Southeast

Glenstar, Creek Lane Capital to Develop $415M Industrial Park in Upstate South Carolina

by John Nelson September 22, 2022

GAFFNEY, S.C. — Chicago-based Glenstar and Creek Lane Capital are partnering to develop Cherokee Commerce Center 85, a 3.6 million-square-foot industrial park in Gaffney. The developers plan to invest approximately $415 million to develop six separate facilities in multiple phases. Situated equidistant between Greenville, S.C., and Charlotte, the new industrial park will span 290 acres along I-85. The first two facilities — the 500,000-square-foot (expandable to 1.3 million square feet) Building Two and 278,200-square-foot Building Four — are expected to begin construction in January 2023, with delivery slated for fourth-quarter 2023. Master planning at Cherokee Commerce Center 85 shows potential for up to 1.7 million square feet under one roof to accommodate bulk industrial users. The Colliers industrial brokerage team of Garrett Scott, John Montgomery, Brockton Hall and Dillon Swayngim has been selected to handle leasing for the park.

September 22, 2022

Development Loans Multifamily Southeast Tennessee

Square Mile Capital Provides $162M Construction Loan for Society Nashville Apartment Tower

by John Nelson September 22, 2022

NASHVILLE, TENN. — Square Mile Capital has provided a $162 million construction loan for Society Nashville, a 16-story apartment tower located at 915 Division St. in the city’s Gulch district. The borrower is a development partnership between PMG, New Valley and RMWC. The developers also received $35 million in equity through CrowdStreet. Designed by Baker Barrios Architects, Society Nashville will rise 16 stories and include 502 residential units (both traditional and co-living), approximately 8,400 square feet of retail space and 485 parking spaces. Planned amenities include a pool with a pool deck, fitness center and coworking spaces. The developers plan to deliver Society Nashville in 2024.

September 22, 2022

Acquisitions Development Florida Multifamily Southeast

CBRE Brokers $122.6M Sale of Waterfront Development Site on South Florida’s Fisher Island

by John Nelson September 22, 2022

FISHER ISLAND, FLA. — CBRE has brokered the sale of a 6.5-acre site on Fisher Island, an island city in Miami-Dade County. An unnamed private investor purchased the development site, the last available waterfront parcel on Fisher Island, for $122.6 million. No future development plans were disclosed, but CBRE says the parcel is approved for condominium development. Timothy Gifford and Nilmaris Negron with CBRE represented the seller, also a private investor, in the transaction. The site offers unobstructed views of the Atlantic Ocean, Miami Beach, Biscayne Bay and downtown Miami’s skyline. Reached only by yacht, private ferry or helicopter, Fisher Island represents the wealthiest zip code in the United States, according to Gifford. The island features a members-only country club with a 35-hole golf course and racquet club, as well as two deep-water marinas, a 15-room boutique hotel for members and the historic Vanderbilt Mansion Clubhouse.

September 22, 2022

Acquisitions Georgia Retail Southeast

M Street, Highline Purchase Conyers Commons Shopping Center in Metro Atlanta for $17M

by John Nelson September 22, 2022

CONYERS, GA. — A joint venture between M Street Holdings and Highline Real Estate Capital has acquired Conyers Commons, a 118,916-square-foot shopping center in the Atlanta suburb of Conyers. The undisclosed seller sold the property for approximately $17 million, or $142.53 per square foot. Chris DeCoufle, Kevin Hurley and Matt Karempelis of CBRE brokered the transaction on behalf of the seller, and BankUnited provided acquisition financing for M Street and Highline. Conyers Commons represents the joint venture’s second transaction in the Atlanta market this year. Anchored by Ross Dress for Less and Bealls Outlet, Conyers Commons’ tenant roster includes pOpShelf, Smoothie King, Mattress Firm, CitiTrends, Panda Express and Kirkland’s. The property is shadow-anchored by Target and is situated adjacent to a 240-unit single-family neighborhood under construction.

September 22, 2022

Development Leasing Activity Office Southeast Tennessee

Velocis Completes $15M Renovation, Adds Tenants at Two Eleven Commerce Office Building in Downtown Nashville

by John Nelson September 22, 2022

NASHVILLE, TENN. — Velocis, a private equity real estate investment management firm, has recently completed the $15 million renovation of Two Eleven Commerce, a 233,341-square-foot office building located at 211 Commerce St. in downtown Nashville. Velocis purchased the 11-story office tower in spring 2020 with Lincoln Property Co., the third joint venture between the two Dallas-based firms. Built in 2000, the office building’s renovations include a two-story lobby with a new glass entry portal, contemporary conference center, integrated tenant lounge with indoor/outdoor seating, onsite catering kitchen and a fitness center with full locker rooms and showers. Other improvements throughout the office tower include upgraded and modernized elevators and elevator bays, exterior paint, new windows and a new gateless entry parking system in the building garage. Additionally, two new tenants are joining Two Eleven Commerce. Recruiting firm IQTalent leased the top three floors (67,000 square feet) and will have building signage, and burger chain Black Tap Craft Burgers & Beer is opening a restaurant on the ground level in spring 2023. Sarah Pettigrew, Bill Adair and Ashley Marshall of JLL are the leasing agents at Two Eleven Commerce. About 90,000 square feet is currently available at the office building, including about …

September 22, 2022

Development Hospitality Maryland Office Southeast

Marriott Opens New Corporate Headquarters and Flagship Hotel in Downtown Bethesda, Maryland

by John Nelson September 21, 2022

BETHESDA, MD. — Marriott International has opened its new global headquarters campus in downtown Bethesda. The hotel giant’s home base is a 21-story, 785,000-square-foot office tower that houses around 3,500 Marriott employees working from 2,842 workspaces (including offices, workstations and flexible spaces). The LEED Gold-certified tower had a six-year construction timeline, according to Marriott. The design-build team includes architectural firm Gensler and general contractors Hensel Phelps and Rand Construction. The Bernstein Cos. and Boston Properties jointly own Marriott’s campus. In addition to the office tower, Marriott’s corporate campus includes the new Marriott Bethesda Downtown at Marriott HQ hotel next door that also serves as Marriott’s testing ground for new concepts, design elements, service approaches and amenities via 13 model hotel rooms. Within the office tower, Marriott operates an 8,400-square-foot lab, as well as a test kitchen and bar for research-and-development purposes. Each office within the tower has views from the floor-to-ceiling windows, and all desks are equipped with sit-stand optionality and ergonomic chairs. The tower includes 180 meeting and collaboration areas, as well as an “associate growth center” on the top floor that offers staffers access to leadership development programs, skill development curriculum, guest speakers, new hire orientation and networking …

September 21, 2022

Development Florida Mixed-Use Multifamily Retail Southeast

Electra America, BH Group Unveil Plans for $1B Redevelopment of Southland Mall Site in Miami-Dade County

by John Nelson September 21, 2022

CUTLER BAY, FLA. — A few months after purchasing the former Southland Mall site in Cutler Bay for $100.4 million, owners Electra America (and affiliate American Landmark) and BH Group have unveiled plans for their $1 billion redevelopment of the 80-acre campus in Miami-Dade County. Named Southplace City Center, the mixed-use development will feature 4,395 residential units and over 500,000 square feet of retail space, with dining and entertaining venues at the existing mall and an additional 150,000 square feet of new retail space and outparcels for food-and-beverage operators, as well as a specialty grocer. Plans also call for a 150-room hotel, 60,000 square feet of medical office space, green spaces, man-made lakes, walking trails, bike and golf cart paths and transit access. The total project, to be completed over a seven-year time frame, is expected to create approximately 2,700 new jobs, according to Electra America and BH Group. The developers expect to break ground on the first residential building in mid-2023 and deliver the asset in early 2025, with rents starting at $2,500. The design-build team for Southplace City Center includes economic advisors Florida Economic Advisors, retail consultant CPH, master planner/designer MSA Architects Inc., landscape planner Insite Studio and …

September 21, 2022

Development Mixed-Use Restaurant Retail Southeast Tennessee

Southwest Value Partners, AEG to Open EVO Entertainment Venue at Nashville Yards

by John Nelson September 21, 2022

NASHVILLE, TENN. — Southwest Value Partners and AEG have executed an agreement with EVO Entertainment Group to open a new entertainment venue within Nashville Yards, an 18-acre mixed-use development in downtown Nashville. The destination, which represents the first Tennessee EVO location, will span 48,000 square feet within a 420,000-square-foot office building at Nashville Yards. Gary Shanks and Miller Fitts of JLL represented Austin-based EVO in the lease transaction. Slated to open in 2024, plans for EVO Entertainment Nashville Yards include a 12-screen dine-in cinema, eight lanes of bowling, kitchen and bar and private event spaces, as well as gaming and attractions, gravity ropes and virtual reality experiences. Other uses at Nashville Yards include an upcoming live music venue operated by AEG with a capacity for 4,500 guests; Amazon’s regional office towers; a multi-tenant office tower that will house headquarters for Pinnacle Financial Partners and Bass, Berry & Sims; shops and restaurants; seven acres of open plazas, courtyards and green space; and two hotels: the 591-room Grand Hyatt Nashville and the newly renovated Union Station Nashville Yards hotel.

September 21, 2022

Florida Loans Multifamily Northmarq Southeast

Northmarq Arranges $56M Loan for Fountainhead Apartments Under Construction in Jacksonville

by John Nelson September 21, 2022

JACKSONVILLE, FLA. — Northmarq has arranged a $56 million loan for Fountainhead, a 360-unit apartment community located at 7237 Corklan Drive in Jacksonville. The unnamed borrower will use the 10-year, fixed-rate loan to refinance a construction loan for the community, which is currently under construction and in lease-up. Ryan Whitaker of Northmarq arranged the interest-only loan through an unnamed life insurance company. Upon completion, amenities at Fountainhead will include a business center, clubhouse, lounge, 24-hour fitness center, resort-style swimming pool, playground, car care center, EV charging stations, fire pit, dog agility park, sundeck, grill, picnic area and onsite garages.

September 21, 2022

Acquisitions Louisiana Retail Southeast

Faris Lee, SRSA Broker $31.4M Sale of Single-Tenant New Orleans Store Net Leased to Whole Foods

by John Nelson September 21, 2022

NEW ORLEANS — Faris Lee Investments and SRSA Commercial Real Estate have brokered the $31.4 million sale of a single-tenant net-lease Whole Foods Market located at 5600 Magazine St. in New Orleans. The store, which is one of two Whole Foods in the city, is situated near Tulane University and was originally a street car barn constructed in 1893. Faris Lee’s Scott DeYoung and Jeff Conover, along with SRSA’s Steve Reisig, Chris Robertson and Kirsten Early, represented the undisclosed seller in the transaction. Jason Maier with Stan Johnson Co. represented the buyer, an unnamed East Coast investor that purchased the store in a 1031 exchange. Whole Foods recently executed a 15-year lease extension at the property, according to Faris Lee.

September 21, 2022

Newer Posts

Older Posts