Southeast

Local Brewery, Coffee Shop to Join Sylvan Supply Project in Nashville

by Alex Tostado April 22, 2019

NASHVILLE, TENN. — Bearded Iris Brewery and Barista Parlor, both local to Nashville, have signed leases to join the tenant lineup at Sylvan Supply in Nashville. Atlanta-based Third & Urban and Chevy Chase, Md.-based FCP are renovating the 96-year-old mill on Charlotte Avenue into a six-building, 130,700-square-foot mixed-use development that will feature office space, outdoor areas and 32,850 square feet of retail and dining space. Bearded Iris Brewery, named for Tennessee’s state flower, will brew experiential batches exclusive to the location, as well as its full portfolio of beer. Barista Parlor will offer coffee and breakfast. Sylvan Supply is expected to open this year and both Iris Bearded Brewery and Barista Parlor are expected to move in early next year. Elliott Kyle of Equitable Property Co. represented the developers in the lease transactions.

April 22, 2019

Development Hospitality Southeast Tennessee Top Stories

Congress Group, AECOM Capital to Develop $360M Four Seasons Hotel in Nashville

by Taylor Williams April 22, 2019

NASHVILLE, TENN. — A partnership between Boston-based developer The Congress Group Inc. and AECOM Capital will develop the Four Seasons Hotel and Private Residences, a $360 million project in Nashville. The property will comprise 232 hotel rooms, an undisclosed number of for-sale residential units, 10,000 square feet of retail space and a 368-space parking garage. Construction is slated to begin sometime during the second quarter of 2019. Located at 151 First Ave. South, the hotel will overlook the Cumberland River and offer immediate proximity to the Broadway entertainment district, as well as Nissan Stadium, home of the NFL’s Tennessee Titans. In addition, the hubs of four of the five largest employers in Nashville — including Pinnacle Financial Partners and Bridgestone — are located in close proximity to the hotel. Riaz Cassum, Danny Kaufman, Robyn King, Andrew Gray and Mary Dooley of HFF worked on behalf of the development team to arrange $360 million in debt and equity financing for the project. The lender and loan terms were not disclosed. “This transaction garnered strong interest from both lenders and equity investors via the strength of the sponsors and their vision for a world-class development on the best site in Nashville,” says …

April 22, 2019

Industrial Market Reports Southeast Southeast Market Reports Tennessee

E-Commerce Firms, 3PLs Looking for Last Mile Facilities in Nashville Market

by Alex Tostado April 22, 2019

The industrial real estate sector is currently undergoing one of the greatest expansionary periods in the nation’s history. Record development, all-time high occupancy and rental rates and strong leasing activity have been a boon to the U.S. industrial market in the last two years. In addition to these fundamental elements that make up a strong sector, there has been a demand driver that has transformed the industrial market more now than ever: e-commerce. Amazon is now the largest industrial occupier post-recession, which is forcing retailers and wholesalers to modernize their supply chain to keep up. E-commerce is not a new phenomenon, but it is becoming increasingly competitive, and is expected to grow another 55 percent in the next four years, according to Colliers International research. E-commerce has reshaped the way people purchase goods, resulting in new increased requirements on the transportation of products. As such, organizations are needing to reevaluate their supply chain strategies and transportation costs, and demand for smaller fulfillment centers closer to the urban population is exploding. This challenge around the “last-mile delivery” is altering the distribution and logistics sectors. IMS Worldwide defines the last mile as the “last point of distribution or sortation to the final …

April 22, 2019

Development Georgia Industrial Southeast

Chick-fil-A to Build First Company-Owned Distribution Center, Create 300 Jobs in North Georgia

by Alex Tostado April 19, 2019

CARTERSVILLE, GA. — Chick-fil-A will build its first company-owned distribution center in Cartersville, a project that will create about 300 jobs. The distribution center will open this summer as a pilot facility, serving as a learning lab while the full-scale center is being built. When the full-scale center is delivered at its expected date of summer 2020, it will serve 300 Chick-fil-A restaurants. The property will also house 300 employees with jobs including drivers, warehouse team members, leadership team members and administrative staff. Multiple media outlets report that Chick-fil-A D2 Services LLC paid $3.7 million for a 50-acre site near Cartersville Business Park, which is located about 45 miles north of downtown Atlanta.

April 19, 2019

Acquisitions Multifamily Southeast Tennessee

Cushman & Wakefield Negotiates Sale of 655-Unit Multifamily Portfolio in Tennessee

by Alex Tostado April 19, 2019

JACKSON, TENN. — Cushman & Wakefield has negotiated the sale of a five-property, 655-unit multifamily Portfolio in Jackson. McDowell Properties sold the portfolio to Monarch Investment & Management Group. The properties are: Post House North, a 145-unit complex located at 26 Revere Circle; Woods of Post House, a 122-unit community located at 39 Thistlewood Drive; Post House Jackson, a 150-unit property located at 26 Rachel Drive; The Oaks, a 100-unit asset located at 842 North Parkway; and Bradford Chase, a 148-unit complex located at 24 Williamsburg Village. McDowell Properties has invested over $3 million in capital improvements at the properties since 2015, including clubhouse renovations, fitness center upgrades, interior upgrades and new exterior paint, gutters, roofs and signage. Robbie O’Bryan, Jimmy Adams and Brad Boston of Cushman & Wakefield represented the seller in the transaction. The sales price was not disclosed.

April 19, 2019

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges Sale, Financing of 284-Unit Apartment Complex in Metro Atlanta

by Alex Tostado April 19, 2019

STONE MOUNTAIN, GA. — Berkadia has arranged the $21.9 million sale of The Residences at Mountain Lake, a 284-unit apartment community in Stone Mountain, about 20 miles east of downtown Atlanta. The garden-style complex offers one-, two- and three-bedroom floor plans and communal amenities such as a picnic area, clubhouse and a playground. The buyer, California-based Praxis Capital Inc., plans to add a fitness center and clubroom, as well as upgrade unit interiors. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia’s Atlanta office represented Praxis Capital as well as the seller, Texas-based Napali Capital LLC. Jackson Cloak of Berkadia’s Irvine, Calif. office arranged a $20.2 million acquisition loan through Bancorp Bank on behalf of the buyer. The adjustable bridge loan features a 5.6 percent interest rate and an 80 percent loan-to-cost structure.

April 19, 2019

Acquisitions Development Florida Mixed-Use Southeast

Joint Venture Acquires 11.3 Acres in Miami to Develop $36M Mixed-Use Project

by Alex Tostado April 19, 2019

MIAMI — A joint venture between ZOM Living, Scout Capital Partners and Mattoni Group has acquired 11.3 acres of Ludlam Trail in Miami. The developers will transform the unused train tracks into a six-mile, 100-foot wide trail that connects Miami International Airport and Dadeland Station, a three-story, 330,000-square-foot retail shopping center anchored by Target, Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, Michaels and PetSmart. The yet-to-be-named project will feature 950 rental units and 35,000 square feet of retail space. Construction on the first of three phases is expected to begin in the fourth quarter of 2019. The joint venture bought the land from Florida East Coast Industries. The design team includes San Antonio-based Lake Flato as the design architect and Miami-based MSA as the architect.

April 19, 2019

Acquisitions Florida Retail Southeast

Highline, M Street Holdings Purchase Shopping Center in Orlando for $12.3M

by Alex Tostado April 19, 2019

ORLANDO, FLA. — A partnership between Highline Real Estate Capital and M Street Holdings has acquired Century Plaza, a 132,725-square-foot retail center in Orlando, for $12.3 million. The center was fully leased at the time of the sale to tenants including ALDI, Ross Dress for Less, dd’s DISCOUNTS, Big Lots, Shoe Land, Spectrum, Sprint, GameStop and Amscot. The asset was built in 1973, renovated in 2008 and sits on 13.5 acres. Anthony Blanco of TSCG (formerly The Shopping Center Group) represented the seller, a private global institutional investment firm, in the transaction.

April 19, 2019

Development Florida Hospitality Southeast

Bromley, Concord Hospitality Partner to Build Dual-Branded Hotel Within Midtown Tampa Development

by Alex Tostado April 18, 2019

TAMPA, FLA. — Bromley Cos. has partnered with Concord Hospitality to build the dual-branded Aloft and Element hotel within the $500 million Midtown Tampa development. The seven-story Marriott hotel will share 226 rooms, a rooftop terrace and swimming pool. Additionally, the hotel will feature meeting space on the seventh floor, a 1,000-square-foot fitness center and 24,000 square feet of street-level retail space. The joint venture plans to break ground this summer with anticipated completion slated for 2021. The Bromley Cos. and Concord Hospitality are teaming with Casto Southeast Realty Services, Jeffrey Anderson Real Estate Co. and Crescent Communities to develop Midtown Tampa, a 1.8 million-square-foot mixed-use project that will feature office, hotel, residential and retail space, including a new Whole Foods Market, True Food Kitchen and REI.

April 18, 2019

Development Florida Multifamily Southeast Student Housing

Campus Advantage, Stark Enterprises Break Ground on 618-Bed Student Housing Complex Near University of Florida

by Alex Tostado April 18, 2019

GAINESVILLE, FLA. — A joint venture between Campus Advantage and Stark Enterprises has broken ground on Liv+ Gainesville, a 618-bed student housing community located near the University of Florida. The 279,075-square-foot property will offer a range of floor plans, from studios to six-bedroom units with bed-to-bath parity. Shared amenities will include a fitness wing with a cardio room, free weight room and boxing equipment; a mini market with fresh snack and drink offerings; a coffee bar; study rooms on each floor; a pool and courtyard; and a dog park. The community is scheduled for completion in fall 2020 and will be managed by Campus Advantage.

April 18, 2019

Newer Posts

Older Posts