Southeast

Daniel Corp. Breaks Ground on 144,000 SF Medical Office Building in Birmingham

by John Nelson November 2, 2020

BIRMINGHAM, ALA. — Daniel Corp. has broken ground on Grandview Medical Plaza II, a four-story, 144,000-square-foot medical office building in Birmingham. White Plains, N.Y.-based Seavest Healthcare Properties is the developer and owner. Grandview Medical Plaza II is situated next to Grandview Medical Plaza I, an eight-story, 208,000-square-foot building that is also owned by Seavest. Grandview Medical Plaza II will be situated within the 103-acre Cahaba Center at Grandview campus, which is located nine miles southeast of downtown Birmingham. Daniel Corp. expects to deliver Grandview Medical Plaza II in early 2022.

November 2, 2020

Acquisitions Multifamily Southeast Tennessee

Cushman & Wakefield Arranges $47M Sale of Multifamily Community in Knoxville

by John Nelson November 2, 2020

KNOXVILLE, TENN. — Cushman & Wakefield has arranged the $47 million sale of The Village at Westland Cove, a 240-unit multifamily community in Knoxville. The property offers one-, two- and three-bedroom floor plans ranging from 717 square feet to 1,521 square feet. Communal amenities include a business center, pool, clubhouse, fitness center, car washing area, dog park, pet washing area and storage space. Jimmy Adams and Robert Stickel of Cushman & Wakefield represented the seller, StoneRiver Co., in the transaction. H3 Real Estate Advisors acquired the property.

November 2, 2020

Development Retail Southeast Tennessee

Knoebel Construction Delivers Indian-American Grocery Store in Nashville

by John Nelson November 2, 2020

NASHVILLE, TENN. — Knoebel Construction has delivered a new Patel Brothers grocery store in Nashville. This marks the 10th location in eight states that Knoebel has delivered on behalf of the Indian-American grocer. The store spans 25,000 square feet and is situated at 420 Harding Place, seven miles southeast of downtown Nashville. Brentwood, Tenn.-based H. Michael Hindman Architects P.C. designed the grocery store.

November 2, 2020

Company News Georgia Massachusetts Northeast Retail Southeast Top Stories

Inspire Brands Agrees to Acquire Dunkin’ in $11.3B Transaction

by Taylor Williams November 2, 2020

ATLANTA AND CANTON, MASS. — Inspire Brands has agreed to acquire fast-food breakfast chain Dunkin’ Brands (NASDAQ: DNKN) in a transaction valued at $11.3 billion. The deal is expected to close by the end of the year. Atlanta-based Inspire Brands is the parent company of restaurant chains such as Arby’s, Jimmy John’s, Sonic Drive-In and Buffalo Wild Wings. In addition to its namesake coffee and breakfast chain, Canton, Mass.-based Dunkin’ Brands also owns ice cream parlor chain Baskin-Robbins, which respectively have about 12,500 and 8,000 locations worldwide. Dunkin’ has about 9,600 locations in the United States. The deal’s price tag equates to $106.50 per share, to be paid in cash, and includes the assumption of all Dunkin’ Brands’ debt. The share price represents a 30 percent premium over the Dunkin’ Brands 30-day weighted average price and a 20 percent premium over its closing stock price of $88.79 per share on Friday, Oct. 23. “We are excited to bring meaningful value to shareholders who have been with us on this journey and believe that Inspire Brands, a preeminent operator of franchised restaurant concepts, will continue to drive growth for our franchisees while remaining true to all that is unique and special …

November 2, 2020

Kentucky Market Reports Southeast Southeast Market Reports

Real Estate’s Holding Pattern is No Match for Louisville’s Top-Tier Potential

by Alex Tostado November 2, 2020

Much like the rest of the nation, both Louisville-area landlords and tenants are stalling while waiting for the ripple effects of the COVID-19 pandemic to become clear. The office market in Louisville has entered a holding pattern of sorts, while tenants evaluate their workspace needs in light of the major shift to remote work. Many are opting to wait and see what the market holds, a stark contrast to the steady development and leasing activity we saw in 2019. Now with investors taking a more long-term view of the market, larger portfolio sales are limited while everyone questions the future demand for office space. The most recent portfolio transfer was made by the New York-based Group RMC Corp. in its acquisition of a six-building, Class B office portfolio from locally based Ascent Properties for $44.5 million. The deal was traded at an 8.6 percent cap rate. However, don’t let the lull in activity fool you. The region’s office market is ripe with possibilities. While many local companies initially speculated about permanently adopting full-term remote work in the second quarter, they’re reconsidering as time goes on. Regional JLL research shows that 80 percent of businesses said most employees will eventually return …

November 2, 2020

Acquisitions Florida Georgia Industrial North Carolina Southeast

Nuveen Global Investments Acquires Six-Property Industrial Portfolio in Southeast for $272M

by Alex Tostado October 30, 2020

KANSAS CITY, MO. — Nuveen Global Investments LLC, a TIAA company, has acquired a six-property industrial portfolio in the Southeast for $272 million. McCraney Property Co. and Northwestern Mutual sold the 3.5 million-square-foot portfolio, which was built on a speculative basis. Chris Riley, Frank Fallon, and Trey Embrey of CBRE represented the sellers, Northwestern Mutual and McCraney Property Co., in the transaction. The portfolio features four Florida properties, including Country Line Logistics Center, which totals 1.1 million square feet in Plant City; Park 27, which spans 602,972 square feet in Davenport; 27 Logistics Park, which comprises 207,676 square feet in Davenport; and I-4 Commerce Center, which totals 45,340 square feet in Lake Mary. The remaining two properties are the 611,698-square-foot 985 Lanier Logistics in Buford, Ga.; and the 350,687-square-foot Airport South in Charlotte. All six buildings were fully leased at the time of sale.

October 30, 2020

Company News Kentucky Retail Southeast

Yum Brands Reports 8 Percent Revenue Growth in Third Quarter

by Alex Tostado October 30, 2020

LOUISVILLE, KY. — Yum Brands reported third-quarter revenue of $1.45 billion, up 8 percent from the same period a year ago. Taco Bell reported the highest positive year-over-year growth, recording $501 million in sales, a 2 percent increase from third-quarter 2019. Pizza Hut’s sales also grew, reaching $243 million, a 1 percent increase. Though KFC recorded the highest company sales total, reaching $583 million for the quarter, it was still a 4 percent decrease from the $609 million total recorded in the third quarter of 2019. Additionally, Louisville-based Yum Brands sold its stake in GrubHub, a food delivery service, for $206 million. The buyer was not disclosed.

October 30, 2020

Acquisitions Retail Southeast Tennessee

Stan Johnson Co. Arranges $18.5M Sale of Retail Property in Metro Memphis Leased to Whole Foods Market

by Alex Tostado October 30, 2020

GERMANTOWN, TENN. — Stan Johnson Co. has arranged the $18.5 million sale of a retail property in Germantown leased to Whole Foods Market. An undisclosed private investor acquired the asset at a 4.6 percent cap rate. The 36,570-square-foot freestanding grocery store is located at 7811 Poplar Ave., 15 miles east of downtown Memphis and near other retailers such as Hobby Lobby, T.J. Maxx, Starbucks and Kroger. The location was delivered in 2015 and is situated on 5.2 acres. Pat Weibel of Stan Johnson Co. represented the seller, a private equity group based in Memphis, in the transaction.

October 30, 2020

Acquisitions Georgia Multifamily Southeast

Auerbach Funds, Dunross Capital Purchase 220-Unit Townhome Community in Southwest Atlanta’s College Park

by Alex Tostado October 30, 2020

COLLEGE PARK, GA. — A partnership between Auerbach Funds and Dunross Capital has purchased The Life at Avery Park, a 220-unit townhome community in College Park. The property offers two- and three-bedroom floor plans. Communal amenities include a pool, grilling area and a playground. The buyers plan to implement an upgrade plan at the community, which will include renovating the unit interiors and communal space. The Life at Avery Park was originally built in 1970 and most recently renovated in 2001. The asset is situated at 2609 Charlestown Drive, 11 miles southwest of downtown Atlanta. The seller and sales price were not disclosed.

October 30, 2020

Development Multifamily Seniors Housing South Carolina Southeast

Frampton Construction Delivers 101-Unit Seniors Housing Community in Greenville

by Alex Tostado October 30, 2020

GREENVILLE, S.C. — Frampton Construction Co. has completed work on The Blake at Hollingsworth Park, a 101-unit seniors housing community in Greenville. Cardinal Ventures is the developer of the community. The property features 68 assisted living and 33 memory care suites. The 86,000-square-foot assisted living and memory care facility is in the Hollingsworth Park area of Verdae, a master-planned community. Young, Wier + Boerner Architecture completed the design for the building, and Hoyt + Berenyi was civil engineer for the project. This is Frampton’s fifth Blake-branded assisted living project.

October 30, 2020

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