MACON, GA. — JWA Ventures, a division of Jim Wilson & Associates, has announced plans to develop a 15-acre, Publix-anchored shopping center in Macon. Tobesofkee Crossing will span 68,000 square feet, with Publix occupying 48,000 square feet. JWA Ventures expects to lease the center’s remaining inline space to service retailers and restaurants. Two additional freestanding sites are available for development. Construction is expected to begin in the second quarter of this year with delivery anticipated for second-quarter 2020. The asset will serve as the gateway to Macon’s Tobesofkee community, which is anchored by the 1,800-acre Lake Tobesofkee. A spokesperson for Publix says the grocer will employ 120 to 150 people at the new Macon location.
KENNESAW, GA. — Sanctuary Cos. and Varden Properties will co-develop Eastpark Village, a $280 million mixed-use project that will comprise 850 residential units and about 300,000 square feet of office, retail and commercial space and a village green. The project is situated on about 57 acres just south of historic downtown Kennesaw, and about 28 miles northwest of downtown Atlanta. The Meridian Real Estate Group and Keller Williams Realty Signature Partners represented the developers in acquiring 65 parcels for Eastpark Village, the largest assemblage of land in Kennesaw’s history. Miller Architecture designed the project. The developers expect to break ground this month, and completion is expected in three years.
ATLANTA — Dallas-based TIER REIT has joined lead developer Regent Partners and Batson-Cook Development Co. (BCDC) in the $400 million development of 3354 Peachtree Road, the last undeveloped parcel in Atlanta’s Buckhead district. The proposed project sits on three acres and will comprise 560,000 square feet of office space, 60 condominiums and a 300-unit multifamily building. The project is expected to break ground in the fourth quarter of this year and be delivered in 2022.
TAMPA, FLA. — PCCP LLC has provided a $53.5 million senior loan for the recapitalization of The Westshore Grand, a 325-room hotel in Tampa’s Westshore Business district. The borrower, a joint venture between Crescent Real Estate and affiliates of the Arden Group, has been conducting capital improvements to the hotel since 2015 and will use the loan to pay off existing debt. Built in 1984, The Westshore Grand is located at 4860 W. Kennedy Blvd. and is part of the Urban Centre mixed-use project, which offers 550,000 square feet of office space that Starwood owns. Hotel amenities include 14,321 square feet of meeting and event space, Shula’s Steakhouse, a lounge, lobby bar, Illy Café, fitness and business centers, attached parking garage and a rooftop swimming pool.
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.
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.
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.
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 …
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 …
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.