Southeast

Avanti Way Capital Acquires Shoppes at Lake Mary in Metro Orlando for $8.4M

by Julia Sanders September 21, 2021

LAKE MARY, FLA. — Avanti Way Capital has acquired Shoppes at Lake Mary, a 37,685-square-foot shopping center located at 101 N. Country Club Road in Lake Mary. Avanti Way Capital purchased the 4.6-acre development from Miami-based real estate investment firm, Galium Capital, for $8.4 million. New York-based Morgan Stanley provided a $5.4 million acquisition loan for the sale. Dan Gorczycki and Peter Stobierski of TrueRate Services arranged the loan. Located off Lakeview Avenue and State Road 15, Shoppes at Lake Mary was originally built in 1985 and is situated about 19 miles from downtown Orlando. The shopping center was 94 percent leased at the time of sale to tenants including Lake Mary Dry Cleaners, Debs Kitchen, Lighthouse Seafood, Morganic Meats and Foxcase LLC. The property has 175 parking spaces. Avanti Way Capital is a Miami-based real estate asset management firm with roughly $1 billion worth of properties in Florida.

September 21, 2021

Development Industrial North Carolina Southeast

Frampton Construction Breaks Ground on 204,000 SF Industrial Building in Knightdale, North Carolina

by Julia Sanders September 20, 2021

KNIGHTDALE, N.C. — Frampton Construction Co. LLC has broken ground on the final building within Eastgate 540, an industrial park in the Raleigh suburb of Knightdale. The facility is the seventh building in the park and the fourth built by Frampton. Eastgate 540’s final building will be a 204,000-square-foot industrial facility with features including 32-foot clear heights, 50 dock doors and two drive-in doors. The property will feature concrete tilt walls and a structural steel frame. Eastgate 540 is located beside Interstate 540 in Raleigh’s East Wake submarket and totals 1.2 million square feet. The developer, Trinity Capital Advisors, has sold three buildings at Eastgate 540, and there are agreements in place for the disposition of the four remaining buildings once construction and delivery near completion. Merriman Schmitt Architects completed the design for the buildings, and Advanced Civil Design Inc. provided civil engineering services. Construction for the final building is expected to finish in May 2022.

September 20, 2021

Acquisitions Florida Office Southeast

JLL Arranges $37.3M Sale of Medical Office Property in South Florida

by Julia Sanders September 20, 2021

BOYNTON BEACH, FLA. — JLL has arranged the sale of 3301 Quantum, a 100,000-square-foot medical office property in Boynton Beach. Apex Capital purchased the property for $37.3 million. Hermen Rodriguez, Matthew McCormack, Ike Ojala and Max Lescano of JLL represented the seller, a partnership between Fox Ridge Capital LLC and developer/investors Joshua Schrager and Daniel Schwartz, in the transaction. 3301 Quantum is a two-story office building that was recently renovated in 2021. Improvements made by the previous ownership included elevators, HVAC systems, restrooms, common areas and roofing. The property is a single-tenant, triple-net leased property fully leased to NYU Grossman School of Medicine, which operates a division of the NYU Langone Health System onsite. The facility will soon house approximately 900 employees who facilitate the billing, scheduling and telemedicine services for the healthcare group. 3301 Quantum Blvd. sits on an 8.2-acre site within the Quantum Office Park in the center of Palm Beach County. The property is close to Interstate 95 and is located 15.1 miles from West Palm Beach.

September 20, 2021

Acquisitions North Carolina Retail Southeast

Katz Properties Retail Acquires Amberly Place Shopping Center in Cary, North Carolina for $28.4M

by Julia Sanders September 20, 2021

CARY, N.C. — Katz Properties Retail, a New York-based real estate firm, has acquired Amberly Place, a 77,675-square-foot shopping center located in Cary. Dennis Carson, Casey Rosen and Mike Burkard of CBRE represented the St. Petersburg, Fla.-based seller, The Sembler Co. The sales price was $28.4 million. Amberly Place is 98.6 percent leased and anchored by a 50,280-square-foot Publix grocery store. The Publix has been an anchor at Amberly Place since the property was constructed. Built in 2018, Amberly Place is situated at 10225 Green Level Church Road just two miles from Apple’s new Raleigh campus.

September 20, 2021

Acquisitions Kentucky Multifamily Southeast

Kirkland Negotiates Sale of 105-Unit Apartment Community in Bowling Green, Kentucky

by Julia Sanders September 20, 2021

BOWLING GREEN, KY. — The Kirkland Co. has negotiated the sale of The Enclave, a 105-unit multifamily complex located in Bowling Green. Brian Devlin, Brandon Wilson and John Seale of Kirkland brokered the transaction between the buyer, JBT Partners LLC, and the seller, Village Green Apartment Partners LLC. The sales price was $8 million. Built in 1964, The Enclave includes studios, one- and two-bedroom floorplans with a monthly rent range of $739 to $929, according to Apartments.com. The units include walk-in closets, granite countertops, stainless steel appliances and a patio. Community amenities include a pool, laundry facilities, grill, storage space and a property manager onsite. Located at 1132 Fairview Ave., the property is close to retailers including Burger & Bowl, Hibachi Grill & Supreme Buffet, China Express and Shell. The property is also about 0.3 mile from the Fairview Plaza Shopping Center.

September 20, 2021

Acquisitions Florida Multifamily Southeast

Marcus & Millichap Brokers $4M Sale of Apartment Property in Miami Beach

by Julia Sanders September 20, 2021

MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $4 million sale of Abbott Arms, a 25-unit apartment property located in Miami Beach. Evan Kristol and Felipe Echarte of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, Richard Shindler, the Trustee of Abbott Arms Trust. The buyer was not disclosed. Abbott Arms is made up on two separate properties that will be combined into one. Located at 7830 & 7834 Abbott Ave., Abbott Arms is situated 11.7 miles from downtown Miami. Built in 1963, 7830 Abbott Ave. is an eight-unit, two-story building. Built in 1940, the 7834 property is a 17-unit building. At both properties, the units feature a total of 16 one-bedroom units, eight two-bedroom units and one studio. The buildings sit on a corner site that includes three lots and has the potential to add 5,077 of rentable square feet. The community amenities for both properties include 12 onsite parking spaces, a pool, sundeck and basement for laundry and storage.

September 20, 2021

Industrial Market Reports Mississippi Office Southeast Southeast Market Reports Tennessee

Memphis is Well-Established for Industrial Owners and Users to Win

by John Nelson September 20, 2021

Momentum in the local industrial market has been maintained because of Memphis’ world-class infrastructure offering the “four Rs” of transportation: river, road, rail and runway. Thanks to Memphis’ central location, truck freight can reach 65 percent of the nation’s population in 24 hours. The Port of Memphis is the fifth-largest inland port in the United States and an east-west highway spans the width of the country. As home to FedEx Global Headquarters and a UPS hub, Memphis International Airport surpassed Hong Kong International Airport this year as the busiest cargo airport in the world. The direct vacancy rate of the metro industrial market went from 6.5 percent in 2020 to 4.8 percent by mid-2021. Currently, there is 13.7 million square feet of inventory under construction with over 75 percent of it being speculative. The demand and recent growth continue to improve in 2021. Net absorption is above 5.3 million square feet with tenants like Yeti, Walgreens, Hamilton Beach and Amazon moving into new facilities mid-year. Rents have also continued to rise faster than the national average in many years. The average rent growth over the past 12 months is 6.9 percent, or $4 per square foot. Large preleased facilities are …

September 20, 2021

Acquisitions Florida Multifamily Southeast

29th Street Capital Acquires Two Apartment Properties in Tampa Bay Area for $112M

by Julia Sanders September 17, 2021

TAMPA AND CLEARWATER, FLA. — 29th Street Capital (29SC) has acquired two apartment communities in the Tampa Bay area for $112 million. The properties, Henley Tampa Palms in Tampa and Enclave at Northwood in Clearwater, have a total of 503 units. Luis Elorza and Justin Hofford of NorthMarq represented the seller, Preston Giuliano Capital Partners, in the transaction. Mitch Sinberg, Brad Williamson, Justin Ownby and Wesley Moczul of Berkadia arranged $91 million in acquisition financing through PGIM Real Estate on behalf of 29SC. Trevor Arnholt of PGIM orginated the three-year, floating-rate loan with extension options. The loan includes $85.4 million in initial funding, with $6.1 million in future funding for capital improvements. Built in 1997, Henley Tampa Palms is located at 15350 Amberly Drive, and is about 20 miles from Tampa International Airport. The 315-unit property offers one-, two- and three-bedroom units with nine-foot ceilings, attached garages, oversized closets, stainless steel appliances, plank flooring, fireplaces and patios. Community amenities include a pool, fitness center, clubhouse, dog park and climate-controlled racquetball courts. Built in 1985, Enclave at Northwood is a 188-unit property with one-, two- and three-bedroom units. The units include a fireplace, hardwood floors, granite countertops, vaulted ceilings, walk-in closets, …

September 17, 2021

Acquisitions Development Industrial North Carolina Southeast

NorthPoint Development Purchases Land in Metro Charlotte for 676,000 SF Industrial Development

by Julia Sanders September 17, 2021

SALISBURY, N.C. — NorthPoint Development has purchased around 40 acres in Salisbury, about 36.5 miles north of Charlotte. NorthPoint bought the land in order to build I-85 Commerce Center, a speculative industrial project that will total 676,000 square feet. The seller and sales price were not disclosed. I-85 Commerce Center will feature 40-foot ceilings, 185-foot truck courts, auto and trailer parking, as well as immediate access to Interstate 85. The project is slated for completion by summer 2022. Avison Young will be in charge of leasing once the property is finished.

September 17, 2021

Georgia Leasing Activity Office Southeast

KBS Signs Lease Extension for Law Firm at Atlantic Station Office Property in Atlanta

by Julia Sanders September 17, 2021

ATLANTA — KBS, on behalf of PRIME US REIT, has signed a four-floor lease extension with business law firm Arnall Golden Gregory LLP for headquarters office space in Atlanta. The 510,268-square-foot, Class A office building is situated at 171 17th St. within Atlantic Station, a mixed-use village in Atlanta’s West Midtown district. Built in 2004, the office property is a 21-story building that includes an onsite café, EV car-charging stations, onsite carwash/detail, conference center and shuttle service, valet and outdoor tenant patio amenity space. KBS recently completed several improvements to 171 17th Street, including transforming the café, changing the patio into an outdoor tenant lounge and completing an upgrade to the conference room. The property is also the first LEED Silver Core & Shell-certified building constructed in the world, according to KBS. The property is part of Singapore-based PRIME US REIT’s portfolio. Newport Beach, Calif.-based KBS serves as the U.S.-based asset manager for the portfolio. Glenn Kolker and Sonia Winfield of Cushman & Wakefield represented KBS in the lease transaction. Greg Katz and Taylor Senter of Newmark represented the tenant.

September 17, 2021

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