Southeast

Rainier Realty Buys 315,000 SF Power Retail Center in Central Florida

by Alex Tostado December 3, 2018

OLDSMAR, FLA. — Dallas-based Rainier Realty Investments LP has acquired Woodlands Square, a 315,000-square-foot power retail center in Oldsmar. The shopping center was 96 percent leased at the time of the sale to tenants such as Marshalls, PetSmart, Ulta Beauty, Dollar Tree, Beall’s, Earth Fare and AMC Theatres. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, RAM Realty Advisors, in the transaction. Dallas-based Metropolitan Capital Advisors provided acquisition financing on behalf of Rainier Realty. The sales price was undisclosed.

December 3, 2018

Acquisitions Georgia Industrial Southeast

Monmouth Real Estate Acquires FedEx-Leased Industrial Building in Savannah for $27.8M

by Alex Tostado December 3, 2018

SAVANNAH, GA. — Monmouth Real Estate Investment Corp. has acquired a new 126,520-square-foot industrial building in Savannah for $27.8 million. The building is part of Morgan Lakes Industrial Boulevard, a property that consists of three industrial buildings on about 29 acres. Freehold Township, N.J.-based Monmouth Real Estate’s newest acquisition is net-leased to Memphis-based FedEx for 10 years. The seller was undisclosed.

December 3, 2018

Industrial Kentucky Market Reports Southeast Southeast Market Reports

Steady Demand, Available Labor Prepare Louisville’s Industrial Market for Success

by John Nelson December 2, 2018

Strong market performance has allowed the Louisville industrial market to recently post the highest quarter of positive net absorption in market history during the second quarter of 2018, which occurred on the heels of the second-highest quarter of positive net absorption recorded just one quarter earlier. This outcome has been the result of recent build-to-suit projects, the availability of quality product and growing demand by new and prospective tenants in the Louisville market. Beyond healthy supply and demand fundamentals, Louisville is achieving great balance with access to available labor along with low utility costs. Tenant Demand Picks Up There are currently over 20 active prospects considering 200,000 square feet or larger in the metro Louisville market. Much of this demand is attributed to the high level of activity at the two local Ford Motor Co. plants, as well as the proximity of the UPS Worldport, the 5.2 million-square-foot-core of UPS’s global air network located in the heart of metro Louisville. Along with the natural interest from companies in the automotive supply chain and e-commerce companies benefiting from the proximity to UPS, we have recently seen an increase in pharmaceutical and food-related companies considering Louisville for a location. Strong Labor Force …

December 2, 2018

Acquisitions District of Columbia Hospitality Southeast

Xenia Hotels Sells Hilton Garden Inn in Downtown D.C. for $128M

by Alex Tostado November 30, 2018

WASHINGTON, D.C. — Xenia Hotels & Resorts has sold Hilton Garden Inn Washington DC Downtown for $128 million to an undisclosed buyer. Hilton Garden Inn is a 300-room hotel that features a business center, fitness center, pool, baggage storage and room service. The hotel is located on 14th Street, about three blocks from the White House and five blocks from Washington Convention Center and Capital One Arena.

November 30, 2018

Development Georgia Industrial Southeast

Wayfair to Open 1.1 MSF Industrial Facility in Savannah

by Alex Tostado November 30, 2018

SAVANNAH, GA. — Boston-based Wayfair will open a new 1.1 million-square-foot facility in Savannah, creating 1,000 jobs. New jobs will include supervisory, administrative and warehouse positions. The company and the undisclosed landlord plan to invest about $45 million in the site over the next five years. Wayfair, founded in 2002, is an e-commerce company that sells more than 10 million home goods items. This is Wayfair’s second Georgia location, joining a warehouse and distribution center in McDonough, located about 32 miles south of downtown Atlanta. Wayfair’s new facility will be situated within Savannah River International Trade Park, according to Savannah Morning News. The park is already home to distribution centers for IKEA and Target.

November 30, 2018

Acquisitions Georgia Multifamily Southeast

Aspen Square Management Sells Multifamily Community in Atlanta for $31.3M

by Alex Tostado November 30, 2018

ATLANTA — Massachusetts-based Aspen Square Management has sold West Eleven Apartments in southwest Atlanta to an undisclosed buyer for $31.3 million. The 224-unit apartment community is located about 15 miles from downtown Atlanta and features one-, two- and three-bedroom floor plans. Amenities include a business center, pool, tennis court, fitness center, playground and a courtyard. Paul Vetter, Andrew Mays, Russ Hardy, Judy MacManus and Matthew White of Berkadia represented the seller in the transaction.

November 30, 2018

Development Florida Industrial Office Southeast

Miller Construction Delivers Office, Manufacturing Facility for CGI Windows and Doors in South Florida

by Alex Tostado November 30, 2018

HIALEAH, FLA. — Miller Construction has delivered CGI Doors and Windows’ office and manufacturing facility in Hialeah’s Countyline Corporate Park. CGI Windows and Doors moved into the new 325,000-square-foot building at 3780 W. 104th St. from a smaller location in nearby Miami. Flagler Global Logistics was the developer and Ware Malcomb designed the facility. Ware Malcomb offers integrated design services including architecture, planning, interior design, civil engineering and branding to diverse clients in both the private and public sectors.

November 30, 2018

Florida Hospitality Loans Southeast

Thorofare Capital Provides $17M Loan to Refinance Historic Hotel in Downtown Miami

by Alex Tostado November 30, 2018

MIAMI — Thorofare Capital has provided a $17 million loan to Langford Partners LLC to help stabilize The Langford Hotel, a building constructed in 1926 and added to the National Register of Historic Places in 1989. It was originally a bank and has housed several banks, an insurance company and other commercial entities over the years. Langford Partners, an affiliate of Stambul USA, purchased the building in 2013, and in 2016, opened it as a 126-room boutique hotel. Thorofare provided the sponsor with a two-year, interest-only bridge loan to refinance an existing construction loan, and repatriate preferred equity through an “earn-out” facility based on hotel performance. Neil Freeman and Brandon Perdeck of Chicago-based Aries Capital LLC arranged the financing.

November 30, 2018

Development Georgia Mixed-Use Southeast Top Stories

GID, North American Properties to Develop 8 MSF Mixed-Use Project in Atlanta

by Kristin Harlow November 30, 2018

ATLANTA — GID and North American Properties (NAP) have formed a joint venture to develop High Street Atlanta, an 8 million-square-foot mixed-use project in Atlanta’s Dunwoody neighborhood. At full buildout, the development will include approximately 1,500 apartment units, 1,500 condominiums, 400 hotel rooms, 400,000 square feet of retail space and 400,000 square feet of office space. The transit-oriented project will encompass 10 city blocks with open spaces for events. “By investing in the space between the buildings, the street-level gathering places where community and social collisions happen organically, we create a fundamentally different shopping experience than e-commerce,” says Mark Toro, managing partner of NAP. GID will serve as master developer, while NAP will lead retail leasing, marketing, community engagement and retail property management. Construction on the project’s first phase is expected to begin in late 2019. GID is a privately held and fully integrated real estate organization that develops, owns and operates a portfolio of properties valued at more than $15 billion. Cincinnati-based NAP is a privately held real estate operating and development company that has acquired, developed and managed more than $7 billion of properties nationwide. In Atlanta, NAP developed the $1 billion Avalon in Alpharetta and is currently underway …

November 30, 2018

Development Georgia Industrial Southeast

Southeast Toyota Distributors to Build $90M Plant in Northeast Georgia

by Alex Tostado November 29, 2018

COMMERCE, GA. — Southeast Toyota Distributors will break ground on a $90 million, 350,000-square-foot plant in Commerce on Dec. 11. The new facility will be situated across Ga. Highway 334 from the distributor’s current plant, which employs 236 full-time associates. The new plant will feature amenities for workers, such as a health and wellness center, nature trail, fitness center, meeting area and an expanded café. The company distributes vehicles, parts and accessories to 177 Toyota dealerships in Alabama, Florida, Georgia, North Carolina and South Carolina. The new facility will include six rail spurs capable of accommodating 90 rail cars at once. The campus is expected to be complete in April 2020.

November 29, 2018

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