Southeast

Property Income Advisors Redevelops 110,500 SF Life Sciences Campus in Raleigh

by Julia Sanders September 9, 2021

RALEIGH, N.C. — Property Income Advisors Inc. is redeveloping 540 Tech Center, a 110,500-square-foot life sciences property in Raleigh. Located at 4912-4924 Green Road, 540 Tech Center is a two-building property that allows for research and development, office, flex and warehouse users. 540 Tech Center’s amenities include multiple entry points, a 4.3 per 1,000 square feet parking ratio, one dock door per building and two onsite generators. Property Income Advisors changed the name of 540 Tech Center from its previous name, which was the address of the building. The firm also is currently making renovations to the property, including parking lot upgrades, landscape improvements, new monument signage, exterior paint, modernized restrooms and adding a new leasing center. The newly renovated buildings will have open ceilings and expansive floor plates with one of the twin buildings ready for tenant improvements to commence by the end of the year. As of October 2021, the property will be fully vacant. Built in 1983, the previous tenant was Conduent. Mac Hammer, Kent Honeycutt and Stacy Mbithi of Cushman & Wakefield will oversee leasing at the property.

September 9, 2021

Acquisitions Retail Southeast Virginia

Cushman & Wakefield Arranges $46.8M Sale of Trader Joe’s-Anchored Shopping Center in Richmond

by Julia Sanders September 9, 2021

RICHMOND, VA. — Cushman & Wakefield has arranged the sale of Short Pump Station, a 91,369-square-foot, grocery-anchored shopping center in Richmond. Wafra Inc., a global alternative investment manager, purchased the property for $46.8 million. Located at 11800 West Broad St., Short Pump Station is situated about 15.4 miles from downtown Richmond and is close to Route 288 and Interstates 64 and 295. The retail center is anchored by Trader Joe’s, Ulta Beauty and Petco, and was 91 percent leased at the time of sale. John Owendoff of Cushman & Wakefield represented the sellers, a joint venture between BayNorth Capital and AmCap Inc. Michael Zelin and Marshall Scallan of Cushman & Wakefield secured an undisclosed amount of acquisition financing for the buyer through an undisclosed life insurance company.

September 9, 2021

Acquisitions Mixed-Use North Carolina Southeast

CBRE Facilitates $32.7M Sale of Tranquil Court Mixed-Use Property in Midtown Charlotte

by Julia Sanders September 9, 2021

CHARLOTTE, N.C. — CBRE has facilitated the sale of Tranquil Court, a 62,983-square-foot mixed-use property located in Charlotte’s Midtown submarket. Childress Klein Properties and Gottesman Real Estate Partners acquired the property from Asana Partners for $32.7 million. The acquisition is the second joint venture between Childress Klein and Gottesman Real Estate Partners. Located at 2820 Selwyn Ave., Tranquil Court is situated about 4.4 miles from downtown Charlotte and is fully leased to a mix of 20 retail and office tenants. Built in 2009, the five-story property is adjacent to a residential property called Tranquil Court on Selwyn, which offers 104 residential units within four stories. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller in the transaction.

September 9, 2021

Kentucky Leasing Activity Retail Southeast

Publix Enters Kentucky With 55,702 SF Lease at Terra Crossing Development in Louisville

by Julia Sanders September 9, 2021

LOUISVILLE, KY. — Publix Super Markets Inc., a Florida-based grocery store chain, has signed a 55,702-square-foot lease at the Terra Crossing development located at the northwest corner of Terra Crossing Boulevard and Old Henry Road in Louisville. This location will be Publix’s first store in Kentucky. With the new Louisville location, Publix has over 1,280 stores now in eight states across the Southeast and Mid-Atlantic. The Terra Crossing shopping center will soon be under construction. The 10-acre retail project will include the Publix and an additional 4,800 square feet of in-line retail space, as well as two outparcels. Skiken Gold is the developer for the project and expects to break ground in the spring of 2022. Terra Crossing will feature a Publix supermarket and an adjacent Publix Liquors store that will offer beer, wine and spirits. The Publix Liquors store will be the first location outside the state of Florida. The grand opening date has yet to be determined, however the store is anticipated to open during the fourth quarter of 2023.

September 9, 2021

Development Georgia Industrial Southeast

TireHub Opens Logistics Center in Metro Atlanta

by Julia Sanders September 9, 2021

KENNESAW, GA. — TireHub, the Atlanta-based national tire distributor cofounded by Bridgestone Americas Inc. and The Goodyear Tire & Rubber Co., has opened its new TireHub Logistics Center in Kennesaw. Relocated from Lawrenceville to Chastain Road, the Kennesaw TireHub Logistics Center will serve as a distribution center for the company. The relocation to Kennesaw will allow TireHub to reach customers in west Atlanta and surrounding areas, while the Norcross and Chattanooga logistics centers are meant to take care of customers in north Georgia. The Kennesaw location will hold 65,000 tires and employ 20 logistics specialists. TireHub operates 71 logistics centers in the United States offering full passenger and light truck tire product lines from the Goodyear and Bridgestone companies.

September 9, 2021

Florida Healthcare Seniors Housing Southeast Top Stories

Highgate Capital, Aurora Health to Buy 300-Property Healthcare Portfolio in Deal Valued at $3.2B

by Katie Sloan September 9, 2021

BOCA RATON, FLA. — DigitalBridge (NYSE: DBRG) has agreed to sell its entire wellness portfolio, consisting of 300 seniors housing, skilled nursing, medical office and hospital properties, in a deal valued at $3.2 billion. The buyers are Highgate Capital Investments and Aurora Health Network. Before announcing its rebrand to DigitalBridge in June, the Boca Raton-based real estate investment trust (REIT) was formerly known as Colony Capital. The sale is the final step of the company’s conversion of its portfolio to all digital infrastructure properties, such as cell towers and data centers. The $3.2 billion includes $226 million in cash, a $90 million seller note and the assumption of $2.9 billion in debt. “Having completed our digital transformation in less than two years, this final step will allow us to emerge as the pure-play, fast-growing digital infrastructure REIT we envisioned from day one,” says Marc Ganzi, president and CEO of DigitalBridge. The portfolio includes DigitalBridge’s equity interest in and management of its sponsored, non-traded REIT, NorthStar Healthcare Income Inc. The company merged with NorthStar in 2016, with the combined REIT valued at a total capitalization of $17 billion at that time. The sale is expected to close in early 2022, subject …

September 9, 2021

Acquisitions Georgia Multifamily Southeast

FCP Purchases Three Apartment Communities in Metro Atlanta for $116M

by Julia Sanders September 8, 2021

CHEVY CHASE, MD. — FCP, a Chevy Chase, Md.-based real estate investment firm, has purchased three metro Atlanta apartment communities for $116 million. The three properties are Springdale Glen, Sierra Forest and Hawthorne at Sugarloaf apartment communities in Clarkston, Mableton and Lawrenceville, respectively. Shelton McNally Real Estate Partners was the seller for Springdale Glen apartments and MSC Investments was the seller for Sierra Forest. The seller for Hawthorne at Sugarloaf was not disclosed. Built in 1973, Springdale Glen features 276 one-, two- and three-bedroom units. Located at 3800 Brockett Trail in Clarkston, the garden-style and workforce community is located about 2.9 miles from Interstate 285. Community amenities include a pool, playground and a dog park. The property was about 92 percent occupied at the time of sale. Located at 6660 Mableton Parkway SE in Mableton, Sierra Forest includes 272 one-, two- and three-bedroom apartments just off Interstate 20. Built in 1973, the workforce housing property is situated close to the Fulton Industrial Corridor and is 12.6 miles from downtown Atlanta. Community amenities include a grilling area, playground and a property manager onsite. The property was roughly 91 percent occupied at the time of sale. Built in 2007, Hawthorne at Sugarloaf …

September 8, 2021

Acquisitions Florida Multifamily Southeast Student Housing

CBRE Arranges $31.4M Sale of Boardwalk at Morris Bridge Student Housing Community in Tampa Bay Area

by Julia Sanders September 8, 2021

TEMPLE TERRACE, FLA. — CBRE has arranged the sale of Boardwalk at Morris Bridge, a 146-unit student housing property in the Tampa Bay area. Brooklyn, New York-based NorthEnd Equities purchased the property from Los Angeles-based Buff Management for $31.4 million. Michael Regan and Francesco Carriera of CBRE represented both the buyer and seller in the transaction. Built in 2001, Boardwalk at Morris Bridge is located at 8800 Boardwalk Trail Drive in Temple Terrace. The property is situated 2.9 miles from the University of South Florida and 4.8 miles from James A. Haley Veterans’ Hospital. The property offers two- and four-bedroom units with an average square footage of 1,548 square feet. All units are fully furnished and include living rooms with two sofas, coffee/end tables and a TV mounted to the wall. Community amenities include a swimming pool, fitness center, movie theater, study room, video game room and a hot tub. The property was 89 percent occupied at the end of July, and rents range from $1,360 to $2,400.

September 8, 2021

Acquisitions Healthcare North Carolina Office Southeast

Montecito Medical Acquires Medical Office Property in Pittsboro, North Carolina

by Julia Sanders September 8, 2021

PITTSBORO, N.C. — Montecito Medical, a Nashville-based investor of healthcare-related properties, has acquired Chatham Park Medical Office Building, a 25,610-square-foot medical office property in Pittsboro, about 36.1 miles south of Durham. The sales price and seller were not disclosed. Built in 2016, Chatham Park is fully leased to UNC Health, a Chapel Hill-based healthcare system that is affiliated with the University of North Carolina School of Medicine and operates 12 hospitals across North Carolina. UNC Health provides family medicine, rheumatology, therapeutic infusion, cardiology, ENT, gastro, ophthalmology, orthopedics, urology, rehab, imaging and laboratory services at the Chatham Park clinic. Situated about 17 miles from Chapel Hill, the medical property is located close to Chatham Park, a 7,000-acre master-planned development that broke ground in 2014. Upon full buildout Chatham Park will include 22,000 single-family homes as well as onsite schools, 50 miles of walking and biking trails and 44 acres of retail, multifamily, restaurants, office and hospitality space.

September 8, 2021

Leasing Activity Office Southeast Tennessee

Brookfield Signs Law Firm K&L Gates to Full-Floor Lease at 501 Commerce in Downtown Nashville

by Julia Sanders September 8, 2021

NASHVILLE, TENN. — Brookfield has signed K&L Gates LLP, a global law firm, to a long-term lease at 501 Commerce in downtown Nashville. Stewart Lyman of Cushman & Wakefield represented Brookfield Properties, the landlord, in the transaction. J.T. Martin, David Fitzgerald and Tim Howe of CBRE represented the tenant in the lease negotiations. K&L Gates will occupy the entire 15th floor of 501 Commerce, which is a 24-story, 372,000-square-foot office tower. The building’s amenities include an outdoor terrace, lounge, meeting and conference center and a fitness center with showers, lockers and studio space. The building is targeting a LEED Silver certification. The office tower is part of the 6.2-acre Fifth + Broadway mixed-use project, which includes 200,000 square feet of retail and entertainment, the National Museum of African American Music and a 381-unit residential tower known as The Place.

September 8, 2021

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