Southeast

Stan Johnson Co. Brokers $3.3M Sale of Thomson Plaza Shopping Center Near Augusta, Georgia

by Julia Sanders October 5, 2021

THOMSON, GA. — Stan Johnson Co. has brokered the sale of Thomson Plaza, a 96,495-square-foot retail center located at 308-324 W. Hill St. in Thomson, about 33 miles west of Augusta. Doug Clyburn and Julie Clyburn of Stan Johnson Co. represented the seller, an entity doing business as Thomson Plaza LLLP, which had owned the grocery-anchored property for over 49 years. A private 1031 exchange buyer from Statham, Ga., purchased the shopping center for approximately $3.3 million. Thomson Plaza is a KJ’s Market-anchored community center situated on more than 10.5 acres. The retail center was 98 percent leased at the time of sale to 13 tenants including Bealls Outlet, Family Dollar, Aaron’s and Subway. Built in 1972, the property had renovations done in 1990.

October 5, 2021

Acquisitions Office Retail Southeast Virginia

Kroger Sells Former Regional Headquarters Office in Roanoke for $3.1M

by Julia Sanders October 5, 2021

ROANOKE, VA. — Kroger LP I has sold its former regional headquarters located at 3631 Peters Creek Road in Roanoke. Fenton Childers and Austin Newman of S.L. Nusbaum Realty Co. represented Kroger in the transaction. The buyer, Roanoke-based The Branch Group Inc., purchased the property for $3.1 million. Steve Zegarski and Jason Fountain of Waldvogel Commercial Properties Inc. represented the buyer. Built in 1983, the 58,690-square-foot, two-story office building sits on 9.5 acres and functioned as Krogers regional headquarters for the Mid-Atlantic division. Kroger occupied the property until 2020.

October 5, 2021

Affordable Housing Development District of Columbia Multifamily Southeast

Enterprise Community Development Reopens $51M Affordable Housing Community in D.C.

by Julia Sanders October 4, 2021

WASHINGTON, D.C. — Enterprise Community Development (ECD) has reopened Randle Hill Apartments, a $51 million affordable housing property in Washington, D.C.’s Congress Heights neighborhood that was recently renovated. The property includes 195 apartments, including 20 set aside for formerly homeless individuals and families. Located at 3300 6th St. SE, Randle Hill is a nine-building complex with one-, two- and three-bedroom units. The renovations on the property include updated kitchens and bathrooms, new HVAC units, enhanced light fixtures and energy-efficient features. In addition, the property includes onsite resident services such as workforce development, case management, educational and financial literacy programs. ECD made sure no residents of Randle Hill were displaced during renovations. District of Columbia Housing Finance Agency provided $25 million in bonds of construction financing and Bank of America provided a $26.5 million loan. Additional financing included $17.3 million from DCHFA’s HUD Risk Share program, $13 million from District’s Housing Production Trust Fund program, a $650,000 predevelopment loan from Neighborworks Capital and $15.3 million in low-income housing tax credit equity from Enterprise Housing Credit Investments LLC to support the development on behalf of Bank of America. Community Housing Capital provided an initial acquisition loan of nearly $17.8 million. Associates Architects …

October 4, 2021

Development Maryland Office Southeast

Cushman & Wakefield Announces $10M Redevelopment Project for Office Property in Bethesda

by Julia Sanders October 4, 2021

BETHESDA, MD. — Cushman & Wakefield has announced an over $10 million capital improvement program for 4800 Hampden Lane, a Class A, 185,000-square-foot office building located in Bethesda. New York-based Anne and Bernard Spitzer Charitable Trust owns the office property. 4800 Hampden Lane is a 12-story building that features terraces exclusive to tenants, six elevators, 24/7 security, onsite garage parking and onsite property management. The property is located close to the Capital Crescent Trail, an off-road trail that runs from Georgetown in Washington, D.C. to Bethesda. The property is currently 95 percent leased to tenants including Boston Consulting Group, Paley Rothman, Salamandra, EYA and Declaration Partners. The redevelopment of 4800 Hampden Lane will include the addition of a new conference center; new fitness center, including private/dedicated workout kiosks and separate locker rooms with towel service; a new bike storage facility; upgraded lobby and enhancements to the façade. Renovations at the property will begin within the next two months and are slated to be complete by fall 2022. Michael Katcher and Katie Datin of Cushman & Wakefield are the exclusive leasing brokers for the property.

October 4, 2021

Acquisitions Georgia Retail Southeast

JLL Arranges $16 Million Sale of Kroger-Anchored Retail Center in Metro Atlanta

by Julia Sanders October 4, 2021

ATLANTA — JLL Capital Markets has arranged the $16 million sale of Main Street South Fulton, a 129,449-square-foot, Kroger-anchored shopping center in the Atlanta neighborhood of South Fulton. Main Street South Fulton is fully leased to retailers including Dollar Tree, Rainbow USA, Pizza Hut and Subway. Located at 6055 Old National Highway, the shopping center is approximately three miles south of Hartsfield-Jackson Atlanta International Airport. Brad Buchanan, Jim Hamilton and Andrew Kahn of JLL represented the seller, Atlanta-based M&P Shopping Centers, in the transaction. Benjamin Bruner of the Bruner Group represented the buyer, New York City-based Irgang Group Inc.

October 4, 2021

Acquisitions Georgia Industrial Southeast

MDH Partners Acquires 48,975 SF Industrial Building in Atlanta’s Upper Westside

by Julia Sanders October 4, 2021

ATLANTA — MDH Partners has acquired 1500 Marietta Blvd., a 48,975-square-foot industrial building located in Atlanta’s Upper Westside. The transaction is a sale-leaseback deal with the tenant, Ideation. The sales price was $6.2 million. Ideation, a wholesale bakery based in Atlanta that was previously known as H&F Bread Co. signed a three-year lease with MDH at the Class B, infill industrial facility. The property is located close to Interstate 75 and the Interstate 285 loop. The facility also sits adjacent to Tilford Yard, where TPA Group is set to develop 77 acres on behalf of Amazon, including a 220,000-square-foot delivery station. Ideation provides research, development, manufacturing and packaging solutions for restaurants, hotels, grocers and caterers. MDH Partners is an Atlanta-based real estate investment company.

October 4, 2021

Development Florida Retail Southeast

Frontier Cos. Breaks Ground on New Retail Development in Fort Pierce, Florida

by Julia Sanders October 4, 2021

FORT PIERCE, FLA. — Miami-based Frontier Cos. has broken ground on a new retail development located in Fort Pierce. Located 5000 Okeechobee Road, the 10,750-square-foot retail center will include a 3,750-square-foot Aspen Dental, a 3,500-square-foot CareNow urgent care clinic and another 3,500-square-foot space for a future tenant. The plaza is being built on a 1.6-acre lot and will include 87 parking spaces. A Cowboys BBQ & Steak restaurant previously occupied the development site.

October 4, 2021

Development District of Columbia Office Southeast Top Stories

Skanska Invests $216M for Development of Office Project in Downtown Washington, D.C.

by Kristin Harlow October 4, 2021

WASHINGTON, D.C. — Swedish developer Skanska is investing $216 million in U.S. dollars for the development of 17xM, an 11-story office project in the central business district of Washington, D.C. Located at the intersection of 17th and M streets, the building will span 334,000 square feet. Construction is scheduled to begin this fall with completion slated for 2024. More than 50 percent of the project is pre-leased. Global law firm Gibson, Dunn & Crutcher LLP has signed a 16-year lease at the property. Skanska is pursuing LEED Gold and Fitwel certifications for the building. Currently, 17xM is the first WiredScore SmartScore-certified office building in North America, according to the developer. The certification assesses a smart building for both its user functionality and technological foundation. Plans call for MERV-13 air filtration, air quality censors, touchless access and other sustainable and wellness-focused features. MERV refers to minimum efficiency reporting value, which measures how effectively a filter stops dust and other contaminants from passing through the filter and into the air. Amenities will include a covered drop-off area, lobby attendant, rooftop conference area, rooftop lounge, 5,500-square-foot fitness center, bicycle room and outdoor terraces. Kohn Pedersen Fox Associates is the project architect. CBRE is …

October 4, 2021

Florida Industrial Market Reports Southeast Southeast Market Reports

By the Numbers: Orlando’s Industrial Fundamentals Remain Strong

by John Nelson October 4, 2021

Orlando’s industrial market emerged from the early panic of 2020 in solid shape, and both occupier and investment activity have continued in earnest ever since. While the preceding year has brought its share of pandemic-induced challenges to the Orlando market, the industrial sector itself has not been adversely affected, other than by labor shortages and the escalating prices of construction materials for new development. Sector fundamentals remain strong, with healthy leasing and positive net absorption of space, robust tenant activity and continued speculative development that is focused primarily along the 429 Corridor and in the Orlando Central Park and Airport/Southeast submarkets. Economic fundamentals are also sound. The unemployment rate in Orlando as of June 2021 was 6 percent, down an impressive 1,300 basis points from the height of pandemic unemployment in May 2020. Oxford Economics projects that Orlando is expected to see job growth of 2.1 percent in 2021, 9.1 percent in 2022 and should recover all of its lost jobs by third-quarter 2022, a majority of which are in the leisure and hospitality sector. Central Florida is the state’s fastest-growing region, and the U.S. Census Bureau expects its growth to outpace South Florida by a factor of two to …

October 4, 2021

Acquisitions Florida Loans Multifamily Southeast

Mesa West Capital Provides $77M Acquisition Loan for Apartment Community in Delray Beach, Florida

by Julia Sanders October 1, 2021

DELRAY BEACH, FLA. — Mesa West Capital has provided a $77 million loan for the acquisition of Alta Congress, a 369-unit multifamily property in Delray Beach. The borrower is an undisclosed, privately held real estate management and development firm. Built in 2013, Alta Congress, which has been rebranded as Congress Grove Apartments, is a four-story apartment community. The asset offers studio, one-, two- and three-bedroom apartments with stainless steel appliances, hardwood style plank flooring, breakfast bars, granite countertops, walk‐in closets, in‐unit stackable washers/dryers and hurricane impact-resistant windows. Community amenities include a fitness center, clubhouse, lounge, dog park, green courtyards, package room and a heated pool with cabana seating. Located on 9.3 acres at 250 Congress Park Drive, the property was 96 percent leased at closing. The property is 8.9 miles from Boca Raton, seven miles from the Boca Raton Airport and 12.3 miles from Deerfield Beach. Purvesh Gosalia of Newmark Knight Frank arranged the five-year, floating-rate, non-recourse loan.

October 1, 2021

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