Charlotte has been in expansion mode for several years, due to population growth, excellent logistics infrastructure, low operating costs and low unionization rates. At the mid-point of 2019, the market continues to expand at a healthy rate and is growing outward into Cabarrus, York and Gaston counties. This expansion follows a strong 12-month period ending first-quarter 2019 when nearly 6 million square feet of new product was delivered. Now encompassing 322 million square feet of space, Charlotte is the second largest industrial market in the Southeast. Charlotte’s accessible location and low cost of doing business is attracting many e-commerce and logistics providers, as well as more traditional industrial businesses looking to expand or realign their space requirements. One common theme is consolidation of business units, which has been a significant benefit to the Charlotte market. Among the examples are J.J. Haines & Co. consolidating its Carolina warehousing operations from several Carolinas locations into a 500,000-square-foot distribution center in Cabarrus County and Staples consolidating from multiple Charlotte facilities into a 600,000-square-foot logistics center in south Charlotte. Driven by available land and access to key transportation routes, a look at the market’s growth patterns shows that development and leasing are extending up …
STARKVILLE, MISS. — A public-private partnership between Mississippi State University (MSU) and Greystar has opened College View, 650-bed residential development on the university’s campus in Starkville. The mixed-use property features 46,000 square feet of retail space and a 7,000-square-foot addition to the MSU Child Development and Family Studies Center. Communal amenities include a fitness center, computer lab, study rooms, swimming pool, community lounge, volleyball court and fire pits. Greystar financed, built and will manage the community utilizing a 40-year lease of MSU land. The lease agreement features a 10-year renewal option.
TAMPA, FLA. — Cushman & Wakefield has arranged the $59 million sale of Mezzo of Tampa Palms, a 340-unit multifamily community in Tampa. The property offers one-, two- and three-bedroom floor plans spread across 20 three-story buildings. The average unit in the community is 1,193 square feet with an average market rent of $1,313. The property was above 95 percent occupied at the time of sale. Communal amenities include a 7,000-square-foot clubhouse, a fitness center with Fitness On Demand, business center, Wi-Fi in community areas, two swimming pools, poolside outdoor kitchen with a fire pit, gated access with virtual guards, dog park, tennis court, playground, barbecue and picnic area, walking/jogging trails and a sun deck. Luis Elorza, Brad Capas, Zachary Sackley, Robert Given and Michael Mulkern of Cushman & Wakefield represented the seller, Boston-based Preston-Giuliano Capital Partners, in the transaction. Boston-based Taurus Investment Holdings acquired the property.
ATLANTA — Delaware North will open Good Game, a 7,500-square-foot dining and entertainment concept that offers Topgolf’s Swing Suite virtual simulator bays. Good Game will house seven bays, accommodating up to eight people in each bay. The Topgolf Swing Suite bays also offer a variety of virtual games, including the Topgolf target game, Zombie Dodgeball, Hockey Shots, Baseball Pitching and Carnival Classic. Delaware North, which has been the exclusive food and beverage service provider for Battery landlord Braves Development Co. and SunTrust Park since 2016, also operates the Terrapin Taproom, H&F Burger and Coca-Cola Roxy Theater within the mixed-use village.
CHICAGO — JLL has negotiated the sale of five Courtyard by Marriott hotels totaling 731 rooms. The portfolio includes Courtyard New Carrollton in Landover, Md.; Courtyard Fairfax Fair Oaks in Fairfax, Va.; Courtyard Baltimore Hunt Valley in Hunt Valley, Md.; and Courtyard San Antonio Airport and Courtyard San Antonio Medical Center in San Antonio. JLL represented the seller, Colony Capital Inc., in the transaction. The buyer was a partnership between Flynn Properties Inc. and EMA Lodging Group Inc. The sales price was not disclosed.
WASHINGTON, D.C. — The U.S. Census Bureau reports that retail sales in July were up 0.9 percent from June and 5.6 percent year-over-year. The numbers exclude restaurants, gas stations and automobile sales but include e-commerce sales. July’s results build on gains of 0.6 percent month-over-month and 2.2 percent year-over-year seen in June. Specifics from key retail sectors during July include: Online and other non-store sales were up 19.3 percent year-over-year and up 2.8 percent month-over-month seasonally adjusted, likely boosted by Amazon’s Prime Day promotion, which the company said had more sales than its 2018 Black Friday and Cyber Monday sales combined; Health and personal care stores were up 6.1 percent year-over-year but down 0.2 percent month-over-month seasonally adjusted; Grocery and beverage stores were up 4 percent year-over-year and up 0.6 percent month-over-month seasonally adjusted; and General merchandise stores were up 2.1 percent year-over-year and up 0.6 percent month-over-month seasonally adjusted.
MEDLEY AND DORAL, FLA. — Bridge Investment Group LLC, a Salt Lake City-based investment firm, has acquired two office properties totaling more than 500,000 square feet in the western Miami metro area. The price was not disclosed. The properties include the Offices at Flagler Station in Medley and the Offices at Doral Square in Doral. The buildings are approximately five miles away from each other, and just west of Miami International Airport. The Offices at Flagler Station is a collection of three buildings totaling 387,474 square feet within the Flagler Station Business Park. Bridge plans to invest $5.2 million to renovate the fitness centers, conference facilities and cafes of all three buildings. Renovations are slated for completion in 2020. At the time of sale, the buildings were 91 percent leased, with available offices ranging from 1,507 to 16,970 square feet. The Offices at Doral Square is an eight-story, 141,205-square-foot property originally built in 1979. A recent $8.5 million renovation project upgraded the lobby, corridors, bathrooms and elevators. The investment also funded completion of a new roof and three-story parking deck. At the time of sale, the building was 89 percent leased, with available offices ranging from 1,974 to 8,165 square …
As job growth supports a healthy economy in Southwest Florida, the region is experiencing major population growth, causing a surge in new Class A multifamily construction. The number of new construction Class A units in Southwest Florida has increased by nearly 150 percent year-over-year. In first-quarter 2018, there were 257 Class A units completed, and in first-quarter 2019, that number rose to 622. With this increased supply of Class A properties, there is now more demand in Class B properties among renters, and ultimately from investors. Class B properties tend to have more affordable rental rates, and investors have now noticed the potential for higher investment returns. Illustrating this demand, in the first quarter of 2018 in Southwest Florida, there were 17 Class B properties sold that totaled nearly $39 million. In first-quarter 2019, the sale volume increased to $68 million with nine properties sold. Also, investors were willing to pay more for these assets if they had a value-add component With Class B vacancies being tight at 4.6 percent, investors are making interior and exterior improvements to properties and gradually raising rental rates to increase their returns. For example, a value-add Class B multifamily property in Fort Myers recently …
CONYERS, GA. — Brennan Investment Group has acquired 15.9 acres in Conyers to develop a 216,000-square-foot speculative industrial building. The site is located at 2082 E. Park Drive, 28 miles east of downtown Atlanta. The facility will include 32-foot clear heights, an ESFR sprinkler system, auto parking and trailer storage. Groundbreaking is scheduled for the third quarter, with completion expected in the third quarter of 2020. Bobby Mayson of Lavista Associates represented the buyer in the transaction. The seller and sales price were not disclosed.
OKATIE, S.C. — Hammes Co. has broken ground on a 70,000-square-foot medical office building in Okatie. Scheduled to open in late 2020, the three-story building will expand services in the surrounding area and supplement Beaufort Memorial’s existing acute care regional hospital. The new facility will provide primary care, OB-GYN, orthopedics, urgent care, cardiology, gastroenterology, neurology, vascular and general surgery, a breast health center, outpatient rehabilitation, laboratory and imaging services and a full-service cancer center. Hammes will develop, own and manage the property. Okatie is located 15 miles west of Hilton Head Island.