Southeast

Sealy & Co. Acquires 1 MSF Distribution Building in Metro Memphis

by Alex Tostado March 25, 2019

OLIVE BRANCH, MISS. — Sealy & Co. has acquired a 1 million-square-foot distribution facility located at 7755 Polk Lane in Olive Branch, about 27 miles south of downtown Memphis and about 18 miles south of Memphis International Airport. The building is leased to Williams-Sonoma Inc. and is equipped with 66 loading docks, 36-foot clear heights and surface parking. Jason Gandy and Scott Sealy Jr. represented Sealy & Co. internally. Hank Martin of NAI Saig represented the seller, Tratt Properties, in the transaction. The sales price was not disclosed.

March 25, 2019

Acquisitions Florida Loans Multifamily Southeast

Berkadia Arranges $43.2M Sale of Apartment Complex in Tampa, Provides Freddie Mac Loan to Buyer

by Alex Tostado March 25, 2019

TAMPA, FLA. — Berkadia has arranged the $43.2 million sale of Allister Place, a 384-unit multifamily community in Tampa. Located at 4939 E. Busch Blvd., Allister Place was built in 1986 and offers amenities such as a clubhouse, business center, storage space, 24-hour fitness center, swimming pool and poolside cabanas. Cole Whitaker and Jason Stanton of Berkadia represented the seller, Aspen Square, in the transaction. The buyer is a joint venture between GMF Capital and The Michaelson Group. Berkadia’s South Florida team provided a 10-year, Freddie Mac acquisition loan to the buyer. The $34.6 million loan features a fixed interest rate and five years of interest-only payments followed by a 30-year amortization schedule.

March 25, 2019

Industrial Leasing Activity Southeast Virginia

Software Firm Leases 40,000 SF of Office Space for Headquarters in Downtown Charlottesville

by Alex Tostado March 25, 2019

CHARLOTTESVILLE, VA. — CoConstruct LLC, a construction software provider, has leased 40,000 square feet of office space at 3Twenty3 in downtown Charlottesville. CoConstruct will consolidate its two locations to form one headquarters. Insite Properties is developing 3Twenty3, a five-story, 120,000-square-foot office building located at 323 2nd St. SE that will be situated atop a four-story parking structure. Amenities will include a pedestrian plaza and walkway, common lobby gathering space, rooftop event and conference space, catering kitchen, patio, electric car charging stations and bike racks. A timeline for completion was not disclosed. John Pritzlaff of Cushman & Wakefield | Thalhimer represented the landlord in the lease transaction. Robin Amato of REIII Commercial Properties represented the tenant.

March 25, 2019

Acquisitions North Carolina Office Southeast

CBRE Brokers $17M Sale of Office Building in Charlotte

by Alex Tostado March 25, 2019

CHARLOTTE, N.C. — CBRE has brokered the $17 million sale of 4100 South Stream Blvd., a 125,265-square-foot, four-story office building that has housed AT&T’s Charlotte headquarters since 2015. The property is located about six miles from Charlotte-Douglas International Airport and downtown Charlotte. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller, Inland Real Estate Group, in the transaction. Praelium Acquisitions bought the asset.

March 25, 2019

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Negotiates $15M Sale of Multifamily Community in Upstate South Carolina

by Alex Tostado March 25, 2019

TAYLORS, S.C. — Cushman & Wakefield has arranged the $15 million sale of The Chimneys of Greenville, a 168-unit multifamily community in Taylors. The buyer, Cohen Investment Group, is planning renovations to unit interiors, however, details of the renovations were not disclosed. Community amenities include a dog park, business center, fitness center, playground, swimming pool and a clubhouse. Jordan McCarley, Tai Cohen and Watson Bryant of Cushman & Wakefield represented the seller, Highgate Capital Group, in the transaction.

March 25, 2019

Georgia Office Southeast Texas Top Stories

Cousins Properties, TIER REIT Merge to Become Office REIT Powerhouse in Sun Belt

by Taylor Williams March 25, 2019

ATLANTA AND DALLAS — Cousins Properties Inc. (NYSE: CUZ) and Dallas-based TIER REIT Inc. (NYSE: TIER), two of the larger office development and investment firms in the country, have entered into an all-stock merger agreement. The combined company, which will retain the Cousins name, will have an equity market capitalization of $5.9 billion and a total market cap of $7.8 billion. Following the merger, the company will continue to function as a Class A office REIT with a combined portfolio of approximately 21 million square feet spread across various markets in the Southeast and Southwest. Both firms are active in leading office markets like Atlanta, where Cousins is based, as well as Charlotte, Dallas and Austin. Cousins owns several trophy assets in Atlanta’s Buckhead area, including 3348 and 3350 Peachtree, which have about 670,000 square feet combined, as well as 816 Congress and 303 Colorado in downtown Austin. TIER REIT owns 3354 Peachtree, a 560,000-square-foot building in Atlanta, as well as the 40-story Burnett Plaza in Fort Worth and the 1.5 million-square-foot Domain office building in Austin. Under terms of the agreement, Cousins will issue 2.98 shares of common stock in exchange for each share of TIER stock. That rate …

March 25, 2019

Market Reports North Carolina Retail Southeast Southeast Market Reports

Raleigh-Durham’s Retail Market Reaches Healthy Supply-Demand Balance

by Alex Tostado March 25, 2019

The Raleigh and overall Triangle retail markets ended 2018 in a strong position with several large sites changing hands, urban growth booming in the downtowns, numerous suburban ground-up projects in the pipeline and traditional malls undergoing major transitions. The market is poised to see retail construction activity grow with a healthy balance of supply and demand, despite national brick-and-mortar retail industry challenges. The Triangle vacancy rate ended the year with a vacancy rate below 7 percent, which represents strong improvement from the end of 2017, even with accounting for the large-scale closing and downsizings in the Triangle. Positive absorption over the past year has included re-leasing 12 Kroger stores, two Gander Mountains, five hhgregg stores and several other significant box vacancies. Fierce grocery competition and continued pressure on “in-store” sales have caused retailers, owners and developers to rethink and recreate the retail experience and development landscape. Downtown urban centers Rapid multifamily and housing gentrification in the downtowns of Raleigh and Durham continue to push mixed-use and high-street retail. With residential and employment densification occurring, Raleigh has experienced several first-time retail events in 2018. Morgan Street Food Hall and Urban Outfitters opened in the Warehouse District, Publix is under construction on …

March 25, 2019

Development Florida Industrial Retail Southeast

Kroger, Ocado Select Central Florida for Second Customer Fulfillment Center

by Alex Tostado March 22, 2019

GROVELAND, FLA. — The Kroger Co. and Ocado, an online grocery retailer based in England, have selected Groveland as the second city to house the partnership’s customer fulfillment center (CFC). Kroger has committed to build 20 CFCs in partnership with Ocado. In November, the partnership announced that Monroe, Ohio will be the site of the first CFC. The Groveland center will consist of an automated warehouse facility with digital and robotic capabilities. The CFC will span 375,000 square feet at American Way near U.S. Highway 27, about 31 miles west of Orlando. The partnership is scheduled to break ground later this year and open the center in 2021.

March 22, 2019

Acquisitions Multifamily North Carolina Southeast

FCP Acquires Apartment Complex in Raleigh for $33.3M

by Alex Tostado March 22, 2019

RALEIGH, N.C. — FCP has acquired Trails of North Hills Apartments, a 279-unit complex in Raleigh’s North Hills neighborhood, for $33.3 million. FCP plans to upgrade the community, including clubhouse and amenity renovations, building upgrades and landscaping and curb appeal updates. Pinnacle Management will manage the property. Paul Marley and Watson Bryant of Cushman & Wakefield represented the buyer in the transaction. The seller was not disclosed.

March 22, 2019

Development Multifamily Southeast Virginia

Parse Capital Provides $29.1M in Preferred Equity for Multifamily Development in Northern Virginia

by Alex Tostado March 22, 2019

RESTON, VA. — Parse Capital has provided $29.1 million in preferred equity to Rooney Properties for the construction of Faraday Park, a 407-unit multifamily community in Reston. The asset will be situated at 1831 Michael Faraday Drive, less than a mile from the Wiehle-Reston East Metro Station and about 20 miles west of downtown Washington, D.C. The property will comprise two seven-story buildings and two above-ground parking garages. Floor plans will include studio, one-, two- and three-bedroom floor plans averaging 842 square feet. Amenities are set to include a rooftop swimming pool, fitness center, coworking space, dog park and a refrigerated package room. Construction is slated to begin immediately. Walter Coker and Brian Crivella of HFF arranged the financing on behalf of Rooney Properties.

March 22, 2019

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