Southeast

Rise of Remote Workforce Creates Paradigm Shift in Office Sector

by John Nelson October 12, 2021

In September, President Joe Biden issued a federal edict for large employers (100 employees or more) to require vaccines against COVID-19, or requiring weekly COVID-19 testing. The latest reporting out of Washington, D.C., is that the mandate carried out by the Occupational Safety and Health Administration (OSHA) will be enforced with hefty fines for noncompliance. Several blue-chip companies such as Anthem, Delta Air Lines, Google, Microsoft, Salesforce, Twitter, Tyson Foods, ViacomCBS, The Walt Disney Co. and Walmart have already announced plans to get their workforce fully or close to fully vaccinated. Clinton McKellar, executive director of Cushman & Wakefield’s Atlanta office, says that in addition to protecting their employees’ health, a large-scale vaccine mandate could potentially facilitate a return to pre-pandemic norms for corporate America, thus more employees in the office. “Giving vaccinated employees the opportunity to safely return to the office allows for impromptu meetings and collaboration that is difficult to replicate in a remote environment,” says McKellar. “In Atlanta, what is proven out is that people, if given the choice, would rather work from home than come to the office and wear a mask.” Clients are telling brokers that their workers who are regularly in their office are …

October 12, 2021

Georgia Leasing Activity Office Southeast

Law Firm Signs 100,000 SF Office Lease at 1420 Peachtree in Midtown Atlanta

by Julia Sanders October 11, 2021

ATLANTA — Swift, Currie, McGhee & Hiers LLP, a law firm with offices in Georgia and Alabama, has signed a lease for a 100,000-square-foot office space at 1420 Peachtree St. NE. in Midtown Atlanta. The firm is relocating from The Peachtree Tower at 1355 Peachtree St., where it has operated for more than 30 years. Tim McCarthy and Ryanne Pennington of JLL represented Swift Currie in the deal, and Chip Roach and Stephen Clifton of Transwestern representing the building’s owner, Franklin Street Properties Corp. Swift Currie has more than 160 lawyers total and 324 Atlanta-based employees. As the firm has grown over the years, Swift Currie said the reason for its move is to have a bigger office space. 1420 Peachtree is a 160,000-square-foot, Class-A office building. The eight-story building is currently being renovated in order to modernize common areas, improve amenities and upgrade the tenant spaces. The building features walk-out fourth floor balconies. Located at the intersection of Peachtree and West Peachtree streets, the building is situated a half-mile north of MARTA’s Art Center Station and offers immediate access to the Interstate 75/85 Connector and Ga. Highway 400, as well as Piedmont Park and the Atlanta BeltLine Eastside Trail.

October 11, 2021

Florida Loans Multifamily Southeast

Concord Summit Arranges $60M in Construction Financing for Apartment Project in Kissimmee, Florida

by Julia Sanders October 11, 2021

KISSIMMEE, FLA. — Concord Summit Capital LLC has arranged more than $60 million in construction financing for Sunset Walk Apartments, a 352-unit development in Kissimmee. Construction is already underway and is slated for completion in early 2023. Kevin O’Grady, Justin Neelis and Daniel Rojo of Concord Summit sourced the financing on behalf of the developer, Encore Capital Management. The financing includes a $45.6 million senior loan and $14.8 million in preferred equity. Pacific Western Bank is the senior lender for the non-recourse financing. Located at 8000 Fins Up Circle, Sunset Walk Apartments will include three- and four-story buildings, with 704 parking spaces for residents. The property will also feature 152 one-bedroom apartments ranging from 739 to 886 square feet; 164 two-bedroom units ranging from 1,026 to 1,180 square feet; and 36 three-bedroom apartments ranging from 1,253 to 1,324 square feet. Community amenities will include a fitness and yoga center, pool, club room and business center. The property is located within the master-planned community of Sunset Walk, a mixed-use retail and entertainment destination. Encore originally acquired the Sunset Walk site in 2013. Since then, the developer has completed the 184-room Margaritaville Resort Orlando, 631 Margaritaville-branded cottage homes, more than 192,000 square …

October 11, 2021

Development Florida Multifamily Southeast Student Housing

Landmark, W5 Group Break Ground on 464-Bed Student Housing Community Near University of Florida

by Julia Sanders October 11, 2021

GAINESVILLE, FLA. — Landmark Properties and W5 Group have broken ground on The Metropolitan at Gainesville, a 464-bed student housing development near the University of Florida’s (UF) main campus. Construction will start before the end of the year and is slated for completion ahead of the 2023-24 school year. Athens, Ga.-based Landmark will develop and operate the property. The W5 Group is a joint venture partner and investor in The Metropolitan at Gainesville. Served by a campus shuttle to UF, The Metropolitan will include 169 units, with each bedroom having its own private bathroom. The property’s units will also include electrical appliances, washers and dryers and vinyl flooring. Located at 2205 S. W. 13th St., community amenities will include a pool, fitness center, study lounge, jumbotron and high-speed wireless internet. There will also be 399 parking spaces and 142 scooter parking spaces available onsite. Most recently, Landmark and W5 Group completed The Retreat East, a student housing community in Orlando serving University of Central Florida students.

October 11, 2021

Loans Maryland Multifamily Southeast

Greystone Provides $18.2M Refinancing for Multifamily Property in Lanham, Maryland

by Julia Sanders October 11, 2021

LANHAM, MD. — Greystone has provided an $18.2 million Fannie Mae loan to refinance Lilly Gardens, a 142-unit multifamily community in Lanham. Cullen O’Grady of Greystone originated the 10-year, non-recourse loan. Built in 1965, Lilly Gardens features 42 one-bedroom units; 25 one-bedroom units with a den; 68 two-bedroom units; and seven three-bedroom units. Apartments include a garbage disposal, hardwood floors, air conditioning, patio/balcony and free gas heat/cooking. Community amenities include an onsite leasing office, parking, playground, swimming pool and eight common laundry areas. The property was 99 percent occupied at the time of refinancing. Located at 6828 Riverdale Road across 6.2 acres, the apartment property is located about 10 miles from Washington, D.C. The property is also three miles from the University of Maryland and 24.2 miles from Baltimore/Washington International Thurgood Marshall Airport. Greystone sourced the transaction through Marc Tropp of Eastern Union Funding. The undisclosed borrower is a Maryland-based private investor and repeat Fannie Mae, Eastern Union and Greystone client.

October 11, 2021

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers Sale of 64,736 SF Shopping Center in Jacksonville

by Julia Sanders October 11, 2021

JACKSONVILLE, FLA. — Marcus & Millichap has brokered the sale of Marietta Square, a 64,736-square-foot grocery store-anchored shopping center in Jacksonville. The sales price was $5.8 million. Drew Kristol, Kirk Olson, Chad Atwood and Simon Grigoryan of Marcus & Millichap represented the seller, an entity affiliated with Miami-based Saglo Development Corp., and the buyer, a Jacksonville-based private investor. Built in 1991, Marietta Square is anchored by Rowe’s IGA Supermarket and fully leased to tenants such as Family Dollar and AutoZone. Located at 8299 W Beaver St., the property is situated about 9.5 miles from downtown Jacksonville and 29.1 miles from Jacksonville Beach.

October 11, 2021

Florida Market Reports Office Southeast Southeast Market Reports

Metro Orlando Office Market Caught in Limbo Due to COVID-19, Remote Workforce

by John Nelson October 11, 2021

Contrary to what is often portrayed in the national media, the Orlando office market is not a monolith. It instead comprises multiple submarkets, many of which are recovering quite differently. For example, according to data from CoStar Group, Winter Park had a 4.7 percent availability rate (that’s direct and sublease space combined). The Downtown Orlando market, on the other hand, had a rate of 16.9 percent. The total Orlando MSA office availability rate was 11.5 percent, which compares to the national rate of 16 percent. All of these numbers just prove that the recovery from the pandemic is uneven, even in areas in close proximity. It’s easy to get lost in analysis, but the basic answer is that the office market in Orlando, just like in the entire country, will recover in time. Not all areas will be on the same timeline, and the office market will never look entirely the same. Between working from home and companies deciding to relocate their offices or headquarters entirely, there will be some short-term winners and losers. Texas, for instance, is having a relative boom in new tenants. Los Angeles, and indeed California in general, on the other hand, is not. Many companies …

October 11, 2021

Loans Mixed-Use Multifamily Southeast Tennessee

Knighthead Funding Provides $33M Construction Loan for Mixed-Use Residential Project in Nashville

by Julia Sanders October 8, 2021

NASHVILLE, TENN. — Knighthead Funding LLC has provided a $33 million construction loan for the development of Pie Town, a mixed-use residential property in Nashville. The financing is the fourth loan that Knighthead has provided to the sponsor, Nashville-based CA South Development. Peter Illuzzi of Knighthead originated the loan. Located at 629 7th Ave. S near downtown Nashville, Pie Town will be a five-floor project. The property will include 78 condominium units located over ground-floor office space and storage. Building amenities will include an outdoor pool, rooftop deck and yoga rooms on each floor.

October 8, 2021

Acquisitions Georgia Industrial Southeast

SRS Arranges $16.2M Sale-Leaseback of Flex Industrial Facility in Conyers, Georgia

by Julia Sanders October 8, 2021

CONYERS, GA. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale-leaseback of a Class A, 107,976-square-foot flex industrial facility in Conyers, about 24.4 miles from downtown Atlanta. The facility is fully leased to Batchelor & Kimball, a subsidiary of Emcor that manufactures plumbing and mechanical system fabrications. The tenant, via an entity doing business as New River Ventures LLC, sold the property for $16.2 million to Patriot Equity Partners LLC. Kyle Stonis and Pierce Mayson of SRS represented the buyer in the transaction. Bobby Mayson of Lavista Associates represented the seller. Located at 2227 Plunkett Road on 19.8 acres, the property was constructed as a build-to-suit for Batchelor & Kimball in 2017. The property features a 27.6 percent office finish, as well as other amenities including side-load truck access, 130-foot concrete truck courts, outside storage, gate entrance, pre-cast construction and 32-foot clear heights.

October 8, 2021

Acquisitions Georgia Retail Southeast

Connolly Acquires 28,000 SF Towne Lake Plaza in Metro Atlanta

by Julia Sanders October 8, 2021

WOODSTOCK, GA. — Connolly has acquired Towne Lake Plaza, a 28,000-square-foot shopping center in downtown Woodstock. Dallas-based Murchison Commercial Real Estate Inc. sold the center for $4.1 million. Built in 1990, Towne Lake Plaza is fully leased to tenants including J. Millers Smokehouse, The Blue Ghost Arcade, Gyro Aegean Grill, Alkaline Dry Bar, Dive Georgia and Wags & Wiggle Pet Boutique. Located 30 miles northwest of Atlanta, the center is situated on Towne Lake Parkway between Interstate 575 and Main Street. Credit Union Business Services provided acquisition financing for the transaction. The Retail Planning Corp. will manage the center. Connolly’s retail services division will oversee leasing at the property.

October 8, 2021

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