Southeast

Piedmont Acquires Galleria 100 Office Building in Atlanta for $95.1M

by Taylor Williams May 13, 2019

ATLANTA — Piedmont Office Realty Trust Inc. (NYSE: PDM) has acquired Galleria 100, an 18-story office building located in Atlanta, for $95.1 million. The sale includes a 1.5-acre parcel for future development. Galleria 100, which spans approximately 414,000 square feet, was 91 percent leased at the time of sale. The property is located within The Galleria mixed-use development on the city’s northwest side. The property is connected via footbridge to the Atlanta Braves’ SunTrust Park and the surrounding entertainment destination known as The Battery. Piedmont already owns two office buildings that are adjacent to the acquired property within The Galleria, an 86-acre development with office and retail uses, as well as a hotel and convention center. Tenants at Galleria 100 include insurance giant Aflac, law firm Freeman Mathis & Gary and private dining venue The Georgian Club. With this acquisition, Piedmont, which is based in the northern Atlanta suburb of Johns Creek, now owns roughly 1.3 million square feet of office product within this submarket. The company’s total portfolio consists of nearly 17 million square feet of office space across eight major markets, holdings that are valued at roughly $5 billion. “This transaction underscores our overall strategy of acquiring and …

May 13, 2019

Market Reports Retail Southeast Southeast Market Reports Tennessee

Memphis Retail has Momentum With New Developments, Retailers, Restaurants

by Alex Tostado May 13, 2019

In January, during his annual State of the State address, Memphis Mayor Jim Strickland emphatically exclaimed, “Memphis has momentum!” Memphis, the biggest little town in America, is definitely in a period of unparalleled economic growth. Memphis has momentum on its side with the $10 billion, nine-year expansion at St. Jude Hospital and an infusion of hospitality that includes a new convention center and no fewer than 17 new hotels, which all started, will start or will be completed in downtown in 2019. Additionally, $4 billion in building permits have been awarded in the last few months with another $5 billion planned by developers. Most importantly, the highly anticipated Memphis 3.0 plan — the first comprehensive growth strategy for the city in 30 years — will ensure growth is sustained for many years to come. What are others saying about Memphis? Many respected publications are putting Memphis back on the map. Food & Wine put Memphis in its top 50 places to go and eat in 2019. Frommer’s Travel named the city the best place to visit in 2019. TravelChannel.com lists Memphis as the hottest Southern destination in 2019. And Forbes stakes Memphis as the best bet for real estate investments. …

May 13, 2019

Development North Carolina Office Southeast

Northwood Office Breaks Ground on 328,000 SF Office Building in Charlotte’s Ballantyne District

by Alex Tostado May 10, 2019

CHARLOTTE, N.C. — Northwood Office has broken ground on an 11-story, 328,000-square-foot office building located at 13146 Ballantyne Corporate Place in Charlotte’s Ballantyne district. The building will offer a 2,500-square-foot fitness center, 10 stories of office space with the top floor featuring a rooftop terrace with tables, seating, a fire pit, audio/visual and provisions for outdoor food and beverage service. Northwood Office also plans to add an apartment tower in collaboration with its affiliate firm Northwood Ravin. The office portion is expected to deliver in early 2021. Ballantyne Corporate Park is a 535-acre master-planned business park that Northwood Investors acquired from The Bissell Cos. Inc. in March 2017 for $1 billion. The new building will join an existing 4 million square feet of office space and 600 hotel rooms within the business park. This is the first new office tower to be built under Northwood’s ownership. Northwood Development will manage the office project, working with architectural firm LS3P Associates and general contractor Rodgers Builders.

May 10, 2019

Leasing Activity North Carolina Office Southeast

Law Firm to Occupy 86,000 SF of Office Space Within Legacy Union in Charlotte

by Alex Tostado May 10, 2019

CHARLOTTE, N.C. — Charlotte-based Parker Poe will occupy 86,000 square feet of office space across three floors at 620 S. Tryon, the first phase of Legacy Union in Charlotte. Parker Poe is expected to move into the space in mid-2020 and have signage on the 33-story, 850,000-square-foot building. Amenities at 620 S. Tryon will include an indoor/outdoor entry plaza for gatherings, fitness center and a walkable promenade lined with restaurants and retailers. A pedestrian bridge above Church Street will provide tenants with direct access to the building. Lincoln Harris is developing Legacy Union, which spans two city blocks and will feature offices, retail shops, restaurants, hotels, residences, a parking garage, public green space and a pedestrian promenade. Ridr Knowlton and Campbell Walker internally represented the developer in the lease transaction. Taylor Senter of Newmark Knight Frank (NKF) represented the tenant.

May 10, 2019

Acquisitions Alabama Multifamily Southeast

Intercapital Group Sells 825-Unit Multifamily Portfolio in Hoover, Alabama

by Alex Tostado May 10, 2019

HOOVER, ALA. — Intercapital Group has sold three multifamily properties totaling 825 units in Hoover. The portfolio includes the 431-unit The Park at Galleria, the 150-unit The Place at Galleria and the 244-unit The Renaissance at Galleria. The properties are situated within 3.5 miles of each other. Sunbelt Residential acquired Park at Galleria, BAF Associates bought Place at Galleria and Myers Apartment Group purchased The Renaissance at Galleria. According to Jimmy Adams of Cushman & Wakefield, each property will undergo renovations in the near future. Adams and colleague Josh Jacobs represented the seller in the transaction. Sales prices for the properties were not disclosed.

May 10, 2019

Industrial Kentucky Loans Southeast

NorthMarq Arranges $10M Refinancing of Distribution Facility in Louisville

by Alex Tostado May 10, 2019

LOUISVILLE, KY. — NorthMarq Capital has arranged a $10 million refinancing loan for Crossings Center Nine, a 500,000-square-foot distribution facility in Louisville. Crossings Center Nine is situated within Commerce Crossings Business Park, 14 miles south of downtown Louisville and 10 miles south of Louisville International Airport. A life insurance company provided the 15-year, fixed-rate loan with a 20-year amortization schedule. The borrower was not disclosed.

May 10, 2019

Florida Leasing Activity Office Southeast

Live Nation Entertainment Becomes First Tenant of Office Building in Miami’s Wynwood Arts District

by Alex Tostado May 10, 2019

MIAMI — Live Nation Entertainment has signed an 8,000-square-foot lease at Wynwood Annex in Miami. East End Capital and The Related Group are developing Wynwood Annex, which is slated to open this summer and will offer 52,000 square feet of office space in the Wynwood Arts District. The building’s suites range from 6,300 to 8,000 square feet. The building also offers a covered outdoor conference center, rooftop terrace, 322 parking spaces and 4,424 square feet of retail space. Gordon Messinger and Ericka Witkowski of Cushman & Wakefield represented East End Capital and The Related Group in the lease transaction. Clay Sidner of Newmark Knight Frank represented Live Nation.

May 10, 2019

International Spy Museum, Washington, D.C.

Civic Development District of Columbia Southeast Top Stories

JBG Smith, Malrite Complete $162M International Spy Museum in Washington, D.C.

by Jeff Shaw May 10, 2019

WASHINGTON, D.C. — JBG Smith Properties and Malrite Co. have completed the development of a new and expanded International Spy Museum at L’Enfant Plaza in Washington, D.C. When the project was announced in 2015, The Washington Post reported that the estimated costs were $162 million. The building officially opens to the public on Sunday, May 12. The development more than doubles the size of the museum to 140,000 square feet and moves it from F Street to just two blocks south of the National Mall and two blocks north of The Wharf. L’Enfant Plaza has its own stop on the Metro rail line. The museum showcases the world’s largest collection of international espionage-related artifacts and features an interactive exhibition highlighting the villains in the James Bond movies. In addition to larger exhibition space, the new building also includes dedicated temporary exhibition space; a learning center with workshop spaces; a theater for lectures, films and panel discussions; and adaptable spaces for programs. The rooftop provides nearly 360-degree views of the city, including the Capitol Building and Washington Monument. Indoor event space is encased in floor-to-ceiling windows for private events and public programs. London-based architect Rogers Stirk Harbour + Partners designed the building, …

May 10, 2019

Development Mixed-Use North Carolina Southeast

Joint Venture to Break Ground on 2.5 MSF Mixed-Use Project in Raleigh-Durham, Announces First Wave of Tenants

by Alex Tostado May 9, 2019

CARY, N.C. — A joint venture between Hines, Columbia Development Group LLC and USAA Real Estate will break ground on Phase I of Fenton, a 69-acre, 2.5 million-square-foot mixed-use development in Cary, this summer. The first phase will include a 99,000-square-foot Wegmans grocery store; 263,000 square feet of specialty retail, including a movie theater and food hall; a 146,000-square-foot office loft; 350 apartment units; and a 175-room hotel. Additionally, the first retail tenants have been announced. These include Crawford Brothers Steakhouse, a new concept from five-time James Beard Award semifinalist Scott Crawford; Superica Tex-Mex by nationally renowned restaurateur Ford Fry; and Honeysuckle Gelato. Fenton will be situated along Cary Towne Boulevard near Interstate 40, adjacent to WakeMed Soccer Park and eight miles southwest of downtown Raleigh. Phase I is expected to open in fall 2021.

May 9, 2019

Development Florida Multifamily Seniors Housing Southeast

Solutions Advisors Group to Open $27.5M Seniors Housing Community in Tampa

by Alex Tostado May 9, 2019

TAMPA, FLA. — Solutions Advisors Group (SAG) has planned a May 16 grand opening for Tessera of Westchase, a seniors housing community in Tampa. The $27.5 million, 122,000-square-foot property features 64 assisted living apartments and 38 memory care apartments. Solvere Living, a division of SAG, will operate the community upon opening. Tampa-based Lindell Investments Inc. is the developer of the project, and the architectural firm is St. Petersburg-based Bessolo Design Group Inc.

May 9, 2019

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