Sunday, December 22, 2024
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AcquisitionsIndustrialNorth CarolinaSouth CarolinaSoutheast

Indus Realty Trust Acquires Majority Interest in 4.3 MSF Carolinas Industrial Portfolio from Childress Klein

by John Nelson

NEW YORK CITY — Indus Realty Trust, an industrial owner-operator based in New York, has purchased the majority interest in a logistics portfolio in the Carolinas from Charlotte-based Childress Klein. The 4.3 million-square-foot logistics portfolio spans 21 properties. The transaction amount was not shared, but the Indus Realty Trust investment puts the value of the portfolio at $575 million. Childress Klein will retain a minority stake and continue to operate and lease the properties. Eastdil Secured represented Childress Klein in arranging the transaction. The Carolinas portfolio was 94 percent occupied at the time of the recapitalization. Sixteen of the porftolio’s buildings are located in the metro Charlotte region and five buildings are in the greater Charleston market. The portfolio features a mix of last-mile and bulk facilities that average 205,000 square feet in size and 13 years in age.

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DevelopmentGeorgiaLeasing ActivityRetailSoutheast

EōS Fitness Plans to Open 50 Gyms Across Georgia Over Next 10 Years

by John Nelson

ATLANTA — EōS Fitness has announced plans to enter the metro Atlanta market and open 50 gyms throughout Georgia over the next 10 years. The first several gyms are scheduled to open by 2027, with each location averaging 40,000 to 50,000 square feet in size. Each EōS gym comes outfitted with strength and cardio equipment, training turf areas and recovery options including cryotherapy, cold plunges and infrared saunas. Every location also offers personal trainers, onsite staff and group classes. “Atlanta is the third-fastest-growing metropolitan area in the United States, and venturing here represents a key milestone in our long-term vision for EōS,” says Rich Drengberg, CEO of the brand. The EōS portfolio currently includes more than 175 locations open or underway in Arizona, California, Florida, Nevada, Texas and Utah. The Dallas-based company plans to surpass 250 gyms nationwide by 2030. Each new gym represents an approximately $10 million investment and creates 40 to 60 jobs.

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DevelopmentIndustrialSoutheastTennessee

Lincoln Property Co., Goldman Sachs Alternatives Break Ground on 497,160 SF Industrial Park Near Nashville

by John Nelson

HENDERSONVILLE, TENN. — Lincoln Property Co. (LPC) and Real Estate at Goldman Sachs Alternatives have broken ground on Northside Logistics Park, a five-building industrial park totaling 497,160 square feet. The co-developers recently closed on the land acquisition, which spans 45.6 acres at 157 Molly Walton Drive in Hendersonville, approximately 17 miles northeast of Nashville. Will Goodman and Jack Armstrong of CBRE brokered the land deal for the buyers and will handle the landlord leasing for the project. Each of the five buildings are designed to accommodate single or multiple tenants, with spaces ranging from 20,000 to 144,000 square feet, as well as feature 32-foot clear heights and at least 20 dock-high doors. The design-build team includes civil engineer Kimley-Horn & Associates and architect of record STG Design. LPC and Goldman Sachs Alternatives plan to deliver Northside Logistics Park in first-quarter 2026.

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DevelopmentLoansSouth CarolinaSoutheastStudent Housing

JLL Secures Construction Financing, Equity for 168-Unit Student Housing Development Near Clemson University

by John Nelson

CLEMSON, S.C. — JLL has secured construction financing and an equity placement for Hartwell Ridge, a 168-unit student housing development located near the Clemson University campus in South Carolina. Jeremy Sain, Teddy Leatherman and Lauren Dow of JLL represented the borrower, Fountain Residential Partners, in arranging the equity placement through FrontRange Capital and Atlantic American Partners. BankUnited provided the construction loan for the project. Located at 10920 Clemson Blvd., the community will offer fully furnished units in studio through five-bedroom configurations, including two-story townhomes. Shared amenities will include a swimming pool, clubhouse, strength training and cardio center and multiple private study rooms. Van Winkle Construction is acting as general contractor for the project, which is scheduled for completion in fall 2026.

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District of ColumbiaSoutheast

US Economy Posts Strong Rebound in November by Adding 227,000 Jobs

by John Nelson

WASHINGTON, D.C. — The U.S. economy added 227,000 jobs in November, according to the U.S. Bureau of Labor Statistics (BLS). The figure is a strong rebound from October when the economy added 36,000 jobs, which is an upward revision by the BLS from its previous report of 12,000 jobs for the month. CNBC and other media outlets cite impacts from Hurricane Milton and the Boeing strike as reasons why the October total fell so far short of expectations. In addition to the October revision, the BLS revised September’s job total upward to 255,000, which brings net employment for the two months 56,000 jobs higher than previously reported. The November total also surpassed Dow Jones economists’ expectations of 214,000 jobs for the month, according to CNBC. The most actively expanding employment sectors in November included healthcare, which added 54,000 jobs, and leisure and hospitality, which added 53,000 jobs. The healthcare total is in line with the sector’s 59,000 average over the prior 12 months, but the leisure and hospitality figure more than doubled its 12-month average of 21,000 jobs, according to the BLS. Other sectors that added jobs in November include government (+33,000), transportation equipment manufacturing (+32,000) and social assistance (+19,000). …

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AcquisitionsMultifamilyNorth CarolinaSoutheast

JLL Arranges Sale of 286-Unit Pier 33 Apartments in Downtown Wilmington, North Carolina

by John Nelson

WILMINGTON, N.C. — JLL has arranged the sale of Pier 33, a 286-unit apartment community located at 901 Nutt St. in downtown Wilmington. Middle Street Partners purchased the luxury community from Dewitt Carolinas Inc. for an undisclosed price. John Mikels, John Gavigan, Niki Dewberry and William Martin of JLL represented the seller in the transaction. Additionally, Ward Smith and Brad Woolard of JLL originated a Fannie Mae acquisition loan on behalf of Middle Street. Built in 2021, Pier 33 features 21,000 square feet of retail space, including concepts Bonita Latin Fusion, Megarounds and Nautical Bowls. The property also features studio, one-, two- and three-bedroom apartments, as well as a resort-style pool, pet spa, sky lounge, fitness center and coworking spaces.

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DevelopmentFloridaIndustrialSoutheast

Miller Construction, Foundry Break Ground on Two South Florida Warehouse Projects Totaling 832,000 SF

by John Nelson

OPA LOCKA AND BOYNTON BEACH, FLA. — Miller Construction, working on behalf of Orlando-based commercial real estate services and development firm Foundry Commercial, has begun construction on two warehouse projects in South Florida totaling 832,000 square feet. The facilities, which combined for $68 million in value, include Meek International Business Park Phase IV (375,000 square feet) in Opa Locka, and Egret Point Logistics, a two-building park (457,000 square feet) in Boynton Beach. The project team for Meek International include Arcadis (architect), Puga & Associates (MEP engineer), DDA (structural engineer) and Langan (civil engineer). Arcadis and DDA were also part of the project team for Egret Point, which also included B&K Engineering (MEP engineer) and Kimley-Horn (civil engineer).

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AcquisitionsIndustrialKentuckySoutheast

Schostak Brothers Acquire 125,000 SF Industrial Facility in Nicholasville, Kentucky

by John Nelson

NICHOLASVILLE, KY. — Michigan-based Schostak Brothers Co. has acquired a 125,000-square-foot industrial facility located at 101 Etter Drive in Nicholasville, roughly 14 miles south of Lexington, Ky. The seller and sales price were not disclosed. The warehouse and manufacturing facility marks the second Kentucky acquisition for Schostak Brothers.

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AcquisitionsRetailSoutheastTennessee

Matthews Brokers Sale of Publix-Anchored Retail Center in Chattanooga

by John Nelson

CHATTANOOGA, TENN. — Matthews Real Estate Investment Services has brokered the sale of Hurricane Creek, a 62,590-square-foot shopping center located in Chattanooga. Publix anchors the property, which was built in 2007. Southeast U.S. Retail Fund LP sold the center to an entity doing business as Hurricane Creek Center LLC for an undisclosed price. Kyle Stonis, Pierce Mayson and Boris Shilkrot of Matthews arranged the transaction.

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AcquisitionsAlabamaRetailSoutheast

Marcus & Millichap Negotiates Sale of Gas Station, Store Near Mobile Ground Leased to Wawa

by John Nelson

ROBERTSDALE, ALA. — Marcus & Millichap’s Taylor McMinn Retail Group in Atlanta has brokered the sale of a newly built gas station and convenience store in Alabama ground leased to Wawa. Delivered earlier this year, the 6,119-square-foot retail property is located on a 2.2-acre site at 18535 County Road 48 in Robertsdale, a suburb of Mobile. The property is situated across from a Walmart Supercenter and features a 20-year ground lease featuring rent increase and extension options. Don McMinn and Andrew Koriwchak of Marcus & Millichap represented the seller, a Florida-based developer, in the transaction. The locally based buyer purchased the location all-cash in an exchange. “This was the second Wawa location in the state of Alabama, and more are coming as Wawa continues its Southeast expansion into Alabama, Georgia and North Carolina,” says McMinn. The Robertsdale location is the second Wawa in Alabama that McMinn and Koriwchak brokered, the first of which was a store in Fairhope.

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