing and Volvo. The property is also located about 16 miles from the College of Charleston and approximately nine miles from Charleston International Airport. Blaze Capital Partners made investments to modernize the property over its ownership period, including adding new signage and marketing, building a new clubhouse and fitness center and redesigning exterior amenities and landscaping.

December 20, 2021

Acquisitions Georgia Retail Southeast

Bridge33 Capital Disposes of Retail Center in Metro Atlanta for $8.7M

by Julia Sanders December 20, 2021

GAINESVILLE, GA. — Bridge33 Capital has sold Westbrook Plaza, a 49,364-square-foot retail center in the Atlanta suburb of Gainesville. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the seller in the transaction. Charlotte-based Collett Capital purchased the property for $8.7 million. Constructed in 2006 and anchored by Best Buy, Westbrook Plaza was fully leased at the time of sale to tenants including Burn Boot Camp, Mattress Firm, WNB Factory, Pazzi’s Pizza, Paris Nails and Pet Pleasers Bakery. Located at 668 Dawsonville Highway, the center is situated less than one mile from Lake Lanier, which provides an annual economic impact of over $5.5 billion.

December 20, 2021

Acquisitions Office Southeast Tennessee

NAI Charter Brokers $6.2M Sale of Office Building in Downtown Chattanooga

by Julia Sanders December 20, 2021

CHATTANOOGA, TENN. — NAI Charter has brokered the sale of an office building located at 505 Riverfront Parkway in downtown Chattanooga. Trident Transport, a Chattanooga-based freight brokerage and logistics business, purchased the office building for $6.2 million. Robert Maclellan of NAI Charter arranged the transaction. Previously occupied by hotel operator 3H Group, the 23,000-square-foot office property will serve as Trident Transport’s new headquarters as the company relocates from its current office on Chestnut Street. This year, Trident added about 150 people to its staff, and the company plans to hire approximately 125 more people next year.

December 20, 2021

Kentucky Market Reports Office Southeast Southeast Market Reports

Derby City Office Market Now Entering Full-On Recovery Mode

by John Nelson December 20, 2021

Louisville’s office market is certainly a representative example of a typical office market in a mid-sized city. As expected, Louisville experienced the impact of COVID-19 and the remote work trend. Downtown had to endure the social unrest during summer 2020 that created a perception of a lack of safety. Our community has work to do to get things back to “normal,” but things are slowly starting to move in the right direction. As has always been the case, the downtown and suburban markets face different trends. Typically, the suburban market has outperformed the central business district (CBD) with higher average rents and lower vacancy. Presently, the downtown Class A market has average rents in the $19.11 per square foot range and vacancy around 22 percent. The suburbs are seeing $22.16 per square foot in rent and 14.6 percent vacancy. Recently, the CBD posted 480 square feet of negative net absorption for the second quarter. After taking large hits throughout most of the pandemic, this looks to be a sign that downtown may finally be turning the corner. The suburban market took a big hit this past quarter due to vacancies and downsizing of two large companies. Even so, suburban markets …

December 20, 2021

Development Georgia Industrial Southeast Top Stories

Rivian Plans $5B Electric Truck Manufacturing Plant Near Atlanta

by Julia Sanders December 17, 2021

RUTLEDGE, GA. — Rivian Inc. (NASDAQ: RIVN), an Irvine, Calif.-based electric truck manufacturer, has announced plans for the East Atlanta Megasite, a $5 billion manufacturing plant about 50 miles east of downtown Atlanta. The site is located between Social Circle and Rutledge on Interstate 20, according to The Atlanta Journal-Constitution. Construction on the plant is slated to start in the summer of 2022, with plans to open by 2024. The manufacturing plant is the largest economic development in Georgia’s history, according to a press release by Georgia Governor Brian Kemp. With the new plant, Rivian says it will create approximately 7,500 jobs. The manufacturer plans to develop community engagement and workforce training programs in the area of the new plant. Additionally, Georgia Quick Start, a division of the Technical College System of Georgia and provider of workforce training, plans to build and operate a manufacturing training center. The Georgia Department of Labor also plans to assist Rivian in finding skilled employees to work at the Georgian plant. The plant could have up to 10,000 workers, which would mean the project would be the biggest car assembly project in the country, according to CNBC. The East Atlanta Megasite, which is located on nearly …

December 17, 2021

Acquisitions Florida Office Southeast

Amerant Bancorp Enters $135M Sale-Leaseback Deal for Office Headquarters in Coral Gables, Florida

by Julia Sanders December 17, 2021

CORAL GABLES, FLA. — Amerant Bancorp Inc., a Coral Gables-based bank holding company, has sold its Coral Gables headquarters to an entity doing business as FNLI Audax LLC in a sale-leaseback deal totaling $135 million. Located at 220 Alhambra Circle, the Amerant Center spans approximately 177,000 square feet of office space and 134,000 square feet in structured parking. Built in 1997, the property will have 402 parking spots and was 82 percent occupied at the time of sale. As part of this transaction, Amerant’s subsidiary, 220 Alhambra Properties LLC, entered into an 18-year triple-net leaseback agreement for about $43 per square foot during the first year. Stream Capital Partners represented Amerant on this transaction.

December 17, 2021

Acquisitions Maryland Multifamily Southeast

Carter Funds Purchases Apartment Community in Germantown, Maryland for $103M

by Julia Sanders December 17, 2021

GERMANTOWN, MD.— An affiliate of The Carter Funds has purchased The Park at Kingsview Village Apartments, a 326-unit, Class A multifamily community in Germantown. Washington, D.C.-based PRP LLC sold the property for $103 million. Built in 2001, the Park at Kingsview features 12 three- and four-story buildings totaling 343,980 square feet with an average unit size of 1,055 square feet. Community amenities include a swimming pool, clubhouse, fitness center, conference room, business center and a children’s playroom. In addition, the property offers walking, jogging and biking trails, tennis courts, playgrounds, a picnic pavilion and a dog park. The property is situated close to the Kingsview Village Shopping Center, a Giant Food-anchored neighborhood shopping center. The property is also located within a mile of the Germantown Soccerplex and the Germantown Indoor Swim Center. Major employers in the vicinity include the National Institutes of Health, the US Food and Drug Administration, Marriott International and Lockheed Martin. PRP implemented $3.5 million in renovations at the property that included a completely revamped clubhouse and pool area, as well as in-unit renovations featuring new kitchens, stainless steel energy-efficient appliances, quartz countertops, new lighting, new bathrooms and wide plank flooring.

December 17, 2021

Acquisitions Florida Retail Southeast

JLL Brokers $97M Sale of Trader Joe’s-Anchored Shopping Center in Naples, Florida

by Julia Sanders December 17, 2021

NAPLES, FLA. — JLL Capital Markets has brokered the sale of Granada Shoppes, a 307,000-square-foot shopping center in Naples. Danny Finkle and Eric Williams of JLL represented the sellers, Miami-based Courtelis Co. and Barron Collier Cos., in the transaction. New York-based Brixmor Property Group acquired the property for $97 million. Anchored by Trader Joe’s, Granada Shoppes was 98 percent leased at the time of sale to a tenant lineup including Marshalls, Haverty’s Furniture, Dollar Tree, Tuesday Morning, Xfinity, First Watch, Jersey Mike’s, Sports Clips, Visionworks, Men’s Wearhouse, Petland of Naples, Hobby Lobby and P.F. Chang’s. Located at 10940 Tamiami Trail N. on more than 39 acres, Granada Shoppes is 3.5 miles west of the Interstate 75, 11 miles from Naples Beach and about 27 miles from Fort Myers.

December 17, 2021

Acquisitions Retail South Carolina Southeast

Stiles Sells Publix-Anchored Retail Center in Charleston for $29M

by Julia Sanders December 17, 2021

CHARLESTON, S.C. — Fort Lauderdale, Fla.-based Stiles has sold Point Hope Commons, a 75,000-square-foot neighborhood shopping center in Charleston, to an undisclosed buyer for $29 million. Located at 1679 Clements Ferry Road, Point Hope Commons is situated about 20 miles from the College of Charleston, 13.6 miles from Charleston International Airport and 20 miles from the South Carolina Aquarium. The property was developed by Stiles in 2019. Anchored by Publix, the property was 92 percent leased at the time of sale to tenants including Roper St. Francis Healthcare, Heartland Dental and Cainhoy Veterinary Hospital. Point Hope Commons serves as the primary retail center for Cainhoy, a new mixed-use community that is planned to have up to 9,000 single-family homes and over 500 acres of retail, restaurants, multifamily and office projects. The property is under development and will be managed by the Daniel Island Development Co.

December 17, 2021

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