Southeast

Tobacco Company Renews 238,437 SF Industrial Lease in Tampa

by Alex Tostado June 14, 2019

TAMPA, FLA. — ITG Brands LLC, the third largest tobacco company in the United States, has renewed its 238,437-square-foot industrial lease at East Meadow Distribution in Tampa for 10 years. The company has occupied the entire facility for the past 15 years. East Meadow is located within five miles of Interstates 75 and 4, and is near the Port of Tampa and Port Manatee. Rick Narkiewicz and John Esposito of Newmark Knight Frank represented the tenant in the lease negotiations. Cushman & Wakefield represented the landlord, UBS Financial Services Inc.

June 14, 2019

Acquisitions Georgia Office Southeast Top Stories

Investcorp Sells Former Home Depot Headquarters in Atlanta’s Vinings District for $120M

by John Nelson June 14, 2019

ATLANTA — Investcorp has sold an office campus in Atlanta’s Vinings district that formerly housed the world headquarters of The Home Depot back in the 1990s. The global asset management firm sold the property, known as Paces West, to a joint venture between Farallon Capital Management LLC and Crocker Partners for $120 million. Crocker Partners served as the asset and property management team in partnership with Investcorp since late 2015. Situated along Paces Ferry Road in Atlanta’s Cumberland/Galleria office submarket, the 646,471-square-foot property comprises two buildings connected via a pedestrian bridge. Amenities include two full-service cafes, a renovated fitness center, conference facilities, dry cleaners, a car wash service, onsite ATM and electric car charging stations. Paces West has served as the administrative headquarters for Piedmont Healthcare, an Atlanta-based health system with 11 hospitals and 650 facilities, since 2002. Jay O’Meara, Justin Parsonnet, Will Yowell, and Ryan Reethof of CBRE represented Investcorp in the sale. Since acquiring Paces West in 2015, Investcorp has boosted its occupancy from 85 percent to 93 percent, according to CBRE. “Paces West has withstood the test of time due to its quality, amenities, large flexible floor plates, and location in one of Atlanta’s most authentic and …

June 14, 2019

Acquisitions Multifamily South Carolina Southeast

Audubon Communities, Legacy Capital Acquire Multifamily Community in Greenville for $47M

by Alex Tostado June 13, 2019

GREENVILLE, S.C. — A joint venture between Audubon Communities and Legacy Capital Partners has acquired Waterside Greene, a 378-unit multifamily community in Greenville, for $47 million. The joint venture plans to renovate the interiors and exteriors of the property. Improvements at the property, which the new owners will rebrand as Retreat at Waterside, will cost $4.3 million and will include applying fresh paint on the building exteriors, installing new signage, renovating the leasing office and upgrading finishes inside the units. Joe Hercenberg of Walker & Dunlop represented the new ownership in arranging both acquisition and construction loans totaling $42.4 million through Resource Real Estate Funding. Renovations are expected to be completed over the next 24 months. Communal amenities include a bark park, bike racks, fitness center, clubhouse, swimming pool, sundeck, grilling areas, tennis court, playground and an outdoor fire pit. Tai Cohen, Jordan McCarley and Watson Bryant of Cushman & Wakefield represented the seller, Chapel Street Advisors, in the sale.

June 13, 2019

Development Louisiana Retail Southeast

Hutton Opens 103,413 SF Shopping Center in Northern Louisiana

by Alex Tostado June 13, 2019

RUSTON, LA. — Hutton has opened Ruston Marketplace, a 103,413-square-foot shopping center in Ruston. The property’s tenants include Hobby Lobby, T.J. Maxx, Ulta Beauty, Five Below and Rack Room Shoes. Ruston Marketplace is situated off of Interstate 20, one mile from Louisiana Tech University. Hutton partnered with the City of Ruston to deliver the project. According to multiple media outlets, the City of Ruston paid $6.4 million to improve the infrastructure around the shopping center to make it more accessible to shoppers.

June 13, 2019

Development Florida Multifamily Southeast Student Housing

Haven Campus Communities to Break Ground on 702-Bed Student Housing Community Near Florida State University

by Alex Tostado June 13, 2019

TALLAHASSEE, FLA. — Haven Campus Communities is set to break ground on Haven17, a 702-bed student housing community located near Florida State University in Tallahassee. The development, set to open in fall 2021, will be located within walking distance of the university’s main campus and athletic facilities. The property will offer fully furnished two- and four-bedroom units with bed-to-bath parity. Community amenities will include smart thermostats, smart ceiling fans and an Amazon Echo in each unit; a cyber lounge with charging stations; a coffee bar; fitness center; yoga studio; tanning room; sauna; gaming area; private study areas; a computer center; package lockers; a smart market; a swimming pool with a sundeck featuring built-in grilling stations, a putting green, hammock garden, cornhole and ping pong; and fire pits.

June 13, 2019

Acquisitions Florida Multifamily Southeast

Coastline Management Purchases Apartment Complex in Gainesville for $13.2M

by Alex Tostado June 13, 2019

GAINESVILLE, FLA. — Coastline Management Group Inc. has purchased Point West Apartments, a 146-unit multifamily community in Gainesville, for $13.2 million. Coastline plans to renovate the 45-year-old property, the details of which were not disclosed. The complex offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, picnic area and a laundromat with 24/7 gated access. Coastline acquired the asset from an undisclosed seller in an off-market transaction.

June 13, 2019

Acquisitions Industrial Maryland Southeast

Joint Venture Buys 12-Acre Waterfront Site in Baltimore

by Alex Tostado June 13, 2019

BALTIMORE — Greenspring Realty Partners Inc., a real estate investment firm, and the Berg Corp., a demolition company, have acquired a 12-acre waterfront site located at 4601 Newgate Ave. in Baltimore. The site is divided into three parcels and is near the Seagirt Marine Terminal, which is operated by Ports America Chesapeake LLC. The site is equipped with a 700-foot pier on the east side of the property and a 1,400-foot pier on the west side. The site has access to one of the only deep-water ports available for private use in the city. According to the Maryland Port Authority, the port’s governing body, more than 43 million tons of general cargo was unloaded at the city’s private and public ports in 2018. Vane Brothers sold the site for an undisclosed price.

June 13, 2019

Leasing Activity North Carolina Office Southeast Top Stories

BB&T-SunTrust Pick Charlotte’s Hearst Tower as Corporate Headquarters Location

by Alex Tostado June 13, 2019

CHARLOTTE, N.C. — The 965,000-square-foot Hearst Tower in Charlotte, which is owned by Cousins Properties, will be the new corporate headquarters for BB&T Corp. and SunTrust Banks Inc. once the merger between the two banks is complete. BB&T-SunTrust confirmed in a press release that the combined bank is expected to begin occupying 651,000 square feet of office space in phases from August 2019 to June 2021. Up to 2,000 employees of the proposed new company will be housed in the space. The lease term is for 15 years. The space is currently occupied by Bank of America and other tenants, all of which will move out to make room for BB&T-SunTrust. Bank of America has signed a 550,000-square-foot lease within Lincoln Harris’ Legacy Union in Uptown Charlotte. Winston-Salem, N.C.-based BB&T agreed to acquire Atlanta-based SunTrust in a $66 billion deal announced in early February. Details have not yet been released on future plans for the banks’ existing corporate offices. BB&T-SunTrust will have the option to purchase the 47-story building from Cousins Properties for $455.5 million through the fourth quarter of this year. If the company exercises that option, the sale will close in the first quarter of 2020. On Wednesday, …

June 13, 2019

Development Mixed-Use Southeast Virginia

American Real Estate Partners Unveils $35M Redevelopment Plan for Rosslyn Metro Center in Arlington

by Alex Tostado June 12, 2019

ARLINGTON, VA. — American Real Estate Partners (AREP) has unveiled its plans to redevelop and rebrand the Rosslyn Metro Center in Arlington’s Rosslyn neighborhood. AREP began the $35 million project earlier this month. Rosslyn City Center is a 62,000-square-foot former mall located directly above the Rosslyn Metro Station. Completion is scheduled for third-quarter 2020. Rosslyn City Center is located at 1700 N. Moore St., three miles east of downtown Arlington and less than five miles from Amazon’s HQ2 campus. The redevelopment will include transforming the existing structure on the site, improving pedestrian accessibility, and adding a conference facility, flexible work space, a 30,000-square-foot fitness studio and an outdoor terrace. AREP will bring in Austin, Texas-based Oz Rey to manage a 12-stall food hall.

June 12, 2019

Development North Carolina Office Southeast

Equator Capital to Convert Vacant Shopping Mall to Office Space in Raleigh-Durham

by Alex Tostado June 12, 2019

MORRISVILLE, N.C. — Equator Capital Management will redevelop the vacant Morrisville Outlet Mall in Morrisville into a 245,000-square-foot office campus. Knighthead Funding LLC provided the developer with a $34 million construction loan that features a 24-month non-recourse period. Gensler designed the office campus to include extensive use of glass walls, some as high as 30 feet. Common area upgrades will include a new surfaced parking lot, landscaped courtyards with outdoor seating, turf yoga lawn, bocce court and new signage. Lighting and drainage around the 25-acre property will also be improved. Situated at 1001 Airport Blvd., the new office campus is located two miles from the Raleigh-Durham International Airport, 12 miles southeast of downtown Durham and 13 miles west of downtown Raleigh. Construction is expected to begin immediately, with delivery slated for spring 2020.

June 12, 2019

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