Southeast

MILLS RIVER, N.C. — CBRE has arranged the $9 million sale of FedEx Ground Terminal, an 89,828-square-foot industrial property leased to FedEx Ground Package System Inc., in Mills River. The asset is situated within Broadpointe Business Park, less than a mile from Asheville Regional Airport and about 11 miles south of downtown Asheville. FedEx Ground has occupied the space since the building was delivered in 2006. West Palm Properties Inc. acquired the property. Patrick Gildea, Matt Smith, Randy Getz and Grayson Hawkins of CBRE represented the sellers, Rose Canyon Business Park LP and JMWM LP, in the transaction.

FacebookTwitterLinkedinEmail

MIAMI GARDENS, FLA. — Dalfen Industrial has bought Golden Glades Fulfillment Center, a 201,491-square-foot, multi-tenant industrial building in Miami Gardens. The property was 100 percent leased at the time of the sale to tenants including Amazon and Packaging Corp. of America. The asset sits on 10.2 acres about 15 miles north of downtown Miami and within 10 miles of 1.6 million people. The seller and sales price were not disclosed.

FacebookTwitterLinkedinEmail

DALLAS — Affiliates of Dallas-based Colony Capital have purchased a national portfolio of 54 light and bulk industrial buildings for $1.2 billion. The value-add portfolio is located across 10 U.S. markets, totaling 11.9 million square feet, and is 71 percent leased. A portion (48) of the buildings are last-mile light industrial assets and were acquired through Colony’s existing light industrial platform. The remaining six buildings are bulk industrial and were purchased through a newly formed joint venture, in which Colony Capital has 51 percent interest and a third-party institutional investor has 49 percent interest. Located in Northern and Southern California, Washington, Oregon, Nevada, Illinois and Pennsylvania, the light industrial portfolio totaling 7.7 million square feet and was 73 percent leased at the time of sale. The bulk portfolio totals 4.2 million square feet, with an average of 700,000 square feet per building, and was 67 percent leased to blue chip, international companies. CBRE National Partners represented the undisclosed seller in the deal.

FacebookTwitterLinkedinEmail

CHESAPEAKE, VA.— Variety store chain Family Dollar could close up to 390 stores in fiscal 2019 unless it obtains material rent concessions from landlords on underperforming stores. As part of its turnaround efforts, the retailer will also make changes at the stores it is keeping open. Dollar Tree Inc. (NASDAQ: DLTR), which purchased Family Dollar in 2015 for nearly $9 billion in cash and stock, plans to revitalize the brand with store closures and a rebranding of some locations to Dollar Tree. In addition, some locations will be renovated to include $1 Dollar Tree merchandise sections.  The retailer also plans to offer adult beverages in approximately 1,000 Family Dollar stores and expand freezers and coolers in approximately 400 stores. Family Dollar sells a variety of items for under $10 at rural and urban locations. Dollar Tree sells all items in its stores for $1 in mostly suburban locations. At the close of the fourth quarter of 2018, the company operated 8,200 Family Dollar stores and 7,000 Dollar Tree stores. “We are confident we are taking the appropriate steps to reposition our Family Dollar brand,” said Dollar Tree CEO Gary Philbin in a news release Wednesday.  On March 6, Dollar Tree …

FacebookTwitterLinkedinEmail

ATLANTA — Rajeev Dhawan, longtime economist with Georgia State University, expects robust job growth in the Peach State to slow, but he sees little cause for concern. Georgia’s economy added 276,900 jobs from 2016 to 2018, according to Dhawan. He projects Georgia will add another 199,400 jobs by 2021. But it is not just the size of the employment gains that needs to be considered, Dhawan emphasizes. Some 23,400 of the 103,400 jobs created across the state in 2018 — only 23 percent of the total — were so-called high-paying “catalyst sector” jobs, meaning jobs in manufacturing, professional and business services and financial activities. The good news is he expects that percentage of catalyst sector jobs to increase in the coming years. Dhawan, who serves as the director of the Economic Forecasting Center at GSU’s J. Mack Robinson College of Business, presented his economic forecast Wednesday, Feb. 27 at GSU’S Centennial Hall. Apart from the information technology sector losing 2,300 jobs in the first half of 2018, something Dhawan called an economic hiccup, Georgia’s economy is healthy. The positive effects of the job gains are reflected in sales tax collections in the state. In the second half of 2018, sales …

FacebookTwitterLinkedinEmail

CHARLOTTE, N.C. — Black Creek Group has acquired 56.4 acres of land in southwest Charlotte to develop Creekside Commerce Center, a four-building, 621,000-square-foot distribution center campus. The Denver-based real estate and development firm anticipates construction to start in the second quarter of this year with delivery scheduled by the end of the year. The four buildings will range in size from 58,000 square feet to 223,000 square feet.

FacebookTwitterLinkedinEmail

NASHVILLE, TENN. — The Dilweg Cos. has sold Vantage Place, a 171,523-square-foot office building in Nashville. Innovatus Capital Partners LLC acquired the asset, which spans five stories and was built in 1981. Vantage Place is situated about three miles north of downtown Nashville in the city’s Metrocenter district. The building was 99 percent leased at the time of sale to tenants including AO Smith, Centerstone Research Institute, CGS and Young Williams. Dilweg, which purchased the property in April 2017, modernized the elevators and upgraded the building management systems. The sales price was not disclosed.

FacebookTwitterLinkedinEmail

NORFOLK, VA. — Colliers International has arranged the $24.9 million sale of Twin Oaks, two four-story office buildings totaling 171,000-square-feet in Norfolk. The two buildings are situated at 5700 and 5800 Lake Wright Drive within Lake Wright Executive Center. Florida-based SF Partners purchased the assets from Bethesda, Md.-based Guardian Realty Investors. Twin Oaks’ tenant roster includes Booz Allen Hamilton and Titan America. J. Scott Adams, Mac Weaver and Don Crigger of Colliers represented the seller in the transaction.

FacebookTwitterLinkedinEmail

FREDERICK, MD. — The Common Market Co-op, a community-owned grocer with one store in Frederick, has announced plans to open a second Frederick location at the site of a former Safeway. The organic and natural foods grocery store will move into its new home on 7th Street following significant renovations. Details of the planned renovations were not disclosed. In addition to food options, the new store will offer amenities such as grocery pick-up, a cafe and a pet care center that offers organic pet supplies. Randy and Francy Williams founded The Common Market in 1974 and it has grown to have more than 6,600 owners. The company expects to hire 110 people at the new location and will move its corporate headquarters to the site.

FacebookTwitterLinkedinEmail

CLARKSVILLE, TENN. — Rise Partners has purchased a vacant 95,000-square-foot retail property in Clarksville that formerly housed Kmart. The investment firm said construction will begin immediately on Clarksville Commons so that five national retailers can move in by late fall. Gary Shanks of The Shopping Center Group is handling leasing of the center. The names of the retailers have not yet been announced. The asset, which also has a vacant fuel center, is situated at 2300 Madison St., about 43 miles northwest of downtown Nashville. The fuel center will be replaced with restaurant and retail space. The seller and sales price were not disclosed.

FacebookTwitterLinkedinEmail