Southeast

Edge Negotiates $5.5M Sale of Medical Office Portfolio in Fredericksburg, Virginia

by Alex Tostado August 24, 2020

FREDERICKSBURG, VA — Edge has negotiated the $5.5 million sale of The Park at Snowden, a six-building, 22,400-square-foot medical office portfolio in Fredericksburg. The asset was 95 percent leased at the time of sale and is situated adjacent to Mary Washington Hospital. Tenants at the park include National Spine & Pain Centers, Fresenius Center, Integrated Health, Century Pediatrics, Fredericksburg Dental Associates and other medical practitioners affiliated with the Mary Washington Healthcare System. The Park at Snowden was delivered in 2002 and sits on 1.7 acres. Joe Friedman and Cristine Kleine of Edge represented the seller, a Fredericksburg-based private partnership, in the transaction. The team also procured the buyer, affiliates of Bethesda, Md.-based Fernau LeBlanc.

August 24, 2020

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Leasing, Development Thrive for Memphis Industrial Market While Sales Slow

by Alex Tostado August 24, 2020

The Memphis industrial market was off to another record-setting year for the third straight time. Then, the Mike Tyson punch no one could have ever expected came: the shutdown of the entire country. Even after sheltering in place for months and nonessential businesses out of the office until further notice, our industrial market is holding firm. The Memphis industrial market holds over 285 million square feet of useable space and offers the basic tenets for distribution. Memphis International Airport is the second largest cargo airport in the world. Additionally, Memphis is home to 400 trucking companies; it is the third-busiest trucking corridor (Interstate 40 spans from East Coast to California); it is one of only four cities to be served by five long-haul Class 1 rail systems; it has the fourth largest inland port in the country; and it has the second largest stillwater port. Memphis is also home to the FedEx worldwide hub and also houses UPS and US Postal Service hubs. All these companies operate 24 hours per day, 365 days per year. Because of this, Memphis provides the most cost-effective distribution and logistics operations in the country. And in the midst of a worldwide pandemic and shelter-in-place …

August 24, 2020

Development Multifamily Southeast Virginia

Insight Property Group, PCCP Complete Renovation of 576-Unit Multifamily Community in Metro D.C.

by Alex Tostado August 21, 2020

FALLS CHURCH, VA. — Insight Property Group and PCCP LLC have completed the renovation, redesign and rebranding of Falls Green, a 576-unit multifamily community in Falls Church. The joint venture acquired the asset, formerly known as Oakwood Falls Church, in 2018. The property was originally built in 1974 as short-term corporate housing. Insight Property and PCCP redesigned the property into a market-rate apartment community with amenities including a child-friendly multi-purpose room, fitness center, pool, community market, clubhouse, concierge and a coworking lounge. The property offers studio, one- and two-bedroom floor plans with rents starting in the mid-$1,300s. The community is situated at 501 Roosevelt Blvd., nine miles west of downtown Washington, D.C.

August 21, 2020

Development Florida Hospitality Southeast

Extended Stay Opens 124-Room Hotel in Florida Space Coast

by Alex Tostado August 21, 2020

TITUSVILLE, FLA. — Extended Stay America Inc. has opened Extended Stay America Titusville-Space Coast, a 124-room hotel in Titusville. The four-story building features complimentary Wi-Fi, cable TV, a fitness center, laundry room and a lobby with vending options. The rooms include fully equipped kitchens with full-size refrigerators, stovetops, cookware, utensils, dishes, pillowtop beds, recliners, a workspace and TV streaming capabilities. The property is located at 4835 Helen Hauser Blvd., 13 miles west of Kennedy Space Center.

August 21, 2020

Development Georgia Retail Southeast

Brookfield Opens New Dick’s Sporting Goods, Golf Galaxy Stores at Cumberland Mall in Atlanta

by Alex Tostado August 21, 2020

ATLANTA — Brookfield Properties has opened a new Dick’s Sporting Goods and Golf Galaxy at Cumberland Mall, an enclosed regional mall in Atlanta’s Cumberland-Galleria district. According to the Atlanta Business Chronicle, Dick’s Sporting Goods will occupy the 70,000 square feet formerly leased to Sears. The Golf Galaxy, which will be adjacent to the Dick’s Sporting Goods, will offer in-store services and apparel and footwear from companies such as DSG, Tommy Armour, CALIA by Carrie Underwood, Field & Stream, Fitness Gear, Nike, Adidas, Yeti, The North Face, Callaway and TaylorMade. Golf Galaxy is a subsidiary of Pittsburgh-based Dick’s Sporting Goods. The stores will also host a grand opening event beginning today. In early July, Brookfield unveiled plans to redevelop the eastern portion of Cumberland Mall into a mixed-use property featuring 445,000 square feet of office space, 312 multifamily residences, 31,200 square feet of retail and restaurant space and 10 bus bays. Brookfield hopes to complete Cumberland Mall’s phased redevelopment in 2025.

August 21, 2020

Acquisitions Florida Industrial Self-Storage Southeast

Marcus & Millichap Arranges Sale of 713-Unit Self-Storage Facility in Tampa

by Alex Tostado August 21, 2020

TAMPA, FLA. — Marcus & Millichap has arranged the sale of an Extra Space Storage facility in Tampa. The 713-unit, 83,270-square-foot property is situated at 9343 E. Fowler Ave., 13 miles northeast of downtown Tampa. The facility sits on six acres and features a covered loading bay, 24-hour surveillance and four concrete buildings. Charles LeClaire and Adam Schlosser of Marcus & Millichap represented the seller, a joint venture between Florida-based Flagship Cos. Group and Chicago-based Blue Vista Capital Management, in the transaction. Current property manager Extra Space Storage, a self-storage REIT based in Utah, acquired the property for an undisclosed amount.

August 21, 2020

Georgia Leasing Activity Office Southeast

Boeing Signs 21,000 SF Office Lease Near Robins Air Force Base in Central Georgia

by Alex Tostado August 21, 2020

WARNER ROBINS, GA. — The Boeing Co. has signed a 21,000-square-foot office lease in Warner Robins. The aerospace company will occupy three suites within the 39,000-square-foot building located at 691 Wellborn Road. Boeing expects to move into the space in January. Built in 2004, the property is situated less than one mile from Robins Air Force Base. Patrick Barry of Coldwell Banker Commercial Eberhardt & Barry represented the undisclosed landlord in the lease transaction.

August 21, 2020

Development Georgia Industrial Southeast

Zinus USA to Invest $108M in Manufacturing Facility in Metro Atlanta

by Alex Tostado August 20, 2020

MCDONOUGH, GA. — Zinus USA Inc. will invest $108 million in a new manufacturing and distribution facility in McDonough. The home furnishings company expects to create 804 full-time jobs at the property, which is expected to open in the first half of 2021. This marks the first manufacturing facility in North America for the South Korean-based company. Its other manufacturing facilities are located in China and Indonesia. According to multiple media reports, the building will be located at 830 Ga. Highway 42, the former site of the Toys “R” Us distribution center. The property is 27 miles southeast of Hartsfield-Jackson Atlanta International Airport and two miles from Interstate 75. Zinus worked with Yoonie Kim, the Georgia Department of Economic Development’s director of Korean investments, on the investment. Other civic partners include the Henry County Development Authority, Georgia Quick Start and Georgia EMC.

August 20, 2020

District of Columbia Hospitality Southeast

AHLA Calls on Congress to Pass New Legislation That Will Help Hotel Owners Pay Mortgages

by Alex Tostado August 20, 2020

WASHINGTON, D.C. — A new national report compiled by Trepp shows that nearly one in four (23.4 percent) of commercial mortgage-backed securities (CMBS) in the hotel sector are 30 or more days delinquent, the highest percentage on record. By comparison, 1.3 percent of hotel CMBS loans were 30 or more days delinquent at the end of 2019. Nearly 4,000 hotel industry leaders signed a letter to the U.S. Congress imploring it to pass the Helping Open Properties Endeavor (HOPE) Act. The bill would provide assistance to small businesses, including hotel owners needing help to meet their debt-service obligations. “With record low travel demand, thousands of hotels can’t afford to pay their commercial mortgages and are facing foreclosure with the harsh reality of having to close their doors permanently,” says Chip Rogers, president and CEO of the American Hotel & Lodging Association (AHLA). “Tens of thousands of hotel employees will lose their jobs and small business industries that depend on these hotels to drive local tourism and economic activity will likely face a similar fate.” According to STR, occupancy levels across the country reached 50.2 percent during the week ending Aug. 15. It was the first time since mid-March that occupancy …

August 20, 2020

Development Industrial Louisiana Self-Storage Southeast

Brookwood Properties Opens 920-Unit Self-Storage Facility Near New Orleans

by Alex Tostado August 20, 2020

SLIDELL, LA. — Baton Rouge, La.-based Brookwood Properties has opened a 920-unit self-storage facility in Slidell. Life Storage Inc., a self-storage REIT based in Buffalo, N.Y., will manage the 118,340-square-foot property. The asset is situated at 1540 Lindberg Drive, 32 miles northeast of downtown New Orleans. The new Life Storage property will be open seven days per week and offers contactless rentals via its RentNow platform 24 hours per day.

August 20, 2020

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