Southeast

Nellis Signs Five New Retailers to Shopping Center in Metro D.C.

by Alex Tostado May 28, 2019

LANDOVER HILLS, MD. — Nellis Corp. has signed five new retail tenants to Capital Plaza Shopping Center in Landover Hills. The five retailers include Starbucks Coffee, AT&T, Tropical Smoothie Café, Quickway Hibachi and Inspire Nail Bar & Spa. The tenants will join Walmart, McDonald’s and an under-construction Royal Farms. Capital Plaza is situated at 6200 Annapolis Road, eight miles east of downtown Washington, D.C. The center offers 180,000 square feet of developed retail space. The site is under redevelopment, and Nellis Corp. expects the first of three pad sites to be delivered by the end of the year. Brian Finkelstein, John Meyer and Joe Mekulski of KLNB represented the landlord in the lease negotiations.

May 28, 2019

Industrial Market Reports South Carolina Southeast Southeast Market Reports

Upstate South Carolina’s Industrial Evolution Sets Up Market as National Power

by Alex Tostado May 27, 2019

Thirty years ago, there were 33 operating textile mills in Spartanburg County, South Carolina. Today, there are scarcely a handful. The jobs and investments disappeared in the wake of regulatory change and international trade agreements. However, the infrastructure, location, existing workforce and entrepreneurial attitude of the area’s leadership saw this as a challenge to evolve. And evolve it did — using the substrate of the textile industry as a solid foundation. The well-trained and manufacturing-oriented workforce, coupled with the existing manufacturing support base (specialty machinery fabrication including maintenance and constituent chemical suppliers), were readily adaptable to new and recast job opportunities. This was the canvas on which the area’s evolution would be painted. Specialty equipment, manufacturing, fabrication, chemical production and other vestiges of the textile industry have remained demand drivers for the Upstate market. They have been reconfigured in the form of investment and expansion by Milliken & Co., Toray Carbon Fiber, General Electric and Keurig Green Mountain. The existing manufacturing-oriented workforce, with its previous experience and mindset, were a prime reason BMW selected Spartanburg County as the home for its first North America production facility. BMW’s Plant Spartanburg and its vast supplier and related support network have emerged as …

May 27, 2019

Development Georgia Industrial Southeast

Premier Design Breaks Ground on 285,527 SF Cold-Storage Facility in Savannah

by Alex Tostado May 24, 2019

SAVANNAH, GA. — Premier Design + Build Group has broken ground on a 285,527-square-foot cold-storage facility for Frozen Assets Cold Storage in Savannah. The facility is expected to be complete in spring 2020 and will offer warehouse storage with 50-foot clear ceiling heights, a 19,518-square-foot blast freezer, two freezer rooms, boxing room, and an ammonia refrigeration system that will allow the freezers to maintain temperatures between 38 and minus-10 degrees. The building’s exterior will feature 39 truck doors, 54 trailer positions, 68 parking stalls and a drive-in door. The property is situated on 20 acres at 2375 Tremont Road, six miles south of the Port of Savannah. Samantha Skopek of Premier will oversee the design and construction. Harris Architects Inc. is providing architectural services, Swift Structural Design LLC is providing structural engineering services and Thomas & Hutton is providing civil engineering and landscape architecture services for the project. This is the first project for Premier in the state of Georgia.

May 24, 2019

Acquisitions Georgia Multifamily Southeast

Middleburg Purchases Workforce Housing Portfolio in Atlanta

by Alex Tostado May 24, 2019

ATLANTA — Middleburg has purchased three workforce housing properties in Atlanta. The assets include The Grove, a 220-unit community located at 5100 Welcome All Road; Park at Bouldercrest, a 438-unit complex situated at 26 Bouldercrest Lane SE; and Majestic Park, a 298-unit property located at 1991 Delowe Drive SW. The Grove and Park at Bouldercrest were vacant, and Majestic Park was 15 percent occupied at the time of the sale. Middleburg is planning to renovate all three properties to improve physical assets and communal amenities.In addition, Middleburg will also rebrand the properties, with The Grove becoming Vesta Red Oak, Park at Bouldercrest becoming Vesta Bouldercrest and Majestic Park becoming Vesta Adams Park. The acquisition and renovations of all three properties are estimated to cost $91 million. Middleburg will provide responsive community programs to its residents and engage the local community through job fairs, afterschool programs and continuing education for adults. Acquisition financing was provided through Middleburg Workforce Housing Fund, a fund that was created in January and is now closed following this transaction. Middleburg also acquired Vesta Derby Oaks in Louisville, Ky., through the fund. Middleburg has partnered with KeyBank Real Estate Capital Community Development Lending and Investment (CDLI) and …

May 24, 2019

Acquisitions Florida Office Southeast

KBS Sells Office Property in West Palm Beach for $40M

by Alex Tostado May 24, 2019

WEST PALM BEACH, FLA. — KBS Real Estate Investment has sold Emerald View at Vista Center, a two-building office property in West Palm Beach, for $40 million. A partnership including Vanderbilt Office Properties acquired the 139,471-square-foot property. Emerald View is situated near the Florida Turnpike and Okeechobee Boulevard within the 500-acre master-planned Vista Center. Vista Center is a mixed-use development that will include office, industrial, hotel and retail space. Emerald View was built to exceed hurricane requirements and provide 100 percent power for 25 days of “business as usual” operations. KBS made several upgrades and improvements to the property, including the construction of move-in ready speculative suites and enhancements to the building common areas and lobby. Christian Lee, Jose Lobon, Kevin Probel, Kevin McCarthy and Tyler Ploshnick of CBRE represented KBS in the transaction.

May 24, 2019

Acquisitions Florida Industrial Southeast

Redstone Investments Acquires 17-Building Industrial Portfolio in Tampa for $28.6M

by Alex Tostado May 24, 2019

TAMPA, FLA. — RS Tampa Industrial LLC, an affiliate of Redstone Investments, has acquired the Roth portfolio, a 17-building industrial portfolio that spans 466,460 square feet in Tampa’s Airport/North and East Tampa submarkets. Roth Investment Partnership sold the buildings for a total of $28.6 million. Included in the sale is a building situated at 4410 Crest Ave. which is adjacent to Air Cargo Road and Tampa International Airport. Six of the buildings are situated within Sunstate Industrial Park, which, according to a person familiar with the property, is located near Tampa International Airport’s cargo entrance.

May 24, 2019

Acquisitions Florida Multifamily Southeast

Marcus & Millichap Arranges $10.7M Sale of Tampa Bay Apartment Community

by Alex Tostado May 24, 2019

ST. PETERSBURG, FLA. — Marcus & Millichap has arranged the $10.7 million sale of Serenity Creek, a 90-unit apartment community in St. Petersburg. Serenity Creek is located at 4201 49th St., 20 miles southwest of downtown Tampa. The property was built in 1980 and was renovated in 2007. Serenity Creek offers one- and two-bedroom floor plans across seven two-story buildings. Community amenities include a swimming pool with sundeck, multiple outdoor lounge areas with fire pits and barbecue grilling areas, a central clubhouse, mail kiosk and leasing center and an on-site laundry center. Casey Babb, Luis Baez and Shawn Rupp of Marcus & Millichap represented the undisclosed seller and undisclosed buyer in the transaction.

May 24, 2019

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges Sale of 684-Unit Apartment Complex in Metro Atlanta

by Alex Tostado May 23, 2019

NORCROSS, GA. — Cushman & Wakefield has arranged the sale of Canopy, a 684-unit apartment complex in Norcross. Canopy was built in 1987 on 59 acres in metro Atlanta’s Gwinnett County, one of the fastest growing counties in the country for more than 20 years. Canopy offers community amenities such as a fitness center, two swimming pools, soccer field, resident clubhouse with children’s library, playgrounds and dog parks. Mike Kemether and Tyler Averitt of Cushman & Wakefield represented the sellers, Atlanta-based Cortland and Oaktree Capital Management, in the transaction. Priderock Capital Partners acquired the property for an undisclosed price.

May 23, 2019

Development Hospitality Southeast Tennessee

Conrad Hotel to Anchor $540M Mixed-Use Project in Nashville

by Alex Tostado May 23, 2019

NASHVILLE, TENN. — Propst Development, Chartwell Hospitality LLC and Hilton Worldwide have signed Conrad Nashville, a luxury Hilton branded hotel, to anchor Broadwest, a $540 million mixed-use project in Nashville. Set to open in 2021, the hotel will occupy 14 stories of a 34-story building and comprise 237 rooms. The remaining stories will include 196 condominiums. Propst and Chartwell will co-own Conrad Nashville, and Chartwell will handle management services. Cooper Carry designed the tower. A 21-story, 510,000-square-foot office building will stand next to Conrad Nashville, and the two buildings will be connected by 125,000 square feet of retail space, as well as a 1.5-acre plaza. Hoar Construction will serve as the project’s general contractor, and Champalimaud Design is the interior designer.

May 23, 2019

Alabama Development Multifamily Southeast

Joint Venture Breaks Ground on 268-Unit Multifamily Project in Birmingham

by Alex Tostado May 23, 2019

BIRMINGHAM, ALA. — A joint venture between Novare Group, Prestwick Cos. and Batson-Cook Development Co. (BCDC) has broken ground on Foundry Yards, a 268-unit multifamily project in Birmingham’s Parkside District. Foundry Yards will offer studio, one- and two-bedroom floor plans across two buildings. Community amenities will include an outdoor kitchen, grilling areas, bocce ball court, dog park, swimming pool, 24-hour fitness center, club room and coworking space. The two buildings will be separated by a landscaped green space. Birmingham-based Doster Construction Co. is the general contractor. ELV Associates Inc., BBVA Compass and Cadence Bank provided construction financing. A timeline for completion was not released.

May 23, 2019

Newer Posts

Older Posts