Southeast

Marcus & Millichap Brokers $15.9M Sale of Shopping Center in South Daytona, Florida

by Julia Sanders October 26, 2021

SOUTH DAYTONA, FLA. — Marcus & Millichap has brokered the $15.9 million sale of Sunshine Plaza, a shopping center in South Daytona. Built in 1970 and renovated in 2002, the 280,000-square-foot shopping center is anchored by Publix and All Aboard Storage. The fully occupied property has about 52 tenants. The center includes both open-air and indoor mall space on approximately 25 acres. Tim Giambrone and Al Taf of Marcus & Millichap represented the seller, 2400 Ridgewood LLC based in Port Orange. The buyer was ORF VII Sunshine Plaza LLC based in Atlanta. Located at 2400 S. Ridgewood Ave., Sunshine Plaza is situated close to Interstate 95 within an Opportunity Zone.

October 26, 2021

Acquisitions Industrial Mississippi Southeast

JLL Arranges Sale of 156,825 SF Distribution Facility in Metro Memphis

by Julia Sanders October 26, 2021

SOUTHAVEN, MISS. — JLL Capital Markets has arranged the sale of Southaven Distribution Center I, a fully leased, 156,825-square-foot, Class A distribution facility in Southaven, a Memphis suburb situated on the Tennessee-Mississippi border. Completed in 2020, Southaven Distribution Center I features tilt-wall construction, 32-foot clear heights, 28 loading positions, ESFR fire protection and office space. The property was fully leased to three tenants at the time of sale. Dennis Mitchell, Matt Wirth, Britton Burdette, Mitchell Townsend and Jack Wohrman of JLL represented the seller, Distribution Realty Group, which has offices in Chicago and Nashville. Newport Beach, Calif.-based Bixby Land Co. acquired the property for an undisclosed price. Located on 8.7 acres at 8921 Airways Blvd., Southaven Distribution Center I is situated just off Interstate 55 near Memphis International Airport.

October 26, 2021

Loans Retail Southeast Virginia

Eastern Union Secures $8.2M Acquisition Loan for Two Retail Centers in Petersburg, Virginia

by Julia Sanders October 26, 2021

PETERSBURG, VA. — Eastern Union has secured an $8.2 million loan for the acquisition of South Crater Square and Pinehill Plaza, two single-story retail centers in Petersburg. Marc Tropp of Eastern Union arranged financing for the acquisition, which had a sales price of $10.3 million in total, on behalf of the buyer, Pikesville, Md.-based America’s Realty. The retail centers, which total 192,510 rentable square feet, are situated opposite from each other along South Crater Road. Located at 3330 S. Crater Road, South Crater Square is a 107,028-square-foot center and was 83 percent leased at the time of sale to retailers such as Dollar Tree, Hibbett Sports, GameStop and Sun Nails. Located at 3333 S. Crater Road, Pinehill Plaza is a 85,482-square-foot center and was 29 percent occupied at the time of sale with tenants such as Crater Vision Center, Salon 22, Community Cardiology and Clay Home Medical. The acquisition component of the loan, which equals about $7.7 million, represents a 75-percent loan-to-value ratio. The undisclosed bank provided an additional $500,000 loan toward tenant improvements and leasing commissions, but this part of the loan was held back for future use once the properties are stabilized. The interest rate on the full-recourse …

October 26, 2021

Development Hospitality North Carolina Southeast

City of Charlotte, Visitors Authority Open $126.9M Charlotte Convention Center

by Julia Sanders October 25, 2021

CHARLOTTE, N.C. — The City of Charlotte and the Charlotte Regional Visitors Authority (CRVA) have opened the Charlotte Convention Center in Uptown Charlotte. The $126.9 million expansion project broke ground in December 2019 and added approximately 50,000 square feet of meeting room and pre-function space, taking the venue’s total leasable space to 600,000 square feet. The number of meeting rooms increased from 41 to 55 and now includes two 10,000-square-foot spaces. New to the convention center is an exterior over street pedestrian walkway, which connects the property to the adjacent 700-room Westin Charlotte hotel and a LYNX Blue Line light rail stop. The newly expanded convention center is the anchors of Uptown Charlotte, an urban submarket that features 200-plus restaurants and more than 6,000 hotel rooms. Atlanta-based TVS, the original designer of the Charlotte Convention Center, served as the architect for the expansion project. Holder-Edison Foard-Leeper JV was the construction manager.

October 25, 2021

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges $30.6M Sale of Two Apartment Communities in Fort Walton Beach, Florida

by Julia Sanders October 25, 2021

FORT WALTON BEACH, FLA. — Cushman & Wakefield has arranged the sale of Elevate at 604 West and Greens on 5th, two apartment communities totaling 195 units in Fort Walton Beach. Parker Caldwell and Craig Hey of Cushman & Wakefield represented the seller, Lurin Capital, in the transaction. Pedcor acquired both properties for $30.6 million. Elevate at 604 West includes 99 units and offers one- and two-bedroom floorplans that average 678 to 958 square feet. Built in 1971, the units feature walk-in closets, hardwood floors, tub and shower and Wi-Fi. Community amenities include a swimming pool, greenspace, laundry facility and courtyards. Elevate at 604 West was 97 percent occupied at the time of sale. Located at 604 Colonial Drive, the property is situated 8.5 miles from Destin-Fort Walton Beach Airport and 10.7 miles from Destin. The Greens on 5th totals 96 units and offers two- and three-bedroom floorplans that average approximately 830 to 1,200 square feet. Built in 1983, units include washer/dryer hookups, linen closets, carpet and Wi-Fi. Community amenities include a swimming pool, clubhouse, elevator and laundry facilities. The Greens on 5th was 98 percent occupied at the time of sale. Located at 5 Mooney Road NE, the apartment …

October 25, 2021

Acquisitions Florida Industrial Southeast

Coke Florida Purchases 407,000 SF Warehouse in Suburban Orlando

by Julia Sanders October 25, 2021

WINTER HAVEN, FLA. — Tampa-based Coca-Cola Beverages Florida LLC (Coke Florida) has purchased a 407,000-square-foot warehouse within Central Intermodal Logistics Center, an industrial park in Winter Haven. The sales price was $19.6 million, according to the Tampa Bay Business Journal. The seller was not disclosed. The purchase includes 37 acres of land. Coke Florida’s new warehouse is still under construction. The more than $30 million buildout of the new location is expected to conclude in the spring of 2022. The location is home to more than 200 associates, and the company expects to add over 100 additional jobs in the next 12 months. Coke Florida offers jobs in sales, merchandising, warehousing and distribution, and the company currently has openings for drivers, warehouse associates and sales merchandisers.

October 25, 2021

Florida Loans Retail Southeast

MMG Equity Receives $16.8M Refinancing for Shopping Center in Miami Gardens

by Julia Sanders October 25, 2021

MIAMI GARDENS, FLA. — MMG Equity Partners has received $16.8 million to refinance Miami Gardens Shopping Center, located at 18350 NW 7th Ave. in Miami Gardens. Chris Drew, Brian Gaswirth and Reid Carleton of JLL Capital Markets arranged the debt package through Guardian Life Insurance Co. of America. Miami Gardens Shopping Center is a 117,829-square-foot, grocery-anchored development located on the northwest corner of Miami Gardens Drive and NW 7th Avenue. The shopping center was 97 percent occupied at closing and is anchored by Presidente Supermarket. Other tenants include Family Dollar, Humana Health, Subway and Amscot.

October 25, 2021

Development Louisiana Multifamily Southeast Student Housing

Fountain Residential Breaks Ground on 294-Bed Student Housing Community Near LSU in Baton Rouge

by Julia Sanders October 25, 2021

BATON ROUGE, LA. — Fountain Residential Partners has broken ground on The Vue on Parker, a 294-bed student housing development located near Louisiana State University in Baton Rouge. The Vue on Parker will offer studio to five-bedroom units with bed-to-bath parity. The fully furnished units will include wood-look flooring, granite countertops, queen-sized pillowtop beds, 60-inch smart TVs, stainless steel appliances, full-sized washers and dryers and an onsite structured parking garage. Community amenities will include a swimming pool, clubhouse, strength training and cardio center and private study rooms. The project is scheduled for completion in fall 2023. Fountain Residential partially raised capital for the project using crowdfunding platform CrowdStreet. First United Bank and Trust is the construction lender for the development. The design team includes Stuart Roosth Architects, Duplantis Design Group and MW Builder.

October 25, 2021

Data Centers Industrial Market Reports Southeast Southeast Market Reports Virginia

Richmond Industrial Pipeline Shows No Sign of Slowing Development, Leasing

by John Nelson October 25, 2021

At the mid-year mark, industrial occupancy in the greater Richmond area remains strong, closing with an overall occupancy rate of 93 percent in the categories we track (Class A, B select C vacant and investor-owned product with a minimum of 40,000 square feet total). Class A occupancy increased to 96 percent at the end of the second quarter, up from 93 percent at the end of the first quarter. Class B occupancy experienced a slight decrease to 91 percent, down from 92 percent at the end of the first quarter. CoStar Group reports overall industrial occupancy at 95 percent for product of all sizes, including investor-owned facilities, but excluding flex space (minimum 50 percent office). Richmond’s strategic Mid-Atlantic location along Interstate 95 provides access to 55 percent of the nation’s consumers within two days’ delivery by truck, and in addition to being the northernmost right to work state on the Eastern seaboard, Virginia has once again been named as the top state for business by CNBC. Business Facilities also ranked Richmond as one of the top locations for corporate headquarters. With 12 Fortune 1000 companies located in the region, Richmond is home to the most Fortune 1000 headquarters compared to …

October 25, 2021

Acquisitions Florida Multifamily Southeast

Joint Venture Sells Motion at Dadeland Apartments in Miami for $114M

by John Nelson October 22, 2021

MIAMI — Adler Group and 13th Floor Investments, in partnership with Barings LLC, has sold Motion at Dadeland, a transit-oriented multifamily development in Miami. Maryland-based Lerner Enterprises purchased the 25-story property for $114 million. Located at 8400 South Dixie Highway, Motion at Dadeland features 294 market-rate rental apartments and approximately 8,000 square feet of retail space adjacent to the Dadeland North Metrorail station and the Dadeland Station retail center. Built in 2019, Motion at Dadeland was 99 percent occupied at the time of sale. Avery Klann of Newmark represented the seller in the transaction, while Rob Carey and Ted Taylor of JLL, along with Matt Williams and Kassi Saridakis of Newmark’s Debt & Structured Finance team, represented the buyer.

October 22, 2021

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