Southeast

Franklin Street Secures 136,000 SF Industrial Lease with Trailer Manufacturer in Deland, Florida

by Julia Sanders February 23, 2021

DELAND, FLA. — Franklin Street has secured a 136,000-square-foot, full-building warehouse lease with trailer manufacturing company ALCOM LLC. The property is located at 2526 W. New York Ave. in Deland. Franklin Street’s industrial team negotiated the lease on behalf of the landlord, Blackmore Family Trust. ALCOM’s new facility is approximately 40 miles north of Orlando and is close to major highways such as State Road 44, Interstate 75, Interstate 95, Florida’s Turnpike and Interstate 4. The facility features 24-foot clear heights, 3,600 square feet of office space, 21 dock doors and upgraded electricity and lighting. Previously occupied by a cabinet manufacturer, the property is currently being renovated to accommodate ALCOM’s manufacturing needs. The firm is expected to take occupancy of the property this month.

February 23, 2021

Content Partner Features Midwest Northeast Southeast Texas Western

Valbridge: Automation Can Assist Valuation Process, But Not Replace It

by Sarah Daniels February 23, 2021

The pandemic has forced the appraisal business into a surreal experience: many valuation professionals had their physical connections to the market severed or diminished. The question became: how best to assign value to the properties that appraisers are tasked with assessing especially while the demand for valuation has grown. Where does the rise of automatic valuation systems (AVSs) fit in with the valuation process? Karl Finkelstein, vice president of Business Development and senior managing director for Valbridge Property Advisors, spoke recently to REBusinessOnline. He explains, “The appraisal business is still all about reporting on what we see in the marketplace. That hasn’t changed. What has changed is our physical connection to the market — talking with market participants and attempting to read the tea leaves.” As for many companies, the past few months have been a time of reassessment and reengagement with the technology and tools at hand. “We’ve had to rethink how we do inspections; we’ve had to rethink how we physically interact. Technology has given us a big hand with that, and it has changed some of the some of the ways we do business and enhanced others,” says Finkelstein. A Hands-On Business, Socially Distanced Physical inspections remain …

February 23, 2021

Development Multifamily Southeast Tennessee

Albion to Develop $140M Apartment Tower in Nashville

by Julia Sanders February 22, 2021

NASHVILLE, TENN. — Albion Residential will develop Albion in the Gulch, a $140 million apartment tower at 645 Division St. in Nashville. Hartford Investment Management Co. provided a $87.2 million loan for the project. Albion in the Gulch will include 415 studios to three-bedroom units, as well as two-story townhomes within the tower. The 20-story property will feature interactive events, as well as its own comedy club that will double as a karaoke venue. Community amenities will include a coffee shop, indoor dog run and spa, a poolside tiki bar, indoor/outdoor fitness facility, golf putting greens and simulation room and 10,000-square-foot sharable workspace. The property will be situated on a 1.3-acre site in Nashville’s Gulch district with 364 parking spaces. Clark Construction is the general contractor, and Hartshorne Plunkard Architecture is the architect. Barge Cauthen & Associates is in charge of planning and engineering, Hodgson Douglas is in charge of landscape architecture, Stanley D. Lindsey & Associates is the structural engineer and I.C. Thomasson Associates Inc. is the MEP engineer. Waller Lansden and Carter-Haston are providing management, legal, and leasing services. Chicago-based Cyclone Energy is handling LEED engineering as Albion is seeking LEED Silver certification for the project. Construction is …

February 22, 2021

Florida Leasing Activity Restaurant Retail Southeast

Target Signs 77,000 SF Lease with Terra for CentroCity Mixed-Use Development in Miami

by Julia Sanders February 22, 2021

MIAMI — Target has signed a 77,000-square-foot lease as part of Terra’s CentroCity mixed-use redevelopment located at 3825 NW 7th St. in Miami. Construction is expected to start this summer. Arquitectonica and RSP Architects are designing CentroCity. As part of the CentroCity project, Terra is redeveloping what was previously known as Central Shopping Plaza into a 38-acre mixed-use project. The plans for CentroCity includes up to 1,200 residential apartments, green space for residents, an office building and a shopping center with 300,000 square feet of retail and restaurant space. CentroCity will be located 2.9 miles from Miami International Airport. CentroCity will feature three eight-story multifamily buildings with 460 rental apartments. Future phases with additional multifamily units and a 250,000-square-foot Class A commercial office building are also planned. The project’s plan includes seven new multifamily buildings lining the property behind the Target-anchored shopping center. The residential buildings will feature a series of courtyards, pool decks and landscaped sidewalks. Units will range from one- to three-bedroom apartments measuring between 500 and 1,250 square feet. Community amenities will include multiple pools, poolside cabanas, barbecue grill areas, a children’s playground, a dog park, resident lounges and game rooms.

February 22, 2021

Company News Development Georgia Industrial Southeast

Airbnb Selects Atlanta for East Coast Technical Hub

by Julia Sanders February 22, 2021

ATLANTA — Airbnb plans to open a technical hub in Atlanta by the end of 2021. The company did not disclose what area of Atlanta that it is going to occupy. The San Francisco-based lodging company originally made plans to open the hub in 2019 but had to stop development due to travel restrictions and the COVID-19 pandemic. In May 2020, Airbnb had to let 25 percent of its team go. Now that travel is picking up again, Airbnb has decided to move forward with its East Coast expansion. Airbnb anticipates the hub will be home to one of its product developments teams and will become the regional base for hundreds of technical and non-technical roles over time. Atlanta was the city that Airbnb choose due to many factors, including strong educational infrastructure and supporting communities of color. If any economic incentives or credits are associated with the East Coast hub location, Airbnb plans to donate them back to Atlanta for community impact initiatives.

February 22, 2021

Acquisitions Multifamily Southeast Virginia

Blackfin, GMF Purchase Two Hampton Road Apartment Communities for $35.5M

by Julia Sanders February 22, 2021

PORTSMOUTH, VA. — Blackfin Real Estate Investors and GMF Capital LLC have partnered to purchase Pepperwood Townhomes and Towne Point Landing Apartments in Portsmouth for $35.5 million. This transaction represented the joint venture’s fourth acquisition from the undisclosed seller and was done directly by Blackfin/GMF without intermediation. Built in 1981, Pepperwood Townhomes is located at 3790 Pepperwood Court. The 155-unit apartment community offers one-, two- and three- bedroom units. The community amenities include a fitness center, pool, playground, picnic area, grill, business center and clubhouse. The rent ranges from $990 to $1,579. The companies plan to upgrade the common areas, amenities, exteriors and complete unit renovations at both properties. Towne Point Landing Apartments is situated at 3802 Towne Point Road. The 193-unit complex offers one-, two- and three- bedroom apartment homes. Community amenities include a pool, playground, tennis court, volleyball court, patio, grill and public transportation. Both Pepperwood Townhomes and Towne Point Landing were 99 percent occupied at the time sale. This is the sixth transaction between Blackfin and GMF Capital and the companies’ second acquisition together in the region.

February 22, 2021

Acquisitions Arkansas Restaurant Retail Southeast

MAG Capital Partners Acquires 14,004 SF Entertainment Venue in Fayetteville, Arkansas

by Julia Sanders February 22, 2021

FAYETTEVILLE, ARK. — MAG Capital Partners has acquired a 14,004-square-foot restaurant, brewery and entertainment venue in Fayetteville. The property is operated by JBGB Restaurant and JJ’s Beer Garden & Brewery, and offers an outdoor playground, a stage for live music and a 225-seat dining area. The new ownership plans to immediately break ground on a 10,921-square-foot expansion of the JBGB restaurant and venue. Judd Dunning of DWG Capital Group arranged the sale-leaseback transaction on behalf of MAG Capital Partners. T.J. Lefler with Sage Partners represented the seller, JBGB Restaurant and Brewery. MAG Capital Partners is a private commercial real estate investment firm based in Fort Worth, Texas.

February 22, 2021

Life Sciences Market Reports North Carolina Office Southeast Southeast Market Reports

Raleigh-Durham Office Market Remains Stable, Life Sciences Actively Leasing Space

by John Nelson February 22, 2021

The Raleigh-Durham commercial real estate market continues to be one of growth and perseverance despite the global pandemic. Its economy is rich with an array of industries, healthcare and university systems that support population growth and expansion. Commercial real estate is experiencing its own challenges and opportunities through this pandemic, including one of the most talked about asset classes, office. The sector is the subject of the big “pause” discussion as there’s uncertainty going forward. Despite the lack of commitment to many significant leases, the office market’s fundamentals have remained stable in Raleigh-Durham. Rates are holding steady with an average Class A rental rate of $29.59 per square foot. Vacancy and absorption are maintaining competitive levels, allowing market rates to hold somewhat steady. Over the last year, activity reflected these trends as many landlords negotiated short-term renewals without rate increases. If the leasing trend continues this year, renewals and space consolidation will possibly lead to a reduction in rental rates. One of the key driving forces of office product in Raleigh-Durham stems from the life sciences industry. The market is currently ranked No. 5 among life sciences markets in the United States, according to CBRE’s annual report. The life sciences …

February 22, 2021

Development Georgia Industrial Southeast

Cottrell to Build $125M Manufacturing Facility in Gainesville, Georgia

by Julia Sanders February 19, 2021

GAINESVILLE, GA. — Cottrell, a locally based trailer manufacturer, will build a second manufacturing facility in Gainesville valued at $125 million. The 500,000-square-foot facility will serve as the Cottrell’s North Campus, adjacent to its existing South Campus in Hall County. Cottrell, which specializes in manufacturing trailers that haul cars (or auto haulers), opened its first facility in 1973 at 2125 Candler Road in Gainesville. The company expects land development and facility construction to take 24 to 30 months to complete and plans to break ground during the third quarter of 2021. Certain aspects of production will be transferred to the new North Campus facility when complete, while the existing buildings of the South Campus will be used to support future business growth. Cottrell currently employs more than 1,000 people at its Gainesville facility, and it is looking to hire more after the second facility is built. Kristi Brigman of Georgia Department of Economic Development (GDEcD) represented the Global Commerce Division on this project in partnership with the Greater Hall Chamber of Commerce, the City of Gainesville and Jackson EMC.

February 19, 2021

Acquisitions Florida Multifamily Southeast

Lexin Capital Purchases Multifamily Community in Central Florida for $70.8M

by Julia Sanders February 19, 2021

KISSIMMEE, FLA. — Lexin Capital, a New York-based private investor, has purchased The Jamison, a 315-unit multifamily property located in Kissimmee, for $70.8 million. Jay Ballard, Ken DelVillar, Bailey Smith and Patrick Coley of JLL represented the sellers, DeBartolo Development LLC and Upshot Capital Advisors, in the sale. The co-developers completed the apartment community in November 2020. DeBartolo Construction Services was the general contractor, and Forum Architecture was the architect. The Jamison is located at 1040 Jamison Loop at the corner of US Highway 192 and Partin Settlement Road and is the first new multifamily construction in the area since 2008, according to DeBartolo Development. The apartment community includes seven, four-story buildings with studio, one-, two- and three- bedroom smart homes with an average size of 1,061 square feet. The apartment’s amenities include a 7,000-square-foot clubhouse with workspaces, a 24-hour fitness center, outdoor entertainment areas with a pool, grilling stations, tot lot, fire pits, dog park, covered social pavilion and reserved garage parking.

February 19, 2021

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