Nashville’s office market, frequently heralded as up and coming, continues to see a great deal of interest from both local and outside investors, and the region’s rapid population growth and low vacancy rates continue to sustain a construction boom. Even with a high influx of new projects highlighting local news, the Nashville area still maintains the lowest vacancy rates of any market in the United States, according to CoStar. Compared to the rest of the country, Nashville has the second highest employment growth and the highest office employment growth, combined with one of the lowest unemployment rates of any major metro area. These encouraging demographics lead most to believe that Nashville will continue its growth rate, especially in the urban core. Since the 1990s the Nashville market followed national trends, seeing most office market growth creep from the central business district (CBD) to the suburban submarkets. After the Great Recession began to subside, which around here was in 2011, an optimistic focus was placed on the growth of the CBD. This local storyline was buttressed by a national narrative of a return to urbanism. This growth, which really began its current unprecedented run late in 2011 and early 2012, is …
BRADENTON, FLA. — HFF has arranged the $110.5 million sale of Carlton Arms of Bradenton, a 900-unit apartment community located at 5200 Riverfront Drive in the Tampa Bay community of Bradenton. The property is located on a peninsula overlooking the Braden and Manatee rivers. Matt Mitchell and Zach Nolan of HFF arranged the transaction on behalf of the seller, a joint venture between The Mahaffey Apartment Co. and Brighthouse Life Insurance Co. MetLife Investment Management advised Brighthouse on the acquisition. Elliott Thorne of HFF arranged a $76 million, 10-year, fixed-rate acquisition loan through Freddie Mac’s Capital Markets Execution (CME) program on behalf of the buyer, FLF Holdings. Constructed in 1980, Carlton Arms of Bradenton includes a mix of studio to three-bedroom units averaging 880 square feet. The property is also home to 12,519 square feet of fully leased retail space. Community amenities include two waterfront pools, two lighted tennis courts, two basketball courts, two clubhouses, a fitness center, dog park, guest suites, covered parking and five boat docks. The community was 99.7 percent occupied at the time of sale.
SANDY SPRINGS, GA. — Mercedes-Benz USA (MBUSA) celebrated the grand opening of its new headquarters in Sandy Springs on Thursday. The 200,000-square-foot office building is located on a 12-acre campus near Ga. 400 in Atlanta’s Central Perimeter office submarket, roughly 14 miles north of downtown Atlanta. This move was years in the making, as MBUSA announced in January 2015 that it was moving its headquarters from Montvale, N.J., to Atlanta. Since that time the German automaker also won the naming rights for the new home of the Atlanta Falcons and Atlanta United, Mercedes-Benz Stadium, which opened in 2017. MBUSA’s new office building, made entirely of glass and supported by steel beams, was designed with a one-to-one ratio of collaborative seats to individual workstations in order to encourage interaction and creativity among MBUSA staffers. Amenities include a conference center, coffee bar with a barista, café, 5,000-square-foot fitness center with trainers, an on-site childcare facility, outdoor playground and a furnished rooftop deck. The building is LEED-Silver certified and uses drip irrigation and energy efficient mechanical systems to reduce water usage. To reduce food waste, the company is partnering with Second Helpings Atlanta Inc., which takes surplus food from metro Atlanta organizations and delivers …
LAKELAND, FLA. — Cushman & Wakefield has brokered the $59.6 million sale of CenterState Logistics Center, a 605,412-square-foot distribution facility located at 8060 State Road 33 in Lakeland, roughly halfway between Tampa and Orlando. The facility was completed in 2017, and is fully triple-net-leased to Quaker Sales & Distribution, a wholly owned subsidiary of PepsiCo. The company uses the building to distribute its sports drink, Gatorade. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller and developer, a partnership between Brennan Investment Group and Greenfield Partners. Los Angeles-based Griffin Capital Essential Asset REIT Inc. acquired the asset. The building features tilt-wall construction, 36-foot clear heights and cross-dock loading.
RIDGELAND, MISS. — Southern California-based Pacific Retail Capital Partners (PRCP) has broken ground on the redevelopment of Northpark, a 958,000-square-foot enclosed mall in Ridgeland, about 11 miles north of Jackson. Plans for the first phase of the project include new public entrances, corridors, amenities, public restrooms and common-area gathering spaces. The renovation will include new interior and exterior landscaping and a complete resurfacing of the parking lot, public art from local artists, a new children’s play area and a new family lounge with private nursing stations, baby-changing stations and a family restroom. In addition, the redevelopment will transform the mall’s current food court into The Eatery, an open, café-style dining area that will feature interactive digital displays and new dining options. The first phase of the project is slated for completion this November.
ORLANDO, FLA. — CBRE has arranged the sale of Art Avenue, a 300-unit apartment community located at 10201 Lee Vista Blvd. in Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the undisclosed seller. Robbins Property Associates and LEM acquired the asset for an undisclosed price. Constructed in 2014, Art Avenue features a resort-style saltwater pool, fitness center, spin room, outdoor lounge with a fire pit area and an outdoor kitchen. The property was 96.3 percent occupied at the time of sale.
ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $37.5 million sale of Emerald Pointe, a 441-unit multifamily community in the Tampa Bay metro of St. Petersburg. Frank Carriera and Michael Regan of IPA arranged the transaction on behalf of the undisclosed seller and buyer. Constructed in 1974, Emerald Pointe includes studio to three-bedroom units and features a fitness center, pool, pet play area, car wash area, a clubhouse and laundry facilities. The new ownership plans to implement a value-add program to increase revenue over the first two years.
ATLANTA — Birmingham, Ala.-based GCP has acquired 6047 and 6049 Fulton Industrial in Atlanta for $17.1 million. The adjacent, rail-served buildings total 411,056 square feet and serve as light manufacturing and distribution warehouses. At the time of sale, the buildings were leased to two national third-party logistics tenants and a furniture distributor. The acquisition increases GCP’s portfolio to more than 7.5 million square feet. The name of the seller was not disclosed.
KNOXVILLE, TENN. — Coastal Ridge Real Estate has acquired Crowne at Campus Pointe, a 718-bed student housing community located less than a mile from the University of Tennessee in Knoxville. The sales price was not disclosed. Ryan Lang and Bo Flurry of ARA Newmark arranged the transaction on behalf of the undisclosed seller. Constructed in 2005, Crowne at Campus Pointe offers one- to three-bedroom units with monthly rents ranging from $870 to $1,935 per unit. Community amenities include a resort-style pool and sundeck, fire pit, outdoor cooking area, 24-hour fitness center, clubhouse, study center and a dog park.
MCLEAN, VA. — Hampton by Hilton has opened three new Hampton Inn hotels in the Southeast: Hampton Inn & Suites by Hilton Glenarden/Washington, D.C.; Hampton Inn by Hilton Forsyth in metro Atlanta; and Hampton Inn & Suites by Hilton Tallahassee Capitol-University. Each of the hotels feature complimentary breakfast, free Wi-Fi, a fitness center, business center, pool and laundry facilities. In addition to the new locations in the Southeast, McLean-based Hampton by Hilton recently opened a Hampton Inn & Suites by Hilton Chicago Burr Ridge near downtown Chicago and the Hampton Inn & Suites by Hilton Lafayette Medical in Lafayette, Colo., roughly 23 miles north of Denver. The new hotels join Hampton’s portfolio of more than 2,330 properties worldwide.