Southeast

CBRE Negotiates $22.2M Sale of Multifamily Complex in Jacksonville

by Alex Tostado March 16, 2020

JACKSONVILLE, FLA. — CBRE has negotiated the $22.2 million sale of Ansley at Harts Road, a 225-unit multifamily complex in Jacksonville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a wellness center and pool. The asset, which was built in 1988, is situated at 11011 Harts Road, eight miles north of downtown Jacksonville. Cliff Taylor and Joe Ayers of CBRE represented the undisclosed seller in the transaction. Washington, D.C.-based Madison Marquette acquired the community.

March 16, 2020

Industrial Market Reports Maryland Southeast Southeast Market Reports

After Historic Industrial Leasing Year in Baltimore Region, What Comes Next?

by Alex Tostado March 16, 2020

Industrial leasing activity in the greater Baltimore metropolitan region last year began with a whimper thanks to the federal government shutdown in January and February, but quickly gathered steam and never looked back, even in the final days to close out the year. In fact, the pace was record-breaking and historic by any measurement, with more than 9.5 million square feet of space absorbed. This figure was approximately 40 percent higher than 2018, which was also a tremendous year. There is more good news locally for companies that make their living developing warehouse and industrial space, brokers who match end-users for the available spaces and related professionals. Central to this activity is that fact that lots of people live in the Combined Statistic Area of Baltimore-Washington, D.C. region, which is the fourth largest MSA in the country and is still growing. A certain Seattle-based online retail company is establishing its second headquarters just down the road in Northern Virginia and its positive impact is being felt throughout the region. The central Maryland marketplace boasts an enviable transportation network led by major north-south axis Interstate 95, is within close proximity to several major seaports (Baltimore, Wilmington and Philadelphia) and one-third of …

March 16, 2020

Georgia Hospitality Southeast

Hunter Hotel Conference to be Rescheduled Due to Coronavirus

by Alex Tostado March 13, 2020

ATLANTA — The 32nd annual Hunter Hotel Investment Conference, slated to take place at the Atlanta Marriott Marquis from March 18 to 20, has been postponed as part of a concerted effort worldwide to contain the spread of COVID-19, the illness caused by the coronavirus. The conference presenter, Atlanta-based Hunter Hotel Advisors, says it will identify alternative dates for the event. An education and networking event for hotel investors, the conference attracted more than 1,850 attendees from across the Southeast and beyond in 2019. A note posted to the conference website Thursday afternoon read in part: “After the unprecedented events of the past 24 hours, and with an overabundance of caution for everyone involved, we have made the difficult decision to postpone/reschedule the Hunter Conference. We know at times like this it is important to meet and discuss current issues, but given the circumstances it doesn’t seem appropriate.” The number of coronavirus cases topped 125,000 worldwide as of Friday morning. Leaders across the United States are banning large gatherings to thwart the spread of the illness. In response to the growing coronavirus pandemic, President Donald Trump declared a national emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance …

March 13, 2020

Development Florida Multifamily Seniors Housing Southeast

Stevens Construction Completes Five-Story Renovation of Seniors Housing Community in Venice, Florida

by Alex Tostado March 13, 2020

VENICE, FLA. — Stevens Construction has completed a renovation of The Lofts, a five-story, 80,000-square-foot assisted living and memory care building within Village On The Isle, a nonprofit continuing care retirement community in Venice. Renovations were done floor by floor to minimize impact on residents. Stevens replaced interior finishes, upgraded the façade and reworked the unit floor plan options. Stevens Construction also replaced the plumbing, mechanical and electrical systems of the 35-year-old building. The Stevens Construction team included Dan Adams, Jon Zander, Mark Battaglia and Sue Ziegenfus. RLPS Architects provided the design.

March 13, 2020

Development Georgia Industrial Southeast

Sugar Bowl Bakery to Open $37M Manufacturing Facility in Metro Atlanta

by Alex Tostado March 13, 2020

TUCKER, GA. — Sugar Bowl Bakery will open a manufacturing facility in Tucker. The family-owned bakery expects to create 400 jobs and invest $37 million over the next five years. The property is situated at 3301 Montreal Industrial Way, 15 miles northeast of downtown Atlanta. The new positions available will include bakery management, production, quality assurance, maintenance, warehousing and sanitation. Further details about the facility were not disclosed. The Ly family founded Sugar Bowl Bakery in 1984 in San Francisco. The Tucker facility is the company’s first location on the East Coast.

March 13, 2020

Acquisitions Florida Retail Southeast

Colliers Brokers Sale of 63,346 SF Shopping Center in Jacksonville

by Alex Tostado March 13, 2020

JACKSONVILLE, FLA. — Colliers International has brokered the sale of Mandarin Central, a 63,346-square-foot shopping center in Jacksonville. The center was constructed in 1985 on seven acres at 11018 Old Saint Augustine Road, 17 miles south of downtown Jacksonville. The property was 94 percent leased at the time of sale to tenants including Dollar General, Pizza Hut and Salento Steakhouse. Milestone Properties Inc. sold the asset to Mandarin Central Plaza LLC for an undisclosed price. Joe Montgomery, Tony D’Ambrosio and Ernie Saltmarsh IV of Colliers represented the seller in the transaction.

March 13, 2020

Development Industrial Leasing Activity Southeast Virginia

Merritt Properties Signs Tenant to 137,350 SF Lease Within Industrial Park in Northern Virginia

by Alex Tostado March 13, 2020

MANASSAS, VA. — Merritt Properties has signed an undisclosed e-retailer to a full-building, 137,350-square-foot lease within I-66 Business Park, a six-building property in Manassas. Merritt expects to deliver the property in April and the tenant expects to move in this summer. Tony Russo and Diane Drobia of CBRE represented the developer and the full-building user in the lease transaction. When complete, the six buildings on the property will range in size from 30,600 to 137,350 square feet. Michael Larkin of Merritt says the company will begin construction on the sixth and final building in April and expect to deliver it in the third quarter of this year. The building will span 97,200 square feet. At full build-out, I-66 Business Park will comprise 596,900 square feet. To date, the property is 83 percent leased to 11 tenants. The buildings offer 18- to 32-foot clear heights. Each property is rear loaded and provides dock and drive-in capabilities. Situated along Interstate 66, I-66 Business Park is located 28 miles west of Washington, D.C.

March 13, 2020

Acquisitions Alabama Retail Southeast

SRS Arranges $3.5M Sale of Retail Property in Huntsville, Alabama

by Alex Tostado March 13, 2020

HUNTSVILLE, ALA. — SRS Investment Properties Group has arranged the $3.5 million sale of The Fountain, a 38,338-square-foot retail property in Huntsville. Costco and The Home Depot shadow anchor the multi-tenant retail strip, which spans 3.9 acres. The Fountain was fully leased at the time of sale to tenants including Staples, Citi Trends and Shoe Show. The property is situated at 1201 N. Memorial Parkway, just north of downtown Huntsville. Boris Shilkrot and Pierce Mayson of SRS represented the seller, Somera — 1201 North Memorial Parkway LLC, in the transaction. T.J. Lee of Bill Pool Realty represented the buyer, TA Sharp Properties.

March 13, 2020

Features Hospitality Industrial Midwest Multifamily Northeast Office Retail Southeast Texas Western

Coronavirus Resources for the Commercial Real Estate Industry

by Jaime Lackey March 13, 2020

REBusinessOnline has compiled a number of commercial real estate industry reports and webinars to help readers find the information they need regarding coronavirus (COVID-19) and commercial real estate. The reports are organized by relevance and timeliness. (This page is no longer updated as of June 1, 2020.) Interested in coronavirus-related news items posted by REBusinessOnline? Click here for the feed. Interested in commercial real estate-related webinars focusing on responses to the pandemic? Click here for the list. Webinars Student Housing Business Up Close with Bill Bayless (05/04/2020) How to Maintain Leasing Velocity in Today’s Environment (04/30/2020) COVID-19 & the Impact on Student Housing: The CEO Perspective (04/17/2020) The Impact of COVID-19 on Student Housing (03/25/2020) Marcus & Millichap Marcus & Millichap Special Update: Multifamily Legislation (05/13/2020) The Shape of Things to Come: How Will the Economy and Retail Real Estate Look After the Global Health Crisis? (05/18/2020) InterFace Conference Group Seniors Housing Marketing and Sales During the Pandemic and Beyond (Upcoming 05/20/2020) California Retail Reboot — How Will California’s Retail and Restaurant Sector Recover Post-Coronavirus? (05/21/2020) Atlanta Retail Reboot (05/08/2020) Texas Retail Reboot (05/07/2020) The Short- and Long-term Impact of COVID-19 on Healthcare and Medical Office Real Estate (04/14/2020, Fee is …

March 13, 2020

Development District of Columbia Office Southeast

Novel Coworking Opens 190,385 SF Office Building in D.C.’s Dupont Circle District

by Alex Tostado March 12, 2020

WASHINGTON, D.C. — Novel Coworking has opened Novel Coworking Dupont Circle, a 12-story, 190,385-square-foot office building in northwest Washington, D.C. The company acquired the building, situated at 1201 Connecticut Ave. NW, in July 2019. The space can accommodate one- to 200-person teams. Situated two blocks from Dupont Circle, the building was originally developed in 1940. Memberships start at $199 per month, private offices start at $575 per month and office suites start at $399 per employee a month. Chicago-based Novel Coworking operates 37 locations nationwide.

March 12, 2020

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