Southeast

InvenTrust to Redevelop 231,058 SF Gateway Market Center in Tampa Bay Area

by Julia Sanders May 5, 2021

ST. PETERSBURG, FLA. — InvenTrust Properties Corp. will redevelop Gateway Market Center, a 231,058-square-foot shopping center in the Tampa Bay area anchored by Target and Publix. The property is located at 7751-8229 9th St. N in St. Petersburg. Construction is scheduled to begin in the first quarter of 2022 with the renovation taking approximately 18 months to complete. InvenTrust’s improvements to Gateway Market Center will include the demolition of approximately 60,000 square feet of existing building area and the construction of several new buildings. Two new anchor-sized buildings will be developed at the center while three new buildings for small shop tenants and restaurants will also be added. Two outparcel buildings will have large sidewalks and an outdoor seating area. Smaller shop spaces will be able to accommodate tenants of varying sizes, up to 10,000 square feet. Gateway Market Center is located in north St. Petersburg with access to U.S. Highway 92. Matt Hagan and Kara Morabito of InvenTrust will oversee leasing at Gateway Market Center.

May 5, 2021

Development Florida Leasing Activity Retail Southeast

Two Retail Tenants Open at Westshore Marina District in Tampa

by Julia Sanders May 5, 2021

TAMPA, FLA. — Two new retail tenants have opened at Westshore Marina District in Tampa. The construction of the retail portion of the 52-acre mixed-use development is currently being completed. The two new tenants are Cru Cellars and Sand Surf Co. Cru Cellars, which signed a lease in August 2019, and Sand Surf Co., which signed a lease in September 2019, are the first of several retailers that will open their doors at Marina Landings, Westshore Marina District’s 70,000-square-foot town center. Fort Lauderdale-based BTI Partners is the developer of Westshore Marina District. The 2,400-square-foot Cru Cellars wine bar and restaurant is set to open on May 10. The restaurant will serve wines-by-the-glass and cooking by executive chef Zack Sylvester. Marina Landings at Westshore Marina District is Cru Cellars’ third Tampa location. Sand Surf Co., which opened at the beginning of May, occupies 1,270 square feet of space and offers women’s and men’s apparel, as well as accessories tied to surf culture. Sand Surf Co. at Marina Landings is the store’s new flagship location and is home to many different brands, including Quicksilver/Roxy, Billabong, Duvin, Frankie’s Bikini’s, Kulani Kini’s, Maaji, Olukai, Rainbow Sandals and Lulifama. Located on Old Tampa Bay across …

May 5, 2021

Acquisitions Florida Retail Southeast

SRS Brokers $7M Sale of Shops at Surfside Center in Cape Coral, Florida

by Julia Sanders May 5, 2021

CAPE CORAL, FLA. — SRS Real Estate Partners’ Investment Properties Group has brokered the $7 million sale of Shops at Surfside Center, a 117,566-square-foot shopping center located in Cape Coral. The property is situated on 8.3 acres at 2342/2354 Surfside Blvd. at the intersection of Veterans Memorial Parkway. Built in 2007, architecture firm Cuhaci & Peterson designed the Shops at Surfside Center and Hawkins Construction built the property. The center was 100 percent leased at the time of sale to Belk, Anytime Fitness, SalonPlex and Humana. The seller, a private service entity, sold the property to Patagonian Holdings LLC. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer was self-represented.

May 5, 2021

Acquisitions Georgia Mixed-Use Retail Southeast

Madison Capital Group Acquires Two Vacant Sears Boxes in Savannah and Boise, Plans Mixed-Use Developments

by Julia Sanders May 5, 2021

BOISE, IDAHO AND SAVANNAH, GA. — Madison Capital Group LLC has acquired two vacant Sears boxes located adjacent to active shopping malls, the Boise Town Square in Boise and the Oglethorpe Mall in Savannah. The seller and sales price were not disclosed. Madison Capital Group plans to redevelop each box into a mixed-use development that could include residential housing and retail. Madison Capital Group is based in Charlotte and focuses on investing in multifamily and self-storage properties.

May 5, 2021

Acquisitions Georgia Multifamily Southeast

Vista Realty Partners Sells Marketplace Vista Apartments in Marietta, Georgia for $87M

by Julia Sanders May 4, 2021

MARIETTA, GA. — Vista Realty Partners has sold Marketplace Vista Apartments, a 298-unit luxury multifamily community in Marietta. The buyer, Ohio-based White Oak Partners, purchased the property for $87 million. White Oak Partners also has sold two apartment communities in metro Atlanta recently. The Marketplace Vista Apartments is the residential component of Marketplace at Terrell Mill, a mixed-use development that Eden Rock Real Estate Partners and Connolly Development are co-developing. Marketplace Vista Apartments is located at 1486 Terrell Mill Road SE, close to Interstate 75 and Truist Park, the home ballpark of the Atlanta Braves. Marketplace Vista’s units have been open since August 2020 and were 82 percent occupied at the time of sale. Construction on Marketplace at Terrell Mill started in 2018 and is still currently under development. At full buildout, the tenants at Marketplace at Terrell Mill will include Chick-fil-A, Wendy’s, Panera Bread, Regions Bank, Los Abuelos, Lush Nail Salon, Extra Space Storage and a Kroger store. The new grocery store is a replacement of a nearby Kroger situated a half-mile north along Powers Ferry Road. Synovus Bank provided an undisclosed amount of construction financing for Marketplace Vista. Nationwide Insurance Co., The Radco Cos., Blue Vista Asset Management …

May 4, 2021

Data Centers Development Industrial Southeast Virginia

TA Realty to Develop $1.8B Data Center Campus in Leesburg, Virginia

by Julia Sanders May 4, 2021

LEESBURG, VA. — TA Realty LLC, a provider of real estate investment management services to domestic and international institutional investors, plans to develop a new $1.8 billion secure data center campus in Leesburg. The Loudoun County project will be the first data center development for the Boston-based firm. TA Realty’s new data center campus will be situated on the east side of Sycolin Road with Cochran Mill Road to the north and Energy Park Drive to the south. With the initial buildings slated to come on line in late 2021, the fully built-out campus will feature over 1.5 million square feet of space with 300 megawatts of power and a dedicated onsite substation. According to Michael Haggerty, Managing Partner at TA Realty, the campus will house both hyperscale and cloud providers. The site is shovel-ready and positioned atop major fiber routes, according to TA Realty. According to the Loudoun County Department of Economic Development, much of the world’s internet traffic passes through the county’s digital infrastructure.

May 4, 2021

Acquisitions Florida Industrial Office Southeast

Westmount Realty Capital Buys 121,918 SF Business Park in Tampa

by Julia Sanders May 4, 2021

TAMPA, FLA. — Westmount Realty Capital LLC has bought Interstate Business Park, a seven-building suburban office/flex property in Tampa. The Class B, 12.5-acre business park is close to Interstates 75 and 4, U.S. Highway 301 and State Roads 60 and 618. The acquisition is Westmount’s first office purchase in Florida. The seller and sales price were not disclosed. Interstate Business Park, which also has a small portion of warehouse space with grade-level access, is 73 percent occupied with more than 32,000 square feet of vacancy. National credit, government and construction tenants at the property include Kissinger Campo & Associates, Cohen Veterans Network, Ferguson Enterprises, Flatwoods Consulting Group, Nova Engineering & Environmental and the Florida Department of Agriculture. Most current leases expire between 2023 to 2026, according to Westmount. The property has five two-story buildings and two one-story buildings. The seller, an institutional owner and operator, invested over $1.6 million dollars on capital improvements. Renovations in 2020 totaled more than $340,000 including exterior painting, window replacements, awning replacements, parking lot updates and an elevator remodel. Westmount Realty Capital is a Dallas-based commercial real estate company that specializes in value add and big opportunity investments within the U.S.

May 4, 2021

Acquisitions Alabama Multifamily Southeast

OG Capital Purchases Multifamily Community in Gulf Shores, Alabama for $15M

by Julia Sanders May 4, 2021

GULF SHORES, ALA. — An affiliate of OG Capital has purchased Marbella Luxury Apartments, a 96-unit luxury apartment community situated on 4.8 acres at 1910 E. First St. in Gulf Shores. The buyer, an entity doing business as OG Marbella LLC, purchased the property from Marbella Gulf Shores LLC for $15 million. Troy Wilson and Frank Malone of Bellator Real Estate & Development brokered the transaction. ServisFirst Bank provided acquisition financing. Marbella Luxury Apartments features 99,600 square feet of rentable space including one- and two-bedroom residences. OG Capital plans to improve the community’s clubhouse and pool areas and install washers and dryers in each unit, as well as add grill stations and outdoor gathering spaces. The Mitchell Co., a Mobile-based multifamily operator led by Chris Sylvester, will manage the community. The property is situated close to Gulf Shores Elementary School, a Rouse’s Market and is located less than two miles to the Gulf Shores Beach. OG Capital is a Birmingham, Ala.-based multifamily real estate investment firm. In addition to its latest acquisition of Marbella, the firm has holdings in markets from Chattanooga, Tenn., to south Alabama.

May 4, 2021

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges Sale of Two Apartment Communities in Metro Atlanta

by Julia Sanders May 4, 2021

TUCKER AND DULUTH, GA. — Cushman & Wakefield has arranged the sale of Carrington Chase and Carrington Court, two apartment communities located in the Atlanta suburbs of Tucker and Duluth, respectively. Carrington Chase has a total of 410 units and is located at 6280 S. Norcross Tucker Road in Tucker. Carrington Court has a total of 446 units and is located at 3800 Club Drive in Duluth. Both apartments offer community amenities such as car care centers, cyber cafés, fitness centers, grilling/picnic areas, laundry facilities, business centers, lounges, soccer fields, sports courts and swimming pools with fountains. Carrington Chase was 97 percent occupied at the time of sale, and Carrington Court was 96 percent occupied. Nathan Swenson and Travis Presnell of Cushman & Wakefield represented the seller, Ohio-based White Oak Partners, in the transaction. Charleston-based Greystar Real Estate Partners LLC was the buyer of the two properties. The sales price was not disclosed.

May 4, 2021

Acquisitions Georgia Healthcare Southeast Top Stories

Piedmont Healthcare to Purchase Georgia Hospital Portfolio from HCA for $950M

by John Nelson May 4, 2021

ATLANTA AND NASHVILLE, TENN. — Piedmont Healthcare has signed a purchase agreement with HCA Healthcare Inc. (NYSE: HCA) for the acquisition of four Georgia hospitals and one clinic for a purchase price of $950 million. The two parties are targeting a closing date of July 31. Pending regulatory approval, Piedmont will acquire the 310-bed Eastside Medical Center in Snellville and the 119-bed Cartersville Medical Center in Cartersville, which are both located in metro Atlanta. The acquisition will also include three facilities in Macon: the 310-bed Coliseum Medical Center, the 103-bed Coliseum Northside and the 40-bed Coliseum Center for Behavioral Health. With the acquisition, Piedmont Healthcare is continuing to expand its footprint in metro Atlanta as well as strengthen its portfolio of best-in-class hospitals. Nonprofit watchdog organization Leapfrog Group rated HCA’s Coliseum Medical Centers, Coliseum Northside and Cartersville Medical Center as “A” hospitals in its spring 2021 Leapfrog Hospital Safety Grades report released last week. “HCA Healthcare has instilled a high standard of care into these facilities, and we are proud that they have trusted Piedmont to continue this legacy,” says Kevin Brown, president and CEO of Piedmont Healthcare. For HCA, the transaction increases the Nashville-based company’s financial flexibility for investments …

May 4, 2021

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