Southeast

IPA Brokers $10.7M Sale of Cherrydale Market Shopping Center in Greenville

by John Nelson July 15, 2022

GREENVILLE, S.C. — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the $10.7 million sale of Cherrydale Market, a newly built, 70,635-square-foot shopping center in Greenville. The property houses three tenants: Burlington, Ulta Beauty and Five Below. Zach Taylor of IPA arranged the transaction on behalf of the seller, an entity doing business as Cherrydale 245 LLC. The buyer was Agree Realty, a net lease retail REIT based in Bloomfield Hills, Mich. “We procured the equity for the developer to get the property out of the ground and sourced an active REIT willing to commit to a pre-sale during construction,” says Taylor.

July 15, 2022

Acquisitions Maryland Retail Southeast Virginia

Klein Enterprises Acquires Nine-Property Shopping Center Portfolio in Mid-Atlantic

by John Nelson July 14, 2022

BALTIMORE — Klein Enterprises, an investment and development firm based in Baltimore, has purchased a portfolio of nine grocery-anchored shopping centers in the Mid-Atlantic. The portfolio spans 800,000 square feet of retail space and was 80 percent leased at the time of sale. Cedar Realty Trust sold the portfolio for an undisclosed price in conjunction with the broader asset acquisition of Cedar’s grocery-anchored portfolio by a joint venture between DRA Advisors and KPR. United Bank provided an undisclosed amount of debt financing for the acquisition. As part of the transaction, Klein is acquiring seven stabilized shopping centers and two centers actively under redevelopment: Valley Plaza in Hagerstown, Md., and Yorktowne Plaza in Cockeysville, Md. The other seven centers in the portfolio include: • The Shoppes Arts District located in Hyattsville, Md. • Oakland Mills located in Columbia, Md. • Elmhurst Square located in Portsmouth, Va. • General Booth Plaza located in Virginia Beach, Va. • Kempsville Crossing located in Virginia Beach, Va. • Oak Ridge Shopping Center located in Suffolk, Va. • Swede Square located in East Norriton, Pa.

July 14, 2022

Acquisitions Georgia Multifamily Southeast

Westside Capital Buys Lofts at Twenty25 Apartments in Atlanta for $136M

by John Nelson July 14, 2022

ATLANTA — Miami-based Westside Capital Group has purchased The Lofts at Twenty25, a 16-story high-rise apartment tower located at 2025 Peachtree Road in Atlanta. The unnamed developer sold the 623-unit property, which was originally built in 1951 and completely redeveloped in 2021, for $136 million. Situated between Atlanta’s Buckhead and Midtown districts, Lofts at Twenty25 features one-bedroom apartments ranging from 430 square feet to 600 square feet. Unit interiors feature eight- to 10-foot ceilings, wood-style plank flooring, quartz countertops and stainless steel appliances, walk-in closets and barn-style doors. Amenities include a 5,000-square-foot fitness center, swimming pool, movie theater, convenience store and coffee shop, dog park and dog wash, swimming pool, billiards and game room, office and conference rooms, bike storage, putting green, laundry facility and dry cleaning service, EV charging stations and 405 parking spaces.

July 14, 2022

Acquisitions Industrial North Carolina Southeast

Cushman & Wakefield Brokers $64M Sale of New Distribution Center in Winston-Salem

by John Nelson July 14, 2022

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.

July 14, 2022

Development Georgia Industrial Leasing Activity Mixed-Use Southeast

Jamestown Signs Defense Tech Firm to 180,000 SF Industrial Lease in Atlanta

by John Nelson July 14, 2022

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.

July 14, 2022

Acquisitions Alabama Retail Southeast

GBT Realty Sells 188,406 SF McFarland Plaza Shopping Center in Tuscaloosa

by John Nelson July 14, 2022

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.

July 14, 2022

Development Florida Mixed-Use Office Retail Southeast Top Stories

Helm Equities Announces Plans for $300M Office Building in Miami’s Design District

by Katie Sloan July 14, 2022

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. …

July 14, 2022

Features Loans Southeast Southeast Feature Archive

Borrowers, Lenders Reach an ‘Inflection Point’ in the Wake of Rising Inflation and Interest Rates

by John Nelson July 14, 2022

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 …

July 14, 2022

Acquisitions Florida Industrial Office Southeast

Levy Realty Advisors Arranges $50M Sale of Pelican Bays Warehouse Complex in South Florida

by John Nelson July 13, 2022

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.

July 13, 2022

Development Georgia Mixed-Use Office Southeast

Selig Opens 70,000 SF Adaptive Reuse Office Building at The Works in Atlanta

by John Nelson July 13, 2022

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.

July 13, 2022

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