Southeast

Cushman & Wakefield | Thalhimer Arranges $18.6M Sale of Bermuda Square Center in Metro Richmond

by Alex Tostado December 3, 2019

CHESTER, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $18.6 million sale of Bermuda Square, an 84,064-square-foot retail center in Chester. The property, which sold for $221 per square foot to GBT Realty Corp., is located at 12607-12649 Jefferson Davis Highway, 13 miles south of Richmond. The shopping center includes two multi-tenant buildings and six single-tenant outparcels, as well as a six-acre pad site. At the time of sale, Bermuda Square was leased to 18 tenants, including Petco, SunTrust Bank, Starbucks and Chipotle. Catharine Spangler of Thalhimer represented the seller, Giant Food Stores, in the sale. David Crawford and Pete Waldbauer, also of Thalhimer, served as leasing advisers during the disposition.

December 3, 2019

Development Florida Hospitality Mixed-Use Southeast

CitizenM, Miami Worldcenter Associates Break Ground on 351-Room Downtown Hotel

by John Nelson December 2, 2019

MIAMI — Netherlands-based hotel chain citizenM and developer Miami Worldcenter Associates have broken ground on a new citizenM hotel in downtown Miami. The hotel will be part of a $4 billion mixed-use development called Miami Worldcenter. Owner, operator and developer citizenM and master developer of the mixed-use campus Miami Worldcenter Associates will make the 700 NE 2nd Ave. property into a 12-story, 351-room hotel spanning 128,000 square feet. According to plans from general contractor Suffolk Construction and architectural firm Gensler, the hotel will feature a sundeck and rooftop bar, as well as 1,850 square feet for societyM, citizenM’s branded creative spaces and meeting rooms. The site is located across the street from the MiamiCentral terminal and adjacent to Miami Worldcenter’s pedestrian-only, open-air shopping promenade. Miami Worldcenter is a 27-acre “city within a city” delivering in phases. It will feature residential, commercial and hospitality uses, as well as of 300,000 square feet of retail, restaurant and entertainment space. The project’s first phase includes the recently completed Paramount Miami Worldcenter that features 513 upscale condominiums; the 444-unit Caoba apartment tower, which opened earlier this year; and the 434-unit Luma rental tower, now underway. In addition, Hines is preparing to build a new …

December 2, 2019

Acquisitions Georgia Multifamily Southeast

Greystone Brown Facilitates $36.5M Sale of Multifamily Portfolio in Metro Atlanta

by John Nelson December 2, 2019

AUSTELL, GA. — Greystone Brown Real Estate Advisors has brokered the $36.5 million sale of a three-property, 490-unit multifamily portfolio in Austell, a suburb of Atlanta in Cobb County. Taylor Brown, Chandler Brown, Barden Brown and Walter Miller of Greystone Brown represented the seller, HKP Austell LLC, in the sale. Greystone & Co.’s Leor Dimant originated a $30 million acquisition loan on behalf of the undisclosed buyer. The three properties are adjacent to one another and less than five miles from downtown Austell. Built in 1988, Hunter’s Grove comprises 200 one- and two-bedroom units. Kingsley Village, which was built in 1974, includes 146 units, and Parkview Apartments, built in 1971, features 144 units. Both Kingsley Village and Parkview Apartments offer one-, two- and three-bedroom floor plans. All three apartment complexes feature access to nearby Interstate 20, several industrial parks and Six Flags Over Georgia.

December 2, 2019

Acquisitions Retail Southeast Virginia

KLNB Brokers $21M Sale of Maplewood Center in Manassas, Virginia

by John Nelson December 2, 2019

MANASSAS, VA. — KLNB has brokered the $21 million sale of Maplewood Center, a 135,674 square-foot grocery-anchored retail center located at 8300-8370 Centreville Road in Manassas. Andy Stape, Vito Lupo and Stephen Porter of KLNB’s Retail Investment Sales Group represented the undisclosed seller and procured the unnamed purchaser for this transaction. Anchored by Megamart Supermarket, a Mid-Atlantic supermarket chain, Maplewood Center was 98 percent leased at the time of sale. Other notable tenants include Dollar General, McDonald’s, Popeyes and Pizza Hut.

December 2, 2019

Acquisitions Arkansas Industrial Office Southeast

NAS Acquires 27,465 SF Flex Building in Springdale, Arkansas Leased to BNSF Logistics

by John Nelson December 2, 2019

SPRINGDALE, ARK. — Real estate investment company NAS Investment Solutions has acquired a newly constructed, 27,465 square-foot flex building fully occupied by BNSF Logistics in Springdale, less than six miles north of Fayetteville. Located at 2708 S. 48th St. the facility completes the second phase of BNSF’s property expansion that serves as the company’s regional headquarters. National Asset Services (NAS) will assume responsibility for asset and property management for the newly acquired property. NAS currently manages the 30,339-square-foot Phase I building and will assume management responsibilities for the newly created campus. BNSF Logistics is a third-party supply chain management firm based in Flower Mound, Texas. The company is a subsidiary of BNSF Railway but works with all major and secondary railroad lines.

December 2, 2019

Acquisitions Mississippi Net Lease Retail Southeast

Boulder Group Arranges $1.6M Sale of Mississippi Store Leased to Dollar General

by John Nelson December 2, 2019

QUITMAN, MISS. — Investment real estate service firm The Boulder Group has arranged the $1.6 million sale of a single-tenant store leased to Dollar General located at 403 S. Archusa Ave. in Quitman, 25 miles south of Meridian. The 12,596-square-foot property is located along Mississippi Highway 18. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a commercial real estate investment firm based in the Southwest United States, in the transaction. The buyer, a private West Coast investor, purchased the store in a 1031 exchange. The property was built in 2013 and Dollar General has nine years remaining on the lease, expiring in 2028. The lease features rental escalations in year 11 and in each of the five 5-year renewal option periods. The absolute triple-net lease has zero landlord responsibilities, according to Boulder Group.

December 2, 2019

Development District of Columbia Office Southeast Top Stories

Foulger-Pratt, USAA Break Ground on 25-Story Spec Office Project in Tysons, Virginia

by Taylor Williams December 2, 2019

TYSONS, VA. — A partnership between locally based developer Foulger-Pratt and USAA Real Estate has broken ground on Tysons Central, a 25-story speculative office project located within the Tysons Corner submarket of Northern Virginia. Tysons Central will span 383,628 square feet. Approximately 91 percent of the space will be dedicated to office use, with the remainder for retail and restaurant use. The building will feature 9-foot ceilings and column-free floors that support floor plates ranging in size from 26,000 to 29,000 square feet. Amenities will include a penthouse and fitness center on the top floor, as well as elevated terraces on the upper portion of the building. Gensler designed the project, which will be located just steps away from the Greensboro Metro Station. “As competition for talent intensifies, companies have increasingly selected highly connected and amenitized locations that appeal to an educated urban workforce,” says Cameron Pratt, CEO of Foulger-Pratt. “With only a handful of large blocks available in Tysons, we believe the market will respond strongly to the project’s world-class design, modern efficiencies and unrivaled walkability to transit, local residential and destination retail.” Avison Young has been tapped to lease the building, completion of which is scheduled for 2021. …

December 2, 2019

Georgia Market Reports Retail Southeast Southeast Market Reports

Retail Investors View Atlanta as a Looming Gateway Market, but More Affordable

by Alex Tostado December 2, 2019

As we enter the last quarter of 2019, well into the longest economic expansion in history, the Atlanta retail real estate market is healthy and active, with multi-year retail rent and occupancy growth. The city’s retail investment sales volume totaled $2.2 billion in 2018, making it the eighth most active retail investment market in the country. Not a gateway market, yet In my career, Atlanta has always been a “non-institutional” market, and has stayed largely off the radar of deep pools of institutional capital aimed at New York, Boston, San Francisco and other gateway cities with deeper economies, higher rents, lower cap rates and higher values. Nevertheless Atlanta’s population, GDP and growth make it the undisputed capital of the Southeast by a country mile. The metro’s shopping centers have benefitted from this paradox: it has the biggest economy in the South and is among the top metros in the nation for employment and population growth. However, its average rents are lower and its average retail cap rates are higher than almost every one of its peers in the Southeast and the United States at large. Despite the overblown narrative of the retail apocalypse and despite how or when the current …

December 2, 2019

Development Florida Mixed-Use Office Southeast

Bromley to Develop 70,000 SF Boutique Office Building at Midtown Tampa Project

by John Nelson November 27, 2019

TAMPA, FLA. — Bromley Cos. has unveiled plans for a 70,000-square-foot, standalone office building within its Midtown Tampa project called The Loft at Midtown Tampa. The three-story building will feature ground-floor retail space with boutique office space on the second and third floors. The property will offer 15-foot ceilings, skylights and an outdoor terrace. Located near Midtown Commons park, The Loft will be adjacent to the dual-branded Aloft and Element hotels and 400 planned apartments. The office space will serve as an alternative to three traditional office towers already announced for the $500 million Midtown Tampa project, which will total 750,000 square feet. The first tower, Midtown One, is currently under construction with completion expected in 2021. Robin Bishop of Cushman & Wakefield’s Tampa office is Bromley’s leasing agent for The Loft.

November 27, 2019

Development Florida Industrial Southeast

Miller Breaks Ground on 427,856 SF BMW Collision Center, Garage Complex in Broward County

by John Nelson November 27, 2019

PEMBROKE PINES, FLA. — Miller Construction has broken ground on a six-story, 427,856-square-foot collision center and inventory garage in Broward County for Holman Automotive that will be occupied by franchisee BMW of Pembroke Pines. Immediately west of the Pembroke Pines dealership, the complex will serve as an automotive repair shop and an extension of the BMW showroom. Fort Lauderdale-based FSMY Architects and Planners designed the precast concrete structure, which will feature compressed air systems, car lifts, paint booths, alignment pits, a car wash and a show floor. Floors two through six will provide parking for the dealership’s inventory. Project team members include engineering firms Oakland Park, Fla.-based Winningham & Fradley (civil), Fort Lauderdale-based Bryntesen Structural Engineers (structural) and Deerfield Beach-based FAE Consulting (MEP). Completion is scheduled for fourth quarter 2020.

November 27, 2019

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