Southeast

Cofer Crossing

TUCKER, GA. — JLL Capital Markets has brokered the $20 million sale of Cofer Crossing, a 136,139-square-foot shopping center located 20 miles outside of Atlanta in Tucker. Kroger and HomeGoods anchor the fully leased center. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL represented the seller, a partnership between Site Centers Corp. and Madison International Realty. A private buyer based in Ontario, Calif., acquired the asset in a 1031 exchange. Hanley Investment Group’s Ed Hanley and Kevin Fryman, along with ParaSell Inc., represented the buyer in the transaction.  

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Retail center

ST. PETERSBURG, FLA. — Limestone Asset Management, via a joint venture with its parent company Orion Real Estate Group, has sold a 23,031-square-foot retail and office center in the Tampa Bay area for $5.3 million. Located at 1914 4th St. N in St. Petersburg, the property was 100 percent leased at the time of sale to six tenants, including Outback Steakhouse and Panera Bread. Ben Mallah of Equity Management Partners Inc. purchased the property in a 1031 exchange. Mark Shellabarger and Ari Ravi of CBRE represented Limestone and Orion, both real estate investment firms based in Miami, in the transaction. Limestone Asset Management originally purchased the property in June 2016 for $2.9 million.

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WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has publicly stated that there should no longer be a nationwide eviction moratorium, a position the Washington, D.C.-based organization has held for the better part of a year. The statement is in response to a ruling by U.S. District Court Judge Dabney Friedrich on Wednesday, May 5, to vacate the Centers for Disease Control and Prevention (CDC) eviction ban that began last year and was extended through June 2021. At the beginning of the COVID-19 pandemic, many people lost their jobs and could not pay their rent, according to the NMHC. In April 2020, there was a spike in unemployment claims with 14.8 percent of Americans unemployed. The CDC implemented a nationwide eviction moratorium, which would ensure that Americans who had lost their jobs or were struggling financially were not going to become homeless due to the pandemic. The NMHC stated that it believes the eviction moratorium is no longer a necessary solution with unemployment numbers decreasing and more and more people getting one of the three available COVID-19 vaccines. The association added that the best solution to help people afford their living situations is to provide Americans with the resources …

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WASHINGTON, D.C. — A total of 498,000 Americans filed for first-time unemployment insurance assistance for the week that ended May 1, the U.S. Department of Labor reported Thursday. These claims were a decrease of 92,000 from last week’s revised unemployment claims of 590,000 and were lower than the Dow Jones estimate of 527,000. Continuing claims, for which data lags a week, increased by 37,000 to just below 3.7 million claims. The latest weekly first-time unemployment claims set another pandemic-era low and are approaching pre-pandemic figures — claims totaled 256,000 for the week that ended March 14, 2020.

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Doosan Bobcat

STATESVILLE, N.C. — Heavy equipment manufacturer Doosan Bobcat North America plans to build a $70 million expansion of its manufacturing facility in Statesville. The company’s acquisition of 68 acres adjacent to its existing 92-acre campus will allow for the addition of 500,000 square feet of attached manufacturing space and 80,000 square feet of attached warehouse and distribution space. The project will create 250 full-time jobs over the next five years in Iredell County. Construction is expected to begin in July, with full project completion expected for May 2022.The company previously completed an $11 million facility upgrade at Statesville in January. Doosan Bobcat’s latest expansion will grow the floorplan from nearly 500,000 square feet to more than 1 million square feet when complete. With the expansion, the company plans to hire more people, including positions in production, manufacturing, engineering and operations. Doosan Bobcat North America is based in West Fargo, North Dakota, and is a global manufacturer of construction, agriculture, landscaping and grounds maintenance equipment, attachments and services. Doosan Bobcat employs approximately 4,500 people at 13 facilities across seven states.

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Gateway Market Center

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.

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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 …

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Shops at Surfside Center

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.

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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.

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Marketplace

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 …

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