Southeast

Tiktin Real Estate Negotiates $4.9M Sale of Property Leased to 7-Eleven in Metro Orlando

by Alex Tostado January 12, 2021

WINTER GARDEN, FLA. — Tiktin Real Estate Investment Services (TREIS) has negotiated the $4.9 million sale of a 4,794-square-foot building leased to 7-Eleven in Winter Garden. The freestanding building is located at 4200 Winter Garden Vineland Road, 16 miles west of downtown Orlando. A Mobil gas station on the property was not included in the sale. Stablewood Properties acquired the property from an entity doing business as 600 East LLC. Adam Tiktin, Alejandro Snyder and Michael Williams of TREIS represented both the seller and buyer in the transaction.

January 12, 2021

Development Industrial Kentucky Southeast

Ball to Develop $305M Aluminum Manufacturing Facility in Bowling Green, Kentucky

by Alex Tostado January 11, 2021

BOWLING GREEN, KY. — Ball Corp. plans to open a new 500,000-square-foot building in Bowling Green that will serve as a manufacturing facility for aluminum can tops. According to the Kentucky Economic Development Finance Authority, Ball will invest $305 million to develop the facility. The Westminster, Colo.-based company expects to create 200 jobs at the property, which is scheduled to open in early 2022. The project’s construction is also expected to support 391 jobs. The facility will be situated within Transpark, a 300-acre industrial development owned by the City of Bowling Green and Warren County. Ball will be the first tenant at the site. Transpark has CSX Railroad service through the southern end of the property and is located five miles from Interstate 65. A design team for the project was not disclosed. Ball supplies aluminum packaging solutions for beverage, personal care and household products customers, as well as aerospace and other technologies and services primarily for the U.S. government.

January 11, 2021

Development Multifamily North Carolina Southeast

Ardmore Residential to Develop 396-Unit Apartment Community Near Raleigh

by Alex Tostado January 11, 2021

CLAYTON, N.C. — Ardmore Residential has purchased 20 acres in Clayton to develop Ardmore at Flowers, a planned 396-unit apartment community in the Raleigh-Durham area. The property will offer one-, two- and three-bedroom floor plans with modern kitchens, designer cabinetry and wood-style vinyl flooring. Communal amenities will include a cyber café, two fitness centers, two pools, several grilling areas, a clubhouse and a dog park. The developer expects to break ground on the community in the spring. Greensboro, N.C.-based Ardmore acquired the land from Southwest Crossroads Holdings LLC for $6.5 million. Sarah Godwin and John Mikels of JLL worked in partnership with John Koonce of York Properties to represent the seller in the transaction.

January 11, 2021

Acquisitions Florida Georgia North Carolina Retail Southeast

Slate Grocery REIT to Acquire Five Grocery-Anchored Properties in Three States for $54.3M

by Alex Tostado January 11, 2021

TORONTO — Slate Grocery REIT has entered into an agreement to acquire five grocery-anchored shopping centers in North Carolina, Florida and Georgia for $54.3 million. The five assets comprise 396,471 square feet and were 95 percent leased at the time of sale. The three North Carolina properties are Bells Fork, a 71,666-square-foot center in Greenville anchored by Harris Teeter; Tanglewood Commons, a 78,520-square-foot property in Winston-Salem anchored by Harris Teeter; and Westin Center, a 66,890-square-foot, Food Lion-anchored asset in Fayetteville. The Florida property is Mission Hills, an 85,078-square-foot property in Naples anchored by Winn-Dixie. The fifth property is Parkway Station, a 94,317-square-foot, Kroger-anchored retail center in Atlanta. The sale is expected to close in the first quarter of this year. The seller(s) was not disclosed.

January 11, 2021

District of Columbia Multifamily Southeast

NMHC: 76.6 Percent of Renters Paid January Rents in First Week

by Alex Tostado January 11, 2021

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) Rent Payment Tracker has found that 76.6 percent of residents made full or partial January rent payments as of Jan. 6. Washington, D.C.-based NMHC surveyed its network of 11.3 million professionally managed apartment units across the country. The most recent figure is a 120-basis point increase over Dec. 6, 2020, when 75.4 percent of households made partial or full payments. January 2021, however, showed a 170-basis point decrease — or 192,613 households — from January 2020. “While there is light at the end of the tunnel with the rollout of vaccines, the country and the multifamily industry continue to face steep challenges,” says Doug Bibby, president of NMHC. “The [U.S. Congress’] recently passed COVID relief package included $25 billion in desperately needed rental assistance, as well as expanded unemployment insurance. Now, it is critical that those funds reach those in need as quickly and efficiently as possible.” The NMHC Rent Payment Tracker is powered by Entrata, MRI Software, RealPage, ResMan and Yardi.

January 11, 2021

Acquisitions Retail Southeast Tennessee

Palomar Group Arranges $1.8M Sale of Starbucks-Occupied Building Near Chattanooga

by Alex Tostado January 11, 2021

SIGNAL MOUNTAIN, TENN. — The Palomar Group has arranged the $1.8 million sale of a 2,100-square-foot retail building in Signal Mountain leased to Starbucks. The property is situated as an outparcel to a Food City-anchored shopping center at the intersection of Signal Mountain and Mountain Creek roads, four miles northwest of downtown Chattanooga. Starbucks has 10 years remaining on the double-net lease, which includes four five-year extension options. The Palomar Group represented the seller, an undisclosed private investor based in New York, in the transaction. Chris Schellin of Westwood Net Lease Advisors represented the buyer, an undisclosed real estate developer based in Charleston, S.C.

January 11, 2021

Georgia Market Reports NAI Office Southeast Southeast Market Reports

NAI: Atlanta’s Office Market is Going to be ‘Just Fine’ as New Developments Come on Line

by Alex Tostado January 11, 2021

By Claire Blevins and Collin Devaney, NAI Brannen Goddard We’ve all seen the depressing commercial real estate news stories about the state of the office market, with words like “bleak,” “hazy” or “obsolete” in the headlines. Questions surround every major market, including Atlanta — a metro market known for its dependable economy and robust demand. Admittedly, Atlanta has had its struggles during the pandemic, like slow leasing activity and rising rental rates, but not everything is doom and gloom. New City Properties, in the middle of breaking ground on Mailchimp’s new headquarters, announced it was upping the budget to prepare for future pandemics, including setting money aside for technology that is not even available yet. Other developers are choosing to prioritize private green space over expensive machinery. Midtown’s new Norfolk Southern headquarters, opening by the third quarter of 2021, takes advantage of its 3.4-acre lot by developing a campus-style hub filled with parks and a rooftop garden. Employees who utilize these outdoor spaces decrease the risk of airborne transmissions, as well as promote healthy habits. Not every office building has the room for large outdoor forums, so other owners are doing away with cubicles and building out private offices. Or …

January 11, 2021

Georgia Market Reports Office Southeast Southeast Market Reports

Robust Absorption and a Record Deal Bode Well for Atlanta’s Office Sector

by John Nelson January 10, 2021

Commercial real estate sentiment has returned to pre-pandemic levels, according to NAIOP’s fall 2021 survey. Those views are good news for the commercial real estate industry generally, and the metro Atlanta office market is helping to provide some impressive specifics behind the rising optimism. At 2 million square feet of office space, Atlanta led the country in positive absorption in third-quarter 2021, approximately 700,000 square feet ahead of No. 3 market New York City, according to Colliers International research. Atlanta’s relatively low costs, attractive weather, growing demographics and educated labor force are big advantages for the city’s economy and office market. Metro Atlanta ranked No. 8 for year-over-year job growth in August among the largest U.S. metro areas with an increase of 124,300 new jobs, according to the U.S. Bureau of Labor Statistics. Atlanta recorded an unemployment rate of 3.1 percent that month for the market, 210 basis points lower the national figure. Atlanta also ranks No. 8 nationally for tech talent, according to CBRE, with total tech occupations having increased 15.2 percent from 2015 to 2020. Savills cited Atlanta’s highest growth rate for technology-related graduates in the country, a big draw for innovative companies looking to relocate to or …

January 10, 2021

Development Florida Healthcare Southeast

Skanska to Construct $187M Healthcare Building in Downtown Orlando

by Alex Tostado January 8, 2021

ORLANDO, FLA. — Skanska USA will construct Health Jewett Orthopedic Institute, a two-building, 371,000-square-foot healthcare facility in downtown Orlando that will include a medical pavilion and outpatient surgery center. Construction is expected to cost $187 million., The development will feature an eight-story building with 75 in-patient rooms and 10 operating rooms, as well as an adjoining six-story medical office building with another 12 operating rooms and two floors of ambulatory services. EYP Architecture & Engineering designed the facility. The medical pavilion and outpatient surgery center are expected to deliver in 2022 and the rest of the center will open in 2023. The facility will be part of the OrlandoHealth network.

January 8, 2021

Acquisitions Industrial Maryland Southeast

Realterm, J.P Morgan Acquire 1.8 MSF Industrial Portfolio Across 28 States

by Alex Tostado January 8, 2021

ANNAPOLIS, MD. — A joint venture between Realterm and J.P Morgan Asset Management has acquired a 54-property, 1.8 million-square-foot industrial portfolio. The properties are located in 28 states and are in markets including Atlanta, Chicago, Dallas, New York, Philadelphia and New Jersey. The portfolio spans a total of 717 acres and features 2,090 doors. The sales price was not disclosed, though funding was provided through the Realterm Logistics Income Fund (RLIF) in a 50/50 joint venture with institutional investors advised by J.P. Morgan Asset Management. Annapolis-based Realterm will manage the portfolio. Avison Young represented the undisclosed seller in the transaction.

January 8, 2021

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