Southeast

Marcus & Millichap Arranges $16.8M Sale of Office Building in Lexington

by Alex Tostado March 1, 2019

LEXINGTON, KY. — Marcus & Millichap has arranged the $16.8 million sale of a 152,000-square-foot office building in Lexington. The building was constructed in 2009 at 1648 McGrathiana Parkway on the University of Kentucky’s 735-acre Coldstream Research Campus. The asset was 90 percent leased at the time of the sale to tenants such as The American Family Board of Medicine, the University of Kentucky, FBI, the Secret Service, Komatsu Mining and A&W Restaurants. Chris Vitori and James McHale of Marcus & Millichap represented the seller, Starwood Capital Group, in the transaction. The buyer was a private family investment office.

March 1, 2019

Civic Development Florida Southeast

Skanska USA, HOK Complete $154M Expansion, Renovation of Tampa International Airport’s Main Terminal

by Alex Tostado February 28, 2019

TAMPA, FLA. — Construction and development firm Skanska USA and design firm HOK have delivered the $154 million expansion and renovation of Tampa International Airport’s main terminal. The project includes improved sight lines across the terminal floor, additional seating areas and four outdoor terraces accessible to passengers and employees. The project added 98,000 square feet of usable space and 69 concessions spaces. The work also included the installation of 32 new escalators and renovation of all 24 public elevators in the main terminal. Additionally, privacy glass was installed in restaurant and event spaces to allow for more natural light. Construction began in 2014 and is the first of a three-phase renovation. At full build-out, Tampa International Airport expects to accommodate more than 34 million passengers annually, up from 21 million in 2018.

February 28, 2019

Development Industrial Kentucky Southeast

GE Aviation Expanding Footprint in Metro Cincinnati with New 68,000 SF Facility Near CVG Airport

by Alex Tostado February 28, 2019

FLORENCE, KY. — GE Aviation is expanding its footprint in northern Kentucky with a planned 68,000-square-foot facility near the Cincinnati/Northern Kentucky International Airport (CVG). The new facility in Florence, which is situated just south of the airport and about 11 miles southwest of downtown Cincinnati, will provide engine repair services. VanTrust Real Estate and Paul Hemmer Co. are developing the center, which is more than twice the size of GE’s current facility in nearby Hebron, Ky. The company is expecting to move to the new site at the end of this summer.

February 28, 2019

Acquisitions Georgia Multifamily Southeast

PointOne Holdings Sells Apartment Complex in Metro Atlanta for $44.9M

by Alex Tostado February 28, 2019

LITHIA SPRINGS, GA. — PointOne Holdings LLC has sold Crestmark Apartments, a 334-unit apartment complex in Lithia Springs, for $44.9 million. The asset is situated about 14 miles west of downtown Atlanta. The community offers one-, two- and three-bedroom floor plans with amenities including a business center, car wash area, jogging trails, two tennis courts, swimming pool and a spa with a hot tub. During its ownership, PointOne Holdings increased the property’s occupancy from 93 percent to 98 percent, according to PointOne’s Ben Colonomos. Chad DeFoor, now with Franklin Street but previously with ARA Newmark, marketed and brokered the sale of Crestmark Apartments. The buyer was not disclosed.

February 28, 2019

Acquisitions Florida Industrial Southeast

Bridge Development Acquires Industrial Warehouse in South Florida for $38M

by Alex Tostado February 28, 2019

MIRAMAR, FLA. — Bridge Development Partners has acquired a 304,428-square-foot industrial warehouse situated at 15501 SW 29th St. in Miramar. Sherm Realty Corp. sold the facility for $38 million, according to public records. Bridge plans to significantly renovate the property and rebrand it as Bridge Point Miramar. Details of the renovation and a timeline were not disclosed. Located about 26 miles north of Miami, Bridge Point Miramar sits on a 20-acre lot within Miramar Centre Business Park, a more than 1.1 million-square-foot master planned park that is home to tenants including Comcast, Bunzl, Stanley Black & Decker, Johnson Controls and Nestle Waters. Mike Davis, Chris Metzger and Rick Etner Jr. of Cushman & Wakefield represented the seller in the transaction.

February 28, 2019

Acquisitions Retail Southeast Virginia

Federal Realty Purchases Retail Center in Northern Virginia for $22.5M

by Alex Tostado February 28, 2019

FAIRFAX, VA. — Federal Realty Investment Trust has purchased Fairfax Junction, a 75,000-square-foot retail center in Fairfax, for $22.5 million. The center sits on seven acres and was fully leased to Aldi, Planet Fitness and CVS/pharmacy at the time of the sale. Fairfax Junction is situated about 17 miles west of downtown Washington, D.C. Michael Gorsage of H&R Retail Investment Properties represented the seller, Glazer Properties, in the transaction.

February 28, 2019

Acquisitions Florida Industrial North Carolina South Carolina Southeast Top Stories

Graham Commercial Properties Acquires 16 Distribution Centers in Southeast for $194M

by Alex Tostado February 28, 2019

BIRMINGHAM, ALA. — Graham Commercial Properties (GCP) has acquired a distribution center portfolio that encompasses 16 facilities, 2.7 million square feet and three states in the Southeast for $194 million. The assets are located in Spartanburg, S.C.; Charlotte and Winston-Salem, N.C.; and Tampa and Orlando, Fla. The exact locations were not disclosed, but a press release stated the properties average 170,000 square feet and are situated near interstates, airports, rail and both inland and sea ports. The portfolio was 98 percent leased at the time of the sale and the portfolio has a combined 1.5 million square feet of expansion and development capabilities, according to Birmingham, Ala.-based GCP. “The Southeast distribution portfolio improves GCP’s overall portfolio in every category: quality of tenants, building metrics, geography and lease rollover,” says Taylor Graham, vice president of investments for GCP. “We are excited to increase our holdings in the Carolinas to over 30 percent of the total portfolio.” CBRE represented the privately owned buyer in the transaction. The seller was not disclosed. Wells Fargo provided acquisition financing. GCP’s portfolio now spans 11.7 million square feet across Alabama, Georgia, Florida and North and South Carolina. — Alex Tostado

February 28, 2019

Finance Insight Loans Midwest Northeast Southeast Texas Western

NorthMarq: Borrowers Get Creative While Lenders Get Conservative in this Elongated Cycle

by Jaime Lackey February 27, 2019

Jeff Weidell, president of NorthMarq, recognizes there is still plenty of money out there to sustain activity levels in 2019. He also recognizes, however, that lenders are becoming prudent in this extra-long real estate cycle. This has caused borrowers to flex their creative muscles as they fund their projects in the interim period between redevelopment and sale. Weidell notes that bridge financing is extremely active and popular, with many borrowers doing what they can to leverage the entire capital stack as we wait to see where this market is headed. Watch the video for more insights from Weidell about what 2019 will bring to the commercial real estate lending landscape.

February 27, 2019

Development Mixed-Use Southeast Tennessee

Joint Venture Announces Mixed-Use Project Adjacent to FedEx Logistics’ Planned Global Headquarters in Downtown Memphis

by John Nelson February 27, 2019

MEMPHIS, TENN. — A joint venture between Somera Road Inc. and Orgel Family LP has announced plans for The Clipper, a mixed-use development located at 0 Ponotoc Ave., adjacent to FedEx Logistics’ planned global headquarters. The Clipper will feature a 250,000-square-foot, eight-story office building, 50,000 square feet of ground-level retail space and a 250-room hotel that will be built in partnership with Nashville-based Senate Hospitality. The hotel will feature a rooftop deck and conference center. Cushman & Wakefield/Commercial Advisors will manage commercial leasing services of The Clipper.

February 27, 2019

Development Mixed-Use Multifamily Southeast Virginia

Mill Creek Residential Breaks Ground on Mixed-Use Development in Northern Virginia

by John Nelson February 27, 2019

FALLS CHURCH, VA. — Mill Creek Residential has broken ground on Modera Founders Row, the multifamily component of Founders Row, a mixed-use project that will feature 394 apartment units and 90,000 square feet of retail space in Falls Church. The development team for Founders Row includes CrossHarbor Capital Partners, Lighthouse Real Estate Investments LLC and PNC Financial Services. Chris Wilkinson of JBG Smith is handling retail leasing for Founders Row. Studio Movie Grill and City Works Eatery & Pour House will be tenants in the retail component of Founders Row, which will span 4.5 acres at the corner of West Broad and North West streets, about 12 miles west of Washington, D.C. Modera Founders Row will offer 322 apartment homes and 72 apartment homes dedicated to age-restricted living for individuals 55 and older. The 322 units will be a mix of one- and two-bedroom floor plans. Shared community amenities for residents will include an expansive resident clubhouse, 24-hour fitness center, outdoor pool and sundeck, business center, game room, barbecue area, Zen garden, private demonstration kitchen, pet spa, controlled-access garage parking, self-serve package lockers and a coffee bar. The age-restricted community will feature an additional community room, fitness center and business …

February 27, 2019

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