Southeast

Walmart Unveils Expansion Plans for 350-Acre Corporate Campus in Bentonville, Arkansas

by Alex Tostado May 22, 2019

BENTONVILLE, ARK. — Walmart has unveiled its plans to build a 350-acre office campus in Bentonville that will serve as the company’s home office. Demolition of the retailer’s existing buildings will begin this summer with delivery expected in phases from 2020 to 2024. Reuters reports the campus will house nearly 17,000 employees at full build-out. The campus will include office buildings, expanded food offerings, convenient parking, fitness options, a child care facility, bike paths, green space and lake views. The campus will also feature solar panels atop parking decks and energy-efficient lighting and HVAC systems, as well as regionally sourced building materials. A price for construction was not disclosed.

May 22, 2019

Acquisitions Florida Multifamily Southeast

Toro Real Estate Acquires Three Multifamily Properties in Jacksonville for $39M

by Alex Tostado May 22, 2019

JACKSONVILLE, FLA. — Toro Real Estate Partners has acquired three multifamily properties in Jacksonville for $39 million. The portfolio includes Whispering Oaks, Highlander Apartments and River City Landing, which total 552 units. Toro plans to invest $4 million to renovate the three properties. Renovations will include exterior and amenity enhancements, rebranding and interior improvements. Ben Weddington of CBRE arranged two Freddie Mac small balance loans for Toro’s acquisition of Whispering Oaks and Highlander. Jeremy Nussbaum of Walker & Dunlop arranged the acquisition loan for River City Landing. Dhaval Patel, also with Walker & Dunlop, represented Toro in the sale of River City Landing. Toro purchased the other two assets in off-market deals. Toro has hired Lisa Massis of Lofty Asset Management to manage all three properties.

May 22, 2019

Acquisitions Multifamily North Carolina Southeast

Carlisle Residential Sells Apartment Complex in Greensboro for $33.9M

by Alex Tostado May 22, 2019

GREENSBORO, N.C. — Carlisle Residential Properties has sold Encore North Apartments, a 237-unit apartment complex in Greensboro, for $33.9 million. Denver-based Grimley Residential acquired the property, which was 95 percent occupied at the time of sale. Encore North was built by Lomax Construction in 2016 and is situated five miles north of downtown Greensboro. Carter-Haston will handle leasing efforts on behalf of the buyer. Encore North offers one- and two-bedroom floor plans and communal amenities such as a saltwater swimming pool, resident lounge and a community game room.

May 22, 2019

Loans North Carolina Office Southeast

HFF Arranges $24.5M Acquisition Loan for Office Property in Charlotte’s SouthPark District

by Alex Tostado May 22, 2019

CHARLOTTE, N.C. — HFF has arranged a $24.5 million acquisition loan for Rexford Park I and II, two office buildings in Charlotte totaling 136,812 square feet. The borrower, a partnership between Childress Klein and Gottesman Real Estate Partners, will use the funds to acquire, renovate and re-lease the buildings. Cory Fowler of HFF represented the borrower to secure the six-year, floating-rate loan through Atlantic Union Bank. Planned renovations include new interior common spaces, major improvements to the exterior façade and significant upgrades to building systems. Rexford Park I and II are located at 2100 and 2115 Rexford Road within Charlotte’s SouthPark submarket.

May 22, 2019

Acquisitions Florida Retail Southeast

Partnership Acquires Retail Space in South Florida for $8.5M

by Alex Tostado May 22, 2019

DELRAY BEACH, FLA. — A partnership between Konover South LLC and Gary Broidis, principal of Atlantic Commercial Group Inc., has acquired the retail component of City Walk in Delray Beach. The 16,652-square-foot, ground-level retail space is situated in the city’s Pineapple Grove district. The space is part of a four-story condominium building and currently houses Brule Bistro, Joseph’s Wine Bar & Café and Yama Japanese Restaurant. Citywalk Commercial Property LLC sold the property. Continental Casualty provided a $4.9 million loan to the partnership. Konover South will provide property management, and Broidis will handle leasing.

May 22, 2019

Development Industrial Kentucky Southeast Top Stories

Georgia-Pacific Plans $100M Expansion of Dixie Manufacturing Facility in Kentucky

by Kristin Harlow May 22, 2019

BOWLING GREEN, KY. — Georgia-Pacific’s Consumer Products Group has unveiled plans to invest $100 million to expand its manufacturing facility in Bowling Green, a town in southern Kentucky. The investment will expand operations for the production of Dixie-branded plates and bowls. Construction has commenced and the project is slated for completion in the first half of 2020. “This expansion will help us continue meeting the needs of our customers, as demand continues to grow for high-quality, durable paper plates and bowls,” says Erik Sjogren, vice president and general manager of livingware at Georgia-Pacific. “We believe this expansion will also position our Bowling Green Dixie facility to remain competitive in the market and in the local community for the long-term.” The expansion will include a new building and the addition of a new printer and several new plate forming presses. The project will create more than 50 full-time jobs, increasing total employment at the plant to about 200 people. Originally built in 1991, the plant has been expanded several times. Production at the facility represents about 25 percent of all paper plates and bowls produced by Georgia-Pacific. The Atlanta-based company also operates a plant in Lexington, Ky. Within Kentucky, Georgia-Pacific currently …

May 22, 2019

Development Georgia Mixed-Use Southeast

CIM Group Announces New Name for Downtown Atlanta’s Gulch District: Centennial Yards

by Alex Tostado May 21, 2019

ATLANTA — CIM Group has renamed downtown Atlanta’s Gulch district as Centennial Yards. CIM will develop Centennial Yards to include 12 million square feet of office, retail, apartment and hotel space. Local news outlets reported the site was up for consideration for Amazon’s national HQ2 search in 2017 and 2018. CIM Group expects the project to add 12 city blocks to the 16-acre site, which is currently a parking lot for nearby destinations including State Farm Arena and Mercedes-Benz Stadium. Los Angeles-based CIM bought the site in December for a reported $115 million. According to a press release, the term “Centennial” creates a clear geographical reference to the project’s location along Centennial Olympic Park Drive. Moreover, with over 100 years of rail and industrial history at the site, the moniker “Yards” pays homage to the rail history of the area. A timeline for construction of Centennial Yards was not disclosed.

May 21, 2019

Acquisitions Florida Hospitality Southeast

Cushman & Wakefield Arranges $39.6M Sale of Vacant Hotel in South Florida

by Alex Tostado May 21, 2019

PALM BEACH, FLA. — Cushman & Wakefield has arranged the $39.6 million sale of The Palm House Hotel, a 79-room hotel in Palm Beach. The hotel was originally built in 1961 and expanded in 1981. In 2006, the hotel underwent renovations that halted in 2014. The hotel is now vacant. The buyer, an affiliate of London + Regional Properties, acquired the site via a Section 363 bankruptcy sale. Robert Given, Errol Blumer, Robert Kaplan and Michael Mulkern of Cushman & Wakefield represented 160 Royal Palm LLC, a bankruptcy court-appointed receiver managed by former Delray Beach Mayor Cary Glickstein, in the transaction. The Palm House Hotel sits on 1.4 acres at 160 Palm Royal Way on Palm Beach Island one block from the Atlantic Ocean.

May 21, 2019

Acquisitions Retail Southeast Virginia

Finmarc Management Acquires Retail Center in Northern Virginia for $29.8M

by Alex Tostado May 21, 2019

MANASSAS, VA. — Finmarc Management Inc. has acquired Manaport Plaza Shopping Center, a 250,000-square-foot retail center in Manassas, about 30 miles west of Washington, D.C. Combined Properties Inc. sold the shopping center to Finmarc for $29.8 million. The property was 90 percent leased at the time of sale to tenants including Marshalls, Gabe’s, Ollie’s Bargain Outlet, Tuesday Morning, McKay Books, Advance Auto Parts and Dollar Tree. The property is located adjacent to Manassas Mall and the 117,000-square-foot retail center Festival at Manassas, which Finmarc bought in December 2017. Joseph Hoffman and Aaron Rosenfeld of Kelley Drye & Warren provided legal representation on behalf of Finmarc. Cliff Mendelson and Al Missirlian of Metropolis Capital Advisors arranged acquisition financing.

May 21, 2019

Acquisitions Florida Retail Southeast

HFF Negotiates Sale of 171,352 SF Shopping Center Near Daytona Beach

by Alex Tostado May 21, 2019

PALM COAST, FLA. — HFF has negotiated the sale of Palm Coast Landing, a 171,352-square-foot retail center in Palm Coast. Palm Coast Landing is shadow-anchored by Target and was 97 percent leased at the time of sale to tenants including Ross Dress for Less, TJ Maxx, Michaels, PetSmart, Ulta Beauty and Dollar Tree. The property is situated within an opportunity zone about 23 miles north of downtown Daytona Beach. Brad Peterson, Daniel Finkle, Whitaker Leonhardt and Ryan Stoffer of HFF represented the seller, an undisclosed, publicly traded REIT, in the transaction. Acadia Realty Trust acquired the center for an undisclosed amount.

May 21, 2019

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