Southeast

Adaptive Reuse in Core New Orleans Pushes Industrial Activity Westward

by John Nelson January 14, 2019

When real estate professionals think of the New Orleans industrial market, oil companies, the Port of New Orleans (recently rebranded Port NOLA) and distribution companies come to mind. That thought is currently undergoing an evolution. The historically industrial areas of New Orleans are being absorbed seemingly daily by an insurgence of retail and entertainment-based business. As traditional retail in American shopping and strip malls is on the decline, developers are rushing to buy warehouses for physical entertainment and non-traditional uses. Port NOLA used to be home strictly to cargo ships and tankers, but is now expanding to fill the need of cruise ships. Norwegian, Carnival and the newly announced Viking Cruise lines all now use it as a docking port. The $2 billion port master plan encompasses the growth needs of the cruise ships, as well as the recently announced deepening of the Mississippi River’s main channel to 50 feet. However, Tchoupitoulas Street warehouses that once served the port are being turned into cross-training gyms and breweries. High-profile industrial properties are in huge demand. Drive Shack, a competitor of popular Topgolf, is developing a $29 million venue at the old Times-Picayune newspaper site owned by Howard Investors LLC, which is …

January 14, 2019

Development Florida Hospitality Southeast

IMG Academy, Woodbine Complete Boutique Hotel in Central Florida

by John Nelson January 11, 2019

BRADENTON, FLA. — IMG Academy and Woodbine have completed construction on The Legacy Hotel at IMG Academy in Bradenton. The 150-room hotel is situated just outside of the academy’s 600-acre campus. Amenities include a three-meal restaurant, lounge and bar in the lobby and a massage and fitness facility. The design team included general contractor Tandem Construction, Dallas-based architect 5G Studio, Salt Lake City-based interior designer Edge ID and landscape architect SWA. IMG Academy hosts clients and guests from around the world for boarding school, youth and adult camps, college and professional athlete training, team training and events.

January 11, 2019

Acquisitions North Carolina Retail Southeast

Madison Marquette Sells Chapel Hill Shopping Center for $51.5M

by John Nelson January 11, 2019

CHAPEL HILL, N.C. — Madison Marquette has sold University Place, a 372,190-square-foot shopping center in Chapel Hill, for $51.5 million. Harris Teeter, SilverSpot Cinema, Planet Fitness and Southern Season anchor the 39.5-acre property. Other tenants include Burlington Shoes, City Kitchen, Chick-fil-A, Bath & Body Works, AT&T, Stoney River Steakhouse and Grill and Bartaco. University Place was originally built in 1973 and most recently renovated in 2013. Daniel Finkle, Richard Reid, John Owendoff, Jordan Lex, Tom Kolarczyk and Kim Flores of HFF represented the seller in the transaction. Ram Realty Advisors purchased the asset.

January 11, 2019

Georgia Industrial Leasing Activity Southeast

Havertys Signs 808,000 SF Industrial Lease Renewal in Braselton, Georgia

by John Nelson January 11, 2019

BRASELTON, GA. — Havertys has renewed its 808,000-square-foot lease for its distribution center at 1090 Broadway in Braselton. The Atlanta-based retailer of residential furniture and accessories sells home furnishings online and through its 120 stores in 16 states. Lee Cardwell and Price Weaver of Colliers International’s Atlanta office represented Havertys in the lease transaction. Doug Smith and Joseph Kriss of Seefried Properties represented the landlord, UBS Realty Investors LLC.

January 11, 2019

Acquisitions North Carolina Retail Southeast

Hendricks Commercial Sells Kohl’s-Anchored Shopping Center in North Carolina for $29M

by John Nelson January 11, 2019

SOUTHERN PINES, N.C. — Hendricks Commercial Properties has sold Southern Pines Village, a 179,276-square-foot shopping center in Southern Pines, for $29 million. Kohl’s, Hobby Lobby, Ulta Beauty, Dollar Tree and LongHorn Steakhouse anchor the shopping center. Julia Evinger, Nathan Whalen, Jeremie Johnson and Damien Yoder of Marcus & Millichap represented the seller in the transaction. Ashish Vakhariya and Seth Haron, also of Marcus & Millichap, procured the buyer, a Midwest-based private investor.

January 11, 2019

Acquisitions Arkansas Loans Multifamily Southeast

Hunt Real Estate Capital Provides $6M Acquisition Loan for Multifamily Property in Little Rock

by John Nelson January 11, 2019

LITTLE ROCK, ARK. — Hunt Real Estate Capital has provided a $6 million Fannie Mae loan to an undisclosed borrower for the purchase of Northwest Hills Apartments in Little Rock. The loan has a 10-year term with a fixed interest rate of 5.52 percent, amortizing over 30 years after two years of interest-only payments. The apartment community comprises 42 one-bedroom units and 84 two-bedroom units across 13 two-story buildings. The asset was originally built in 1984. Amenities include a swimming pool with a sun deck and hot tub, wooden entertaining deck and a clubhouse.

January 11, 2019

Acquisitions Industrial Southeast Top Stories Virginia

Avison Young Arranges $142M Sale of Industrial Park in Northern Virginia

by Kristin Harlow January 11, 2019

LORTON, VA. — Avison Young has arranged the $142 million sale of Gunston Commerce Center, an industrial/flex business park in Lorton, about 20 miles south of Washington, D.C. NGP, formerly National Government Properties, purchased the property from I-95 Business Parks Management, according to the Washington Business Journal. The park spans nine buildings and 600,000 square feet of rentable space. It is situated between the Pentagon and the Marine Corps Base Quantico. The property is leased to a roster of tenants anchored by federal government contractors and the General Services Administration, which is the real estate management entity of the federal government that leases space on behalf of agencies such as the Department of Defense. The buildings are flexible in design, with uses ranging from office and warehouse to R&D and retail. John Kevill, Jim Kornick, Chip Ryan, Michael Murrillo and Georgiana Condoiu of Avison Young marketed the property on behalf of the seller. — Kristin Hiller and Alex Tostado

January 11, 2019

Acquisitions Multifamily North Carolina Southeast Top Stories

Waterton Purchases Multifamily Portfolio in North Carolina for $169M

by Alex Tostado January 10, 2019

RALEIGH, CHARLOTTE AND CARY, N.C — In a move that furthers its value-add strategy, Waterton has acquired a four-property, 1,148-unit apartment portfolio in North Carolina. The sales price was undisclosed, but the Triangle Business Journal reports that the portfolio traded for $169 million. The seller was an investment group led by the Bainbridge Cos. The properties are located in Raleigh, Charlotte and Cary. The complexes were built between 1987 and 1995, and the acquisition nearly doubles Chicago-based Waterton’s portfolio in North Carolina. The properties, which feature a mix of garden-style buildings and townhomes, include: Ashford Green, a 300-unit community consisting of 22 three-story, garden-style buildings and five townhome buildings on 20 acres in Charlotte; Atria at Crabtree Valley, a 268-unit complex across 18 two- and three-story, garden-style buildings on 28 acres in Raleigh; Audubon Parc, 180-units with 10 three-story, garden-style buildings on 18 acres about 11 miles southwest of downtown Raleigh in Cary; and The Retreat at McAlpine Creek, a 400-unit property with 30 three-story, garden-style buildings and four townhome buildings on 40 acres in Charlotte. Waterton plans to renovate unit interiors and exteriors, upgrade amenities, including clubhouses, leasing centers, pools, fitness centers and playgrounds at all four locations, and …

January 10, 2019

Acquisitions Multifamily North Carolina Southeast

Novare Group Sells Multifamily High-Rise in Uptown Charlotte to CBRE Global for $190M

by Alex Tostado January 10, 2019

CHARLOTTE, N.C. — Novare Group has sold SkyHouse Uptown, a 672-unit multifamily complex in Uptown Charlotte’s Fourth Ward neighborhood, to CBRE Strategic Partners U.S. Value 8 fund, a subsidiary of Los Angeles-based CBRE Global Investors. The sales price was undisclosed, but Charlotte Business Journal reports the high-rise project sold for $190 million. The asset consists of two 24-story buildings, which were completed in 2015 and 2017. The property includes 14,000 square feet of retail space and an eight-story parking structure. Each tower features a rooftop pool, covered poolside lounges with billiards, fire pits and large flat screen TVs. David Gutting, Andrea Howard, Jim Sewell and John Currin of JLL represented the Atlanta-based seller in the transaction.

January 10, 2019

Acquisitions Maryland Retail Southeast

Klein Enterprises Sells 154,229 SF Shopping Center in Metro Baltimore

by Alex Tostado January 10, 2019

HALETHORPE, MD. — Klein Enterprises has sold Patapsco Village, a 154,229-square-foot shopping center in Halethorpe. MegaMart, an owner and operator of nine Latin American-focused grocery stores in the Mid-Atlantic, purchased the property for an undisclosed price. MegaMart will open a location in the former King Food space. Other tenants include Roses Discount Store, M&T Bank, Rainbow and Shoe City. Klein Enterprises has owned Patapsco Village since developing the center in 1983. The shopping center is situated about four miles south of downtown Baltimore.

January 10, 2019

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