Southeast

Azor Advisory Services, Partners Break Ground on Retail Redevelopment of South Florida Office Complex

by Alex Tostado February 18, 2019

PLANTATION, FLA. — A partnership led by Azor Advisory Services Inc. has broken ground on the redevelopment of an office building in Plantation. Phase I — set for completion in early 2020 — will feature 6,400 square feet of retail space occupied by Starbucks Coffee. The initial phase is being built on an empty piece of land on the south end of the property. Phase II — which will include bulldozing the existing office building — is expected to break ground in September. Plans have not been finalized for what will take the office building’s place, but Beth Azor of Azor Advisory Services says it will likely be retail-oriented. Lombardi Development will act as general contractor for the project.

February 18, 2019

Market Reports North Carolina Office Southeast Southeast Market Reports

Strong Tenant Demand Propels New Office Developments Underway in Charlotte

by Alex Tostado February 18, 2019

With 3.2 million square feet of new office space under construction, much of it in the city’s urban core, Charlotte’s skyline is in the midst of a significant transformation. Due to strong preleasing activity and solid economic underpinnings, however, the city’s office vacancy rate is projected to remain stable over the coming months as many of those projects deliver. Approximately 60 percent of Charlotte’s construction pipeline has been preleased, according to JLL research, and 2.3 million is concentrated in the city’s central business district. In Uptown Charlotte, the 33-story Legacy Union office tower recently topped out, signaling the end of vertical construction. The 850,000-square-foot development by Lincoln Harris is scheduled to deliver early next year and will be anchored by Bank of America, which has signed a lease for 550,000 square feet. Lincoln Harris recently revealed plans for a second office tower with 388,835 square feet of office space and 22,763 square feet of retail space at the high-profile site, which was once home to The Charlotte Observer. Across the street from Legacy Union, construction is also underway on Ally Charlotte Center, a 26-story, 742,000-square-foot office tower by Crescent Communities. Last year Ally Financial announced that it had leased 400,000 …

February 18, 2019

Development Industrial Leasing Activity Southeast Tennessee

FedEx Logistics to Consolidate, Move Global Headquarters to Downtown Memphis

by Alex Tostado February 15, 2019

MEMPHIS, TENN. — FedEx Logistics, a subsidiary of FedEx Corp., will move its global headquarters to the site of the former Gibson Guitar factory building, a 145,000-square-foot facility located at 145 George W. Lee Ave. near Beale Street in downtown Memphis. FedEx Logistics plans to consolidate multiple locations and more than 700 employees to the site over the next several years. The company will occupy the space beginning in April 2020. FedEx Logistics plans to add a mezzanine level that will bring the total square footage to nearly 200,000. LRK will be the architect for the expansion project.

February 15, 2019

Development Florida Mixed-Use Multifamily Southeast

Bainbridge Cos. Delivers 218-Unit Multifamily Project in Tampa Bay Area

by Alex Tostado February 15, 2019

ST. PETERSBURG, FLA. — Bainbridge Cos. has delivered 930 Central Flats, a 218-unit multifamily complex in St. Petersburg’s Edge District. The Tampa Bay area project also includes underground parking, ground-floor amenities and five stories of apartments. The complex offers studio, one- and two-bedroom floor plans and amenities including a beach-style swimming pool, sun decks, barbecue grills and lounge seating, dog spa, rooftop garden and community dining tables. The site is situated less than a mile from downtown St. Petersburg and Tropicana Field, home of the Tampa Bay Rays.

February 15, 2019

Acquisitions Florida Retail Southeast

HFF Negotiates $43M Sale of LA Fitness-Anchored Shopping Center in South Florida

by Alex Tostado February 15, 2019

WELLINGTON, FLA. — HFF has arranged the $43 million sale of The Pointe at Wellington Green, a 107,368-square-foot shopping center in Wellington. HFF represented the seller, The Centre at Wellington Green Ltd., in the transaction. The asset was 96 percent leased at the time of the sale to tenants including LA Fitness, Saito’s Japanese Steak House, Sport Clips, Five Guys, Jamba Juice, Olive Garden, Don Ramon Cuban Cuisine and Franco’s Italian Restaurant. The property is situated on 21.3 acres, about 14 miles west of West Palm Beach. HFF also arranged a $13.5 million, 13-year, fixed-rate acquisition loan through Principal Real Estate Investors on behalf of the buyer, The Pointe at Wellington LLC.

February 15, 2019

Acquisitions North Carolina Office Southeast

Cushman & Wakefield Arranges Sale of 117,138 SF Office Building in Raleigh

by Alex Tostado February 15, 2019

RALEIGH, N.C. — Cushman & Wakefield has arranged the sale of Legacy at Brier Creek, a four-story, 117,138-square-foot office building in Raleigh. Legacy at Brier Creek delivered in December 2017 and was fully leased at the time of the sale and anchored by Infosys, an Indian multinational corporation that provides business consulting, information technology and outsourcing services. The asset is situated about 13 miles northwest of Raleigh and about nine miles southeast of Durham. David Finger, Sara Owen, David Meline and Samir Idris of Cushman & Wakefield represented the undisclosed seller in the transaction. Zurich Alternative Asset Management LLC represented the buyer, a member company of Zurich North America, in the transaction. The sales price was not disclosed.

February 15, 2019

Development Retail Southeast Tennessee

Tanger Outlets Announces Plans for New Mall in Downtown Nashville

by Alex Tostado February 15, 2019

NASHVILLE, TENN. — Tanger Outlets has announced plans to open a new outlet mall in downtown Nashville. This will be Tanger’s second location in Tennessee and 43rd in the United States. The site will comprise 300 acres off Interstate 24. At full build-out, it will offer 280,000 square feet of leasable space. The company said it will not break ground until the property is at least 60 percent leased.

February 15, 2019

North Carolina Retail Southeast

Asheville Outlets Provides Home Furnishings Niche for Western North Carolina Market

by John Nelson February 15, 2019

ASHEVILLE, N.C. — Asheville has long been a destination for visitors seeking finely crafted furniture and decorative arts, dating back to the city’s preeminence in the early 20th century international arts and crafts movement and extending to Asheville’s current prominence as one of the country’s most lauded destinations for travelers. Indeed, Travel + Leisure magazine recently named “artsy Asheville” to its list of the “Top 15 Cities in the United States.” Asheville Outlets has created a home furnishings niche that taps into the region’s love of furniture and crafts, featuring stores including Restoration Hardware Outlet, West Elm Outlet, Le Creuset and Kirkland’s, all of which opened between 2015 and 2016. The stores benefit from strong demographics and purchasing behavior as residents within the center’s trade area spend $1.02 billion annually on home furnishings. The region’s 11.1 million visitors provide another strong base of consumers. “There is a strong demand for beautiful and affordable home furnishings and decorative accessories in our market area and these stores offer the right mix for every style and budget,” says Sharon Morgan, general manager of Asheville Outlets. RH Outlet Restoration Hardware at Asheville Outlets carries a range of distinctive, high-quality items for the home, including …

February 15, 2019

Development Industrial South Carolina Southeast

LDJ Global to Construct 200,200 SF Speculative Industrial Building in Florence, South Carolina

by Alex Tostado February 14, 2019

FLORENCE, S.C. — LDJ Global Strategies will develop a 200,200-square-foot speculative logistics center in Florence. The facility will feature 32-foot clear ceiling heights, 56 dock doors, 353 parking spaces and four drive-ins. The new building will be situated within the 28-acre Pee Dee Touchstone Energy Industrial Park, which is located 70 miles from the Georgetown Port and 110 miles from the Charleston and Wilmington ports. CBRE will handle leasing efforts for the building.

February 14, 2019

Development Hospitality North Carolina Southeast

Midas Hospitality Opens Marriott-Branded Hotel in South Charlotte

by Alex Tostado February 14, 2019

CHARLOTTE, N.C. — Midas Hospitality has opened its third Residence Inn by Marriott hotel in Charlotte. The four-story, 119-room The Residence Inn Charlotte Steele Creek is located at 5110 Trojan Drive, about 10 miles south of downtown Charlotte and seven miles south of Charlotte Douglas International Airport. The 82,000-square-foot hotel offers studio, one- and two-bedroom suites. Henry Schmidlin and Sue Wing of Midas will serve as general manager and director of sales, respectively. Midas’ sister company, MC Hotel Construction, served as the general contractor.

February 14, 2019

Newer Posts

Older Posts