Southeast

Beacon Partners to Break Ground on Mixed-Use Project in Charlotte

by Alex Tostado August 12, 2019

CHARLOTTE, N.C. — Beacon Partners is set to break ground this month on The Square at South End, which will include a 10-story building that will feature 150,000 square feet of office space and 8,000 square feet of ground-floor retail space. The project will also include a multifamily building that will be connected by an outdoor plaza. Construction is expected to be complete by the end of 2020. Amenities at the office building will include outdoor decks on multiple floors, a 2,400-square-foot coffee bar for tenants and guests, two-story fitness center, outdoor wellness area and a 2,500-square-foot patio overlooking Uptown Charlotte. As part of the project, Beacon will partner with Mecklenburg County Park and Recreation to develop Wilmore Centennial Park, a 1.5-acre park located at the intersection of South Tryon and Kingston streets. Centro Cityworks will develop the multifamily portion of The Square at South End. The design teams for the office portion includes Axion as the architect, Edifice as the general contractor and LandDesign as the civil engineer. Kristy Venning and Erin Shaw of Beacon Partners will handle leasing. Sauceman’s, a local barbecue restaurant, plans to relocate to a new, larger space next to Sugar Creek Brewery.

August 12, 2019

Acquisitions Georgia Industrial Southeast

IDI Logistics Sells 750,000 SF Industrial Building in Central Georgia to Five Below

by Alex Tostado August 12, 2019

FORSYTH, GA. — IDI Logistics has sold a 750,000-square-foot, build-to-suit industrial facility to Five Below in Forsyth. The new building, which IDI delivered in May, features 40-foot clear heights. This was the first building delivered within IDI’s Meridian 75 Logistics Center, a 250-acre industrial park located about 60 miles south of downtown Atlanta. Five Below has occupied the entire distribution facility since it opened. Founded in 2002, Philadelphia-based Five Below is a national retailer that sells products that cost $5 or less. Bob Robers and Pat Murphy of Cushman & Wakefield represented IDI Logistics in the transaction. Mark Sims, Ray Stache and Lisa Pittman of Cushman & Wakefield represented Five Below. The sales price was not disclosed.

August 12, 2019

Acquisitions Kentucky Office Southeast

Cushman & Wakefield, Affiliate Firm Broker $10.9M Sale of Office Building in Louisville

by Alex Tostado August 12, 2019

LOUISVILLE, KY. — Cushman & Wakefield and Cushman & Wakefield | Commercial Kentucky have brokered the $10.9 million sale of Paragon Place, a three-story, 83,153-square-foot office building in Louisville. Paragon Place is situated at 9100 Shelbyville Road, 12 miles east of downtown Louisville. Amenities at the property include a conference center, courtyard with a fountain and tenant storage space. Craig Collins of Cushman & Wakefield | Commercial Kentucky and Samir Idris and Andy Johns of Cushman & Wakefield represented the sellers, Banyan Street Capital and Oaktree Capital, in the transaction. The buyer was not disclosed.

August 12, 2019

Leasing Activity Office South Carolina Southeast

Colliers Negotiates 239,701 SF Office Lease in Greenville

by Alex Tostado August 12, 2019

GREENVILLE, S.C. — Colliers International has negotiated a 239,701-square-foot lease for Greenville County within Axis Office Park. The local government will also have the option to purchase the office park. Details of the option were not disclosed. Axis Office Park comprises two three-story buildings located at 350 and 325 Halton Road, five miles east of downtown Greenville. Tempus Realty Partners acquired the property in 2017 when the buildings were vacant. Brantley Anderson and Taylor Allen of Colliers represented the landlord in the transaction.

August 12, 2019

Industrial Market Reports South Carolina Southeast Southeast Market Reports

Columbia’s Turbocharged Manufacturing Renaissance is Alive and Well in 2019

by Alex Tostado August 12, 2019

There is a lot of buzz about the dominance of e-commerce and its effects on the industrial market. Columbia has its fair share of retailers with e-commerce distribution facilities as Amazon, The Home Depot and Target all have major distribution centers in the Midlands region of South Carolina. However, retail distribution is not the main driver of this industrial market. The heart and soul of the central South Carolina industrial market is manufacturing. Manufacturing properties make up approximately 35 percent of the 70 million square feet of industrial product in the Columbia metropolitan statistical area. While the balance of space is classified as warehouse/distribution, a large portion of that is used to service manufacturers, pushing the total amount of manufacturing-related space well above 50 percent. Since 2013, the pace of South Carolina’s manufacturing job growth has been four times faster than the national growth rate. This manufacturing renaissance has created demand for Class B multipurpose buildings that have manufacturing infrastructure, such as heavy electric services, cranes, HVAC and support facilities including locker rooms, restrooms, cafeteria and parking to handle larger employee requirements. In the 1970s and 1980s, industrial buildings constructed in central South Carolina were part manufacturing facility and part …

August 12, 2019

Company News Loans Multifamily Southeast Virginia

Freddie Mac Predicts 8 Percent Increase for 2019 Multifamily Loan Origination Volume

by Alex Tostado August 9, 2019

MCLEAN, VA. — In its 2019 Midyear Outlook, Freddie Mac projects the multifamily rental market to have strong volume growth in the second half of 2019. Combined with a strong labor market and low interest rate, the McLean-based agency believes loan originations will reach $336 billion for the year, which would be an 8 percent increase from the prior year’s total. “A strong labor market and a persistent housing shortage have continued to fuel a robust rental market,” said Steve Guggenmos, who leads Freddie Mac’s multifamily research and modeling team. According to the report, vacancy rates are expected to inch upward as new supply comes on line. The U.S. Census Bureau reports five-plus unit multifamily completions are on pace in 2019 to exceed the previous few years. Freddie Mac’s updated forecast calls for multifamily developers to add up to 365,000 units in 2019, compared with the 345,000 units completed in each of the prior two years. RealPage reports multifamily absorption has averaged about 290,000 units per year over the past three years. Rent growth is also expected to grow approximately 4 percent for the year.

August 9, 2019

Acquisitions Multifamily Southeast Tennessee

Marcus & Millichap Arranges $60M Sale of Apartment Community Near Nashville

by Alex Tostado August 9, 2019

SPRING HILL, TENN. — Marcus & Millichap has arranged the $60 million sale of The Grand Reserve Spring Hill, a 290-unit apartment community in Spring Hill. The property is located at 3085 Commonwealth Drive, about 35 miles south of downtown Nashville. The Grand Reserve offers one-, two- and three-bedroom floor plans. Communal amenities include a billiards room, car care center, sauna, pet park, saltwater swimming pool and a fitness center. David Stollenwerk of Marcus & Millichap represented the undisclosed seller in the transaction and also procured the undisclosed buyer.

August 9, 2019

Acquisitions Florida Multifamily Southeast

Preferred Apartment Communities Acquires 259-Unit Multifamily Property in Florida’s Space Coast

by Alex Tostado August 9, 2019

MELBOURNE, FLA. — Preferred Apartment Communities Inc. (PAC) has acquired Artistry at Viera, a newly constructed, 259-unit multifamily property in Melbourne. Davis Development delivered the asset in 2018 within Viera, a 22,000-acre, master-planned community being developed by Viera Cos. Artistry at Viera offers one- through three-bedroom floor plans and communal amenities such as a swimming pool, clubhouse, game room, fitness center, media center, movie theater and a business center. The sales price was not disclosed.

August 9, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $17M Sale of Office Campus in Broward County

by Alex Tostado August 9, 2019

DAVIE, FLA. — Cushman & Wakefield has negotiated the $17 million sale of Flamingo Commons, an office campus spanning 81,959 square feet in Davie. Flamingo Commons was 95 percent leased at the time of sale to tenants including Flamingo Commons Dental, Mazzola’s West Italian Restaurant, Shades of Red Salon and The Gordon Group Luxury Cruise Planners. The two two-story buildings and one six-story building were completed between 2002 and 2006. Greg Miller, Miguel Alcivar, Scott O’Donnell, Dominic Montazemi and Mike Ciadella of Cushman & Wakefield, along with Steven Beauchamp from Mangrove Advisory, represented the seller, Flamingo Commons LLC. Miami-based Prive Flamingo LLC Land Banking acquired the property.

August 9, 2019

Company News Georgia Lee & Associates Southeast

Mark Hollan of Lee & Associates Dies at Age 61 Due to Complications from Cancer

by Alex Tostado August 9, 2019

ATLANTA — Mark Hollan, executive vice president, principal and founding partner with the Atlanta office of Lee & Associates, died July 27 due to complications from cancer. Hollan was 61. In his 35-year commercial real estate career, Hollan racked up more than $300 million in transaction history. While at Lee & Associates in Atlanta, Hollan garnered the title of the firm’s top broker 12 times and finished in the top five 25 times. Hollan also earned numerous industry awards including Atlanta Commercial Board of Realtors (ACBR) Top Land Broker and an ACBR Million Dollar Club member (20-plus years). “Mark’s business acumen and work ethic were not only an integral part of the firm’s financial success, but also contributed to the achievements of many younger associates, and to the friendly and supportive culture of our corporate environment,” says Dick Bryant, president and CEO at Lee & Associates’ Atlanta office. “His legacy lives on at Lee & Associates — Atlanta.”

August 9, 2019

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