Southeast

Cushman & Wakefield Arranges $11.8M Sale of Office Building in Fort Lauderdale

by Alex Tostado September 10, 2019

FORT LAUDERDALE, FLA. — Cushman & Wakefield has arranged the $11.8 million sale of The 2601 Building, a 59,942-square-foot office building located at 2601 E. Oakland Blvd. in Fort Lauderdale. The six-story building was 96 percent leased at the time of sale to tenants including The Africa Adventure Co., HL Law Group, Exit Ryan Scott Realty and Natural Transplants Hair Restoration Clinic. After suffering significant damage during Hurricane Wilma in 2005, the building was gutted and rebuilt in 2007 with new roofs, mechanical systems and modern interiors. The seller was 2601 M L Fund LLC, a Netz USA LLC holding company. The buyer was MHC Oakland Park Owner LLC. Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar, Jason Hochman and Michael Ciadella of Cushman & Wakefield represented the seller in the transaction.

September 10, 2019

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Negotiates $2.3M Sale of New Store Leased to Dollar General Near Wilmington

by Alex Tostado September 10, 2019

SOUTHPORT, N.C. — Marcus & Millichap has arranged the $2.3 million sale of a Dollar General-occupied building that was delivered in March of this year in Southport. The 9,026-square-foot building is located at 4421 Long Beach Road SE, about 30 miles south of downtown Wilmington. Par 5 Development Group LLC sold the asset, which Sedgemoor Properties LLC acquired. Don McMinn of Marcus & Millichap represented both the buyer and seller in the transaction.

September 10, 2019

Company News Maryland Southeast

NAI Global Opens New Office in Eastern Maryland

by Alex Tostado September 10, 2019

SALISBURY, MD. — NAI Global has opened NAI Coastal, a new office in Salisbury that will serve the coastal region of Maryland, Delaware and Virginia. Chris Davis; Bradley Gillis, CCIM; Joey Gilkerson; and Chris Gilkerson are the principals of NAI Coastal, which also includes a team of eight advisers. The NAI Coastal team specializes in buyer and tenant representation focusing on the hospitality, multifamily, medical, office, retail and industrial sectors. NAI Coastal also works in conjunction with Gillis Gilkerson, a local construction and development firm. The partnership allows the NAI Coastal team to advise clients in the process of commercial real estate development from concept to completion.

September 10, 2019

Acquisitions Maryland Office Southeast

JLL Arranges Sale of 327,000 SF Office Complex in Metro D.C.

by Alex Tostado September 9, 2019

ROCKVILLE, MD. — JLL has arranged the sale of Executive Plaza, a 327,000-square-foot office complex in Rockville. The property comprises two eight-story buildings located at 6120 and 6130 Executive Blvd., about 15 miles north of downtown Washington, D.C. The buildings were recently renovated to include a new fitness center, 3,500-square-foot conference center, cyber café and an outdoor plaza. Jim Meisel and Matt Nicholson of JLL represented the seller, a partnership between Monument Realty and Angelo, Gordon & Co., in the transaction. MC Real Estate and an institutional partner acquired the asset for an undisclosed price. MC Real Estate has retained The Polinger Co. to provide onsite property management services and Bob Dickman of Avison Young as the leasing agent.

September 9, 2019

Acquisitions Multifamily Southeast Virginia

Hamilton Zanze Acquires 248-Unit Multifamily Community in Northern Virginia

by Alex Tostado September 9, 2019

ALEXANDRIA, VA. — Hamilton Zanze has acquired Abbotts Run, a 248-unit multifamily community in Alexandria. The property offers one- and two-bedroom floor plans ranging in size from 693 to 1,352 square feet. Amenities include a 24-hour clubhouse, game room, swimming pool, playground, tennis and volleyball courts, car washing station and outdoor picnic and grilling stations. The previous owner renovated all but 17 units. Hamilton Zanze plans to complete the renovation of the property, which was built in 1988. Abbotts Run is located at 5711 Woodlawn Gable Drive, 20 miles southwest of downtown Washington, D.C.

September 9, 2019

Acquisitions Florida Industrial Southeast

Pinch A Penny Sells Two Industrial Buildings Totaling 224,192 SF in Central Florida

by Alex Tostado September 9, 2019

CLEARWATER, FLA. — Pinch A Penny, a swimming pool retail, service and repair franchise, has sold two industrial buildings totaling 224,192 square feet in Clearwater. The buildings are located at 14480 and 14550 62nd St., three miles west of St. Pete-Clearwater International Airport and 19 miles west of downtown Tampa. Pinch A Penny sold the assets after vacating the property to expand its footprint into new facilities. The buyer was not disclosed, but the Tampa Bay Business Journal reports Blue Steel Development acquired the two industrial buildings. The buyer plans to significantly renovate the two Class C buildings. Rick Narkiewicz of Newmark Knight Frank (NKF) represented the seller in the transaction.

September 9, 2019

Development Georgia Restaurant Retail Southeast

Velvet Taco Opens First Restaurant in Atlanta

by Alex Tostado September 9, 2019

ATLANTA — Velvet Taco has opened its first Atlanta restaurant in Buckhead. The 2,500-square-foot establishment is situated at 77 W. Paces Ferry Road within a Whole Foods Market-anchored shopping center. The late-night joint offers a variety of chicken, beef, pork, fish and vegetarian tacos as well as brunch options. Velvet Taco expects to open a second Atlanta location next year at the Interlock development in West Midtown, according to local media. Based in Dallas, the brand also operates restaurants in Austin, Chicago and Houston.

September 9, 2019

Florida Leasing Activity Restaurant Retail Southeast

Six Retailers Sign Leases on Miami Beach’s Lincoln Road

by Alex Tostado September 9, 2019

MIAMI BEACH, FLA. — The Lincoln Road Business Improvement District (BID) has executed six leases with retailers and restaurants to occupy space on Lincoln Road, Miami Beach’s high street for upscale retail, restaurants and entertainment. Brandy Melville, a women’s clothing shop catering toward Gen Z shoppers, opened its 2,500-square-foot shop at 730 Lincoln Road in late August. Located at 810 Lincoln Road, Pele Soccer is a 7,000-square-foot store that features a turf surface for consumers to test out cleats and will install bleachers to host watch parties in the coming months. MC2 Saint Barth will occupy 748 square feet at 608 Lincoln Road later this year. The swimsuit company has been in business for 25 years. MILA is a “MediterrAsian” fusion restaurant that will open at 800 Lincoln Road later this fall. Paletas Morelia, a gourmet popsicle shop, will make its Miami Beach debut later this year. Lastly, Casper, a store dedicated to all things sleep related, is located at 1114 Lincoln Road. The six retailers join Fritz’s Skate, Bike & Surf Shop; Dog Bar; and Lulu Laboratorium as tenants to sign leases this this summer.

September 9, 2019

Market Reports Maryland Multifamily Southeast Southeast Market Reports

After Urban Construction Boom, Baltimore Multifamily is Moving to the ’Burbs

by Alex Tostado September 9, 2019

The multifamily real estate landscape is booming across the Baltimore metro with exciting new development popping up throughout this burgeoning market. Luxury apartment developers have focused their attention on Baltimore City’s urban waterfront neighborhoods by creating a distinct live-work-play environment. At the same time, suburban developers have focused their efforts along the Interstate 95 corridor, drawn to affluent neighborhoods supported by top ranked school districts. While an increase in development has led to a rise in urban vacancy rates, the influx of tech startups, coupled with the city’s employment drivers — medical and educational institutions — has helped to stabilize these rates. TIF investment has also helped paint a bright future in Baltimore for mixed-use ventures like the East Baltimore Development project around Perkins Homes and the 250-acre Port Covington development in south Baltimore. Both projects are anticipated to support new multifamily housing in these areas. Development boom Vacancy rates have increased following a nearly 20,000-unit spike in new construction from 2014 to 2018. More than 3,900 new units were completed in 2018 alone, and another 6,400 units were underway at the start of 2019. The boom is expected to taper off in 2020 and has already caused a decrease …

September 9, 2019

Development Louisiana Multifamily Southeast Student Housing

Rise Completes 589-Bed Residence Hall at University of Louisiana at Lafayette

by Alex Tostado September 6, 2019

LAFAYETTE, LA. — Rise: A Real Estate Co. has completed The Heritage, a 589-bed student housing community located on the University of Louisiana at Lafayette campus. The development features five residential buildings geared toward upperclassmen. Shared amenities include ground-floor retail, a fitness center, swimming pool, resident lounge, game room, a business center, sand volleyball court, outdoor grill stations and fire pits. The development also houses an office suite for the university’s Housing and Residential Life staff.

September 6, 2019

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