Southeast

Avalon to Host Inaugural Pop-Up Holiday Market in Metro Atlanta

by Alex Tostado September 2, 2020

ALPHARETTA, GA. — North American Properties (NAP), developer and manager of the 86-acre mixed-use property Avalon in Alpharetta, will host its inaugural Holiday Market at Avalon. The event will be a six-week, outdoor pop-up market that will share an intersection with Tesla, Rumi’s Kitchen and Apple. Holiday Market at Avalon will open Nov. 22 as part of Avalon’s 2020 Holiday Experience, which has been altered due to the COVID-19 pandemic. The holiday program will include Santa experiences and Avalon on Ice, the destination’s Rockefeller Center-sized ice-skating rink. Holiday Market at Avalon will be held at a 9,000-square-foot retail space at the intersection of Avalon Boulevard and 1st Street. The market will be open through Jan. 3. Participating businesses will have the opportunity to create their own retail experience in individual spaces ranging from 150 feet to 700 square feet.

September 2, 2020

Development Florida Retail Southeast

American Commercial Realty to Redevelop Shopping Center in Central Florida

by Alex Tostado September 1, 2020

OCALA, FLA. — American Commercial Realty Corp. will redevelop Pearl Britain Plaza, a Publix-anchored shopping center in Ocala. The Palm Beach Gardens, Fla.-based developer will demolish the existing Publix, which was built in 1991, and build a new 48,387-square-foot Publix. Anchoring the 77,637-square-foot center, the new Publix will feature a drive-thru pharmacy. Existing tenants including Stay Faded Barber, Sam’s Nails, Wise Guys Pizzeria, Jackson Hewitt and Shang Hai Restaurant will remain in place when the center reopens, scheduled for early 2021. Pearl Britain Plaza is situated at 2657 NE 35th St., 38 miles south of downtown Gainesville. Cuhaci & Peterson designed the shopping center. Elliott Throne and Jesse Wright of JLL originated a construction loan through First Florida Integrity Bank on behalf of the borrower. The seven-year loan features a fixed interest rate.

September 1, 2020

Acquisitions Industrial Southeast Tennessee

JLL Negotiates $30.9M Sale of Industrial Property Near Nashville

by Alex Tostado September 1, 2020

MT. JULIET, TENN. — JLL has negotiated the $30.9 million sale of 245 Couchville Industrial, a fully leased, 709,652-square-foot industrial property in Mt. Juliet. The property is 67 percent leased to ElectroluxNorth America Inc., a subsidiary of Electrolux AB. The other tenant was not disclosed. The asset is situated on nearly 44 acres at 245 Couchville Industrial Blvd., 30 miles east of downtown Nashville and 22 miles east of Nashville International Airport. Britton Burdette, Pete Pittroff, Matt Wirth, Dennis Mitchell, Jim Rodrigues, Mitchell Townsend and Perry Wolcott of JLL represented the seller, a joint venture between Sansone Group and Fortress Investment Group. Dallas-based Westmount Realty Capital LLC acquired the facility.

September 1, 2020

Acquisitions Healthcare Office South Carolina Southeast

Stan Johnson Co. Arranges $30.5M Sale-Leaseback of Medical Office Portfolio in Upstate South Carolina

by Alex Tostado September 1, 2020

GREENVILLE, EASLEY AND SIMPSONVILLE, S.C. — Stan Johnson Co. has arranged the $30.5 million sale-leaseback of a four-property medical office portfolio in Upstate South Carolina. The properties are situated at 5 Stevens St. and 601 Halton Road in Greenville, 220 S. Pendleton St. in Easley and 1 Colony Centre Way in Simpsonville. Teresa Lovely and Jeff Matulis of Stan Johnson Co. represented the seller and tenant, Jervey Eye Group, which executed long-term leases at the time of sale. Indiana-based Cornerstone Cos. Inc. acquired the portfolio, which was built between 2000 and 2018.

September 1, 2020

Georgia Leasing Activity Office Southeast

Coworking Provider Firmspace to Open 27,000 SF Office in Atlanta’s Buckhead District

by Alex Tostado September 1, 2020

ATLANTA — Firmspace will open a new 27,000-square-foot “proworking” space in Atlanta’s Buckhead district. Different from traditional coworking space, Firmspace Atlanta will offer members more privacy in the form of private offices, floor-to-ceiling walls and sound-masking technology. Firmspace is targeting individuals who aren’t satisfied working from home or with traditional coworking spaces. Firmspace Atlanta is equipped to address COVID-19 concerns, with common areas being electrostatically disinfected and members being required to wear masks. The space is located within the Sovereign Building at 3344 Peachtree Road NE, 10 miles north of downtown Atlanta. The office’s soft opening to members will be Tuesday, Sept. 8.

September 1, 2020

Acquisitions Florida Industrial Southeast

Americold Realty Trust Purchases New Cold Storage Facility in Tampa for $25M

by Alex Tostado September 1, 2020

TAMPA, FLA. — Americold Realty Trust has acquired a 3.2 million-cubic-foot cold storage facility in Tampa for $25 million in an all-cash deal. The Atlanta-based refrigerated real estate owner and operator expects to implement $500,000 in capital expenditures. The facility features 12,400 pallet positions, as well as blast-freezing capabilities. The property will offer support to two Americold facilities in nearby Plant City and Bartow, Fla. The seller was not disclosed.

September 1, 2020

Acquisitions Georgia Industrial Southeast

Cushman & Wakefield Arranges $126.6M Sale of Industrial Park in Metro Atlanta

by Alex Tostado August 31, 2020

NORCROSS, GA. — Cushman & Wakefield has arranged the $126.6 million sale of Gwinnett Commons, a 16-building light industrial park in Norcross. The property comprises 1.2 million square feet and is situated at 1790 Corporate Drive, 22 miles northeast of downtown Atlanta and one mile from Interstate 85. At the time of sale, the property was 97 percent leased. Gwinnett Commons also includes two development sites that can accommodate 195,000 square feet of warehouse space. Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller, a partnership between affiliates of Westmount Realty Capital and Quilvest Capital Partners, in the transaction. Brian Linnihan and Mike Ryan of Cushman & Wakefield arranged acquisition financing on behalf of the buyer, Irvine, Calif.-based CIP Real Estate.

August 31, 2020

Alabama Company News Multifamily Southeast

Gulf States Real Estate, Holyfield Co. Merge Operations in Alabama

by Alex Tostado August 31, 2020

FAIRHOPE AND MOBILE, ALA. — Gulf States Real Estate Cos. and The Holyfield Co. have merged operations in Alabama, giving Gulf States a presence in the Yellowhammer State. The Covington, La.-based company will absorb Holyfield’s real estate operations, while Donald and Ronnie Holyfield will continue to maintain their appraisal business under The Holyfield Co. name. Gulf States also offers project, property and construction management, as well as development services. Gulf States now has offices in Mobile and Fairhope, Ala. Terms of the merger were not disclosed.

August 31, 2020

Development Florida Loans Multifamily Southeast Student Housing

Joint Venture Receives $65M in Construction Financing for Student Housing Community Near University of Florida

by Alex Tostado August 31, 2020

GAINESVILLE, FLA. — A joint venture between 908 Group, Scannell Properties and Atlantic American Partners has received $65 million in construction financing for an unnamed development of a 604-bed student housing community near the University of Florida in Gainesville. First Merchant’s Bank, First Financial Bank and Old National Bank provided the construction loan for the community. TSB Capital Advisors acted as special advisor in the financing. The project will offer a mix of one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Communal amenities will include ground-floor retail space, outdoor courtyards, pools, private study lounges, a clubroom and a fitness center. The community is scheduled for completion in fall 2022. Humphrey’s & Partners designed the asset, and Arco-Murray is the general contractor. Houston-based multifamily operator Asset Living will manage the community upon completion.

August 31, 2020

Acquisitions Alabama Multifamily Southeast

Carter Multifamily Acquires Apartment Complex in Metro Birmingham for $26.7M

by Alex Tostado August 31, 2020

HOOVER, ALA. — Carter Multifamily has acquired Summerchase at Riverchase, a 240-unit apartment complex in Hoover for $26.7 million. The asset comprises 16 two-story buildings spanning 24.7 acres. The property offers one- and two-bedroom floor plans. Communal amenities include a clubhouse, pool, sundeck, fitness center, tennis courts and two dog parks. The complex is located at 100 Summerchase Drive, 15 miles south of downtown Birmingham. The Birmingham-based buyer plans to upgrade the amenities package, as well as renovate unit interiors and exteriors. Further details and timeline of the renovations were not disclosed. Jimmy Adams and Andrew Brown of Cushman & Wakefield represented the seller, TriBridge Residential, in the transaction.

August 31, 2020

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