Southeast

Subtext Breaks Ground on 15-Story Multifamily Property in Midtown Nashville

by John Nelson September 2, 2022

NASHVILLE, TENN. — Subtext, a residential development firm, has broken ground on LOCAL Midtown, a 15-story apartment building located at 1904 Hayes St. in Nashville’s Midtown district. The property will comprise 307 apartments in a mix of studios, one-, two- and three-bedroom layouts. Designed by Dynamik Design, LOCAL Midtown will feature 10,000 square feet of amenity space, including a coffee bar and micro-market on the first floor, music studio and recording booth on the fifth floor and several spaces on the sixth floor, such as a media lounge, speakeasy, collaboration spaces, gaming room, fitness center with coach-led classes, library and outdoor amenity deck with a swimming pool. The 15th floor will feature a sky lounge and deck with views of downtown Nashville. A five-level covered parking garage will also be available to residents. The general contractor, Brinkmann Constructors, expects to deliver LOCAL Midtown in 2024. Subtext and Brinkmann recently completed LOCAL Boise in Idaho. The new venture is the first Nashville project for both St. Louis-based firms.

September 2, 2022

Development Industrial North Carolina Southeast

Choate Begins Construction on NASCAR Broadcast Facility in Metro Charlotte

by John Nelson September 2, 2022

CONCORD, N.C. — Choate Construction has broken ground on a new broadcast facility for NASCAR in Concord, a northeast suburb of Charlotte. The racing organization is moving its live event productions operations from Charlotte to the new 58,000-square-foot facility, which is situated near NASCAR’s existing research-and-development property. The new tilt-wall concrete facility will house NASCAR’s TV and radio production studios, as well as a broadcast equipment room, mechanical system and chemical fire suppression systems. NASCAR’s live event production operation has more than doubled in size since 2018, according to the organization. The project team includes Redline Design Group, ACRO Development Services, Barrett Woodyard and Associates Inc. and Bennett & Pless Inc.

September 2, 2022

Development Florida Industrial Southeast

Graham & Co. to Develop 250,800 SF Industrial Project in Jacksonville

by John Nelson September 2, 2022

JACKSONVILLE, FLA. — Birmingham, Ala.-based Graham & Co. has purchased 21 acres in Jacksonville’s Westside submarket for the development of a two-building, 250,800-square-foot warehouse and distribution center project. Named after its location, W. 12th/Edgewood Logistics Center is slated to break ground in early 2023 and wrap up construction by the end of the year. Equity partners in the deal include private equity firm Graham Capital and a local investment group led by Sam Easton. The industrial facilities will feature 32-foot clear heights, ESFR sprinklers and a concrete tilt-wall construction and can accommodate tenants from 25,000 square feet to full-building occupiers, according to Graham & Co. The project team includes The Conlan Co. and Randall-Paulson Architects as the project’s design/build team, and England-Thims & Miller will serve as the civil engineer. SouthState Bank is providing construction financing. Mark Scott, John Cole and Andrew Hawkins of Foundry Commercial will market the property for lease. The land acquisition marks the third transaction by Graham & Co. in Jacksonville’s Westside submarket since 2021.

September 2, 2022

Kentucky Leasing Activity Office Southeast

Inxeption Opens 18,000 SF Office at PNC Tower in Downtown Louisville

by John Nelson September 2, 2022

LOUISVILLE, KY. — Inxeption, a Silicon Valley-based industrial commerce and supply chain digitization firm, has opened its new offices at PNC Tower in downtown Louisville. The firm, which supports software and several apps for the logistics industry, is occupying 18,000 square feet on the 29th floor. Inxeption says the new regional headquarters space will be able to accommodate up to 200 employees over the next five years. Kentucky Gov. Andy Beshear and Louisville Mayor Greg Fischer are scheduled to appear at a ribbon-cutting ceremony for the office. Inxeption’s operations, sales and technology employees at PNC Tower will have immediate access to the nearby Fourth Street Live! and Louisville Slugger Field, home of the Louisville Bats Minor League Baseball team. “In the last two years, Inxeption has integrated itself into the business community in Louisville, a crucial logistics hub,” says Josh Allen, Inxeption’s chief compliance officer and first Louisville employee. “We continue to undergo substantial growth, so we have strategically renewed our commitment to the city by relocating to a space that can scale as we expand our supply chain operations in support of more industrial businesses.” The new offices come on the heels of Inxeption’s latest financing round at a …

September 2, 2022

District of Columbia Southeast

US Economy Adds 315,000 Jobs in August, Unemployment Rate Rises to 3.7 Percent

by John Nelson September 2, 2022

WASHINGTON, D.C. — Total U.S. nonfarm payroll employment rose by 315,000 in August, and the unemployment rate ticked up to 3.7 percent, according to the U.S. Bureau of Labor Statistics (BLS). While in line with Dow Jones economist estimates of 318,000 jobs, August represents the second-lowest monthly gain since April 2021, according to CNBC. Additionally, the 20-basis-point increase in the unemployment rate is the first monthly hike this year. The change in total nonfarm payroll employment for June was revised down by 105,000 jobs, from 398,000 to 293,000, and the change for July was revised down by 2,000, from 528,000 to 526,000, according to the BLS. Professional and business services led all employment sectors in hiring with 68,000 added jobs in August. Healthcare employment rose by 48,000, the retail sector added 44,000 jobs, manufacturing added 22,000 and financial activities added 17,000 jobs. Employment rose in the leisure and hospitality sector by 31,000, which is down significantly from its monthly average in 2022 of 90,000 jobs.

September 2, 2022

Acquisitions Industrial North Carolina Southeast

Cushman & Wakefield Brokers $36.9M Sale of Union Cross Industrial Center in Winston-Salem

by John Nelson September 1, 2022

WINSTON-SALEM, N.C. — Cushman & Wakefield has brokered the sale of Union Cross Industrial Center, a two-building industrial portfolio located at 4980 and 4991 Millennium Drive in Winston-Salem. Front Street Capital sold the 340,000-square-foot portfolio to Westcore for $36.9 million. 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. Both assets were built in 2019 and were fully leased at the time of sale to single tenants. Earlier this summer, Front Street also sold the nearby, 610,000-square-foot Union Cross Distribution Center for $64 million. Cushman & Wakefield brokered that deal as well.

September 1, 2022

Development Florida Multifamily Southeast

Empira Group to Develop 85-Unit Apartment Community in Miami

by John Nelson September 1, 2022

MIAMI — Swiss investment firm Empira Group has purchased a half-acre site west of Miami’s Brickell district for the development of CoralGrove Brickell, an 85-unit apartment community. The asset will be situated in the city’s The Roads neighborhood upon completion, which is anticipated for 2025. Max La Cava, Simon Banke and Danielle Fernandez of JLL brokered the land sale on behalf of the seller, an unnamed investment firm based in South America. Empira plans to demolish the existing apartments on the site by the end of the year and break ground on the new apartment project in the second half of 2023. Designed by Revuelta Architecture International, CoralGrove Brickell will comprise one-, two-, and three-bedroom apartments, as well as a fitness center, rooftop pool, gourmet kitchen and a game room. The property will also feature 900 square feet of retail space on the ground floor.

September 1, 2022

Leasing Activity Office Southeast Tennessee

Serendipity Labs to Open Flexible Office Suites at L&C Tower in Nashville, Taps Stream Realty to Lease

by John Nelson September 1, 2022

NASHVILLE, TENN. — Serendipity Labs, a flexible and coworking operator based in New York, plans to open and operate customizable office suites and supporting services at L&C Tower, an office building located at 159 4th Ave. N in downtown Nashville. The firm will bring two team speculative suites on the second floor spanning 4,800 and 5,800 square feet, which can house 24 and 29 employees, respectively. Additionally, Serendipity Labs will open a traditional office space spanning 10,500 square feet on the third floor that will offer a dedicated café space, several meeting rooms and work-lounge areas that can accommodate 100-plus employees. These spaces can support entrepreneurs looking for a single office or companies and teams looking for flexible and collaborative spaces. Tenants will also be able to access L&C Tower’s existing amenities, including concierge services, a fitness center, conference facilities and a private room with a Main Distribution Frame for secure Wi-Fi connectivity. Additionally, Serendipity Labs has selected Stream Realty Partners as its exclusive brokerage partner to help lease these spaces. Multiple spaces are available with month-to-month terms for up to 24 months.

September 1, 2022

Acquisitions Florida Retail Southeast

IPA Arranges $22.3M Sale of Grocery-Anchored Shopping Center in Plantation, Florida

by John Nelson September 1, 2022

PLANTATION, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $22.3 million sale of Plantation Crossings, a 70,369-square-foot shopping center located in the South Florida city of Plantation. Kirk Olson and Drew Kristol of IPA, along with Barry Wolfe of Marcus & Millichap, represented the seller, an entity doing business as Plantation Crossings LLC, and procured the buyer, Azora Exan – USA, in the transaction. The property was developed in 1999 and is home to tenants including Aldi, My Salon Suite, Sherwin-Williams, Concentra Health, Fitness System and Family Eye Center.

September 1, 2022

Acquisitions North Carolina Office Southeast

Equus Sells 234,670 SF Rotunda Office Building in Charlotte

by John Nelson September 1, 2022

CHARLOTTE, N.C. — Equus Capital Partners Ltd. has sold The Rotunda, a four-story, 234,670-square-foot office building located in Charlotte’s SouthPark submarket. An institutional real estate investment fund manager based in Atlanta purchased the property for an undisclosed price. Ryan Clutter and Chris Lingerfelt of JLL represented the metro Philadelphia-based seller, which sold the property via its Equus Investment Partnership X LP investment vehicle. Equus purchased The Rotunda in 2017 and completed a $4.5 million renovation in 2019 that comprised upgrades to the restrooms, main building lobby, upper floor elevator lobbies, elevator cab interiors, lighting in the portico, cooling tower replacement, creating a new amenity space and activating a 4,500 square-foot outdoor patio on the building’s south side that overlooks Symphony Park. Built in 1998, The Rotunda features a two-level parking deck, conference center, outdoor seating areas, onsite property management and a restaurant, Village Tavern.

September 1, 2022

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