Southeast

Bridge Development Secures $78.2M Construction Financing for Bridge Point AVE Industrial Park in Miami

by Julia Sanders March 25, 2021

MIAMI — Bridge Development Partners has secured $78.2 million in financing to develop Bridge Point AVE at Miami-Opa Locka Executive Airport. The three-building, 589,887-square-foot industrial business park is more than 72 percent preleased and is scheduled to be delivered in the third quarter. Steve Roth of CBRE’s Debt & Structured Finance team arranged the loan through Canadian Imperial Bank of Commerce (CIBC). Bridge acquired the nearly 50-acre development site located within the master-planned AVE, Aviation and Commerce Centre in late 2019. Building 1 will be located at 5590 NW 145th St. and span 199,800 square feet. Building 2 will be located at 14150 NW 56th Court and consist of 110,588 square feet. Lastly, Building 3 will be located at 14250 Aviation Drive and span 279,499 square feet. All three buildings will feature modern amenities and an ESFR fire suppression system. Bridge Point AVE will be bounded by Palmetto Expressway to the north and Gratigny Parkway to the south. Bridge has acquired 493 acres in 16 separate transactions throughout Miami-Dade and Broward counties and delivered approximately 7 million square feet of Class A industrial space across the South Florida region since entering the market in 2012.

March 25, 2021

Acquisitions Georgia Retail Southeast

Institutional Property Advisors Brokers $12.7M Sale of Kroger-Anchored Shopping Center in Metro Atlanta

by Julia Sanders March 25, 2021

CONYERS, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $12.7 million sale of Conyers Square, a 90,218-square-foot, Kroger-anchored shopping center in Conyers. Zach Taylor and Don McMinn of IPA’s Taylor McMinn Retail Group represented the seller, Sansome LLC, and procured the buyer, Forge Capital Partners. Kroger has 15 years of left on its lease term, and Taylor says that the previous owner did not have any COVID-19-related rent concessions with its tenants. “The Conyers Square disposition illustrated how strong and diverse the market is right now for successful, grocery-anchored centers,” says Taylor. “We received over one dozen offers from both private and institutional groups, with the private buyers beating the institutional pricing significantly. We received the most compelling financing quotes I have seen in over a decade and surpassed pricing expectations for our client.” Conyers Square was constructed on 11 acres in 1985. Additional tenants include Sunny’s Beauty Supply, Sapphire Nails, Lendmark Financial and H&R Block.

March 25, 2021

Acquisitions Georgia Industrial Southeast

JLL Arranges Sale of New 1.1 MSF Bulk Distribution Center Near Savannah

by Julia Sanders March 25, 2021

RINCON, GA. — JLL Capital Markets has arranged the sale of Georgia International Trade Center’s (GITC) Building 2B, a 1.1 million-square-foot bulk distribution center in the Savannah suburb of Rincon. Britton Burdette, Patrick Nally, Matt Wirth and Dennis Mitchell of JLL represented the seller, a joint venture between Stonemont Financial Group and The Davis Cos., in the transaction. Invesco Real Estate purchased the property for an undisclosed price. The cross-dock building is situated on 76.6 acres at 2008 Trade Center Blvd. within the broader, fully occupied GITC. Building 2B is less than 10 miles from Port of Savannah’s Garden City Terminal. Additionally, the property is located close to Interstates 16 and 95 and features access to every major destination east of the Mississippi River via two Class I railroads.

March 25, 2021

Development Louisiana Office Southeast

Hertz Investment Group Opens Connect Hub Coworking at 400 Poydras Tower in New Orleans

by Julia Sanders March 25, 2021

NEW ORLEANS — Hertz Investment Group has opened a new coworking space in New Orleans called Connect Hub Coworking at 400 Poydras Tower. The space is situated on the ninth floor within Hertz’s 400 Poydras Tower, a 32-story, 620,000-square-foot office building in the city’s central business district. Hertz invested about $1 million into the project. According to Jim Ingram, chief investment officer of Hertz, the property is offering desk-to-office options for remote workers, those splitting time between home, field and/or office and growing businesses in need of flexible lease agreements. The property offers offices suites ranging from 100 square feet to 100,000 square feet, as well as fiber internet, conference rooms and onsite management. Connect Hub is one of 80 tenants at 400 Poydras Tower. 400 Poydras Tower tenants include IMTT, Accruent, Entercom, Regions Bank and Reily Foods. Hertz Investment Group is a real estate investment firm based in Woodland Hills, Calif. The company currently operates seven properties in New Orleans, including First Bank and Trust Tower, Poydras Center and 400 Poydras Tower.

March 25, 2021

District of Columbia Southeast

First-Time Claims for Unemployment Insurance Decrease to 684,000, Lowest Figure Since Pandemic

by Julia Sanders March 25, 2021

WASHINGTON, D.C. — A total of 684,000 Americans filed for unemployment assistance for the week that ended March 20, the U.S. Department of Labor reported Thursday. This week was the first-time total claims fell below 700,000 since the pandemic started, according to CNBC. The amount of initial jobless claims was lower than the 735,000 figure that economists surveyed by Dow Jones predicted and is a decrease from last week’s revised amount of 770,000. Continuing claims, for which data lags a week, decreased to a little more than 3.8 million. Employers in the United States added 379,000 jobs last month, and the unemployment rate decreased to 6.2 percent. With jobs rebounding, the $1.9 trillion stimulus and the continued rollout of COVID-19 vaccines, economists surveyed by The Wall Street Journal increased their 2021 economic growth forecast for the U.S. GDP to a little over 5.9 percent on an annualized basis. If realized, it will be the fastest economic growth pace in about four decades.

March 25, 2021

Florida Mixed-Use Multifamily Southeast Top Stories

Two Large-Scale Residential Developments Underway in Metro Miami for Combined $695M

by Katie Sloan March 25, 2021

PLANTATION AND MIAMI BEACH, FLA. — Just outside Miami, two large-scale residential developments are underway totaling $695 million. The projects include the Five Park high-rise in Miami Beach and Plantation Walk in Plantation. Five Park A joint venture between Terra, GFO Investments and New Valley is preparing to break ground on Five Park, a $345 million residential tower located at 500 Alton Road in Miami Beach. The 48-story tower will become the tallest building in Miami Beach upon its completion in 2023, according to the developers. Designed by Arquitectonica with interiors by Gabellini Sheppard, Five Park is set to offer 280 two-, three- and four-bedroom residences and penthouses. Shared amenities will include two swimming pools; a restaurant; sunset viewing lounges; a resort-style spa; state-of-the-art fitness center with outdoor exercise areas; a cafe; sky lounge; and building concierge. The Five Park project will also include the development of Canopy Park, a three-acre public park offering green space, pedestrian and bike paths, an outdoor gym, a dog run, children’s playgrounds and public art displays. Construction of the park is scheduled for completion in summer 2021. Approved plans for the site also include the development of Miami Beach Canopy, a pedestrian bridge spanning 5th …

March 25, 2021

Acquisitions Georgia Multifamily Seniors Housing Southeast

Walker & Dunlop Brokers $164.5M Sale of Seniors Housing Portfolio in Atlanta

by Julia Sanders March 24, 2021

ATLANTA — Walker & Dunlop has brokered the $164.5 million sale of The Mansions Portfolio, a portfolio of four Class A independent living properties in Atlanta. Focus Senior Housing Fund I LP, a discretionary investment vehicle that is managed by an affiliate of Focus Healthcare Partners LLC, bought the portfolio. Joshua Jandris, Mark Myers, Jordyn Berger and Brett Gardner of Walker & Dunlop represented the buyer in the transaction. Additionally, Russell Dey of Walker & Dunlop arranged three acquisitions loans through Freddie Mac. The seller(s) was not disclosed. The Mansions Portfolio includes 559 independent living units across four unnamed properties located within 30 miles of one another. Some communities include restaurant-style dining rooms, fitness centers, landscaped grounds and in-unit washers and dryers. The communities are fairly new as they were constructed between 2016 and 2020. Focus Healthcare Partners is a real estate investment and asset management firm headquartered in Chicago.

March 24, 2021

Development Industrial Southeast Tennessee

Dalfen Industrial Purchases Land Near Nashville Airport from FedEx, Plans 739,950 SF Industrial Park

by Julia Sanders March 24, 2021

NASHVILLE, TENN. — Dalfen Industrial has purchased approximately 76 acres in Nashville, directly east of the Nashville International Airport. Dalfen plans to develop the land into Airpark East, a three-building industrial park totaling 739,950 square feet. Memphis-based FedEx was the seller. Airpark East will be located near Murfreesboro Pike and Interstates 24 and 40. The land is situated in close proximity to the Nashville CBD. Over the last 12 months, Dallas-based Dalfen Industrial has transacted on $1.7 billion of real estate in the United States.

March 24, 2021

Development Georgia Mixed-Use Southeast

Cotton Cos. to Open 55,000 SF Highside Market in Columbus, Georgia

by Julia Sanders March 24, 2021

COLUMBUS, GA. — The Cotton Cos. is bringing Highside Market, an urban infill and adaptive reuse mixed-use development, to Columbus. The first phase of the development is expected to be open in September, and Cotton Cos. plans to fully open the project by the third quarter of 2022. Located at the intersection of 13th Street and 2nd Avenue, Highside Market will feature four retail, dining, work and gathering spaces. The mixed-use development will also include full-service, dine-in and fast-casual restaurants; 20,000 square feet of retail space; 10,300 square feet of office space; green space; and outdoor lounges. Highside Market’s flagship structure, the 211 Building, was built in 1939 and previously operated as the premier auto dealership in Columbus for 55 years. The building’s ground floor will include a bakery, two dine-in restaurants and a mix of retail market stalls with office space, pop-up space for events and workshops occupying the first floor. An adjacent, circa-1959 Brutalist Bank building will be repurposed and transformed into the 201 Building. Cotton Cos. will remodel the building to have a ground-floor restaurant, basement bar and second floor retail or art gallery space, as well as an outdoor common area. Additionally, a newly constructed building, …

March 24, 2021

Acquisitions Hospitality Southeast Tennessee

MCR Acquires Dual-Branded Hotel in Metro Nashville

by Julia Sanders March 24, 2021

SMYRNA, TENN. — MCR, a hotel owner-operator with offices across the country, has acquired Tru by Hilton Smyrna Nashville and Home2 Suites by Hilton Smyrna Nashville, a dual-branded hotel in the Nashville suburb of Smyrna. The 167-room property is located less than 10 miles from the Nashville Superspeedway, a motor racing complex, and 20 miles from Nashville International Airport and downtown Nashville. The seller and sales price were not disclosed. The Tru by Hilton Smyrna Nashville features 78 pet-friendly guestrooms with refrigerators, a free daily breakfast, 24-hour fitness center, outdoor pool, free Wi-Fi, 24-hour business center with personal pods and remote printing access, 24-hour lobby market with snacks and drinks, onsite laundry and complimentary parking. The Home2 Sutes by Smyrna Nashville features 89 pet-friendly suites with kitchenettes, a free daily breakfast, a 24-hour fitness center, an outdoor pool, free Wi-Fi, a 24-hour business center, onsite laundry and complimentary parking.

March 24, 2021

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