WILLIAMSON COUNTY, TENN. — Spirit Airlines will move its Operations Control Center from Miramar, Fla., to Middle Tennessee’s Williamson County, just south of Nashville. The airlines company is expected to invest $11.3 million in a new facility and relocate 240 jobs from Florida while creating 100 jobs over the next five years. The Operations Control Center serves as the company’s 24/7, mission-critical operations function that directs operational control over all Spirit flights. It includes functions such as flight dispatch, crew scheduling, maintenance control, aircraft routing, air traffic control coordination and guest solutions. Spirit also announced it is planning to double its Airbus fleet to 300 aircraft by 2025. The move comes due to recent hurricanes that hit South Florida, causing Spirit to temporarily relocate its Operations Control Center. Despite this, Spirit recently released plans about its headquarters in Dania Beach, Fla.
GREENVILLE, S.C. — Ziegler has arranged a total of $35.7 million in bond financing for The Woodlands at Furman, a nonprofit continuing care retirement community (CCRC) in Greenville. Upstate Senior Living Inc. is the owner and operator of the community, which opened in 2009 adjacent to Furman University on land leased by The Furman University Foundation. The property currently features 132 independent living apartments, 28 independent living villas (some of which are under construction), 32 assisted living apartments, 16 memory care units and 30 private skilled nursing units. The bond financing will fund an expansion at the property, adding 44 independent living apartments and a 13,000-square-foot amenities building, as well as renovations to existing dining facilities and common areas. Greystone has served as development consultant to The Woodlands at Furman since its inception.
ATLANTA — Ready Capital has closed a $26.9 million acquisition loan for a 216,000-square-foot office building in Atlanta’s Cumberland/Galleria submarket. The undisclosed borrower plans to make various upgrades to the property including new elevators, conference rooms and a café. The three-year, non-recourse loan offers a floating interest rate and flexible prepayment options. Further details of the property were not disclosed.
DEERFIELD BEACH, FLA. — Elion Partners has acquired a 158,000-square-foot last-mile distribution warehouse in Deerfield Beach for $22 million. Local vitamin maker Rexall Sundown sold the South Florida facility. The property is situated at 1111 SW 30th Road, 16 miles north of downtown Fort Lauderdale, two miles from Interstate 95 and two miles from the Florida Turnpike. The facility offers 600 parking spaces and expansion options, including up to 50,000 square feet and additional parking.
JACKSONVILLE, FLA. — NAI Hallmark has brokered the $12.4 million sale of Baymeadows Business Center, a two-building, 132,102-square-foot office and industrial campus in Jacksonville. The property was 87 percent leased at the time of sale to tenants including UPS, ADP and Breakthru Beverage Group. The buyer, Miami-based Adler Real Estate Partners, has retained NAI Hallmark to provide leasing and management services at the property. Baymeadows Business Center is situated at 8226 Philips Highway, 11 miles south of downtown Jacksonville. Keith Goldfaden and Daniel Burkhardt of NAI Hallmark, along with David Ellis and Alex Waddey of NAI Global, represented the seller, Woodside Capital Partners, in the transaction.
When it comes to property taxes, what you don’t know can hurt you. Whether it is failing to meet a valuation protest deadline, ignorance of available exemptions or perhaps missing an error in the assessment records, an oversight can cost a taxpayer dearly. Understanding common mistakes — and consulting with local property tax professionals — can help owners avoid the pain of unnecessarily high property tax bills. Think ahead on property taxes Many owners ignore property taxes until a valuation notice or tax bill arrives, but paying attention to tax considerations at other times can greatly benefit a taxpayer. For example, it’s good practice to ask the following questions before purchasing real estate, starting a project or receiving a tax bill. Does the property qualify for exemptions or incentives? Every state offers some form of property tax exemptions to specific taxpayers and property types. Examples include those for residential homesteads, charitable activities by some nonprofits and exemptions for pollution control equipment. Similarly, governments use partial or full property tax abatements in their incentive programs for enticing businesses to expand or relocate to their communities. While many of these programs are industry-specific, it is important to consider all of the taxpayer’s …
Nashville ranked as the No. 3 Market to Watch in 2020 according to Urban Land Institute and PricewaterhouseCooper’s report, Emerging Trends in Real Estate. The report credits Nashville’s population growth, investor demand, development opportunity and job growth. According to the Tennessee Department of Economic and Community Development, 100 economic development projects — including industrial-space-users ICEE, Togo North America and A&C Business Enterprises — announced relocations or expansions in Middle Tennessee, representing $3.2 billion in investment and 14,000 jobs. Nashville’s industrial market is firing on all cylinders. Demand for space has been met with elevated rent growth throughout the market, keeping Nashville’s industrial rates among the highest in the Southeast. The 755,314 square feet of absorption that occurred during the fourth quarter marks the 23rd consecutive quarter with an increase in occupancy, raising the 2019 net absorption to over 5.5 million square feet, resulting in a market vacancy of 3.8 percent. Investor volume in Middle Tennessee exceeded $962 million in transactions at the close of 2019. This is the region’s highest industrial sale volume in the last five years, with the second half of 2019 accounting for 75 percent of the deals. Big-box users including Amazon, CEVA Logistics and Geodis have …
MIAMI — Time Century Holdings LLC has broken ground on its redevelopment of Metro Mall in Miami’s Jewelry District. The $35 million project includes gutting the interior of the 225,000-square-foot building, adding a three-story atrium, security system, valet parking and creating a new façade. Miami-based Kobi Karp is the architect for the 94-year-old building, which Time Century purchased in 2018. Time Century is handling the leasing efforts and has already signed some leases with jewelers, according to Yair Levy of Time Century Holdings. The developer expects to reopen Metro Mall in spring 2021. Metro Mall is situated at 1 NE First St., three blocks from downtown Miami. The Jewelry District is home to more than 500 jewelry stores in a four-block radius.
WINSTON-SALEM, N.C. — Magnolia Partners has acquired 370 and 380 Knollwood, a two-building, 250,049-square-foot office building campus in Winston-Salem. Krispy Kreme Doughnut Corp. fully occupies 370 Knollwood, while tenants such as Bank of America/Merrill Lynch, Allman Spry Davis Leggett & Crumpler and Nelson Mullins law firm occupy 380 Knollwood. Onsite amenities include ground-level retail, full-service restaurants, an attached parking deck, vending services, security patrol and an energy management system. The CBRE|Raleigh and CBRE|Triad team of Ben Kilgore, Greg Wilson, Will Henderson, Chandler Hawkins and Leslie Holmes represented the undisclosed seller in the transaction. Winston-Salem-based Magnolia Partners purchased the portfolio for an undisclosed price.
BLUFFTON, S.C. — JMG Realty Inc. will open Enclave at Bluffton Park, a 110-unit multifamily property in Bluffton, on Monday, March 2. The property will offer a mix of one-, two- and three-bedroom floor plans across one-story garden-style buildings and two-story townhomes. Communal amenities will include a pool with covered entertainment pavilion, a clubhouse with 24-hour fitness center and outdoor recreational areas with grills and TVs. There will also be a complimentary rental bike service for residents. The property is situated at 12 Wilkinson Way, eight miles west of Hilton Head Island. A grand opening event will be scheduled for the spring.