Southeast

Joint Venture Breaks Ground on $263M River North Mixed-Use Project in Nashville

by Julia Sanders October 8, 2021

NASHVILLE, TENN. — MRP Realty and Creek Lane Capital have broken ground on Phase I of River North, a 1.3 million-square-foot, master-planned, mixed-use project located along the Cumberland River in Nashville. The development cost for Phase I is $263 million. JLL brokered a $160 million construction loan for Phase I. Phase I will feature 817,070 square feet of development, including 651 apartment units, 78,000 square feet of office space and approximately 80,000 square feet of retail space spread across four buildings on the riverfront site. Phase I is slated for completion by 2023. River North is being developed on 13 acres of land in a designated Opportunity Zone across the river from Germantown, a historic district with restaurants, retailers and the Tennessee State Museum. The site was previously the location of a rail yard and shipping terminal, so the developers plan to incorporate restored warehouses and modern industrial finishes into the design of the project. A timeline for completion of all phases was not disclosed. “It’s a great opportunity for MRP to be underway on a project of such magnitude in one of Nashville’s most exciting submarkets,” says Bob Murphy, managing principal of MRP Realty. “We’ve also had the opportunity …

October 8, 2021

Acquisitions Florida Industrial Southeast

Marcus & Millichap Arranges $62.7M Sale of Industrial Portfolio in Florida

by Julia Sanders October 7, 2021

FORT LAUDERDALE, FLA. — Marcus & Millichap has arranged the $62.7 million sale of a seven-property industrial portfolio across five Florida cities. Tyler Kuhlman and Douglas Mandel of Marcus & Millichap’s Fort Lauderdale office represented the buyer, Redfearn Capital, a private real estate investment firm based in Delray Beach, Fla. The Federated Cos., led by Jonathan Cox, was the seller. The fully occupied, net-leased portfolio includes the following properties: 4000 Shader Road in Orlando; 5515 W 5th St. in Jacksonville; 2101 W 33rd St. in Jacksonville; 2906 Corporate Way in Palmetto; 940 Williston Park Point in Lake Mary; 12900 44th St. N. in Pinellas Park; and 5120 Great Oak Dr. in Lakeland.

October 7, 2021

Acquisitions Development Retail Southeast Tennessee

Holladay Purchases Factory at Franklin in Metro Nashville for $56M, Plans to Expand Office Space

by Julia Sanders October 7, 2021

FRANKLIN, TENN. — Holladay Properties has purchased The Factory at Franklin, a former stove-making factory in Franklin, for $56 million. Madison Wenzler of Cushman & Wakefield represented Holladay in the sale, and John Haynes of the Bradley law firm provided legal counsel. The seller was not disclosed. Allen Arender of Holladay plans to oversee the redevelopment of the property, along with development partner Ronnie Wenzler of Cushman & Wakefield. Built in 1929, The Factory is a complex of 10 industrial buildings that was originally constructed for stove manufacturer Allen Manufacturing Co. In 1996, the property was converted into a retail and entertainment complex. Today, The Factory is a mixed-use destination with shops, restaurants, offices and entertainment venues located at 230 Franklin Road, about 21.5 miles from downtown Nashville. The Factory currently has restaurant tenants including Five Daughters Bakery, Franklin Juice Co., Honest Coffee Roasters, Jeni’s Splendid Ice Creams and Mojo’s Tacos. Other tenants include Amelia’s Flowers, Luna Record Shop and Jeremy Cowart Photography. The property also features the Franklin Farmers Market that sells fresh produce and crafts every week. After the redevelopment project is complete, The Factory will have about 310,000 square feet of mixed-use space. Holladay and its partners …

October 7, 2021

Acquisitions Florida Office Southeast

IP Capital, Edge Principal Acquire 242,690 SF Fountain Square Office Property in Boca Raton, Florida

by Julia Sanders October 7, 2021

BOCA RATON, FLA. — IP Capital, in a joint venture with Edge Principal Advisors, has acquired Fountain Square, a Class A office campus totaling 242,690 square feet in Boca Raton. Bridge Investment Group’s office subsidiary Bridge Office Fund Manager and joint venture partner Ascentris sold the property for an undisclosed price. Christian Lee and José Lobón of CBRE represented the sellers in the transaction. Chris Drew, Maxx Carney, Reid Carleton and Jimmy Calvo of JLL arranged a $56.5 million, floating-rate acquisition loan through CIBC Bank USA on behalf of the borrower. Situated on roughly 15 acres at 2600–2700 N. Military Trail, Fountain Square is surrounded by 2 million square feet of retail amenities, including One Boca Place, which is home to 180,000 square feet of retail and 18 restaurants. Fountain Square is located close to Interstate 95 and the Florida Turnpike. Bridge and Ascentris purchased the property in 2017 and recently completed a $4.9 million capital improvement plan that included new lobbies, restrooms and common area corridors, conference center, outdoor pavilions and signage, along with 23,000 square feet of spec suites. Current tenants at the property include banking, legal, medical, dental, real estate and financial services firms.

October 7, 2021

Alabama Loans Multifamily Southeast

Berkadia Provides $24.6M Refinancing for Multifamily Property in Saraland, Alabama

by Julia Sanders October 7, 2021

SARALAND, ALA. — Berkadia has provided $24.6 million in permanent refinancing for Olde Oak Apartments, a garden-style multifamily property in Saraland. Pat Garlich of Berkadia originated the seven-year Freddie Mac loan on behalf of the borrower, Missouri-based Maxus Realty Trust Inc. Olde Oak Apartments features one- and two-bedroom floor plans with in-unit washers and dryers and air conditioning. Community amenities include a swimming pool, fitness center, business center, clubhouse, dog park, spa, off-street parking and a picnic area with grilling stations. Located at 1200 Grande Oak Blvd., the property is situated close to Interstate 65, about 10.7 miles from downtown Mobile and approximately 3.6 miles from the University of Mobile.

October 7, 2021

Acquisitions Georgia Hospitality Southeast

Driftwood Capital Buys 111-Room Wylie Hotel in Atlanta’s Old Fourth Ward

by Julia Sanders October 7, 2021

ATLANTA — Coral Gables, Fla.-based Driftwood Capital has bought The Wylie Hotel, a 111-room boutique hotel in Atlanta’s historic Old Fourth Ward neighborhood. The property, which opened in May 2021, is the only independent boutique hotel in Midtown Atlanta, according to Driftwood Capital. Kim King Associates and WHI Real Estate Partners were the sellers. The sales price was not disclosed. Located at 551 Ponce De Leon Ave. NE, The Wylie Hotel is situated adjacent to Ponce City Market, a mixed-use destination along the Atlanta BeltLine. The hotel is also just 1.5 miles from Georgia Tech, one mile from the North Avenue MARTA station and 12 miles from Hartsfield-Jackson Atlanta International Airport. The Wylie Hotel was formerly 551 Ponce, a 1920s-era hotel. The renovation and expansion of the property added a glass-enclosed sunroom on the first floor, which is home to Mrs. P’s Kitchen & Bar, along with a second-floor outdoor terrace and 11 restored guestrooms. The expansion project also included a five-level addition to the rear of the historic building, which added 100 guestrooms, administrative offices and a fitness center. Guestrooms on the fifth floor have private terraces with views of Ponce City Market.

October 7, 2021

Development Florida Mixed-Use Southeast

Klotz, KABR Plan $200M Redevelopment of Morocco Shrine Center in Jacksonville

by Julia Sanders October 6, 2021

JACKSONVILLE, FLA. — Klotz Group of Cos. and KABR Group plan to redevelop Morocco Shrine Center, a former convention center in Jacksonville. The project, which is expected to cost more than $200 million, will be named The Village at Town Center. The 100,000-square-foot main temple building will be redeveloped to include 1,025 units that will be a mix of market-rate apartments, student housing and hotel rooms. Additionally, the property will include the new development of shops, restaurants and offices totaling 115,000 square feet, as well as public green space. Located at 3800 St. Johns Bluff Road S, the property is situated adjacent to the University of North Florida and St. Johns Town Center. Klotz and KABR Group are set to close on the property in early November, with construction of Phase I slated to begin in 2022. The construction timeline is predicted to take about five to seven years for completion.

October 6, 2021

Acquisitions Florida Life Sciences Office Southeast

Cousins Properties Acquires Heights Union Office Property in Downtown Tampa for $144.8M

by Julia Sanders October 6, 2021

TAMPA, FLA. — Atlanta-based Cousins Properties has acquired Heights Union, a 294,000-square-foot office property in downtown Tampa, for $144.8 million. Atlanta-based TPA Group and Heights master developer SoHo Capital were the sellers, according to the Tampa Business Journal. Built in 2020, Heights Union features two six-story buildings with parking provided. The office property is currently 93.4 percent leased with life sciences users representing 66 percent of the rent roll. Pfizer leases 106,000 square feet for a Global Capability Hub, and Axogen leases 75,000 square feet for its second headquarters and lab space. Additionally, White & Case leases 40,000 square feet for a mission critical global operations center. The office property is located within The Heights neighborhood, which is a live-work-play district located near the 2.6-mile Tampa Riverwalk that runs alongside the Hillsborough River. The district is also anchored by Armature Works, an adaptive reuse project of the former Tampa streetcar facility that includes 73,000 square feet of mixed-use space and over 20 restaurants and bars.

October 6, 2021

Georgia Industrial Leasing Activity Southeast

CJ Logistics America Signs 1 MSF Lease at Distribution Facility in Locust Grove, Georgia

by Julia Sanders October 6, 2021

LOCUST GROVE, GA. — CJ Logistics America, a Des Plaines, Ill.-based supply chain company, has signed a 1 million-square-foot lease at Locust Grove Distribution Center in Locust Grove, about 37 miles south of downtown Atlanta. CJ Logistics signed a full-building, 10-year lease at 700 Price Drive with the landlord, Manulife Investment Management. Part of a 311-acre business park, Locust Grove Distribution Center is a recently constructed, Class A industrial facility that features dedicated ingress and egress, 36-foot clear heights, trailer parking and 146 dock doors. Tyler Fann and Adam Richards of Reliant Real Estate Partners oversee industrial leasing at Locust Grove Distribution Center. Lynn Reich, Suzanne Serino, Sean Boswell and Scott Plomgren of Colliers International represented CJ Logistics in the lease transaction.

October 6, 2021

Development Georgia Multifamily Southeast

Sentral Completes 409-Unit Multifamily Community at Star Metals Development in Atlanta

by Julia Sanders October 6, 2021

ATLANTA — Sentral has completed Sentral West Midtown at Star Metals in Atlanta’s West Midtown neighborhood. Located at 1050 Howell Mill Road, Sentral West Midtown at Star Metals is a 409-unit community that offers a flexible living model in which residents and guests can live at the property for any period of time from one month to several years. Paces Properties and Allen Morris Co. are co-developers of Star Metals. The property offers studio, one- and two-bedroom floor plans that come either unfurnished or furnished. Community amenities include a curated year-round events calendar, rooftop pool and grilling area, fitness center, dog spa, networking café and various indoor and outdoor coworking spaces. Sentral West Midtown at Star Metals features food and beverage offerings including Prevail Coffee; Savi Provisions, a specialty grocer; Wagamama, a UK- based pan-Asian restaurant chain; and Sweetgreen, the fast-casual salad chain. Starting in 2022, qualifying residents at Sentral West Midtown will be able to use Sentral’s homesharing service, which will allow residents to rent out their apartments with short-term stays with a two-night minimum. Sentral will handle all homesharing logistics, including housekeeping, photography, insurance and 24-hour service. The homesharing program will enable residents to offset 25 percent or …

October 6, 2021

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