Southeast

TerraCap Buys Office Building in Charlotte for $24.8M

by Alex Tostado November 5, 2019

CHARLOTTE, N.C. — TerraCap Management LLC has bought Resource Square IV, a five-story, 152,000-square-foot office building in Charlotte, for $24.8 million. Resource Square office complex comprises five buildings totaling 337,611 square feet. TerraCap bought three of the buildings in August. The property is located near Interstates 85, 77 and 485, as well as Charlotte’s LYNX Light Rail Blue Line. The property offers a parking ratio of 4.5 per 1,000 square feet and features amenities such as a fitness center, conference room and an outdoor patio. Patrick Gildea of CBRE represented the seller, Rockford Capital Partners, in the transaction.

November 5, 2019

Development Georgia Multifamily Seniors Housing Southeast

Holbrook Completes $74M Seniors Housing Community in Decatur, Georgia

by Alex Tostado November 4, 2019

DECATUR, GA. — Holbrook has completed construction of Holbrook Decatur, a 200-unit active adult community located roughly 10 miles northwest of downtown Atlanta. Development costs were estimated at $74 million. The five-story building offers 18 individualized floor plans. A grand opening was held Thursday, Oct. 24 at the community. Amenities include custom closets, a fireplace, wine chiller, air ionization and UV water purification. Alpharetta, Ga.-based Holbrook develops, owns and manages active adult, enriched and inspired living communities across the Southeast.

November 4, 2019

Acquisitions Florida Office Southeast

ShareMD Acquires Two Medical Office Buildings Near Miami for $33.2M

by Alex Tostado November 4, 2019

SOUTH MIAMI AND CORAL GABLES, FLA. — ShareMD has acquired a medical office building in South Miami and one in Coral Gables for $33.2 million. Located at 5966 S. Dixie Highway in South Miami, the first medical office building sold for $19.6 million. The facility spans 50,600 square feet and was 71 percent leased at the time of sale. The other property, The Biltmore Professional Building, is located at 475 Biltmore Way in Coral Gables and sold for $14.6 million. The Biltmore Professional Building comprises 56,000 square feet and was 83 percent leased at the time of sale. Elliot LaBreche of Easton & Associates represented ShareMD, a Southern California-based REIT, in the transaction and has been retained to handle leasing efforts. Miami investor and founder of Slon Capital, Leonard Boord, sold both buildings.

November 4, 2019

Georgia Leasing Activity Restaurant Retail Southeast

Celebrity-Backed Tavern to Open in Downtown Alpharetta in February

by Alex Tostado November 4, 2019

ALPHARETTA, GA. — Five Guys Taverns LLC has signed a lease to open Taffer’s Tavern at 33 S. Main St. in historic downtown Alpharetta in February 2020. The location will be the first in the nation for Taffer’s Tavern, which is backed by TV star Jon Taffer. Taffer is the host of “Bar Rescue.” The restaurant will be situated in the Liberty Hall building, directly across the street from City Hall. The building will feature the original bar, which was built in the 1700s and imported from England. Taffer’s Tavern will offer a menu that features a vacuum-sealed cooking method that doesn’t use traditional, commercial equipment. Locally based firm Chandlee and Sons Construction will serve as the general contractor. Five Guys Taverns plans to open four more restaurants across the state. The company has teamed with Fransmart, which also partners with companies such as Qdoba Mexican Grill and Five Guys, as its franchise development partner.

November 4, 2019

Acquisitions Loans Retail South Carolina Southeast

Eyzenberg & Co. Arranges $14.1M Acquisition Loan for Beachside Retail Center in Myrtle Beach

by Alex Tostado November 4, 2019

MYRTLE BEACH, S.C. — Eyzenberg & Co. has arranged a $14.1 million acquisition loan for THEBlvd, a 42,000-square-foot entertainment, retail and restaurant building in Myrtle Beach. The property is located at 1410 N. Ocean Blvd., a mile north of downtown Myrtle Beach. The seller, Land South of MB LLC, developed the three-story asset, which was fully triple-net leased to tenants including live music venue Tin Roof Myrtle Beach, Bandito’s Restaurant and Cantina and American Resort Management. An undisclosed New York-based family investor acquired the property for $22.6 million via a 1031 exchange. David Eyzenberg and Anastasia Vladislavova of Eyzenberg & Co. represented the buyer in placing debt financing through Morgan Stanley.

November 4, 2019

Acquisitions Industrial Maryland Southeast

Terreno Realty Sells Industrial Property Near Baltimore for $7.5M

by Alex Tostado November 4, 2019

JESSUP, MD. — Terreno Realty Corp. has sold an 88,438-square-foot industrial building in Jessup for $7.5 million. The property is located at 8215 Dorsey Run Road, 16 miles southwest of downtown Baltimore. The property was fully leased to Nave Communications, which supplies telecommunications equipment to its customers, at the time of sale. Terreno Realty acquired the asset in November 2013 for $6 million. The buyer was not disclosed.

November 4, 2019

Alabama Industrial Market Reports Southeast Southeast Market Reports

Birmingham Industrial Market Poised for New Projects with Record Low Vacancy

by Alex Tostado November 4, 2019

The surge in demand for Birmingham’s industrial real estate over the last few years has resulted in the highest occupancy rates in over 20 years. Alabama’s level of business friendliness has created a strong economy and high level of job growth since the end of the Great Recession. Manufacturing is a key driver of job growth. Overall vacancy rates in Birmingham’s multi-tenant industrial market have fallen to around 7 percent, which is an all-time low. Average rental rates have crept up to approximately $4.25 per square foot, which is historically high for Birmingham but still significantly lower than rents in larger markets around the Southeast. In spite of the robust activity, there are no active plans for any sort of speculative multi-tenant developments in the market. The last project was the 90,000-square-foot Oxmoor Logistics Center located in the Oxmoor Valley submarket, which was completed in the fourth quarter of 2018. It is currently 100 percent occupied. However, there are over 2 million square feet of individual projects that will be completed before the end of 2019. One is a $1.3 billion expansion at the Mercedes-Benz Tuscaloosa plant, which includes a new body shop, enhancements to the SUV assembly shop and …

November 4, 2019

Development Industrial Kentucky Southeast

HVAC Manufacturer to Invest $50M in New Louisville Plant, Add 400 Jobs

by Alex Tostado November 1, 2019

LOUISVILLE, KY. — Kentuckiana Curb Co. Inc., which makes HVAC products and does business as KCC Manufacturing, plans to develop a 300,000-square-foot, $50 million facility in Louisville that will house corporate offices and manufacturing space. KCC acquired 20 undeveloped acres at 2706 Blankenbaker Road for the project, which is 14 miles east of downtown Louisville. The Kentucky Economic Development Finance Authority (KEDFA) will provide KCC with $6.5 million of tax incentives if the company adds 400 jobs over the next 10 years and pays an average hourly wage of $29 across those jobs, including benefits. Production at the new facility will include the design and manufacturing of HVAC equipment and sheet metal products. KCC currently houses 512 employees at its existing Louisville facility, which is located at 2716 Grassland Drive, two miles from the planned property. A timeline for construction was not disclosed.

November 1, 2019

Acquisitions Georgia Retail Southeast

JLL Negotiates Sale of 335,190 SF Cobb Place Shopping Center in Metro Atlanta

by Alex Tostado November 1, 2019

KENNESAW, GA. — JLL has negotiated the sale of Cobb Place, a 335,190-square-foot retail center in Kennesaw. The property was 95 percent leased at the time of sale to tenants including Bassett Furniture, American Signature Furniture, Ashley Furniture, Bed Bath & Beyond, Cost Plus World Market, Hobbytown USA, DSW, Jersey Mike’s and Play It Again Sports. Cobb Place is situated on 31 acres at 840 Ernest W. Barrett Parkway, 24 miles northwest of downtown Atlanta. Jim Hamilton and Brad Buchanan of JLL represented the seller, a partnership between DRA Advisors LLC and RCG Ventures LLC, in the transaction. A fund sponsored by Wicker Park Capital Management purchased the asset. Additionally, Chip Sykes of JLL arranged acquisition financing on behalf of the buyer. Goldman Sachs provided the seven-year, fixed-rate loan.

November 1, 2019

Acquisitions Georgia Industrial Southeast

Plymouth Industrial REIT Acquires Multi-Tenant Building Near Atlanta for $19.4M

by Alex Tostado November 1, 2019

PEACHTREE CITY, GA. — Plymouth Industrial REIT has acquired a 295,693-square-foot industrial building in Peachtree City for $19.4 million. The property was fully leased at the time of sale to 15 tenants including Metal Tech-USA, a specialty fabricator and distributor of architectural systems and high-end metals; Gerresheimer, a specialty glass and products manufacturer to the pharmaceutical and healthcare industries; and M-OK Freight Corp., a freight services company specializing in warehousing and distribution services. The asset is located at 611 Ga. Highway 74 S., in the Fayette/Coweta Industrial submarket, 26 miles south of Hartsfield-Jackson Atlanta International Airport. The seller was not disclosed.

November 1, 2019

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