Southeast

Rooker to Develop $22M Speculative Industrial Property in Upstate South Carolina

by Alex Tostado July 31, 2020

PELZER, S.C. — Rooker Co. will develop Pelzer Point Commerce Center Building One, a 212,500-square-foot speculative industrial property in Pelzer. The Atlanta-based developer expects to break ground Aug. 5 and deliver the property in the third quarter of 2021. Rooker expects total development costs to total $22 million. The property is situated at 1630 Easley Highway, 15 miles southwest of downtown Greenville. The asset will feature 32-foot clear heights, 50 dock doors and office space. The building will be Anderson County’s first speculative industrial building with Interstate 85 frontage, according to Colliers International. Pelzer Point can also accommodate an additional 187,000-square-foot development. Garrett Scott, John Montgomery and Brockton Hall of Colliers will lead the leasing and marketing effort on behalf of Rooker.

July 31, 2020

Acquisitions Florida Healthcare Southeast

IRA Capital Acquires Surgery Center in Fort Myers for $7M

by Alex Tostado July 31, 2020

FORT MYERS, FLA. — IRA Capital has acquired Paramount Surgery Center, a 9,000-square-foot surgery center in Fort Myers. The property is located at 2565 Cleveland Ave., across the street from Lee Memorial Hospital. The asset was completed in 2012 and features three operating rooms, step-down recovery, a nurse station, consultation room and a reception area. John Krzyminski and Max Krzyminski of JLL represented the seller, 8250 Realty LLC, in the transaction.

July 31, 2020

Acquisitions Florida Office Southeast

Swire Properties Sells Brickell City Centre Office Towers in Miami to Northwood for $163M

by Alex Tostado July 30, 2020

MIAMI — Swire Properties has sold Two and Three Brickell City Centre, two office buildings at the $1.05 billion Brickell City Centre mixed-use project in Miami’s Brickell district. The sales price was not disclosed, though The Miami Herald reports the assets traded for $163 million. The South Florida Business Journal reports Denver-based Northwood Investors LLC acquired the two buildings. Two Brickell City Centre, located at 78 SW Seventh St., sold for $80.3 million. Three Brickell City Centre, located at 98 SW Seventh St., sold for $82.7 million. Each building comprises 130,000 square feet and tenants include WeWork, law firm Akerman LLP and consulting firm McKinsey & Co. The buildings were nearly fully leased at the time of sale, according to a Swire spokesperson. Hong Kong-based Swire, which developed Two and Three Brickell City Centre in 2016, will retain ownership of the open-air shopping center at Brickell City Centre. Swire intends to reinvest the capital into future developments, according to the company spokesperson.

July 30, 2020

Development Multifamily North Carolina Southeast Student Housing

Joint Venture Breaks Ground on 192-Bed Student Housing Community Near UNC at Pembroke Campus

by Alex Tostado July 30, 2020

PEMBROKE, N.C. — A joint venture titled PB Pembroke Owner LLC has broken ground on a 192-bed student housing community located near the University of North Carolina at Pembroke. The 192-bed project is Phase I of a larger development set to include 20,000 square feet of retail and a second 300-bed student housing community. Financing for the project includes $3 million in opportunity zone equity from the Woodforest CEI-Boulos Opportunity Fund, a $10.8 million loan from Self-Help Credit Union and $840,000 in developer equity. Phase I of the development is scheduled for completion in fall 2021.

July 30, 2020

District of Columbia Southeast

First-Time Unemployment Claims Increase for Second Consecutive Week to 1.4M Filings

by Alex Tostado July 30, 2020

WASHINGTON, D.C. — First-time unemployment claims again increased on a week-over-week basis. During the week ending July 25, 1.4 million Americans filed for assistance, an increase of 12,000 from the previous week but less than the 1.5 million claims estimate from economists surveyed by Dow Jones. Prior to the week ending July 18, there were 15 straight weeks of decreasing claims. For the week ending July 18, continuing claims stood at just over 17 million, an 867,000 increase from the previous week. (Data on continuing claims is delayed by one week.) Some states and municipalities have begun to roll back reopenings of schools and businesses, causing the unemployment numbers to tick back up. Additionally, the U.S. Commerce Department reported Thursday morning that the nation’s gross domestic product (GDP) in the second quarter shrunk at an annual rate of 32.9 percent. Economists surveyed by Dow Jones were expecting a decrease of 34.7 percent.

July 30, 2020

Acquisitions Loans Multifamily Southeast Tennessee

Grandbridge Provides $26M Acquisition Loan for Multifamily Community in Chattanooga

by Alex Tostado July 30, 2020

CHATTANOOGA, TENN. — Grandbridge Real Estate Capital has provided a $26 million Freddie Mac acquisition loan for Standifer Place, a 240-unit multifamily community in east Chattanooga. The non-recourse loan features a floating interest rate and a three-year interest-only payment period followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, business center, clubhouse, storage space, picnic area, fitness center and a basketball court. Standifer Place is located at 3400 Jenkins Road, 15 miles east of downtown Chattanooga. Bill Mattice, Phillip Cox and Paul McDonald of Grandbridge originated the loan on behalf of the undisclosed borrower.

July 30, 2020

Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Arranges 92,550 SF Industrial Lease in Metro Miami

by Alex Tostado July 30, 2020

MEDLEY, FLA. — Cushman & Wakefield has arranged a 92,550-square-foot industrial lease at Medley 104 Industrial Center in Medley. The landlord, Lincoln Property Co., recently completed a $6.5 million renovation at the 263,131-square-foot property. Medley 104 is situated at 9400 NW 104th St., 10 miles northwest of Miami International Airport and 15 miles northwest of the Port of Miami. Wayne Ramoski, Gian Rodriguez and Skylar Stein of Cushman & Wakefield represented the landlord in the lease negotiations. Matt Maciag, Brian Smith and Audley Bosch of JLL represented the tenant, U.S. PLY Inc., a Fort Worth, Texas-based commercial roofing manufacturer. The multi-tenant property was formerly the distribution headquarters for CVS. Artefacto occupies 98,478 square feet at Medley 104 and the remaining 72,103 square feet is vacant.

July 30, 2020

Development Office Southeast Tennessee Top Stories

Brasfield & Gorrie Completes $90M Office Building in Nashville

by Alex Tostado July 30, 2020

NASHVILLE, TENN. — Brasfield & Gorrie has completed the $90 million Peabody Plaza at Rolling Mill Hill, a nine-story, 280,000-square-foot office building in Nashville’s Rolling Mill Hill neighborhood. The Birmingham, Alabama-based general contractor built the project on behalf of the owner, Eakin Partners. The building sits on the site of a former surface parking lot at 10 Lea Ave., one mile south of downtown Nashville. Peabody Plaza features a 6,000-square-foot amenity deck overlooking downtown Nashville and the Cumberland River, as well as a nearly one-acre park between the building and Cumberland River. It was built with a five-story, below-grade parking deck offering 1,000 parking spaces. Tenants at the site include Concord Music, Guaranty Home Mortgage Corp. and Fourth Capital corporate offices as well as a ground-floor bank branch. Peabody Plaza also features space for a coffee shop and a full-service restaurant. There was 156,000 square feet of office space available for lease at the time of the opening. Nashville-based Hastings Architecture designed the building. Hastings also designed the interior space for Guaranty Home Mortgage and Fourth Capital. Lines Inc. was the architect for Concord. Peabody Plaza is the sixth office building that locally based Eakin Partners and Brasfield & Gorrie …

July 30, 2020

Development Multifamily Southeast Tennessee

Dinerstein to Develop 360-Unit Multifamily Community in Nashville’s Gulch District

by Alex Tostado July 29, 2020

NASHVILLE, TENN. — The Dinerstein Cos. has begun construction on Aspire Gulch, a 10-story, 360-unit multifamily community in Nashville’s Gulch district. Communal amenities will include a rooftop pool, soundproof room for musicians and a 507-space parking deck. The property will offer one through three-bedroom floor plans. Aspire Gulch is situated at 805 Division St., one mile from downtown Nashville. The Houston-based developer expects to open the community in summer 2022. Hoar Construction is the general contractor, and Nile Bolton Associates is the architect.

July 29, 2020

Company News Retail Southeast

Slate Retail REIT Reports Best Quarter of Leasing Activity Since 2014 Despite Pandemic

by Alex Tostado July 29, 2020

TORONTO — Slate Retail REIT has reported during its second quarter earnings call that it experienced the best quarter of leasing since its founding in 2014. The Toronto-based company, which owns and operates 46 grocery-anchored shopping centers in the Southeastern United States, reports that it completed 464,326 square feet of lease renewals and 54,365 square feet of new leasing at its 70 total locations. The 518,691 square feet total is a 60 percent jump over second-quarter 2019. The REIT’s portfolio occupancy rate dropped 0.6 percent in the three months ending June 30 to 92.2 percent. Slate also reported that 62 percent of its tenant portfolio is deemed “essential” during the pandemic. These tenants include grocery stores, medical services and financial institutions. Slate was able to collect 89 percent of contractual rent for the second quarter. The company collected 91 percent of rent checks in July. The REIT expects to substantially collect outstanding billings through immediate cash collection or deferral programs. Furthermore, pending approval from the Toronto Stock Exchange (TSX), the company will rebrand to Slate Grocery REIT.

July 29, 2020

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