Southeast

Finmarc Acquires Three-Building Industrial Campus in Metro D.C. for $6.2M

by Camren Skelton May 7, 2018

COLLEGE PARK, MD. — Finmarc Management Inc. has acquired the Stone Mountain Industrial campus in College Park for $6.2 million. The three-building campus, located at 9207 51st Ave., is roughly nine miles north of Washington, D.C., and less than two miles from the University of Maryland. Stone Mountain Industrial campus comprises 115,000 square feet of industrial, manufacturing and office space. Christopher Kubler and Alan Coppola of NAI KLNB arranged the transaction on behalf of Finmarc. The name of the seller was not disclosed. The warehouse building at the property features 18-foot ceiling heights, and the manufacturing building offers 17-foot ceiling heights. Finmarc is considering multiple uses for the property, including maintaining its status as industrial or rezoning the site to support a townhouse development, according to a release. A small portion of the campus is already zoned for residential.

May 7, 2018

Alabama Market Reports Property Type Retail Southeast Southeast Market Reports

Multifamily Projects, Experiences Redefining Birmingham’s Growing Retail Market

by John Nelson May 7, 2018

It’s no longer a secret that Birmingham and its surrounding communities are confidently moving forward, bursting with festivals, arts, concerts, parks, reimagined spaces and a red-hot local dining scene. These revitalized spaces represent opportunities to find affordable housing, a vibrant social life and a place where all can participate in the community’s ongoing progress. Tourism is also on the rise, with a 50 percent increase in expenditures over the past 10 years as visitors flock to the region to dine at the restaurants of culinary legends, cheer on Minor League Baseball teams in a downtown stadium, attend the Sidewalk Film Festival, watch IndyCar racing at the Barber Motorsports Park, visit the historic Civil Rights Museum and enjoy live music venues throughout the area. With all of its history, charm and new amenities, Birmingham is no longer a pass-through; it is the destination. The greater downtown Birmingham area experienced a 40 percent increase in its multifamily inventory in 2017, which is nearly three times the amount added in 2015. These spaces are filling up quickly as the submarket’s occupancy rate is currently at 92.5 percent and climbing. Everyone from millennials who are marrying later and waiting longer to buy homes to …

May 7, 2018

Development Georgia Industrial Southeast

Core5 to Build $52M Industrial Facility, Corporate Headquarters for Beverage Distributor in Metro Atlanta

by Camren Skelton May 4, 2018

AUSTELL, GA. — Atlanta-based Core5 Industrial Partners has unveiled plans to construct a 601,350-square-foot build-to-suit facility for Empire Distributors at 685 Hartman Road in Austell, roughly 18 miles west of Atlanta. Total project costs are estimated at more than $52 million. Upon completion of the property in the fourth quarter, the beverage distributor will relocate to the new facility from its current 300,000-square-foot location at Atlanta Industrial Park. The new climate-controlled facility will house Empire’s corporate headquarters and regional distribution operations, and will include 80,000 square feet of two-story office space. Empire will move more than 440 employees to the new facility, with anticipated growth to more than 510 employees within 10 years. Randall Paulson Architects and Southeast Engineering Inc. are designing the building, Plateau Excavating is the site work contractor, and KBDG Inc. is the general contractor. Bilijack Bell of Wilson, Hull & Real Estate represented Core5 in the land acquisition, and Blaine Kelley of CBRE represented Empire in the acquisition of the facility.

May 4, 2018

Development North Carolina Office Southeast

KDC Breaks Ground on New 205,000 SF Office Building for Credit Suisse in Raleigh

by Camren Skelton May 4, 2018

RALEIGH, N.C. — KDC has started construction on a new regional office building for Credit Suisse in Raleigh’s Research Triangle Park. The 205,000-square-foot, four-story building will be located at 6933 Louis Stephens Drive, adjacent to the existing Credit Suisse office building that KDC developed in 2007. Upon completion of the new facility in June 2019, KDC will begin renovations of the existing building. More than 3,000 Credit Suisse employees will occupy the campus after the project is complete. The investment banking and financial services company is headquartered in Zürich and has regional offices across the U.S. The 62-acre site will feature outdoor workspaces, a new food service cafeteria, internet cafés, conference center and a pedestrian trail. In addition, KDC will add new entrance and exit points and a pedestrian bridge to connect the two buildings. The developer plans to seek LEED certification for the project. Architecture firm Gensler, general contractor Brasfield & Gorrie and engineer Crenshaw make up the rest of the project team.

May 4, 2018

Alabama Loans Multifamily North Carolina Southeast

KeyBank Provides $37.4M in Agency Financing for Two Apartment Properties in Alabama, North Carolina

by Camren Skelton May 4, 2018

HOOVER, ALA. AND WILMINGTON, N.C. — KeyBank Real Estate Capital has provided $37.4 million in financing for two multifamily properties in Hoover and Wilmington. In Hoover, KeyBank provided a $16.3 million Fannie Mae loan for the acquisition of Hawthorne at Wisteria, a 200-unit community. The property was built in 1978 and renovated in 2015. In Wilmington, KeyBank provided a $21.1 million Freddie Mac loan for the refinancing of Hawthorne at New Centre, a 301-unit apartment community that was constructed in 1998 and renovated in 2014. Tim DeWispelaere of KeyBank originated both 10-year loans with 30-year amortization schedules on behalf of the undisclosed borrowers.

May 4, 2018

Acquisitions Georgia Industrial Self-Storage Southeast

Marcus & Millichap Arranges $19.4M Sale of Self-Storage Property in Metro Atlanta

by Camren Skelton May 4, 2018

ROSWELL, GA. — Marcus & Millichap has arranged the $19.4 million sale of Space Shop Self Storage, a 1,174-unit self-storage property in Roswell, located roughly 23 miles north of Atlanta. Stacey Gorman of Marcus & Millichap arranged the transaction on behalf of the seller, Stein Investment Group, and procured the buyer, a regional self-storage operator. Space Shop Self Storage was constructed in 1995 and was recently renovated and expanded. The property is situated on six acres along Alpharetta Highway.

May 4, 2018

Arkansas Development Healthcare Southeast

NexCore Starts Construction on 42,133 SF Research Facility Near Little Rock for Healthcare Provider

by Camren Skelton May 4, 2018

SHERWOOD, ARK. — Denver-based NexCore Group has broken ground on a 42,133-square-foot research and education facility for CHI St. Vincent, an Arkansas-based regional healthcare provider, in the Little Rock suburb of Sherwood. Located at 6020 Warden Road, the facility will be located on CHI St. Vincent’s North Little Rock campus, and will serve as the new home of the Arkansas Neuroscience Institute. The building will include a research laboratory, auditorium, classrooms, an exhibit area and office space for physician practices, expanding the list of services offered to patients on one campus. The Arkansas Neuroscience Institute will relocate its surgical and clinical operations to the new facility by the end of the year. The education and research center is expected to open in early 2019.

May 4, 2018

Development Multifamily Southeast Tennessee

Akara Partners Breaks Ground on 420-Unit Multifamily Community in Nashville

by Camren Skelton May 3, 2018

NASHVILLE, TENN. — Chicago-based Akara Partners has broken ground on Kenect Nashville, a 420-unit apartment community located at 1815 Division St. in Nashville. The community is situated in Nashville’s Midtown neighborhood, two blocks from Vanderbilt University. The 20-story building, designed by Nashville-based Smith Gee Studio and the Chicago office of Perkins + Will, will feature 20,000 square feet of ground-floor retail and include a mix of studio to three-bedroom units. Community amenities will include food and beverage options throughout the building, social and coworking lounges, a fitness center, outdoor terraces, swimming pool, grills and firepits. Akara Partners expects to wrap up construction on the community in the fall of 2019.

May 3, 2018

Development Retail Southeast Virginia

Atlanta-Based Brewery to Open Second Location in Virginia Beach

by Camren Skelton May 3, 2018

VIRGINIA BEACH, VA. — Atlanta-based New Realm Brewing has unveiled plans to open a second brewery and taproom in Virginia Beach. New Realm is partnering with The Miller Group to lease a 58,000-square-foot facility, located four miles from the oceanfront at 1209 Craft Lane. The space formerly housed Green Flash Brewing Co. The new brewery will be capable of brewing 40,000 barrels annually and will feature a tasting room, outdoor beer garden and private event space. The facility will open upon receiving applicable licenses required for operation. Carey Falcone, Bob Powers and Mitch Steele founded New Realm in 2016. The brewery’s 20,000-square-foot flagship facility opened in January 2018 along the Atlanta BeltLine’s Eastside Trail.

May 3, 2018

Acquisitions Maryland Mixed-Use Southeast

Feldman Bergin, Fortified Property Acquire Mixed-Use Complex in Columbia, Maryland for $25.6M

by Camren Skelton May 3, 2018

COLUMBIA, MD. — Feldman Bergin Properties, in a joint venture with Fortified Property Group, has acquired Columbia Business Center, a nine-building mixed-use complex in Columbia, for $25.6 million. Don Schline of MacKenzie Commercial Real Estate Services arranged the transaction on behalf of the seller, an institutional investor. The single-story portfolio located along Dobbin Road includes 106,255 square feet of office, laboratory, research and development and retail space. The portfolio was 84 percent leased at the time of sale to tenants including Chiron Technology Services, DSM Nutritional Products, the Motor Vehicle Administration, Sherwin-Williams and Sushi King. The new owners plan to immediately execute a capital improvement program, including exterior cosmetic renovations and modernized amenities. David Fritz, Spence Daw and Ryan Minnehan of NAI KLNB will handle Columbia Business Center’s leasing assignment, and MacKenzie Commercial Real Estate Services will manage the property.

May 3, 2018

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