Southeast

NP International to Construct 1.3 MSF Mixed-Use Development Near Miami

by Kristin Harlow July 20, 2018

CORAL GABLES, FLA. — NP International (NPI) has selected Balfour Beatty to construct the 1.3 million-square-foot Gables Station mixed-use development in Coral Gables, a suburb of Miami. Comprised of three towers, the development will feature retail space, residential units, a hotel and a 1,000-car parking garage. The transit-oriented development is situated within a commercial corridor on U.S. Highway 1 and is adjacent to the Miami Metrorail, providing easy access to the Miami International Airport. The project will be directly connected to the Underline Park, a 10-mile park and urban trail. The development’s two apartment buildings will include a combined 450 units. Facing the Underline Park on the ground level, one of the residential buildings will feature 19,000 square feet of retail space, while the second will include 18,000 square feet of retail space. Gables Station’s third building will be home to a limited-service hotel, which will house 68,000 square feet of retail space for lifestyle and wellness tenants. Early this year, NPI received a $158.4 million construction loan for the project and negotiated a lease for Life Time Fitness at the development, according to the South Florida Business Journal. The project, designed to achieve LEED Silver certification, is slated for completion …

July 20, 2018

Development Georgia Industrial Southeast

Five Below to Open $70M Distribution Center in Georgia’s Monroe County

by Camren Skelton July 19, 2018

FORSYTH, GA. — Discount retailer Five Below will invest $70 million to build a new distribution center in Monroe County, roughly 60 miles southeast of Atlanta. According to local media reports, the facility will be located within Meridian 75 Logistics Center, a 186-acre master-planned business park in Forsyth. The new building will create 130 new jobs. The initial investment includes $42 million in land and building, and approximately $28 million in machinery and equipment. Additional investment will occur over the next five years. Founded in 2002, Philadelphia-based Five Below sells products that cost $5 or less. The chain operates more than 650 stores across 32 states, and plans to open 125 new stores this year. A construction timeline for the Monroe County facility was not disclosed.

July 19, 2018

Acquisitions Florida Retail Southeast

HFF Brokers $68.8M Sale of Retail Portfolio in Miami Beach

by Camren Skelton July 19, 2018

MIAMI BEACH, FLA. — HFF has arranged the sale of a seven-property retail portfolio located in Miami Beach’s Sunset Harbour neighborhood. Manny de Zárraga, Luis Castillo and Daniel Finkle of HFF arranged the transaction on behalf of the seller, Scott Robins Cos. Charlotte-based Asana Partners acquired the assets for $68.8 million, according to the Miami Herald. The portfolio includes single- and multi-tenant properties located at 1900, 1916 and 1930 Bay Road; 1787, 1929 and 1919 Purdy Ave.; and 1935 West Ave. The portfolio was fully leased at the time of sale to tenants such as NaiYaRa, Lucali, DIRT, SHIFT, Barry’s Bootcamp and Flywheel Sports.

July 19, 2018

Florida Loans Retail Southeast

Ocean Bank Provides $60M Loan for Refinancing of Shopping Center in Miami

by Camren Skelton July 19, 2018

MIAMI — Ocean Bank has provided a $60 million loan for the refinancing of Kendall Village, a 256,000-square-foot shopping center located at the intersection of Kendall Drive and S.W. 124th Avenue in Miami. Ocean Bank provided the loan on behalf of the borrower, Kendall Village Associates LLC. The center is fully leased to tenants such as Regal Cinema, Old Navy, Gap, Chuck E. Cheese, Jared Jewelry, Pier 1 Imports and Duffy’s Sports Grill. Kendall Village was constructed in 2000 and renovated in 2005. The next phase of the project, which will include an 82,311-square-foot Floor & Décor, is currently under construction and scheduled for completion in the first quarter of 2019.

July 19, 2018

Development Industrial South Carolina Southeast

SunCap to Develop 213,200 SF Industrial Building in Upstate South Carolina

by Camren Skelton July 19, 2018

SPARTANBURG, S.C. — SunCap Property Group has acquired 18 acres on Tyger Lake Road in Spartanburg, with plans to develop a 213,200-square-foot industrial building. Dubbed Spartan Exchange, the Class A facility will feature 32-foot clear heights, 22 dock doors, two drive-in doors and trailer parking. The building will be divisible to 54,080 square feet to accommodate a range of tenant sizes. Garrett Scott, John Montgomery and Brockton Hall of Colliers International represented SunCap in the land transaction, and will be responsible for the leasing and management of the project. Edifice is the general contractor, and Ware Malcomb is the project architect. Spartan Exchange will be located roughly 10 miles from the Inland Port Greer and Greenville-Spartanburg International Airport.

July 19, 2018

Acquisitions Multifamily Southeast Tennessee

Cushman & Wakefield Arranges $18.3M Sale of Multifamily Community in Knoxville

by Camren Skelton July 19, 2018

KNOXVILLE, TENN. — Cushman & Wakefield has brokered the $18.3 million sale of Evergreen at the Bluffs, a 161-unit apartment community in Knoxville. Robbie O’Bryan, Nelson Abels and Brad Boston of Cushman & Wakefield represented the seller, Evergreen Residential, in the transaction. Hudson Capital Investments acquired the property. Constructed in 2009, Evergreen at the Bluffs features a business center, clubhouse, fitness center, pool and storage units.

July 19, 2018

Development Multifamily Seniors Housing South Carolina Southeast Top Stories

Big Rock, Kiawah Partners to Develop $125M Seniors Housing Community Near Charleston, South Carolina

by Camren Skelton July 19, 2018

KIAWAH ISLAND, S.C. — Big Rock Partners, in a joint venture with Kiawah Partners, has unveiled plans to develop a $125 million seniors housing community on Kiawah Island, a barrier island located 21 miles southwest of Charleston. The 200-unit community will be for residents ages 55 and older and will include independent living, assisted living and memory care units. The unnamed project will be built overlooking a lake next to the Freshfields Village shopping center. “There’s been exponential growth in the active senior population in the Charleston area,” says Richard Ackerman, senior managing partner at Big Rock. “We wanted to bring a state-of-the-art senior living experience to the Lowcountry.” The community will feature its own movie facility, multiple pools, a fitness center with a yoga studio, and multiple food and beverage options. “There are current Kiawah homeowners who are aging, who want to downsize and require higher degrees of service levels,” says Chris Randolph, partner at Kiawah Partners. “They don’t want to lose touch with their social circles by moving off the island. Senior living on Kiawah allows them to keep their ties to the island, and for many, to the Kiawah Island Club.” Kiawah Partners is the master developer …

July 19, 2018

Georgia Hospitality Loans Southeast

PMZ Realty Capital Arranges $32M Refinancing of Three-Property Hotel Portfolio in Georgia

by Camren Skelton July 18, 2018

NEW YORK — New York-based PMZ Realty Capital LLC has arranged a $32 million loan for the refinancing of a three-property hotel portfolio located throughout Georgia. The portfolio includes the 150-room Hyatt Place Airport North in Atlanta, the 132-room Hampton Inn Atlanta/Norcross in Norcross and the 80-room Fairfield Inn & Suites in Commerce. The 10-year loan was arranged on behalf of the borrower, Elite Hotel Management Group LLC. The loan features a fixed interest rate below 4.85 percent.

July 18, 2018

Acquisitions Florida Office Southeast

Avison Young Brokers $18.5M Sale of Office Building in Broward County

by Camren Skelton July 18, 2018

PLANTATION, FLA. — Avison Young has arranged the $18.5 million sale of Southpointe, a 79,719-square-foot office building located at 7901 S.W. 6th Court in Plantation. The sales price equates to $232 per square foot. TA Realty sold the asset, according to local media reports. David Duckworth, John Crotty, Michael Fay, Greg Martin and Brian de la Fé of Avison Young arranged the transaction on behalf of the seller. The Green Cos. acquired the asset, which was 98 percent leased at the time of sale. Balfour Beatty Construction is the lead tenant at the building.

July 18, 2018

Acquisitions Retail Southeast Tennessee

Sembler, Forge Acquire Kroger-Anchored Shopping Center in Memphis for $13M

by Camren Skelton July 18, 2018

MEMPHIS, TENN. — The Sembler Co. and Forge Capital Partners have acquired Summer Center, a shopping center located at 4304 Summer Ave. in Memphis, for $13 million. The 136,425-square-foot center was 89 percent leased at the time of sale to tenants such as Kroger, Ross Dress for Less, Rainbow, Hibbett Sports and H&R Block. Jim Hamilton, Brad Buchanan, Michael Allison and Ryan Stoffer of HFF arranged the transaction on behalf of the seller, BDB Summer Center LLC.

July 18, 2018

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