Southeast

Monmouth Acquires 399,440 SF Industrial Building in Daytona Beach for $30.8M

by Camren Skelton April 10, 2018

DAYTONA BEACH, FLA. — Monmouth Real Estate Investment Corp. has acquired a new industrial building located at 1341 N. Clyde Morris Blvd. in Daytona Beach for $30.8 million. The seller, VanTrust Real Estate, completed the 399,440-square-foot, build-to-suit facility for B. Braun Medical Inc. in 2017. The Pennsylvania-based medical device company manufactures, markets and sells healthcare products worldwide and is a subsidiary of B. Braun Melsungen AG, based in Germany. The property is net-leased to B. Braun for 10 years. The building is situated on 27.5 acres, roughly four miles from Daytona Beach International Airport and near Interstate 4.

April 10, 2018

Acquisitions Maryland Multifamily Southeast

Peak Management Buys Apartment Community Near Baltimore for $24.5M

by Camren Skelton April 10, 2018

PIKESVILLE, MD. — Peak Management LLC has acquired Annen Woods, a 131-unit apartment community in Pikesville, for $24.5 million. The community is located at 1 Harness Court, roughly 20 miles northwest of Baltimore. Peak Management, an affiliate of Hill Management Services Inc., acquired the asset from Harbor Group Management. Annen Woods includes a mix of one- to three-bedroom units and was 96 percent occupied at the time of sale. Community amenities include a swimming pool with sundeck, lighted tennis court, fitness center and a fenced-in dog park. Peak Management plans to upgrade the community by renovating approximately 90 percent of units with the addition of stainless steel appliances, granite countertops, Nest light fixtures and new bathroom vanities and countertops. In addition, the company will remodel the leasing office and fitness center and install low-flow plumbing fixtures in each unit to reduce water consumption.

April 10, 2018

Acquisitions Georgia Industrial Southeast

Joint Venture Purchases 515,000 SF Industrial Portfolio in Atlanta’s West Midtown District

by Camren Skelton April 10, 2018

ATLANTA — Weaver Capital Partners and the Seng Co., in conjunction with their joint venture equity partner SilverCap Partners, has acquired a 515,000-square-foot industrial portfolio located along Seaboard Industrial Boulevard in Atlanta’s West Midtown district. Patterson Real Estate Advisory Group served as the joint venture’s capital advisor and arranged acquisition financing through CIBC Bank USA. The sales price and terms of the financing were not disclosed. The joint venture acquired the nine-building portfolio from Zep Inc., which formerly owned and occupied the entire property. Zep, a manufacturer of maintenance and cleaning solutions, will lease back 58,000 square feet in one of the buildings in order to consolidate its operations in Adairsville, Ga., roughly 60 miles northwest of Atlanta. The new ownership will continue to operate the portfolio as industrial space.

April 10, 2018

Development Office Southeast Virginia

Stihl to Open New $25M Administrative Facility in Virginia Beach

by Camren Skelton April 9, 2018

VIRGINIA BEACH, VA. — Stihl Inc., a Virginia Beach-based manufacturer of handheld outdoor power equipment, has celebrated the groundbreaking of its new $25 million, 80,000-square-foot office building in Virginia Beach. The company is the U.S. operations arm for German parent company Stihl Group. The property is located at the site of the company’s existing headquarters, which totals more than 1 million square feet. Hourigan Construction is the general contractor for the project, and HBA Architecture Interior Design is the lead architect. Creative Development Partners (CDP) is representing Stihl as the owner’s representative. The new administration space will include a Stihl museum and customer welcome center. In addition, the project will include improvements to an outdoor demonstration area for hands-on training, enhancements to the entry guardhouse and updates to traffic flow and security at the main gate. The expansion will replace the former 21,000-square-foot administration building, which was razed to make way for the new facility. The new building and other campus improvements are slated for completion in mid-2019.

April 9, 2018

Affordable Housing Development Florida Multifamily Southeast

Ability Housing Starts Construction on $27.4M Affordable Housing Community in Orlando

by Camren Skelton April 9, 2018

ORLANDO, FLA. — Ability Housing, in conjunction with the City of Orlando, has started construction of Village on Mercy, a 166-unit affordable housing project located along Mercy Drive in Orlando. The Florida Housing Finance Corp., Bank of America NA, Enterprise Community Investment Inc. and the Corporation for Supportive Housing (CSH) provided funding for the $27.4 million project. The community will be certified by the Florida Green Building Coalition and will feature a community center, playground, fitness trail and recreation space along Lake Lawne. All of the apartments will be reserved for residents earning 60 percent or less of the area median income (AMI), and half of the units will provide housing for formerly homeless individuals and families. Construction on the project is expected to last 18 months. Ebert Norman Brady Architects is the architect for Village on Mercy, and Sauer Inc. is the general contractor.

April 9, 2018

Acquisitions North Carolina Retail Southeast

Franklin Street Brokers $5.8M Sale of Retail Center in Charlotte

by Camren Skelton April 9, 2018

CHARLOTTE, N.C. — Franklin Street has brokered the $5.8 million sale of City View Shopping Center, a 77,550-square-foot retail property located at 1526 Alleghany St., roughly two miles from Uptown Charlotte. John Tennant and Bryan Belk of Franklin Street arranged the transaction on behalf of the seller, City View of N.C. LLC, and the buyer, Dinalli LLC. The buyer plans to hold the asset as a long-term investment. American Freight Furniture and Mattress and Measurement Inc. anchor the center, which was formerly home to a Winn-Dixie.

April 9, 2018

Leasing Activity Retail South Carolina Southeast

Five Below, HomeGoods to Open at PREIT’s Repositioned Magnolia Mall in Florence, South Carolina

by Camren Skelton April 9, 2018

FLORENCE, S.C. — An 8,500-square-foot Five Below and a 20,000-square-foot HomeGoods will join the tenant mix at PREIT’s Magnolia Mall in Florence. The first-to-region retailers join Burlington, which opened in 2017, backfilling the space formerly occupied by Sears. In addition to these openings, H&M will open later this year, Chick-fil-A is expanding its location to include indoor seating and Texas Roadhouse will lease an outparcel location at the mall. PREIT has also renewed a 10-year lease with Belk, which will undergo a store remodel. Philadelphia-based real estate investment trust PREIT owns and operates more than 22.5 million square feet of retail space located primarily in the eastern United States.

April 9, 2018

Georgia Leasing Activity Life Sciences Office Southeast

Biotech Firm Opens 15,585 SF Headquarters at Georgia Tech’s Technology Enterprise Park in Atlanta

by Camren Skelton April 9, 2018

ATLANTA —Vero Biotech has opened a new 15,585-square-foot headquarters at the Georgia Institute of Technology’s Technology Enterprise Park in Atlanta. The biopharmaceutical company, formerly known as GeNO LLC, designs, develops and commercializes products for patients with pulmonary and cardiac diseases. Vero Biotech will move its administrative, research & development and manufacturing departments from its current office in Cocoa, Fla., to the new space over the next six to 12 months. The company plans to double its operations, hiring up to 40 new employees over the next year. In addition, Vero Biotech will partner with Georgia Tech to provide hands-on experience and internship opportunities for students. Chad Koenig and Ben Jackson of Cushman & Wakefield represented Vero Biotech in the lease negotiations, and Enio Guerra and Dick Bowers of Richard Bowers & Co. represented Georgia Tech.

April 9, 2018

Industrial Market Reports Property Type Southeast Southeast Market Reports Tennessee

Memphis Industrial Market Closes Out 2017 With Strong Wave of Absorption

by John Nelson April 9, 2018

The positive momentum for the Memphis industrial market continues. For the previous three years, the market has had positive absorption every quarter. This momentum continued through 2017, where we saw an annual net gain of 6.6 million square feet of positive absorption. Memphis has not seen this type of multi-year, record-breaking performance since the early 2000s. Achieving year-over-year absorption volume at this level proves Memphis can continue to attract both new developers and investors. Given ideal geographical positioning, Memphis is known as America’s Distribution Center, boasting unparalleled expertise in distribution and logistics. The Memphis International Airport houses the second-busiest cargo airport in the world. Companies recognize that the Memphis MSA offers reliable, cost-effective distribution, with the ability to reach 70 percent of the U.S. population within 24 hours. Moreover, Memphis is one of only three cities with five Class I Rail Systems, and has the fifth-largest inland port, as well as 10 major trucking companies utilizing Interstates 40 and 55. It’s no wonder that FedEx World Hub makes Memphis its home, and UPS chose it to house a major hub. Southeast Submarket The Memphis market continues to see nearly all of its growth to the southeast into Fayette County, Tennessee, …

April 9, 2018

Acquisitions Maryland Office Southeast

Hertz Acquires Wells Fargo Tower in Baltimore’s CBD for $36.8M

by Camren Skelton April 6, 2018

BALTIMORE — Hertz Investment Group has acquired Wells Fargo Tower, a 24-story office building located at 7 St. Paul St. in Baltimore’s central business district, for $36.8 million. According to the Baltimore Business Journal, Bethesda, Md.-based special servicer CWCapital Asset Management sold the asset less than a year after acquiring it following foreclosure by the previous owner. Natixis provided a $29.3 million acquisition loan on behalf of Hertz. The 378,010-square-foot tower was 67 percent leased at the time of sale to tenants such as Wells Fargo Bank and law firms Whiteford Taylor & Preston, Anderson Coe King and Wright, Constable & Skeen. Wells Fargo Tower was originally constructed in 1985, and recently underwent renovations including an updated lobby and replacement of water pumps, chillers and cooling tower.

April 6, 2018

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