Southeast

AIRSYS Signs 60,000 SF Industrial Lease in Upstate South Carolina

by Alex Tostado December 4, 2019

GREER, S.C. — Cooling solution provider AIRSYS Cooling Technologies Inc. has signed a 10-year lease to occupy 60,000 square feet within the 475-acre Smith Farms Industrial Park in Greer, approximately 13 miles northeast of Greenville. Bobby Lyons of Lyons Industrial Properties represented the tenant in the transaction. The development is located at the intersection of S.C. Highway 101 and 296 (Reidville Road), three miles from where BMW North America is located and nine miles from Inland Port Greer. AIRSYS Cooling Technologies recently announced plans to establish operations in Greer, investing more than $5 million and creating at least 116 new jobs.

December 4, 2019

Development Hospitality Louisiana Southeast Top Stories

Carpenter & Co., Woodward to Open 341-Room Four Seasons Hotel in New Orleans

by Kristin Harlow December 4, 2019

NEW ORLEANS — Developers Carpenter & Co. Inc. and Woodward Interests LLC will open a 341-room Four Seasons hotel in New Orleans. The property will also include 92 private residences on the top floors of the building. The project is a redevelopment of the 33-story World Trade Center office building. Completion is slated for late 2020. Two Canal Owner LLC, in which both developers are partners, will own the building. The first Four Seasons in New Orleans, the property will be situated within the central business district. It will be located next to the French Quarter, Warehouse District and the Ernest N. Morial Convention Center and feature views of the Mississippi River. “New Orleans has been a priority market for us for many years and we have been waiting for the right opportunity to make our debut in this dynamic city,” says John Davison, president and CEO of Four Seasons Hotels and Resorts. The hotel will include meeting and event spaces, four food and drink outlets, retail space, spa facilities and a rooftop pool. Mali Carow, a Four Seasons veteran of almost 20 years, will serve as general manager. Founded in 1960, Four Seasons currently operates 117 hotels and resorts …

December 4, 2019

Georgia Industrial Market Reports Southeast Southeast Market Reports

Atlanta Industrial Market ‘Falls Together,’ Averaging 57 MSF of Leasing, Sales

by Alex Tostado December 4, 2019

In the words of Marilyn Monroe, “Sometimes good things fall apart so better things can fall together.” The retail market forges ahead in its quest to essentially reinvent itself in response to the ever-increasing growth in online sales. This revitalization is characterized by decreasing the footprint of their brick and mortar stores and expanding the size of their e-commerce fulfillment centers. Fortunately, the biggest beneficiary of this growing trend is the industrial market. There’s been a lot of talk about retailers suffering from the boom in internet sales. Quite frankly, do you really believe a retailer cares if they sell their product in a storefront or through the internet and their e-commerce delivery system? I contend they do not care as long as it is their product being sold. The retailers that do not embrace internet sales, in conjunction with their in-store sales, will be going the way of companies like Toys “R” Us — losing sales and eventually closing down because they are not able to compete in today’s online world. The competition between e-commerce delivery systems has heated up even further due to “just in time” or last-mile delivery. Customer expectation on some items is shifting from two-day …

December 4, 2019

Alabama Development Industrial Southeast

Enviva to Develop $175M Wood Pellet Facility in Livingston, Alabama

by Alex Tostado December 3, 2019

LIVINGSTON, ALA. — Maryland-based Enviva, a producer of wood pellets, has unveiled plans to build a facility in Livingston, 60 miles southwest of Tuscaloosa. The Alabama Department of Environmental Management (ADEM) issued an air construction permit for the facility, which will be located at the Port of Epes Industrial Park and represents an initial investment of $175 million. The facility will produce wood pellets as an energy source and create openings for 85 full-time jobs, with additional jobs anticipated to construct and support the plant. The Livingston facility will be part of Epes’ collection of pellet plants in Mississippi and Alabama. The wood pellets from the Epes plant will be transported via the nearby Tennessee-Tombigbee River to Enviva’s planned deep-water marine terminal in Pascagoula, Miss. and exported then to Europe and Asia. The plant’s planned capacity is expected to be 1.2 million metric tons of wood pellets per year. Enviva expects to be ready for construction in early 2020, subject to final investment approval. Enviva expects to deliver the facility in 15 to 18 months.

December 3, 2019

Development Florida Multifamily Seniors Housing Southeast

Allegro Senior Living Opens 212-Unit Community in Dadeland

by Alex Tostado December 3, 2019

KENDALL, FLA. — Allegro Dadeland has opened a 212-unit senior living community at 7400 SW 88th St. in the Miami suburb of Kendall. The high-rise, pet-friendly Dadeland complex offers one-, two- and three-bedroom layouts. Communal amenities include housekeeping, transportation, dining venues, a bar, fitness center, salon, theater, valet parking, common areas and a pool. The community is situated in mixed-use neighborhood, adjacent to restaurants and the Dadeland Mall.

December 3, 2019

Development Industrial North Carolina Southeast

Duke Realty Breaks Ground on 166,000 SF Industrial Building Near Raleigh

by Alex Tostado December 3, 2019

GARNER, N.C. — Duke Realty Corp. has broken ground on Greenfield North 1201 a speculative 165,921-square-foot bulk warehouse in Garner. Located at 1201 N. Greenfield Parkway in the Greenfield North Business Park, the warehouse will be seven miles southeast of Raleigh. The new industrial building will feature 32-foot clear height and an early suppression, fast response fire protection system; 2,400-amp electrical service; a 120-foot truck court; and parking for 96 trailers and 129 automobiles. Duke Realty expects to complete Greenfield North 1201 in July 2020. Greenfield North Business Park is a master-planned industrial campus located at the interchange of Interstate 40, U.S. Route 70 and the proposed extension of Interstate 40. The rail-served industrial park is near Raleigh-Durham International Airport and the I-440 Beltline. Current park tenants include Atlantic Tire Distributors, Crown Equipment Corp., Mattress Firm, the North Carolina Department of Transportation, Mohawk Industries, Butterball and Golden State Foods.

December 3, 2019

Loans Multifamily Southeast Tennessee

Grandbridge Provides $42.9M Refinancing Loan for Apartment Complex Near Nashville

by Alex Tostado December 3, 2019

MURFREESBORO, TENN. — Grandbridge Real Estate Capital LLC has provided a $42.9 million construction refinancing loan for The Banks at West Fork Apartments, a 328-unit apartment complex 30 miles southwest of Nashville, in Murfreesboro. The non-recourse loan was structured with a 15-year fixed interest rate and a 30-year amortization beginning after a period of interest-only payments. Bill Mattice, Phillip Cox and Paul McDonald of Grandbridge, along with Carl Bedwell of Pinnacle Financial Partners, originated the loan on behalf of the undisclosed borrower. The Banks at West Fork Apartments offers eight residential buildings comprising one-, two-, and three-bedroom layouts. The property is located at 1405 Riverwatch Court, near Interstate 24. Communal amenities include a clubhouse, pool, patio with grilling stations, yoga/fitness studio, billiard room, playground, pet spa and gated entry.

December 3, 2019

Acquisitions Retail Southeast Virginia

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

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