Southeast

Balboa, Opus Begin Construction on 428-Bed Student Housing Community in Richmond

by Alex Tostado December 10, 2020

RICHMOND, VA. — A joint venture between Balboa Real Estate Partners and The Opus Group has broken ground on Ascend Richmond. The 428-bed student housing community will be located near the Virginia Commonwealth University campus. The project will offer a mix of studio, one-, two-, three- and four-bedroom units. Communal amenities will include an outdoor terrace, pool, a fitness center and lounge areas. Rabren General Contractors is the general contractor for the project. A timeline for completion was not disclosed.

December 10, 2020

Acquisitions Industrial South Carolina Southeast

JLL Arranges $14.7M Sale of New Manufacturing Facility in Metro Charlotte

by Alex Tostado December 10, 2020

ROCK HILL, S.C. — JLL has arranged the $14.7 million sale of a 129,600-square-foot light manufacturing facility in Rock Hill. The seller, Scannell Properties, delivered the asset earlier this year on a build-to-suit basis for tenant DIRTT Environmental Solutions. DIRTT creates and develops customizable and sustainable architectural interiors. The property spans 22 acres within Legacy Park East. The facility is situated at 2225 Williams Industrial Blvd., less than one mile from Interstate 77 and 27 miles south of Charlotte Douglas International Airport. Patrick Nally and Pete Pittroff of JLL represented the seller in the transaction. STAG Industrial Inc. acquired the facility.

December 10, 2020

Florida Leasing Activity Retail Southeast

Owners of CocoWalk in Miami Welcome Eight New Retailers to Tenant Roster

by Alex Tostado December 10, 2020

MIAMI — Federal Realty Investment Trust, The Comras Co. and Grass River Property have welcomed eight new retailers to their CocoWalk development in Miami’s Coconut Grove neighborhood. The three retailers that recently opened are vegetarian restaurant Planta Queen and women’s clothing and accessory retailers Free People Movement and Edite Mode. The five retailers that are expected to open this month are men’s beachwear retailer Europann, Mr. 01 Extraordinary Pizza, shoe retailer Sportive, Edward Beiner Eyewear and music store The School of Rock. The retail space at CocoWalk spans 150,000 square feet and surrounds the project’s courtyard. CocoWalk also includes a five-story, 185,762-square-foot office building that is 85 percent leased to tenants including Boyne Capital and American Land Ventures LLC.

December 10, 2020

Development North Carolina Retail Southeast

Food Lion Completes $212.5M Remodel of 112 Mid-Atlantic Stores

by Alex Tostado December 9, 2020

SALISBURY, N.C. — Food Lion has completed the $212.5 million remodel of 112 grocery stores in Virginia, West Virginia, Delaware, Pennsylvania and Maryland. The Salisbury-based grocer hired 2,300 employees at the stores. According to a study conducted by Towson University’s Regional Economic Studies Institute, the stores will generate $360 million in economic impact. Over the next week, the locations will hold giveaways that will range from reusable shopping bags to gift cards. Each store now includes more items in the “local goodness” section, an expanded craft beer and limited reserve wine section, a more efficient checkout process, new signage to help navigate the store more easily and safety equipment and protocols for a cleaner environment. Additionally, 40 percent of the remodeled stores now feature Food Lion To-Go, the grocer’s pickup service. Food Lion now has remodeled more than 90 percent of its current store network of more than 1,000 stores across its 10-state operating area.

December 9, 2020

Development Florida Office Southeast

Starwood Property Trust Tops Off Office Headquarters in Miami Beach

by Alex Tostado December 9, 2020

MIAMI BEACH, FLA. — Starwood Property Trust, an affiliate of Starwood Capital Group, has topped off construction at its two-building, 144,430-square-foot office building in Miami Beach. Starwood is developing the project in partnership with Integra Investments. Upon full completion, slated for late 2021, Starwood will occupy 55 percent of the six-story east building and part of the west building. The remaining space will be leased to third-party companies. Signed tenants were not disclosed, though the company said the property is “approaching full occupancy.” The asset will house 300 Starwood employees and feature 8,000 square feet of retail space and a 277-space parking garage with valet services. The headquarters is located at 2340 Collins Ave., one block from the beach and one mile north of downtown Miami Beach. Gensler designed the property, Clive Lonstein Inc. designed the interiors and CoastalBrodson is the general contractor. Citizens Bank provided Starwood and Integra with a $76 million construction loan.

December 9, 2020

District of Columbia Multifamily Southeast

NMHC: 75.4 Percent of Households Paid December Rent, Down 5 Percent from November

by Alex Tostado December 9, 2020

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has found that 75.4 percent of apartment households paid rent as of Dec. 6. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The most recent figure is an 894,864-household decrease, or 7.8 percent, from Dec. 6, 2019. The December numbers are also a 500-basis point drop from Nov. 6, 2020, though the NMHC notes that Dec. 6, 2020, fell on a weekend, meaning the data might not be a true direct comparison. “While the initial rent collection figures for the first week of December are concerning, only a full month’s results will paint a complete picture,” says Doug Bibby, president of Washington, D.C.-based NMHC. “However, it should not come as a surprise that a rising number of households are struggling to make ends meet. As the nation enters a winter with increasing COVID-19 case levels and even greater economic distress — as indicated by last week’s disquieting employment report — it is only a matter of time before both renters and housing providers reach the end of their resources.” NMHC releases the survey in partnership with apartment management platforms RealPage, ResMan, Yardi, …

December 9, 2020

Acquisitions Retail Southeast Virginia

Branch Properties Sells Walmart-Anchored Shopping Center in Hampton Roads Region

by Alex Tostado December 9, 2020

HAMPTON, VA. — Branch Properties has sold Mercury Plaza, a 98,066-square-foot shopping center in Hampton. Walmart Neighborhood Market and Marshalls anchor the center, which is situated at the intersection of West Mercury Boulevard and Power Plant Parkway, 21 miles north of downtown Norfolk in Virginia’s Hampton Roads region. Branch acquired the property in 2018 for $25 million and invested $2.6 million to build a new inline building next to Marshalls that is occupied by Rack Rooms Shoes and other shop tenants. The Atlanta-based seller also sold four outparcels in 2019 for $9.7 million. Fain Hicks, Margaret Jones, John Owendoff and Lane Breedlove of Cushman & Wakefield represented the seller in the transaction. The buyer and sales price were not disclosed.

December 9, 2020

Acquisitions Alabama Multifamily Southeast

Lexerd Capital Acquires 152-Unit Multifamily Community in Birmingham

by Alex Tostado December 9, 2020

BIRMINGHAM, ALA. — Lexerd Capital Management LLC has acquired Emerald Pointe, a 152-unit multifamily community in Birmingham, through one of its funds. The property comprises 21 two- and three-story buildings offering one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, sundeck, picnic area, playground and an onsite childcare facility. The asset is situated at 2149 Emerald Pointe Drive, 11 miles south of downtown Birmingham. The seller and sales price were not disclosed.

December 9, 2020

Development Georgia Industrial Southeast Top Stories

Nestlé Purina to Invest $550M for Expansion of Pet Food Manufacturing Facility in Georgia

by Kristin Harlow December 9, 2020

HARTWELL, GA. — Nestlé Purina PetCare Co. has unveiled plans to invest $550 million to expand its pet food manufacturing facility in Hartwell, located in Northeast Georgia. The expansion, which is expected to create up to 130 jobs, comes just one year after the factory opened in November 2019. By expanding the facility, Purina will add more processing, packaging and warehousing capacity. The expansion is also part of a broader growth plan for Purina, which includes new factories recently announced in Williamsburg Township, Ohio, and Eden, N.C. Purina brands feed 49 million dogs and 66 million cats each year, according to the company. The Hartwell location produces several of the company’s flagship brands, including Fancy Feast. When Purina first announced plans for the Hartwell facility in 2017, it committed to investing $320 million and employing 240 people. Purina will now combine $320 million of refinanced bonds to a new $550 million investment, according to local paper The Hartwell Sun. Purina now expects to employ up to 370 people by the end of 2025, and the new jobs in Hartwell will include positions in manufacturing and assembly. Purina expects to complete construction of the expansion by the end of 2021. Currently, …

December 9, 2020

Development Florida Industrial Southeast

First Industrial Realty Breaks Ground on 2.5 MSF Industrial Park in Miami-Dade County

by Alex Tostado December 8, 2020

MEDLEY, FLA. — First Industrial Realty Trust has broken ground on First Park Miami, a 2.5 million-square-foot industrial campus in Medley. Phase I will comprise three buildings totaling 600,000 square feet. The facilities will feature 32- to 36-foot clear heights, ESFR sprinkler systems and 120- to 180-foot truck courts. Phase I is expected to be delivered in third-quarter 2021. Butters Construction & Development is the general contractor, while RLC Architects is the designer. At full buildout, First Park Miami will comprise 13 buildings spanning 2.5 million square feet. The property is situated on 126 acres along NW 87th Avenue between NW 80th and 90th streets, nine miles north of Miami International Airport and 14 miles northwest of PortMiami.

December 8, 2020

Newer Posts

Older Posts