Southeast

E-Commerce Firms, 3PLs Looking for Last Mile Facilities in Nashville Market

by Alex Tostado April 22, 2019

The industrial real estate sector is currently undergoing one of the greatest expansionary periods in the nation’s history. Record development, all-time high occupancy and rental rates and strong leasing activity have been a boon to the U.S. industrial market in the last two years. In addition to these fundamental elements that make up a strong sector, there has been a demand driver that has transformed the industrial market more now than ever: e-commerce. Amazon is now the largest industrial occupier post-recession, which is forcing retailers and wholesalers to modernize their supply chain to keep up. E-commerce is not a new phenomenon, but it is becoming increasingly competitive, and is expected to grow another 55 percent in the next four years, according to Colliers International research. E-commerce has reshaped the way people purchase goods, resulting in new increased requirements on the transportation of products. As such, organizations are needing to reevaluate their supply chain strategies and transportation costs, and demand for smaller fulfillment centers closer to the urban population is exploding. This challenge around the “last-mile delivery” is altering the distribution and logistics sectors. IMS Worldwide defines the last mile as the “last point of distribution or sortation to the final …

April 22, 2019

Development Georgia Industrial Southeast

Chick-fil-A to Build First Company-Owned Distribution Center, Create 300 Jobs in North Georgia

by Alex Tostado April 19, 2019

CARTERSVILLE, GA. — Chick-fil-A will build its first company-owned distribution center in Cartersville, a project that will create about 300 jobs. The distribution center will open this summer as a pilot facility, serving as a learning lab while the full-scale center is being built. When the full-scale center is delivered at its expected date of summer 2020, it will serve 300 Chick-fil-A restaurants. The property will also house 300 employees with jobs including drivers, warehouse team members, leadership team members and administrative staff. Multiple media outlets report that Chick-fil-A D2 Services LLC paid $3.7 million for a 50-acre site near Cartersville Business Park, which is located about 45 miles north of downtown Atlanta.

April 19, 2019

Acquisitions Multifamily Southeast Tennessee

Cushman & Wakefield Negotiates Sale of 655-Unit Multifamily Portfolio in Tennessee

by Alex Tostado April 19, 2019

JACKSON, TENN. — Cushman & Wakefield has negotiated the sale of a five-property, 655-unit multifamily Portfolio in Jackson. McDowell Properties sold the portfolio to Monarch Investment & Management Group. The properties are: Post House North, a 145-unit complex located at 26 Revere Circle; Woods of Post House, a 122-unit community located at 39 Thistlewood Drive; Post House Jackson, a 150-unit property located at 26 Rachel Drive; The Oaks, a 100-unit asset located at 842 North Parkway; and Bradford Chase, a 148-unit complex located at 24 Williamsburg Village. McDowell Properties has invested over $3 million in capital improvements at the properties since 2015, including clubhouse renovations, fitness center upgrades, interior upgrades and new exterior paint, gutters, roofs and signage. Robbie O’Bryan, Jimmy Adams and Brad Boston of Cushman & Wakefield represented the seller in the transaction. The sales price was not disclosed.

April 19, 2019

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges Sale, Financing of 284-Unit Apartment Complex in Metro Atlanta

by Alex Tostado April 19, 2019

STONE MOUNTAIN, GA. — Berkadia has arranged the $21.9 million sale of The Residences at Mountain Lake, a 284-unit apartment community in Stone Mountain, about 20 miles east of downtown Atlanta. The garden-style complex offers one-, two- and three-bedroom floor plans and communal amenities such as a picnic area, clubhouse and a playground. The buyer, California-based Praxis Capital Inc., plans to add a fitness center and clubroom, as well as upgrade unit interiors. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia’s Atlanta office represented Praxis Capital as well as the seller, Texas-based Napali Capital LLC. Jackson Cloak of Berkadia’s Irvine, Calif. office arranged a $20.2 million acquisition loan through Bancorp Bank on behalf of the buyer. The adjustable bridge loan features a 5.6 percent interest rate and an 80 percent loan-to-cost structure.

April 19, 2019

Acquisitions Development Florida Mixed-Use Southeast

Joint Venture Acquires 11.3 Acres in Miami to Develop $36M Mixed-Use Project

by Alex Tostado April 19, 2019

MIAMI — A joint venture between ZOM Living, Scout Capital Partners and Mattoni Group has acquired 11.3 acres of Ludlam Trail in Miami. The developers will transform the unused train tracks into a six-mile, 100-foot wide trail that connects Miami International Airport and Dadeland Station, a three-story, 330,000-square-foot retail shopping center anchored by Target, Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, Michaels and PetSmart. The yet-to-be-named project will feature 950 rental units and 35,000 square feet of retail space. Construction on the first of three phases is expected to begin in the fourth quarter of 2019. The joint venture bought the land from Florida East Coast Industries. The design team includes San Antonio-based Lake Flato as the design architect and Miami-based MSA as the architect.

April 19, 2019

Acquisitions Florida Retail Southeast

Highline, M Street Holdings Purchase Shopping Center in Orlando for $12.3M

by Alex Tostado April 19, 2019

ORLANDO, FLA. — A partnership between Highline Real Estate Capital and M Street Holdings has acquired Century Plaza, a 132,725-square-foot retail center in Orlando, for $12.3 million. The center was fully leased at the time of the sale to tenants including ALDI, Ross Dress for Less, dd’s DISCOUNTS, Big Lots, Shoe Land, Spectrum, Sprint, GameStop and Amscot. The asset was built in 1973, renovated in 2008 and sits on 13.5 acres. Anthony Blanco of TSCG (formerly The Shopping Center Group) represented the seller, a private global institutional investment firm, in the transaction.

April 19, 2019

Development Florida Hospitality Southeast

Bromley, Concord Hospitality Partner to Build Dual-Branded Hotel Within Midtown Tampa Development

by Alex Tostado April 18, 2019

TAMPA, FLA. — Bromley Cos. has partnered with Concord Hospitality to build the dual-branded Aloft and Element hotel within the $500 million Midtown Tampa development. The seven-story Marriott hotel will share 226 rooms, a rooftop terrace and swimming pool. Additionally, the hotel will feature meeting space on the seventh floor, a 1,000-square-foot fitness center and 24,000 square feet of street-level retail space. The joint venture plans to break ground this summer with anticipated completion slated for 2021. The Bromley Cos. and Concord Hospitality are teaming with Casto Southeast Realty Services, Jeffrey Anderson Real Estate Co. and Crescent Communities to develop Midtown Tampa, a 1.8 million-square-foot mixed-use project that will feature office, hotel, residential and retail space, including a new Whole Foods Market, True Food Kitchen and REI.

April 18, 2019

Development Florida Multifamily Southeast Student Housing

Campus Advantage, Stark Enterprises Break Ground on 618-Bed Student Housing Complex Near University of Florida

by Alex Tostado April 18, 2019

GAINESVILLE, FLA. — A joint venture between Campus Advantage and Stark Enterprises has broken ground on Liv+ Gainesville, a 618-bed student housing community located near the University of Florida. The 279,075-square-foot property will offer a range of floor plans, from studios to six-bedroom units with bed-to-bath parity. Shared amenities will include a fitness wing with a cardio room, free weight room and boxing equipment; a mini market with fresh snack and drink offerings; a coffee bar; study rooms on each floor; a pool and courtyard; and a dog park. The community is scheduled for completion in fall 2020 and will be managed by Campus Advantage.

April 18, 2019

Acquisitions Georgia Multifamily Southeast

Hudson Properties Sells Apartment Complex in Metro Atlanta for $43M

by Alex Tostado April 18, 2019

SANDY SPRINGS, GA. — Hudson Properties has sold The Preserve at Dunwoody, a garden-style apartment complex in Sandy Springs. The property is situated near the Chattahoochee River and Chattahoochee Nature Preserve, 20 miles north of downtown Atlanta. The Preserve at Dunwoody was built in 1984 and offers one- and two-bedroom floor plans. Community amenities include two swimming pools with sundecks, internet café, tennis court, fitness center, private lake, clubhouse and a health club. Kevin Geiger of CBRE represented the buyer, Magnolia Capital, in the transaction.

April 18, 2019

Acquisitions Alabama Retail Southeast

Big V Property Group Acquires Shopping Center in Huntsville for $35.9M

by Alex Tostado April 18, 2019

HUNTSVILLE, ALA. — Big V Property Group has acquired Westside Centre, a 655,638-square-foot shopping center in Huntsville, for $35.9 million. The property was 74 percent leased at the time of the sale to tenants including Big Lots, Stein Mart, Tuesday Morning, PetSmart, Ross Dress for Less, Shoe Carnival and Party City. Super Target shadow anchors the center. Westside Centre is situated at 6275 University Drive NW, adjacent to the 4,000-acre Cummings Research Park and six miles west of downtown Huntsville. The seller was not disclosed.

April 18, 2019

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