Southeast

Joint Venture Delivers 226-Unit Springside Multifamily Community in Metro Atlanta

by John Nelson October 28, 2024

POWDER SPRINGS, GA. — A joint venture between Novare Group, BCDC and PointOne Holdings has delivered Springside, a 226-unit multifamily community in Powder Springs, roughly 20 miles northwest of Atlanta. Situated directly across from Thurman Springs Park, Springside offers apartments in studio, one- and two-bedroom layouts. Amenities at the community include a fitness center, swimming pool and sundeck, pet park, outdoor entertainment areas, dog spa and outdoor grilling stations. Select units also feature private garages. RAM Partners will manage and lease the property on behalf of the owners. Monthly rental rates at Springside range from $1,429 to $3,102, according to Apartments.com.

October 28, 2024

Acquisitions Florida Retail Southeast

Cushman & Wakefield Arranges $7M Sale of Shopping Center in Pensacola, Florida

by John Nelson October 28, 2024

PENSACOLA, FLA. — Cushman & Wakefield has arranged the $7 million sale of a shopping center located at 6235 N. Davis Highway in Pensacola. Hobby Lobby and Books-A-Million are tenants at the property, which was built in 1987 and comprises 103,485 square feet across two tenant spaces. Hobby Lobby and Books-A-Million occupy 70,100 and 33,385 square feet at the center, respectively. Sean Glickman and Chris Smith of Cushman & Wakefield represented the seller, Triple A Properties, in the transaction. The buyer, Destiny Worship Center, plans to convert the center into a church. Books-A-Million will either shutter its store altogether or reduce its footprint at the center, according to Cushman & Wakefield.

October 28, 2024

Development Florida Leasing Activity Retail Southeast

Nordstrom Rack to Open Two Florida Stores Totaling 51,000 SF

by John Nelson October 28, 2024

MELBOURNE AND SARASOTA, FLA. — Nordstrom Rack has announced plans to open two new stores in Florida. Located in Melbourne and Sarasota, the stores will comprise 24,000 and 27,000 square feet, respectively. The Melbourne store will be situated within The Avenue Viera and is scheduled to open next fall. Scheduled to open spring 2026, the Sarasota store will be situated within Sarasota Pavilion. InvenTrust Properties owns and manages Sarasota Pavilion, and WS Development owns and manages The Avenue Viera. Nordstrom Rack is a discount apparel retailer and subsidiary of Nordstrom Inc. The Seattle-based retailer operates more than 350 Nordstrom, Nordstrom Local and Nordstrom Rack stores.

October 28, 2024

Acquisitions Georgia Multifamily Southeast

Waterton Buys 903 Peachtree Apartment Tower in Midtown Atlanta for $118.6M

by John Nelson October 25, 2024

ATLANTA — Chicago-based Waterton has purchased 903 Peachtree, a 32-story apartment tower located at 903 Peachtree St. in Midtown Atlanta. The seller and sales price were not disclosed, but Atlanta Business Chronicle reported that the asset traded for $118.6 million. Additionally, REBusinessOnline reported last summer that Chicago-based CA Ventures fully delivered the tower in partnership with Diamond Realty Investments Inc. and Cartel Properties. The acquisition brings Waterton’s metro Atlanta multifamily portfolio to 3,026 units under management. Situated near Piedmont Park and the Eastside Trail of the Atlanta BeltLine, 903 Peachtree features 427 apartments and 7,843 square feet of retail space, as well as 46,000 square feet of resort-style indoor and outdoor amenities. Outdoor amenities at 903 Peachtree include a rooftop pool and lounge area, grilling stations, private cabanas and fire pits. Indoor offerings include a sauna and massage room, yoga studio, demonstration kitchen, recreation lounge and game room, screening room, coworking lounge, pet spa and dog run, bicycle storage and a large lobby and concierge level. The apartment tower features a variety of studio, one-, two- and three-bedroom floor plans, with monthly rental rates ranging from $1,670 to $5,170, according to Apartments.com.

October 25, 2024

Acquisitions Mixed-Use Multifamily North Carolina Retail Southeast

Berkadia Brokers $76M Sale of LangTree Lake Norman Mixed-Use Property in Metro Charlotte

by Hayden Spiess October 25, 2024

MOORESVILLE, N.C. — Berkadia has brokered the $76 million sale of LangTree Lake Norman, a mixed-use multifamily property located in Mooresville, roughly 30 miles north of Charlotte. In addition to 300 residential units, the property features approximately 48,000 square feet of ground-floor retail space. Caleb Troop and Thomas Colaiezzi of Berkadia, with Brian Long of RL West, represented the seller, Langtree Development Co., in the transaction. An affiliate of Raleigh-based Blue Heron Asset Management was the buyer. Residences at LangTree Lake Norman, which is situated at 150 Landing Drive, include apartments in one-, two- and three-bedroom layouts. Amenities at the community include a clubhouse, swimming pool, fitness center and a dog park. The buyer plans to implement upgrades to the unit interiors, as well as enhancements to the community space. RL West and Langtree Development Co. originally developed the property in 2013 and retain ownership of Buildings 105 and 106 and the commercial buildings fronting Mecklynn Road.

October 25, 2024

Acquisitions Georgia Industrial Southeast

Davis Purchases 235,108 SF Research-and-Development Portfolio in Atlanta from Jamestown

by Hayden Spiess October 25, 2024

ATLANTA — The Davis Cos. has purchased a portfolio of research-and-development (R&D) buildings totaling 235,108 square feet in Atlanta’s Upper Westside neighborhood. Jamestown was the seller. American defense technology company Anduril Industries occupies the majority of the portfolio, which includes buildings located at 1401 and 1435 Hills Place NW and 1357 Collier Road NW. Recently redeveloped, the properties feature 21-foot clear heights, floor-to-ceiling windows and power loads sufficient to support a wide range of R&D uses. Jamestown previously acquired the buildings as mixed-use creative office and retail properties before redeveloping the portfolio.

October 25, 2024

Acquisitions Industrial North Carolina Southeast

CBRE Arranges $33M Sale of New RTP Life Sciences Facility in Durham

by Hayden Spiess October 25, 2024

DURHAM, N.C. — CBRE has arranged the $33 million sale of a biomanufacturing facility situated within Research Triangle Park (RTP) in Durham. Silver Spring, Md.-based United Therapeutics Corp. purchased the property, which totals 95,500 square feet, with plans to occupy it. Located at 78 TW Alexander Drive, the facility was delivered in 2023 and features 36-foot clear heights, seven loading docks and the option for expansion up to 190,500 square feet. Ann-Stewart Patterson and John Hogan of CBRE represented the seller, Oxford Properties Group, in the transaction. RTP is the largest biomedical research campus in the country, spanning 7,000 acres and hosting more than 300 companies including Biogen, Cisco Systems, Dell, IBM, Pfizer and Wolfspeed, among others.

October 25, 2024

Acquisitions Arkansas Industrial Southeast

Stoic Equity Partners Acquires 94,589 SF Industrial Facility in Springdale, Arkansas

by Hayden Spiess October 25, 2024

SPRINGDALE, ARK. — Stoic Equity Partners has acquired a 94,589-square-foot industrial complex located at 444 Old Wire Road in Springdale. The multi-tenant facility comprises 20 suites across nine buildings. This marks the fourth asset in the state for the buyer, which owns over 1.1 million square feet of commercial space across six states in the Southeast. “We began targeting the Northwest Arkansas market earlier this year, so we are excited to get this property closed,” says Grant Reaves, cofounder and managing director of Stoic Equity Partners. The seller and sales price were not disclosed.

October 25, 2024

Georgia Leasing Activity Office Southeast

AIG to Open 180,000 SF Office at Perimeter Summit Mixed-Use Campus in Brookhaven, Georgia

by John Nelson October 24, 2024

BROOKHAVEN, GA. — Insurance giant AIG plans to establish a new regional office at Perimeter Summit, an 83-acre mixed-use development in Brookhaven, a northeast suburb of Atlanta. The firm will occupy 180,000 square feet of office space across seven floors at Summit Two. The new space will consolidate AIG’s existing offices in Atlanta’s Buckhead and North Fulton submarkets and will triple its current office footprint, according to the office of Georgia Gov. Brian Kemp. The firm plans to house 1,200 employees at the new office and create at least 600 new positions over the next five years. Brooke Dewey, Adam Viente and Alexis Vondersaar of JLL handle leasing efforts for Perimeter Summit on behalf of the developer and landlord, Spear Street Capital. Josh Hirsh, Gregg Metcalf and Patrick Baughman of JLL represented AIG in the lease deal. In addition to the Summit Two office building, Perimeter Summit features a Hyatt Regency hotel and an upcoming 350-unit apartment development by High Street Residential dubbed Residences at Perimeter Summit. Summit Two is a 414,000-square-foot, 18-story office tower that features a coffee shop, large lobby, covered parking, outdoor dining areas, fitness center, market and a café.

October 24, 2024

Development Florida Leasing Activity Mixed-Use Restaurant Retail Southeast

Swire Properties Announces 11 New Tenants at Brickell City Centre in Miami

by John Nelson October 24, 2024

MIAMI — Swire Properties has announced 11 new tenants as part of the North Block expansion at Brickell City Centre, a mixed-use development located at 701 S. Miami Ave. in Miami’s Brickell district. The new deals total 65,800 square feet and feature a mix of recent openings and openings for later this year and 2025. The new tenants joining Brickell City Centre include an anchor store for H&M (open); Black Tap Craft Burgers & Beer (open); FP Movement; 7 For All Mankind (open); Anthropologie; John Varvatos; Lacoste; Marc Jacobs; Nespresso; Mango; and Aritzia. Brickell City Centre is a $1 billion, 4.9 million-square-foot mixed-use development comprising two residential towers, two mid-rise office buildings, the EAST Miami hotel and 500,000 square feet of retail and restaurants.

October 24, 2024

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