Southeast

Whole Foods Market to Anchor $350M Mixed-Use Development in Metro Baltimore

by Alex Tostado April 30, 2019

TOWSON, MD. — Developers Greenberg Gibbons and Caves Valley Partners have signed Whole Foods Market to anchor the retail component of Towson Row, a $350 million mixed-use development in downtown Towson. Whole Foods will occupy 45,000 square feet and include a 6,200-square-foot mezzanine and outdoor dining terrace. Construction on the store is expected to begin this winter and take 18 months to complete. Amenities will include a two-story parking deck and covered walkways leading to the store. Towson Row is currently under construction on a five-acre site, 10 miles north of downtown Baltimore. The 1.2 million-square-foot development will include over 75,000 square feet of retail/restaurant space, 150,000 square feet of Class A office space, 300 student housing units, 200 luxury high-rise residential units and a 220-room hotel.

April 30, 2019

Development Retail South Carolina Southeast

Topgolf Opens 50th U.S. Venue in Greenville

by Alex Tostado April 30, 2019

GREENVILLE, S.C. — Topgolf has opened its 50th venue in the United States this past Friday in Greenville. The three-tier, 55,000-square-foot driving range and bar is located at 201 Clifton Court, 10 miles from downtown Greenville and directly off Interstate 85. The new Topgolf features a chef-driven menu, top-shelf drinks, big screen TVs, flexible private event spaces and music in climate-controlled hitting bays. More than 350 full- and part-time employees were hired in advance of the opening. The new Topgolf will host a summer academy for children ages 6 through 12 as well as events like College Night for local college students.

April 30, 2019

Industrial Leasing Activity South Carolina Southeast

Liberty Property Trust Signs Two Tenants to Industrial Leases in Upstate South Carolina

by Alex Tostado April 30, 2019

DUNCAN, S.C. — Liberty Property Trust (LPT) has signed Rochling Automotive USA and XPO Logistics to industrial leases at Hillside Industrial Park in Duncan. Hillside Industrial Park is situated near U.S. Highway 290, less than a mile from the Interstate 85 interchange. Rochling Automotive has renewed its 124,800-square-foot, full-building lease at 265 East Parkway. The German-based automotive company designs and engineers components and system solutions in the fields of aerodynamics, propulsion and new mobility for automotive manufacturers globally. Bobby Lyons of Lyons Industrial represented the tenant in the lease transaction. Bryan Blythe represented LPT internally. The industrial REIT also signed XPO Logistics to a 32,000-square-foot lease at 170 Parkway West. Russell Perry and Russell Perry Jr. of R.E. Perry Co. represented XPO Logistics in the lease transaction. Brian Young, Elliott Fayssoux and Kacie Jackson of Cushman & Wakefield | Thalhimer represented LPT.

April 30, 2019

Acquisitions Kentucky Multifamily Southeast

Cushman & Wakefield Arranges $31M Sale of Apartment Community in Lexington

by Alex Tostado April 30, 2019

LEXINGTON, KY. — Cushman & Wakefield has arranged the $31 million sale of The Fountains at Andover, a 318-unit apartment community in Lexington. The Wilkinson Group acquired the property, rebranded it as Reserve at Hamburg and plans to upgrade individual units. Amenities include a car care center, fitness center, sports court, swimming pool, tennis court and two lakes with fountains. Mike Kemether and Craig Collins of Cushman & Wakefield represented the undisclosed seller in the transaction.

April 30, 2019

Development Florida Mixed-Use Southeast

Coral Rock, Arena Capital Break Ground on Nine-Acre Mixed-Use Project in South Florida

by John Nelson April 29, 2019

HIALEAH, FLA. — Coral Rock Development Group and Arena Capital Holdings have broken ground on Pura Vida Hialeah, a nine-acre mixed-use project in the Miami suburb of Hialeah. The Miami-based co-developers plan to deliver the project in 2020. Situated at the corner of West 16th Avenue and West 29th Street, Pura Vida will comprise three eight-story residential towers and three outparcel retailers spanning roughly 40,000 square feet. The outparcel retailers will include a Wawa gas station and convenience store, a two-story YouFit Health Club and a Taco Bell restaurant. Residences at Pura Vida Hialeah will feature studio, one-, two- and three-bedroom apartments ranging from 538 square feet to 1,099 square feet. Amenities will include a resort-style pool, gym, barbecue area, dog park, and 24-hour security staff. The residential towers will also feature approximately 11,000 square feet of retail space, including a Dollar Tree store.

April 29, 2019

Development Georgia Mixed-Use Southeast

NAP Begins Vertical Construction at Colony Square in Midtown Atlanta, Announces May Openings

by John Nelson April 29, 2019

ATLANTA — North American Properties (NAP) has begun vertical construction on the redevelopment of Colony Square, a massive mixed-use campus in Midtown Atlanta. The two components going vertical include the Main & Main food hall operated by Oz Rey and the new IPIC movie theater. In May, NAP plans to open a new 10,000-square-foot urban park named The Grove and a new Starbucks in Building 100. Reopenings at Colony Square in May include a Chick-fil-A, the bike house C-Cycle for Colony Square’s office tenants, the lobby of Building 400 and Establishment, which will debut its patio and outdoor bar this summer. Opening later this year is sushi restaurant Sukoshi, and NAP has commissioned an all-female team to paint a mural titled “Moon Goddess” that front Peachtree Street. Colony Square at full buildout will include 912,000 square feet of Class A office space, 160,000 square feet of retail and restaurants, a 466-room W hotel, outdoor space and 262 luxury residences. NAP is planning for Colony Square’s grand opening in May 2020. Colony Square’s project team includes office leasing firm Cushman & Wakefield, architect of record Lord Aeck Sargent, lead design firm Beyer Blinder Belle, landscape architect Site Solutions, general contractor Hoar …

April 29, 2019

Acquisitions Florida Georgia Retail Southeast

Sembler, Forge Acquire Two Publix-Anchored Shopping Centers in Florida, Georgia

by John Nelson April 29, 2019

NAPLES, FLA. AND KENNESAW, GA. — The Sembler Co. and Forge Capital Partners have purchased a pair of Publix-anchored shopping centers in Naples, Fla., and Kennesaw, Ga. The companies purchased the centers for an undisclosed price via their Forge Real Estate Partners IV (FREP) investment fund. The properties include the 59,893-square-foot Naples Lake Village Center and the 68,744-square-foot Kennesaw Walk. Sembler will serve as the property manager and leasing agent for both properties. Including these properties, Sembler and Forge have acquired 14 shopping centers in the Southeast and Texas using their FREP investment vehicles.

April 29, 2019

Acquisitions Florida Retail Southeast

SRS Brokers $6.3M Sale of Shopping Center in Metro Orlando

by John Nelson April 29, 2019

LONGWOOD, FLA. — SRS Real Estate Partners has arranged the $6.3 million sale of Shoppes at Village Square, a 61,200-square-foot shopping center located at 851 E. State Road 434 in Longwood, about 14 miles north of downtown Orlando. The center was 88 percent leased at the time of sale to tenants such as O’Reilly Auto Parts, Sherwin-Williams and CrossFit Evolution. Kevin Yaryan of SRS’ Investment Properties Group in Orlando represented the seller, Harvest Holdings LLC, in the transaction. Trey Gravenstein of First Capital Property Group represented the buyer, Shoppes at Village Square LLC.

April 29, 2019

Alabama Leasing Activity Retail Southeast

GBT Realty Signs HomeGoods, Shoe Station at Tuscaloosa Shopping Center

by John Nelson April 29, 2019

TUSCALOOSA, ALA. — GBT Realty has signed HomeGoods and Shoe Station to lease space at McFarland Plaza, a 234,000-square-foot retail power center located at 2600 McFarland Blvd. in Tuscaloosa, about one mile south of the University of Alabama. HomeGoods will backfill a former Toys ‘R’ Us store spanning 23,000 square feet, and Shoe Station will lease 11,900 square feet. The center was 97 percent leased at the time of sale to tenants such as Ross Dress for Less, T.J. Maxx, Stein Mart, Cato Fashions, Michaels and Pet Supplies Plus. GBT Realty’s leasing team is currently seeking quick-service restaurants, financial services, medical/dental chains and other service providers to fill McFarland Plaza’s remaining small shop space.

April 29, 2019

Market Reports Multifamily Southeast Southeast Market Reports Virginia

Hampton Roads Apartments a Gold Mine for Yield-Seeking Investors

by Alex Tostado April 29, 2019

Seeking higher yield, private capital multifamily investors are increasingly looking to the Norfolk-Virginia Beach-Chesapeake MSA. This region of seven cities and a population of more than 1.7 million people is known collectively as Hampton Roads. Strong fundamentals, a youthful population and an expanding economy offer more promising returns than most surrounding MSAs. Compressing cap rates Over the last 12 months, cap rates compressed nationwide. In Hampton Roads, Class A cap rates ranged between 5.25 and 5.50 percent. There is very little spread between Class A and going-in cap rates for well located, true value-add deals. Notable recent sales include the Waypoint Portfolio in Newport News, Trail Creek in Hampton and Brookfield and Woodshire in Virginia Beach. Collectively, cap rates for these transactions ranged from 5.50 to 5.75 percent. Transaction volume in 2018 exceeded $665 million. With deals in the MSA now trading as high as $70 million a piece, more private equity groups nationwide are seeking to invest in the market. Strong fundamentals Fundamentals in Hampton Roads continue to improve with steady year-over-year rent growth and occupancy near 95 percent. With numerous MSAs battling oversupply and concessionary pressures, Hampton Roads apartment owners benefit from a more modest development pipeline. CoStar …

April 29, 2019

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