Southeast

TSCG Signs Blasted Barley Beer at Student Housing Community in Athens, Georgia

by Camren Skelton July 18, 2018

ATHENS, GA. — The Shopping Center Group (TSCG) has signed Blasted Barley Beer Co. to a 5,000-square-foot lease at Georgia Heights, a student housing community with 40,000 square feet of ground-floor retail space in Athens. The Phoenix-based restaurant and brewery plans to offer more then 30 craft beer varieties on tap, including its own signature brews, along with bar food. Harry Croxton and Amy Kennedy of TSCG arranged the 10-year lease on behalf of the landlord, Memphis-based EdR Collegiate Housing. Blasted Barley is expected to open at the 317-unit community early next year, bringing the property to full occupancy. Additional tenants include CVS/pharmacy, J.Crew, The Athlete’s Foot, SunTrust Bank, Dress Up, D.P. Dough, Cinnaholic, European Wax and Treehouse Interiors. The property encompasses a city block between Broad Street, at the main entrance to the University of Georgia, and Clayton Street, home to the Georgia Theatre.

July 18, 2018

Leasing Activity North Carolina Retail Southeast

Branch Signs Three Tenants to 215,000 SF Shopping Center in North Carolina’s Triad Region

by Camren Skelton July 18, 2018

GREENSBORO, N.C. — Branch Properties LLC has signed three tenants to Westridge Square, a 215,000-square-foot shopping center in Greensboro. The Atlanta-based real estate company originally acquired the center and its seven outparcel buildings in 2015, and is currently re-tenanting the property. Kohl’s will reduce its footprint at the center from 87,000 square feet to 55,000 square feet, and Planet Fitness will occupy the vacated space. The gym is expected to open in late 2018 or early 2019. According to local media reports, Sprouts Farmers Market will backfill 30,524 square feet of the 47,452-square-foot space formerly occupied by Harris Teeter, which closed in December. Later this summer, Title Boxing Club will open at one of Westridge Square’s outparcels. Negotiations are underway for an additional tenant to occupy the remaining space. In addition to remerchandising Westridge Square, Branch will modernize the shopping center with planned renovations including raising the parapets and upgrading the building materials to include brick, metal and wood.

July 18, 2018

Development Georgia Industrial Southeast

CRG, Pope & Land Enterprises to Develop 8.5 MSF Industrial Project Along Metro Atlanta’s I-85 South Corridor

by Camren Skelton July 17, 2018

NEWNAN, GA. — CRG, in partnership with Pope & Land Enterprises Inc., has unveiled plans to develop The Cubes at Bridgeport, a 560-acre industrial project located along the Interstate 85 South Corridor in Newnan. At full build-out, the park will include 8.5 million square feet of industrial space. The development is located near both CSX and Norfolk Southern railroads, roughly 30 miles from Hartsfield-Jackson Atlanta International Airport and approximately five miles from Newnan-Coweta County Airport. The first phase of the development will include a 1 million-square-foot speculative building with 40-foot clear heights, trailer storage and car parks. The building will be capable of handling warehousing, e-commerce and manufacturing tenants. Phase I will also include infrastructure improvements such as ramp upgrades, a new signalized intersection on Highway 29 and a public parkway and overpass above the CSX main line. Other planned infrastructural improvements include water lines, two miles of new sanitary sewer and electric utility improvements. Clayco is the design-builder for the project and its subsidiary, BatesForum, is the architect. Developers expect to wrap up construction on the first building at the project in December 2018. Chris Tomasulo and Steve Grable of JLL are handling The Cubes’ leasing assignment.

July 17, 2018

Development Kentucky Mixed-Use Southeast

Viking Unveils Redevelopment Plans for $100M Mixed-Use Project Near Louisville

by Camren Skelton July 17, 2018

HURSTBOURNE, KY. — Viking Partners Fund III LLC has unveiled plans for the redevelopment of Hurstbourne Business Park, a 27-acre property located at the intersection of Shelbyville Road and Hurstbourne Parkway in Hurstbourne, roughly 13 miles east of Louisville. Viking originally acquired the site in 2016. The property currently includes 350,000 square feet of office space in two separate buildings; P.F Chang’s and Z’s Oyster Bar & Steakhouse; and Hurstbourne Plaza, an existing shopping center. Hurstbourne Plaza will be demolished to make way for the new mixed-use development. Plans for the project include a 266-unit multifamily community, 149-room hotel, two freestanding restaurant/retail buildings and a 9,500-square-foot retail building that will accommodate three to four users. Hills Properties is developing the multifamily portion, which is scheduled for completion in the fall, with the first residents moving in mid-2019. The community will feature a park, resort-style pool, and social plaza with fire pits and a bocce ball court. Construction on the hotel portion of the project is expected to begin in early 2019.

July 17, 2018

Development Industrial South Carolina Southeast

Red Rock to Break Ground on First Phase of Smith Farms Industrial Park in Upstate South Carolina

by Camren Skelton July 17, 2018

SPARTANBURG, S.C. — Red Rock Developments will soon break ground on the first phase at Smith Farms Industrial Park in Spartanburg County. The Columbia, S.C.-based developer first unveiled plans for the 5.9 million-square-foot project, located at the intersection of Highway 101 and Reidville Road, in March. Phase I will include two speculative buildings totaling 610,000 square feet. Building I will be a 400,000-square-foot, cross-dock facility that will suit the needs of warehouse/distribution users. The second building will be a rear-load facility totaling 210,000 square feet. The building will be suited for non-distribution or smaller tenants, according to Red Rock. Smith Farms is located roughly three miles from Interstate 85, providing access to BMW’s Spartanburg plant, Greenville-Spartanburg International Airport and the Greer Inland Port. Red Rock expects to wrap up construction on the first two buildings in the second quarter of 2019. NAI Earle Furman is handling the project’s leasing assignment.

July 17, 2018

Development Multifamily South Carolina Southeast

LandSouth Construction Breaks Ground on $37M Multifamily Community in Charleston

by Camren Skelton July 17, 2018

CHARLESTON, S.C. — LandSouth Construction, a Jacksonville, Fla.-based general contractor, has broken ground on The Merchant, a $37 million apartment community located at 15 Huguenin Ave. in Charleston’s NoMo district. Atlanta-based Pollack Shores Real Estate Group is developing the 231-unit community, which will include 10 buildings with a mix of one- and two-bedroom floor plans. Community amenities will include a resort-style pool, clubhouse with gaming area, fitness center, yoga studio, pet spa and a bike lounge. Raleigh, N.C.-based Cline Design Associates is the architect for the project, which is scheduled for completion in December 2019.

July 17, 2018

Development Loans North Carolina Retail Southeast

HFF Arranges $28.8M in Construction Financing for Wegmans-Anchored Project in Triangle

by Camren Skelton July 17, 2018

CARY, N.C. — HFF has arranged $28.8 million in preferred equity and construction financing for the development of the first phase of Twin Lakes Center, a 153,229-square-foot retail center in Cary. The first phase includes a four-building retail center that is 93 percent preleased and will be anchored by Wegmans, a Rochester, N.Y.-based grocer.Greg Nalbandian, Roger Edwards, Devlin Murphy and Andrew Zilenziger of HFF arranged $6.3 million in preferred equity through a life insurance company and a $22.5 million, floating-rate loan through CapitalSource, a division of Pacific Western Bank. LeylandAlliance is developing the 35.8-acre property, which will be completed in phases and will include restaurants, retail space, seniors housing, a lake and walking paths. LeylandAlliance expects to wrap up construction on the retail portion of the project in July 2020.

July 17, 2018

Acquisitions Multifamily North Carolina Southeast

Dominion Realty Sells Newly Built Apartment Community in Uptown Charlotte for $68.8M

by Camren Skelton July 16, 2018

CHARLOTTE, N.C. — Dominion Realty Partners (DRP) has sold Centric Gateway, a 297-unit apartment community located at 1010 W. Trade St. in Uptown Charlotte. An affiliate of TH Real Estate acquired the property for $68.8 million. Justin Good, Allan Lynch and Jeff Glen of HFF arranged the transaction on behalf of DRP, which completed construction on the property in December 2017. Individual units feature quartz countertops, private balconies, exterior storage and keyless entry. Community amenities include a central courtyard with a saltwater pool, activity lawn, automated package delivery system, fitness center with an interactive studio and a game room. Centric Gateway was 43 percent occupied at the time of sale.

July 16, 2018

Loans Multifamily North Carolina Southeast

Hunt Mortgage Provides $65M Freddie Mac Acquisition Financing for Two Triangle Multifamily Assets

by Camren Skelton July 16, 2018

RALEIGH AND DURHAM, N.C. — Hunt Mortgage Group has provided two Freddie Mac loans totaling $65 million for the acquisition of two multifamily properties in North Carolina’s Triangle region. The borrower is a joint venture between an equity investor and American Landmark. Chicago-based Livcor sold the assets, according to local media reports. In Raleigh, Hunt Mortgage provided a $30.1 million, seven-year loan for Edinborough Commons, a 312-unit community that was completed in 1997. The new owner plans to invest an additional $2.2 million in improvements over the next few years. The community features resort-style pools, a spa area, gas grill stations, fitness center, dog park, sand volleyball court, car wash station, clothes care center and two tennis courts. In Durham, Hunt Mortgage provided a $34.9 million, seven-year loan for the acquisition of Edinborough at the Park. The 330-unit community features a concierge, package/grocery/dry cleaning reception, two resort-style pools, heated indoor lap pool, business center, fitness center, dog park with agility stations, car wash station and a tennis court. The new owner will invest $2.3 million to upgrade the property.

July 16, 2018

Development Multifamily Retail Southeast Virginia

Skanska Acquires 94,000 SF Site in Metro D.C. for New Retail, Multifamily Development

by Camren Skelton July 16, 2018

TYSONS, VA. — Skanska USA has acquired a 94,000-square-foot site in Tysons for a new multifamily and retail development. Richard Siegel, Wendy Feldman Block and Bill Quinby of Savills Studley arranged the transaction on behalf of Skanska. The development company acquired the site within the mixed-use district of Scotts Run from master developer Cityline Partners. At full build-out, Scotts Run will span 8 million square feet and house offices, apartments, hotels, retail and restaurants. The land Skanska acquired is located across the street from the McLean Silver Line Metro station. The company is scheduled to break ground on the unnamed multifamily/retail development in 2019, with completion slated for 2022.

July 16, 2018

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