Southeast

Dalfen Acquires 204,900 SF Industrial Building in West Palm Beach Leased to Serta Simmons

by Alex Tostado July 22, 2020

WEST PALM BEACH, FLA. — Dalfen Industrial has acquired a 204,900-square-foot industrial building fully leased to Serta Simmons in West Palm Beach. The mattress company has been the sole tenant at the property since it was commissioned in 1996. The asset is situated 3774 Interstate Park Road N., seven miles northwest of downtown West Palm Beach and one mile from Interstate 95. The property features a 2.2-acre truck parking lot and is fully fenced with a guard house at the entrance. The seller and sales price were not disclosed.

July 22, 2020

Development Maryland Mixed-Use Multifamily Southeast Student Housing

Greenberg Gibbons, Caves Valley Partners to Open Student Housing Community Within $350M Towson Row in August

by Alex Tostado July 21, 2020

TOWSON, MD. — Greenberg Gibbons and Caves Valley Partners will open Phase I of Towson Row, a $350 million mixed-use development in Towson, in August. The first phase includes Altus, a 214-unit student housing community that will include retail and restaurant space on the ground level. Gilbane Development Co. is developing and managing Altus, which is located at the corner of Susquehanna Avenue and Towson Row, one mile north of Towson University. Located on the first level of the Altus building will be a 2,860-square-foot wine and spirits store, a 2,272-square-foot nail salon and a 2,750-square-foot BurgerFi restaurant. Towson University announced it will open for in-person and online classes Aug. 24. Towson Row is a five-acre mixed-use development that will include a 45,000-square-foot Whole Foods Market, more than 75,000 square feet of retail/restaurant space, 150,000 square feet of office space, 231 apartment units, the adaptive reuse of the former National Guard armory building into Towson University’s StarTUp and a 220-room dual-branded hotel.

July 21, 2020

Florida Office Southeast

Orlando Office Market Vacancy Rate Exceeds 10 Percent for First Time Since 2016, Says CBRE

by Alex Tostado July 21, 2020

ORLANDO, FLA. — The Orlando office market’s vacancy rate has exceeded 10 percent for the first time since year-end 2016, according to CBRE. The vacancy rate stood at 11.2 percent at the end of the second quarter, up from 9.1 percent the previous quarter. With the novel coronavirus causing the economy to halt in mid-March, many office players in the country hit the pause button on sales and leases. Orlando, like several other markets nationwide, was not able to escape the downturn as large swaths of space were given back quicker than they were absorbed. Alight Solutions vacated its 147,000-square-foot space in the University/Research submarket, and Hartford Insurance downsized by 27,000 square feet in Lake Mary. Orlando ended the second quarter of 2020 with 352,000 square feet of negative absorption, the biggest dip the market has taken since first-quarter 2018 when the absorption was minus-22,857 square feet, according to CBRE. CBRE also notes that development has not slowed in the market, with deliveries reaching an 11-year quarterly high. Five office buildings totaling 339,000 square feet came on line in the second quarter. There are another seven projects underway totaling 279,700 square feet, the largest of which is a 120,000-square-foot building …

July 21, 2020

Development Georgia Multifamily Single-Family Rental Southeast

American Homes 4 Rent Opens 127-Home Rental Community in Loganville, Georgia

by Alex Tostado July 21, 2020

LOGANVILLE, GA. — American Homes 4 Rent has opened Stone Creek Community, a 127-home rental community in Loganville. The community comprises single-family homes that feature fenced-in backyards and three-to five-bedroom floor plans ranging from 2,000 to 3,000 square feet. Rents will start in the $1,600s. Each home offers granite countertops, stainless steel appliances, vinyl plank flooring, central heating and air conditioning and two-car garages. The community will also feature a clubhouse, pool, fitness center and a playground. Additionally, routine front and backyard maintenance is included. Stone Creek Community is situated at 5031 U.S. Highway 81, 38 miles east of downtown Atlanta.

July 21, 2020

Development Maryland Retail Southeast

Sprouts Farmers Market to Open New Store in Baltimore on Wednesday

by Alex Tostado July 21, 2020

BALTIMORE — Sprouts Farmers Market will open a new store in Baltimore on Wednesday, July 22. The store, located at 3800 Boston St., will be the fifth location in Maryland for the Phoenix-based grocer. Sprouts is following CDC guidelines at the location, requiring employees to wear masks, promoting social distancing and installing plexiglass barriers at registers. The new Sprouts will be part of Collective at Canton, a 12-acre mixed-use development featuring multifamily units, an office building, hotel and retail and restaurant space. Developer 28 Walker is building the project. Ryan Wilner, Andrew Feldman and Mason Bernstein of KLNB are leading the retail leasing efforts for the development.

July 21, 2020

Acquisitions Kentucky Multifamily Southeast

Capstone Arranges Sale of 126-Unit Apartment Complex in Paducah, Kentucky

by Alex Tostado July 21, 2020

PADUCAH, KY. — Capstone Apartments Partners has arranged the $3 million sale of Fernwood Homes, a 126-unit apartment complex in Paducah. The property offers two- and three-bedroom floor plans. The asset is situated at 710 Lone Oak Road, three miles southwest of downtown Paducah. New York-based Hillcrest Acquisitions acquired the asset, which was originally built in 1950. Jonathan Hawks, Adam Klenk and Tyler Mayo of Capstone represented the seller, Fernwood Homes LP, which owned the property for more than 30 years.

July 21, 2020

Development Florida Mixed-Use Retail Southeast

Skanska USA Completes $92M Renovation of St. Petersburg Pier, Adds New Shops and Restaurants

by Alex Tostado July 20, 2020

ST. PETERSBURG, FLA. — Skanska USA has completed a $92 million renovation of the historic St. Petersburg Pier on behalf of the City of St. Petersburg. The 26-acre area now includes 44,000 square feet of retail and restaurant space, including the St. Pete Museum of History and Tampa Bay Watch Discovery Center. Other tenants include The Driftwood Café; Doc Ford’s Rum Bar & Grille; Spa Beach Bistro; Teak, a waterfront restaurant; and Pier Teaki, a rooftop bar. The five-story Pierhead building includes shops and a fishing platform. The pier area also includes the 35,000-square-foot Pier Plaza, which includes a playground, splash pad and seating areas. The 1,400-foot St. Petersburg Pier, which juts out into Tampa Bay, was originally built in 1889 and is the eighth pier in the city’s history. Rogers Partners, ASD | SKY and landscape architect Ken Smith Workshop designed the project.

July 20, 2020

Development Florida Retail Southeast

Pebb Enterprises to Build Publix-Anchored Shopping Center in Metro Jacksonville

by Alex Tostado July 20, 2020

ST. JOHNS, FLA. — Pebb Enterprises has unveiled its plans for a new 58,900-square-foot, Publix-anchored shopping center in St. Johns. Publix will occupy 48,400 square feet at the center, which will feature 10,500 square feet of in-line retail space. Publix Liquor Store and Lavender Spa have also signed leases at the space. Pebb Enterprises closed on the $2.8 million land sale July 10 and has begun site work. The Boca Raton, Fla.-based developer expects to deliver the property in summer 2021. The site is located at 855 County Road 210 W., across the street from Beachwalk, a 3,000-acre community that includes residences, retail, office and industrial space, as well as a planned 100-room hotel. Chris Stewart and Jenny Schuemann of Pebb Enterprises are handling leasing efforts for the Publix-anchored property.

July 20, 2020

Georgia Leasing Activity Office Southeast

Rooms To Go Signs 60,000 SF Office Lease in Atlanta’s Central Perimeter Submarket

by Alex Tostado July 20, 2020

ATLANTA — Rooms To Go has signed a 60,000-square-foot lease to relocate its Atlanta office to the city’s Central Perimeter submarket. The furniture company will move to Perimeter Summit, a 1.7 million-square-foot office campus located at 4004 Summit Blvd., 15 miles north of downtown Atlanta. Rooms To Go’s Atlanta office was previously located in Dunwoody. The company is based in Seffner, Fla. Other tenants at Perimeter Summit include IBM, Cox Automotive, Northside Hospital and Verizon. Bryan Heller and Sabrina Gibson of CBRE, as well as Randy Holmes and Andrew Pearson of Seven Oaks Co., represented the landlord, Seven Oaks and GE. David Rubenstein, John Flack and Bo Keatley of Savills represented the tenant in the lease negotiations.

July 20, 2020

Florida Industrial Loans Office Southeast

Alliant Credit Union Provides $16.2M Refinancing Loan for Industrial, Flex Property in Jacksonville

by Alex Tostado July 20, 2020

JACKSONVILLE, FLA. — Alliant Credit Union has provided a $16.2 million refinancing loan for a 194,000-square-foot industrial/flex property in Jacksonville. The five-year, non-recourse loan has a 30-year amortization schedule. The building was 90 percent leased at the time of the refinancing to tenants including Konica Minolta and Fresenius Medical Care. The asset is situated at 9143 Philips Highway, 14 miles south of downtown Jacksonville. Jacob Cohen of Walker & Dunlop originated the loan on behalf of the undisclosed borrower.

July 20, 2020

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