Southeast

Grace Street Properties Acquires 158,000 SF Retail Property in Northern Virginia, Plans 2 MSF Mixed-Use Development

by Alex Tostado October 17, 2019

WOODBRIDGE, VA. — Grace Street Properties has acquired Station Plaza, a 158,000-square-foot retail center spanning 13 acres. Grace Street plans to convert the site into a 2 million-square-foot mixed-use development. The Prince William Board of County Supervisors approved the master-planned project, which will be located within walking distance of the VRE/Amtrak station, four stops from the future site of Amazon’s HQ2. Grace Street plans to deliver residential units, commercial space, outdoor space and more retail. Grace Street plans to immediately begin site work. George Boosalis of Boosalis Properties represented the buyer in the land acquisition, which sold for $19.1 million, a 7.6 percent cap rate. David Choi of Greysteel represented the undisclosed seller.

October 17, 2019

Development Multifamily North Carolina Southeast Student Housing

Fountain Residential, BAM Capital to Develop Phase I of Student Housing Project Near UNC-Charlotte

by Alex Tostado October 17, 2019

CHARLOTTE, N.C. — Fountain Residential and BAM Capital will develop the first phase of a three-phase student housing project near the University of North Carolina, Charlotte. Phase I of The Vue on University will comprise 271 apartment units offering one- through four-bedroom floor plans totaling 727 beds. Communal amenities will include a swimming pool, 6,000-square-foot fitness center and multiple private study rooms. The community will be located at the corner of University City Boulevard and East Mallard Creek Church Road. Stuart Roosth Architects and Kimley-Horn Associates designed The Vue on University. MW Builders Inc. is the general contractor. Phase I is slated to be delivered in fall 2021.

October 17, 2019

Alabama Development Healthcare Southeast

Zarzour to Construct $17M Medical Office Building in Saraland, Alabama

by Alex Tostado October 17, 2019

SARALAND, ALA. — Zarzour Cos. has announced plans to construct a 55,000-square-foot, build-to-suit medical office building in Saraland. Zarzour will begin construction in January 2020, with plans to complete the project in January 2021. Alabama Orthopedic Clinic and Saraland Physical Therapy will anchor the building, which will be located near Industrial Parkway and I-65, nine miles north of downtown Mobile. Development is estimated to cost $17 million.

October 17, 2019

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Arranges $4.9M Sale of Shopping Center Near Myrtle Beach

by Alex Tostado October 17, 2019

MURRELLS INLET, S.C. — Marcus & Millichap has arranged the $4.9 million sale of an 18,035-square-foot, Publix shadow-anchored shopping center in Murrells Inlet. The seller, Columbia Prince Creek, developed the property in 2017 and previously sold the Publix in a separate transaction. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented Columbia Prince Creek in the sale of the center to MH Commercial Real Estate Fund LLC. “We were asked to assist in a parcellation exit strategy for the shopping center, which resulted in a more accretive exit price than a sale of the entire center would have achieved,” said lead agent Taylor. “To my knowledge, this is the first time this has ever been done with a new-construction Publix.” Tenants at the time of sale included Edward Jones & Co., Tidelands Health and a Heartland Dental outparcel. The property is located at 11920 S.C. Highway 707, 13 miles south of downtown Myrtle Beach.

October 17, 2019

Development Retail South Carolina Southeast

Halpern Delivers Two Retail Buildings within Piedmont Marketplace in Upstate South Carolina

by Alex Tostado October 17, 2019

GREER, S.C. — Halpern Enterprises Inc. has delivered two build-to-suit retail buildings within the 131,000-square-foot Piedmont Marketplace in Greer. The first delivery is a 6,000-square-foot building that Rack Room Shoes opened in August. The second project is a 2,500-square-foot building that Stanton Optical is expected to open later this fall. Piedmont Marketplace is located at 1326 W. Wade Hampton Blvd., two miles west of downtown Greer. Kohl’s anchors the retail center, which is fully leased. Other tenants include Ross Dress for Less, Ulta Beauty, Five Below and Tractor Supply.

October 17, 2019

Development Office Southeast Virginia

Joint Venture Breaks Ground on 187,000 SF Office Building in Charlottesville

by Alex Tostado October 16, 2019

CHARLOTTESVILLE, VA. — A joint venture between Apex Clean Energy, Riverbend Development, William McDonough + Partners and Hourigan Development has broken ground on an eight-story, 187,000-square-foot office building that will serve as each of the company’s headquarters. Apex will anchor the building, occupying 84,000 square feet and the top three floors. Apex will consolidate its three offices and 170 employees across Charlottesville. William McDonough + Partners designed the building, which will include 875 solar panels, a roof terrace, indoor bicycle storage and electric vehicle charging stations. Construction is expected to take approximately 20 months, with the building opening in mid-2021.

October 16, 2019

Acquisitions Development Office Southeast Virginia

Skanska Acquires Development Site for 201,000 SF Planned Office Building in Downtown Arlington

by Alex Tostado October 16, 2019

ARLINGTON, VA. — Skanska has acquired 3901 N. Fairfax Drive, the development site for a nine-story, 201,000-square-foot office building in downtown Arlington. The building will include 10,280 square feet of ground-level retail space. CallisonRTKL designed the building to include floor-to-ceiling windows on all four sides, a 4,000-square-foot rooftop terrace, fitness center, indoor amenity space and a second-floor terrace. The site is located within the Rosslyn-Ballston corridor, five miles west of downtown Washington, D.C. An investment affiliate of Bernstein Management Corp. sold the property for an undisclosed price. A timeline for completion was not disclosed.

October 16, 2019

Development Georgia Industrial Southeast

Southeastern Mills Opens 140,000 SF Distribution Center in North Georgia

by Alex Tostado October 16, 2019

ROME, GA. — Southeastern Mills has opened a 140,000-square-foot distribution center in Rome. The center is expected to handle more than 300 shipments per month for the Rome-based food company. The facility also offers a video conferencing system and automated doors with trailer restraints. Rome is situated 65 miles north of downtown Atlanta.

October 16, 2019

Acquisitions Alabama Multifamily Southeast

Newmark Knight Frank Arranges $73M Sale of Multifamily Portfolio in Metro Birmingham

by Alex Tostado October 16, 2019

HOOVER, ALA. — Newmark Knight Frank (NKF) has arranged the $73 million sale of two multifamily properties in Hoover: The Falls of Hoover and Woods of Hoover. Together, the properties total 696 units and were 94 percent occupied at the time of sale. The two communities offer one- through three-bedroom floor plans. The Falls of Hoover and Woods of Hoover were built in three phases between 1996 and 2002. Communal amenities include three swimming pools, fitness centers, clubhouses, a playground, and three tennis courts. Bo Flurry and Justin Uffinger of NKF represented the seller, Heritage Income Properties, and the buyer, BH Equities, in the transaction.

October 16, 2019

Acquisitions Florida Retail Southeast

JLL Negotiates $23.3M Sale of The Shoppes at Southside in Jacksonville

by Alex Tostado October 16, 2019

JACKSONVILLE, FLA. — JLL has negotiated the $23.3 million sale of The Shoppes at Southside, a 112,613-square-foot retail center in southern Jacksonville. The property was fully leased at the time of sale to tenants including anchors Best Buy and Urban Air Trampoline, as well as Adventure Park, David’s Bridal, Cold Stone Creamery, Deerwood Jewelers, Moe’s Southwest Grill and three separate parcels leased to Starbucks, Chick-fil-A and Aspen Dental. Situated on 12.9 acres at 9930-9990 Southside Blvd., the center is located 14 miles south of downtown Jacksonville. Brad Peterson, Whitaker Leonhardt and Michael Brewster of JLL represented the seller, Brixmor Property Group, in the transaction. Core Investment Management acquired the property.

October 16, 2019

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