Southeast

Lee & Associates Opens Its First Office in North Carolina

by Alex Tostado November 26, 2018

RALEIGH, N.C. — Lee & Associates, one of the largest broker-owned commercial real estate firms in North America, has opened its first office in North Carolina. Moss Withers and Karah Jennings will head the new Lee & Associates office in Raleigh-Durham. Lee & Associates was founded in 1979 and has offices in the U.S. and Canada. The Raleigh-Durham office joins locations in Miami; Seattle; Pasadena, Calif.; Walnut Creek, Calif.; Minneapolis; Vancouver; eastern Pennsylvania; Columbus, Ohio; Cincinnati; Cleveland; and Houston as the most recent openings. Withers and Jennings are both joining Lee & Associates from NAI Carolantic.

November 26, 2018

Acquisitions Maryland Southeast Student Housing Top Stories

Greystar, Rockpoint Group Sell Student Housing Community Near University of Maryland for $235M

by John Nelson November 26, 2018

COLLEGE PARK, MD. — Joint venture partners Greystar Real Estate Partners LLC and Rockpoint Group have sold University View, a 1,573-bed student housing community located adjacent to the University of Maryland in College Park. The $235 million sale marks the largest single-asset student housing trade in U.S. history, according to Greystar. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE National Student Housing, along with William Roohan and Michael Muldowney of CBRE’s Washington, D.C., office, represented Greystar and Rockpoint in the sale. The buyer was undisclosed. Charleston, S.C.-based apartment management and investment firm Greystar and Boston-based real estate private equity firm Rockpoint Group purchased University View in 2016 and have since upgraded the interiors of all 507 units, as well as the property’s common areas. “The acquisition, investment in and sale of University View exemplify the power of Greystar’s value-add strategy,” says Kevin Kaberna, executive director and leader of Greystar’s U.S. Investment platform. “We were able to perform considerable interior upgrades while maintaining affordable rents for students.” University View is connected to the University of Maryland via a pedestrian bridge crossing Paint Branch, a 14-mile tributary of the Northeast Branch that flows to the Anacostia River. The property also features …

November 26, 2018

Hospitality Kentucky Market Reports Southeast Southeast Market Reports

Make it a Double: Entertainment, Hospitality Firms Invest Heavily in Louisville

by John Nelson November 26, 2018

The face of Louisville is changing rapidly, but it has leveraged what the state of Kentucky is historically known for best, bourbon. Louisville is a short drive from most of the legendary distilleries in the Commonwealth. However, the downtown Urban Bourbon Trail is booming with tourism and many brands actually distilling their spirits onsite. Jim Beam’s Urban Stillhouse, the Evan Williams Bourbon Experience, Copper & Kings, Angel’s Envy Distillery and Rabbit Hole Distillery are locations where patrons can sample and buy their drink of choice and learn about the history of these companies and the evolution of the industry as a whole. Most recently in June, Brown-Forman Corp. opened its Old Forester Distilling Co. experience at the newly restored Whiskey Row on Main Street. The company is not only distilling and sharing its history at the site, but like others on the Urban Bourbon Trail there are areas to host receptions and parties. Duluth Trading opened next door on Whiskey Row late last year to begin to fill a growing need for retail space downtown. Convention Center, Hotels After two years being closed, earlier this month Louisville celebrated the reopening of the $207 million renovation and reconstruction of the Kentucky …

November 26, 2018

Acquisitions North Carolina Office Southeast

Bahrain Sovereign Wealth Fund, Sentinel Buy Office Campus in Charlotte

by Alex Tostado November 21, 2018

CHARLOTTE, N.C. — Bahrain Mumtalakat Holding Co. (Mumtalakat), the sovereign wealth fund of the Kingdom of Bahrain, in partnership with Sentinel Real Estate Investment Corp., has acquired two office buildings in Charlotte for $136.8 million, according to Triad Business Journal. The seller was undisclosed. The 421,863-square-foot property is fully occupied by The Lash Group, a pharmaceutical and healthcare service provider. This is the second purchase Mumtalakat has made in the U.S. this year. In February, also with Sentinel, Mumtalakat acquired Lenovo’s Raleigh-Durham campus.

November 21, 2018

Development Georgia Industrial Southeast

Toyo Tire North America to Invest $138M in North Georgia Plant

by Alex Tostado November 21, 2018

CARTERSVILLE, GA. — Georgia Gov. Nathan Deal announced that Toyo Tire North America Manufacturing Inc. will invest $138 million to complete a two-phase expansion at its campus in Cartersville. Upon completion of the new 254,000-square-foot facility, manufacturer’s campus will house 2,100 employees. The new positions will include production, support and administration with an annual production capacity of 2.4 million passenger vehicle tires. In 2016, Toyo Tire North America Manufacturing Inc. became the Toyo Tire Group’s largest manufacturing operation with an annual production capacity of 11.5 million tires. Toyo Tire began operations in Cartersville in 2006.

November 21, 2018

Florida Leasing Activity Mixed-Use Southeast

Stiles, Shorenstein Sign GreenWise at Mixed-Use Project in Downtown Fort Lauderdale

by Alex Tostado November 21, 2018

FORT LAUDERDALE, FLA. — Joint venture partners Fort Lauderdale-based Stiles and San Francisco-based Shorenstein Properties LLC have signed Publix Super Markets to a lease for its GreenWise Market brand at The Main Las Olas in downtown Fort Lauderdale. GreenWise Market is a specialty, natural and organic store featuring a variety of house-prepared meals and grab-and-go items. The Main Las Olas is under construction and will include a 25-story office building, 341-unit residential tower and ground-floor retail spanning a city block. GreenWise Market will occupy 28,000 square feet of ground-floor retail space. The Main Las Olas is slated to be completed in fall 2020.

November 21, 2018

Acquisitions Florida Retail Southeast

Collett Capital, Long Wharf Capital Acquire Orlando Shopping Center for $26.2M

by Alex Tostado November 21, 2018

ORLANDO, FLA. — Collett Capital and Long Wharf Capital have acquired a 186,000-square-foot shopping center in Orlando for $26.2 million. International Drive Value Center is located six miles from downtown Orlando, about nine miles northeast of Walt Disney World and less than one mile southeast of Universal Studios. The shopping center was 95 percent leased at the time of the sale to tenants such as Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx, dd’s DISCOUNT, Five Below and Dollar Tree. Brad Peterson, Whitaker Leonhardt and Michael Brewster of HFF represented the seller, Retail Value Inc. Travis Anderson, Cory Fowler and Rebcca Van Reken, also of HFF, placed $18.9 million in acquisition financing for the buyers.

November 21, 2018

Industrial Leasing Activity South Carolina Southeast

GSP North America Leases 115,764 SF of Industrial Space in Upstate South Carolina

by Alex Tostado November 21, 2018

SPARTANBURG, S.C. — GSP North America Co. Inc. has leased 115,764 square feet of industrial space in Spartanburg, located at 2725 New Cut Road, about 29 miles northeast of BMW’s American headquarters. GSP specializes in distributing and providing auto parts. Brian Young, Elliott Fayssoux and Kacie Jackson of Cushman & Wakefield | Thalhimer represented the landlord, Becknell Industrial, in the transaction. Brockton Hall, Garrett Scott and John Montgomery of Colliers International represented the tenant.

November 21, 2018

Development Indiana Kentucky Midwest Office Southeast Top Stories

Hollenbach-Oakley to Develop 600-Acre Office Campus Near Louisville

by David Cohen November 21, 2018

JEFFERSONVILLE, IND. — Commercial real estate developer Hollenbach-Oakley LLC has unveiled plans for a 600-acre office campus at the River Ridge Commerce Center in Jeffersonville, located just across the Ohio River from Louisville, Ky. The project will be completed in two phases, the first 300 acres being developed as the River Ridge Gateway Office Campus. The remaining 300 acres will be developed as the River Ridge Research Campus. The River Ridge Development Authority recently approved the master development agreement. “This is a real game-changer for River Ridge,” says Jerry Acy, executive director of the River Ridge Development Authority. “To date, most of the development at the center has been logistics, manufacturing and warehousing jobs. We love the firms that are here, but the office and research park will be the perfect complement and draw a different type of employer to River Ridge.” The office campus will remain part of River Ridge Commerce Center and the River Ridge Development Authority will continue to develop significant infrastructure, such as roads, sidewalks and gutters. Hollenbach-Oakley will develop the office buildings and handle the sales and leasing efforts, as well as maintaining the campus infrastructure. Of the 6,000 acres in the River Ridge Commerce …

November 21, 2018

Acquisitions Florida Retail Southeast

PEBB Enterprises, Pebb Capital Sell Shopping Center in South Florida to MetLife for $74M

by Alex Tostado November 20, 2018

WELLINGTON, FLA. — PEBB Enterprises and Pebb Capital have sold the Shoppes at Isla Verde, a 207,030-square-foot shopping center in South Florida’s Palm Beach County, to MetLife Investment Management for approximately $74 million. The Shoppes is situated on a 22-acre, four-parcel land assemblage in Wellington, a village in central Palm Beach County. Completed by PEBB Enterprises in 2008, the center was 94.2 percent occupied at the time of the sale to several national retailers, including CVS/pharmacy, Best Buy, Old Navy, Petco, Panda Express, Chipotle Mexican Grill and Ulta Beauty. PEBB Enterprises announced in July that Sprouts Farmers Market will also join the tenant roster. PEBB Enterprises, founded in 1972, is a family-owned and operated real estate investment company based in Boca Raton, Fla. Pebb Capital spun off of PEBB Enterprises in 2014. Daniel Finkle, Luis Castillo and Eric Williams of HFF represented the sellers in the transaction.

November 20, 2018

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