Southeast

Tryko Partners Buys Three Skilled Nursing Facilities in Virginia

by Alex Tostado March 2, 2020

ALEXANDRIA, RICHMOND AND COLONIAL BEACH, VA. — Tryko Partners has acquired three skilled nursing facilities in Virginia as part of a planned geographic expansion in the Mid-Atlantic for the Brick, N.J.-based private equity investment firm. The facilities, which were part of the Cambridge Healthcare Portfolio, include the 307-bed Woodbine Rehabilitation & Healthcare in Alexandria, the 190-bed Lexington Rehabilitation & Healthcare in Richmond and the 66-bed Westmoreland Rehabilitation & Healthcare in Colonial Beach. Each property provides post-hospital care, short-term rehabilitation and long-term residential care. Tryko plans to invest nearly $9 million in renovations and programming enhancements at the facilities. Woodbine has the largest licensed capacity in Virginia, according to Tryko. The 94,000-square-foot facility, situated on a nearly four-acre parcel, consists of two interconnected buildings offering both private and semi-private rooms, as well as a dedicated ventilator unit. Lexington, which has been rebranded as Canterbury Rehabilitation & Healthcare Center, is a 69,358-square-foot, two-story building on a five-acre parcel. The facility offers both private and semi-private rooms. Westmoreland is the only licensed nursing facility in Westmoreland County. Situated on approximately four acres, the one-story, 25,000-square-foot building includes three patient wings with private and semi-private rooms, including a rehabilitation wing. Tryko has retained the …

March 2, 2020

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $18.2M Sale of Office Building in Fort Lauderdale

by Alex Tostado March 2, 2020

FORT LAUDERDALE, FLA. — Cushman & Wakefield has negotiated the $18.2 million sale of Courthouse Place, a 66,246-square-foot office building in Fort Lauderdale. The property is situated at 12 SE 7th St., one block from the 20-story, 730,000-square-foot Broward County Courthouse. The seller, a joint venture between Highline Real Estate Capital and Sefire Capital, acquired the property three years ago and implemented building upgrades and a speculative leasing program targeting law firms and associated businesses that were attracted to the building’s proximity to the Broward County Judicial Complex, according to Highline president David Moret. Notable tenants at the time of sale included law firm Krupnick Campbell Malone Buser Slama Hancock, the Florida State Attorney’s office, Legacy Bank of Florida and the Law Firm of Gary M. Singer. Scott O’Donnell, Greg Miller, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller in the transaction. New Haven, Conn.-based ABCD Courthouse Place LLC acquired the asset for $274 per square foot.

March 2, 2020

Acquisitions Georgia Retail Southeast

InvenTrust Properties Purchases Publix-Anchored Center in Metro Atlanta for $11M

by Alex Tostado March 2, 2020

SANDY SPRINGS, GA. — InvenTrust Properties Corp. has purchased Trowbridge Crossing, a 62,600-square-foot, Publix-anchored shopping center in Sandy Springs, for $11 million. The property was fully leased at the time of sale to tenants including the U.S. Postal Service, Great Clips, T-Mobile and Domino’s Pizza. The center was also recently upgraded to include new LED lighting to improve energy efficiency and provide better illumination for the center. Trowbridge Crossing is situated at 7531 Roswell Road, 18 miles north of downtown Atlanta. The seller was not disclosed.

March 2, 2020

Development Florida Mixed-Use Southeast Top Stories

Treo Group Breaks Ground on $125M VOX Miami Mixed-Use Development

by Taylor Williams March 2, 2020

MIAMI — Locally based investment and development firm The Treo Group has broken ground on VOX Miami, a $125 million mixed-use project in South Florida. Treo Group will develop the transit-oriented site, which is located at the corner of U.S. Highway 1 and Sunset Drive, adjacent to the South Miami Metrorail station, in multiple phases. Phase I will feature an eight-story student housing building with 326 beds across 99 units that will serve undergraduate and graduate students at the University of Miami. Amenities will include study lounges, a rooftop terrace, fitness center and a pool. The building is scheduled for completion before the 2021-2022 academic year. The second phase of VOX Miami is a 195,000-square-foot office building. Perkins + Will is designing the Class A property, which will also house ground-floor retail space. A start and completion date for that component has not yet been released. “VOX Miami is designed to fulfill the needs of various community sectors, from University of Miami students to local businesses, while providing convenient accessibility via the Metrorail and bolstering the overall appeal of public transportation,” says Otto Boudet-Murias, Treo Group principal. Treo Group is also developing Regatta Harbour, a 9.5-acre mixed-use project in Miami’s …

March 2, 2020

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Industrial Deliveries in Charlotte Should Drop in 2020 as New Space is Absorbed

by Alex Tostado March 2, 2020

The Charlotte industrial market continues to see strong construction activity, as developers look to tap into demand for modern space. Approximately 12.7 million square feet has been delivered in the last two years, most notably in the Cabarrus County, Stateline and Airport/West submarkets. Overall construction in the pipeline jumped by 32 percent from third-quarter 2019 to fourth-quarter 2019, reaching 7.2 million square feet. As the first quarter of 2020 takes shape, this development expansion should continue, with an expected 7 million square feet of additional deliveries by year-end. Overall leasing activity in Cabarrus County was strong in 2019, with vacancy declining from 15 percent to 11 percent, which is notable given the 4 million square feet of construction seen in that submarket in the past two years. The Cabarrus County vacancy rate is set to decline significantly when two large deals, totaling more than 800,000 square feet, are factored into the statistics. Once Pactiv (441,000 square feet) and Reynolds (360,000 square feet) are incorporated into the research, the rate will decline to 5.7 percent, as we expected going into year-end. This activity will quickly tighten up the submarket and will open the door for new development. The recent high vacancy …

March 2, 2020

Acquisitions Florida Multifamily Southeast

Newmark Knight Frank Arranges $58M Sale of Multifamily Community in Fort Lauderdale

by Alex Tostado February 28, 2020

FORT LAUDERDALE, FLA. — Newmark Knight Frank (NKF) has arranged the $58 million sale of Serramar Apartments, a 302-unit multifamily community in Fort Lauderdale. The property, which was 95 percent occupied at the time of sale, was built in 1986. The property comprises 23 two-story buildings offering one- and two-bedroom floor plans. Communal amenities include a recently renovated clubhouse, business center, basketball court, two swimming pools and a fitness center. The seller, Bar Invest Group, acquired the property in 2016 and invested $44 million in upgrades and renovated 25 percent of the units. Hampton Beebe and Avery Klann of NKF represented the seller in the transaction. Milbrook Properties purchased the asset.

February 28, 2020

Development Georgia Multifamily Southeast

Quintus to Open $49M Apartment Complex in Metro Atlanta’s Gwinnett County

by Alex Tostado February 28, 2020

DULUTH, GA. — Atlanta-based Quintus Corp. is set to open The Rey on Reynolds, a $49 million, 286-unit apartment complex in Duluth. The community is slated to open to residents in May and will offer one- and two-bedroom floor plans ranging in rents from $1,255 to $1,870 per month, according to Apartments.com. Communal amenities will include a two-story ﬁtness and wellness center, pool, private courtyard with an outdoor ﬁtness area, grilling area, outdoor living room with ﬁre pit, bocce ball court, giant Jenga and an open lawn. The Rey on Reynolds, named for its location on Steve Reynolds and Satellite boulevards, is the first phase of The Rey, which will also feature a mixed-use development offering retail and restaurant space adjacent to the apartments as part of Phase II, which Knoll Development will develop. Atlanta-based Rees Design Associates was the architect, and Atlanta-based Quintus Housing Group served as the general contractor. BB&T, now known as Truist Bank, provided construction financing. The Gwinnett Place Community Improvement District (CID) has been upgrading infrastructure around Steve Reynolds and Satellite boulvards, according to Kelly Keappler of Quintus Corp. The CID also aided in the vision for the streetscape and architecture of both the multifamily …

February 28, 2020

Development Industrial South Carolina Southeast

Partnership Breaks Ground on 158,886 SF Spec Industrial Building in Upstate South Carolina

by Alex Tostado February 28, 2020

PIEDMONT, S.C. — A partnership between Atlanta-based TPA Group, Greenville-based Appian Investments and Irvine, Calif.-based Passco Cos. has broken ground on Grove Reserve, a 158,886-square-foot, speculative industrial building in Piedmont. The building will feature 30-foot clear heights, 60-foot speed bays, a 135-foot truck court, 34 dock doors, more than 150 parking spaces, ESFR sprinklers and LED lighting. The asset is situated within Augusta Grove Business Park, a 1,100-acre industrial park located nine miles south of downtown Greenville. The developers expect to deliver Grove Reserve this fall. Wakefield Beasley & Associates is the architect, BlueWATER Civil Design is the civil engineer and Harper Corp. is the general contractor. Grice Hunt, Clay Williams and Ford Borders of NAI Earle Furman are handling the leasing efforts.

February 28, 2020

Acquisitions Alabama Florida Retail South Carolina Southeast Virginia

SRS Negotiates Sale of 467,358 SF Retail Portfolio in Southeast

by Alex Tostado February 28, 2020

RICHMOND, VA. — SRS’ Investment Property Group (IPG) has negotiated the sale of a four-property, 467,358-square-foot retail portfolio spanning four Southeastern states. Richmond-based Hackney Real Estate Partners acquired the portfolio, which comprises New Smyrna Beach Shopping Center in New Smyrna Beach, Fla.; Marintown Plaza in North Augusta, S.C.; Kings Fairground in Danville, Va.; and a single-tenant building net-leased to The Home Depot in Dothan, Ala. The sales price was not disclosed. The largest shopping center in the portfolio is Marintown Plaza, a 141,903-square-foot property that was fully leased at the time of sale to tenants including Belk, Planet Fitness, Office Depot, Advance America Cash, Jersey Mike’s Subs, OneMain Financial, Jackson Hewitt Tax Service, Sonic, Ruby Tuesday and Taco Bell. Kings Fairground spans 120,153 square feet and includes anchor tenants Ollie’s Bargain Outlet and Tractor Supply Co. New Smyrna Beach Shopping Center is a 101,037-square-foot asset that was 98 percent leased at the time of sale to tenants such as AMC Theatres, Planet Fitness and Dollar General. Kyle Stonis and Pierce Mayson of IPG represented the sellers in the transaction.

February 28, 2020

Florida Leasing Activity Office Southeast

Spotify Signs 20,000 SF Office Lease Within Oasis at Wynwood in Miami

by Alex Tostado February 28, 2020

MIAMI — Spotify has signed a 20,000-square-foot lease to anchor the office component of The Oasis at Wynwood, a mixed-use development in Miami’s Wynwood submarket. The music streaming company is based in Stockholm and has its U.S. headquarters in New York City. The Oasis at Wynwood will feature 20,000 square feet of office space; 17,000 square feet of retail space; and a 35,000-square-foot landscaped courtyard featuring an outdoor food hall, a stage that will have live music programming on a nightly basis, an outdoor bar and a 75-foot tower featuring rotating art installations. New York City-based developer Carpe Real Estate is developing the project, which is slated to open by the end of this year. Brian Gale and Andrew Trench of Cushman Wakefield represented the landlord in the transaction. JLL represented Spotify.

February 28, 2020

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