Southeast

Marcus & Millichap Arranges $15.7M Sale of Walmart-Anchored Shopping Center Near Birmingham

by Alex Tostado September 16, 2019

SYLACAUGA, ALA. — Marcus & Millichap has arranged the $15.7 million sale of Payton Park, a 231,820-square-foot retail center in Sylacauga. Walmart Supercenter anchors the property, which also includes tenants such as Burkes Outlet, CATO, Shoe Show and Sally Beauty. The center is located at 41301 U.S. Highway 280, 45 miles southwest of downtown Birmingham. Zach Taylor, Andrew Margulies and Don McMinn of Marcus & Millichap represented the seller, an affiliate of Brixmor Property Group, in the transaction. The buyer was Chattanooga, Tenn.-based Rise Partners.

September 16, 2019

Acquisitions North Carolina Retail Southeast

RCG Ventures Sells Retail Center in Central North Carolina for $15.2M

by Alex Tostado September 16, 2019

GOLDSBORO, N.C. — RCG Ventures LLC has sold Ashley Plaza, a 160,356-square-foot retail center in Goldsboro, for $15.2 million. Hobby Lobby anchors the property, which was 98 percent leased at the time of sale to tenants including Planet Fitness, Ashley Furniture HomeStore, Harbor Freight Tools, Shoe Show, Chuck E. Cheese and Smart Repair Center. Ashley Plaza is located at 201 N. Berkeley Blvd., adjacent to Seymour Johnson Air Force Base and about 60 miles east of downtown Raleigh. Thomas Kolarczyk and Jim Hamilton of JLL represented the seller in the transaction. The buyer was Medalist Diversified REIT Inc., an investment and management firm based in Richmond that specializes in value-add real estate.

September 16, 2019

Acquisitions Maryland Retail Southeast Texas Top Stories

InvenTrust Acquires Two Grocery-Anchored Shopping Centers in Texas, Maryland for $123M

by Taylor Williams September 16, 2019

FRISCO, TEXAS AND ROCKVILLE, MD. — InvenTrust Properties Corp., an Illinois-based shopping center REIT, has acquired two grocery-anchored properties in Texas and Maryland for $123 million. Eldorado Marketplace is a 186,068-square-foot property in Frisco, a northern suburb of Dallas, and Travilah Square is a 56,220-square-foot center in Rockville, a suburb of Washington D.C. The properties fetched sales prices of $71 million and $52 million, respectively. Market Street serves as the anchor tenant for Eldorado Marketplace, which also houses tenants such as AT&T, Jersey Mike’s, PetSmart and UPS. Trader Joe’s anchors Travilah Square, which houses tenants such as TITLE Boxing and Tropical Smoothie. InvenTrust officials cited Frisco’s emergence as a hub for corporate relocations, specifically the PGA and Keurig Dr. Pepper, as a key factor in the acquisition of Eldorado Marketplace. InvenTrust pointed to growing household income and steady population growth as the drivers behind the purchase of Travilah Square. The basic need to deploy capital before year’s end also played into the equation, says Christy David, executive vice president of InvenTrust. “InvenTrust has now acquired over $400 million of high-quality, grocery-anchored centers in key growth markets year-to-date. We remain on track to hit the company’s acquisition goals for 2019, and …

September 16, 2019

Industrial Market Reports Maryland Southeast Southeast Market Reports

Land Scarcity in Baltimore Driving More ‘Smart Growth’ for Industrial Sector

by Alex Tostado September 16, 2019

Continuing a trend that started approximately 10 years ago, the Central Maryland region remains an extremely attractive area for warehouse and industrial development with vacancy rates hovering in the 7 percent range, more than 3 million square feet currently underway and an additional 5 million square feet of space expected to break ground over the next 18 months. But new challenges are also starting to emerge in this marketplace, driven by barriers-to-entry such as land scarcity and increased government regulations. On the positive side, rental rates continue to inch upwards and end-user requirements in the 30,000- to 100,000-square-foot range, long the bread and butter of this region, have returned. Over the past decade, numerous local and national developers have been enjoying the high life in the Interstate 95 corridor spanning from Harford County north of Baltimore City, through Howard County and touching Prince George’s County, which is considered a suburb of Washington, D.C. A who’s who of retail royalty have signed substantial leases such as Amazon, Best Buy, FedEx, Floor & Décor, The Container Store, The Home Depot, Pier 1 Imports, Sephora Cosmetics, XPO Logistics and Under Armour. While many touched 1 million square feet of space, what previously was …

September 16, 2019

Development Florida Mixed-Use Southeast Top Stories

PMG, Greybrook Plan 49-Story Mixed-Use Tower in Miami

by Alex Patton September 13, 2019

MIAMI — A development partnership between New York City-based Property Markets Group (PMG) and Toronto-based Greybrook Realty Partners are currently developing 400 Biscayne, a mixed-use project offering 646 rental apartments in Miami. Slated for completion in 2021, the 49-story building will include 51,000 square feet of commercial space and a 22,000-square-foot redesigned First United Methodist Church of Miami. PMG originally bought the development site from the church in 2018 for $55 million, and the developers broke ground on 400 Biscayne in June of this year. The church will incorporate a chapel, fellowship hall, basketball court, classrooms and offices spanning the bottom 10 floors of the building, and will have its own separate entrance and parking. “We are working hand-in-hand with First United Methodist Church and Greybrook Realty Partners to create something special for the neighborhood, which will continue to foster growth and connection in this city we love,” says Ryan Shear, managing partner of PMG. Additional amenities of the building will include a public lobby lounge and restaurant, co-working spaces, a gym and fitness studio with frequent group classes, bike storage facilities, and a massive pool. The Miami Herald reports that a portion of the units at the 400 Biscayne project …

September 13, 2019

Acquisitions Florida Multifamily Southeast

Joint Venture Sells High-Rise Apartment Tower in Downtown Tampa to Northwestern Mutual for $103.5M

by Alex Tostado September 13, 2019

TAMPA, FLA. — A joint venture between Forge Capital Partners and Intown/Framework Group has sold 500 Harbour Island, a 235-unit, 21-story multifamily tower in downtown Tampa. The high-rise property offers one- and two-bedroom floor plans averaging 1,087 square feet. Communal amenities include a two-story lobby with a concierge, outdoor deck with dining and grilling areas, dog run, heated swimming pool, cabana area, conference room and a fitness center. Northwestern Mutual acquired 500 Harbour Island and brought in ZRS Management to oversee the building. Matt Mitchell, Zach Nolan and Brett Moss of JLL represented the seller in the transaction.

September 13, 2019

Development Florida Multifamily Seniors Housing Southeast

Sonata Senior Living Plans to Develop $52M Seniors Housing Community Near Orlando

by Alex Tostado September 13, 2019

LAKE MARY, FLA. — Sonata Senior Living has announced plans to develop Sonata Lake Mary, a 193-unit seniors housing community in Lake Mary, approximately 15 miles north of Orlando. The four-story, 250,000-square-foot community will be located on a seven-acre site within Parkway Properties Inc.’s Lake Wellness & Technology Park mixed-use development. Sonata Lake Mary will feature 88 independent living, 92 assisted living and 13 memory care apartments. Sonata Senior Living expects to break ground in early 2020 for a planned 2021 opening. It will be the 12th community for the Orlando-based seniors housing developer and operator. Development costs were estimated at $52 million. The location of Sonata Lake Mary within the 153-acre, $750 million Lake Wellness & Technology Park will place the community in close proximity to a hospital, urgent care facility and medical pavilion. Orlando Health plans to start construction of a $470 million, 240-bed hospital in 2020, with plans for another 84,000 square feet of medical office space within walking distance to Sonata Lake Mary.

September 13, 2019

Acquisitions Florida Retail Southeast

JLL Negotiates $62.7M Sale of Shopping Center, Developable Land in Metro Tampa

by Alex Tostado September 13, 2019

WESLEY CHAPEL, FLA. — JLL has negotiated the $62.7 million sale of Grove at Wesley Chapel, a 471,279-square-foot shopping center that also includes 114 acres of developable land in Wesley Chapel. At the time of sale, tenants included Cost Plus World Market, Bed Bath & Beyond, Ulta Beauty, Dick’s Sporting Goods, T.J. Maxx, Ross Dress for Less, Old Navy, PetSmart, Best Buy, Dollar Tree, Michaels and Cobb Theatres. The property is located 23 miles north of downtown Tampa on 203.3 acres at the interchange of Interstate 75 and Wesley Chapel Road. Daniel Finkle, Luis Castillo and Eric Williams of JLL represented the seller, institutional clients managed by Barings, in the transaction. Mishorim-Gold Properties purchased the asset.

September 13, 2019

Acquisitions Maryland Retail Southeast

Finmarc Management Sells Trader Joe’s-Anchored Shopping Center in Rockville, Maryland for $52.3M

by Alex Tostado September 13, 2019

ROCKVILLE, MD. — Finmarc Management Inc. has sold Travilah Square, a 61,500-square-foot, Trader Joe’s-anchored shopping center in Rockville. Finmarc acquired the property in 2015 and renovated it to include new brick and steel exterior façades, as well as a new canopy, LED lighting and signage throughout the center. The company also demolished a former office building and freestanding Burger King and replaced it with a new structure that was subsequently leased by Trader Joe’s, which opened in September 2018. InvenTrust Properties Corp. acquired the property, which was originally built in 1988. Ryan Sciullo and Bill Kent of CBRE represented the seller in this transaction.

September 13, 2019

Acquisitions Alabama Industrial Self-Storage Southeast

Marcus & Millichap Arranges Sale of 447-Unit Self-Storage Facility in Southern Alabama

by Alex Tostado September 13, 2019

GULF SHORES, ALA. — Marcus & Millichap has arranged the sale of Gateway Storage, a 447-unit self-storage facility in Gulf Shores. The 47,925-square-foot property was delivered in April and sits on three acres. Gateway Storage is located at 21371 Coastal Gateway Blvd., 38 miles west of downtown Pensacola, Fla. Brett Hatcher, Gabriel Coe and Jonathan Fawley of Marcus & Millichap represented the buyer and seller, both undisclosed limited liability companies, in the transaction. The sales price was not disclosed.

September 13, 2019

Newer Posts

Older Posts