Southeast

Despite Active Construction in Raleigh-Durham, Office Absorption Outpaces Supply

by John Nelson March 6, 2017

At the close of 2016, over 1.9 million square feet of office space was absorbed in the Raleigh-Durham market and overall vacancy increased by one percentage point from 10 percent to 11 percent. Activity was strong and can partially be attributed to a very active suburban Raleigh submarket that absorbed over 1.1 million square feet. Vacancy in this submarket ended the year at 10 percent, down from a high of 17 percent in 2010. It was also an active construction year for Raleigh-Durham, with developers completing over 1.3 million square feet of new office space. There is currently another 2.7 million square feet of new projects underway, and an additional 2 million square feet of proposed projects. Downtown Durham, an approximately 4.5 million-square-foot market, has multiple office projects underway, including: The Chesterfield: Renovation on the 286,000-square-foot building should be completed soon with the first tenants moving in in July 2017. The project, being developed by Wexford Science + Technology, is approximately 75 percent leased. One City Center: The mixed-use, 432,000-square-foot project has 130,000 rentable square feet of office space and should open in late 2017. The office component is 50 percent preleased. Activity in downtown Durham has been driven by …

March 6, 2017

Georgia Mixed-Use Southeast

W.C. Bradley to Develop Riverfront Mixed-Use Project in Columbus, Georgia

by John Nelson March 3, 2017

COLUMBUS, GA. — The W.C. Bradley Co. has unveiled plans for its land holdings along the Chattahoochee River in Uptown Columbus. The master plan, known as The River District, includes W.C. Bradley’s holdings from its corporate headquarters at 1017 Front Ave. to the Frank K. Martin Pedestrian Bridge on 14th Street in Columbus and almost nine acres in Phenix City, Ala. The River District’s first phase will be a 7.5-acre mixed-use complex between 13th and 14th streets known as Riverfront Place, which will include two apartments buildings, retail and office space and either an office building or hotel overlooking the river. The groundbreaking for the first building in Riverfront Place, called The Rapids, will take place within the next 60 days. The Rapids will be a 415,000-square-foot mixed-use building that will include 226 apartments, shops and a restaurant. The Rapids will feature three elevated courtyards including a garden-style pool, outdoor bar and TV area, bocce ball court, outdoor ping pong table, grilling stations, communal dining table, fire pit and poolside cabanas. Other amenities will include a 24-hour fitness center, private residents’ lounge with pool table, an indoor bar area and a TV room. The Rapids represents an estimated investment of …

March 3, 2017

Florida Industrial Southeast

Newmark Grubb Phoenix Arranges 400,928 SF Industrial Lease in Jacksonville

by John Nelson March 3, 2017

JACKSONVILLE, FLA. — Newmark Grubb Phoenix Realty Group (NGPRG) has arranged a new 400,928-square-foot industrial lease at Northport Logistics Center, a nearly 900,000-square-foot facility located at 11530 New Berlin Road in Jacksonville. Dan Stover, Bryan Bartlett and John Richardson of NGPRG represented the landlord, Real Capital Solutions, in the lease deal. The tenant, Jacksonville-based Grimes Logistics Services Inc., will use the space for warehouse storage and distribution. Grimes Logistics is a third-party logistics company founded in 1972. NGPRG is actively marketing the remaining 471,699 square feet of space at Northport Logistics Center for lease.

March 3, 2017

Georgia Retail Southeast

GBT Realty to Develop 71,000 SF Shopping Center in South Atlanta

by John Nelson March 3, 2017

MCDONOUGH, GA. — GBT Realty Corp. has purchased a 7.6-acre site along State Route 20 in the south Atlanta suburb of McDonough from OTS Capital and Masters Living Trust. The site will house a new 71,000-square-foot shopping center anchored by Burlington. The $14 million center will also feature Pet Supermarket, Tuesday Morning, an additional junior anchor and 6,400 square feet of shop space. Brentwood, Tenn.-based GBT Realty expects to break ground in the near future and deliver the shopping center later this year.

March 3, 2017

Georgia Multifamily Southeast

CBRE Arranges Sale of Apartment Community Near University of Georgia

by John Nelson March 3, 2017

ATHENS, GA. — CBRE has brokered the sale of Archer on North Apartments, a 140-unit multifamily community located at 210 Spring Court in Athens, a little more than a mile from the University of Georgia. Atlanta-based QR Capital purchased the asset for an undisclosed price. Built in 1984 and renovated in 2012, Archer on North features a new clubhouse, outdoor pool and fitness center. The community was 98 percent occupied at the time of sale. Brad Simmel of CBRE represented the seller, Archer On North LLC, in the transaction.

March 3, 2017

Florida Office Southeast

MetLife Awarded LEED Certification for Three Office Buildings Within Waterford at Blue Lagoon in Miami

by John Nelson March 3, 2017

MIAMI — MetLife Real Estate has secured LEED certification for three of its office buildings within Waterford at Blue Lagoon, a Class A office park in Miami. The assets include 6505 Waterford, a 166,996-square-foot property built in 1996; 6100 Waterford, a 162,878-square-foot building developed in 1991; and 6303 Waterford, a 165,996-square-foot building developed in 1993. The buildings earned the designations following MetLife Real Estate’s five-year, $3.5 million capital improvement campaign, which included restroom renovations, new marble lobby floors, Energy Star-rated roof replacements, new LED light fixtures in the atriums and the parking garage, resurfacing of the parking garage deck and a new fitness center. The U.S. Green Building Council awarded 6505 Waterford LEED Gold v4 Operations and Maintenance: Existing Buildings and LEED Silver v4 Operations and Maintenance: Existing Buildings for both 6100 Waterford and 6303 Waterford. Cushman & Wakefield’s asset services team of Peter Romero, Danny Wong, Jacky Hernandez and Maria Meyer, as well as engineers Rafael Lopez, Carlos Padilla and Javier Castro, collaborated with MetLife Real Estate in procuring the LEED designations.

March 3, 2017

Hospitality Southeast Virginia

Lingerfelt CommonWealth Sells Marriott Hotel in Metro Richmond for $38.5M

by John Nelson March 2, 2017

GLEN ALLEN, VA. — Lingerfelt CommonWealth Partners LLC, a Richmond-based commercial real estate investment firm, has sold the 243-room Richmond Marriott Short Pump for $38.5 million. The hotel is located at 4240 Dominion Blvd. in Glen Allen. The buyer, a partnership of regional investors, has retained Commonwealth Lodging Management, Lingerfelt CommonWealth’s hotel management affiliate, to operate the hotel. In October 2015, Commonwealth Lodging oversaw an $11 million renovation of the hotel. The property features complimentary high-speed internet, a swimming pool, fitness center and event space.

March 2, 2017

Florida Multifamily Southeast

Independence Realty Trust Buys Apartment Community in Tampa for $29.8M

by John Nelson March 2, 2017

TAMPA, FLA. — Independence Realty Trust Inc. has purchased an undisclosed 216-unit apartment community in Tampa’s Northdale neighborhood for $29.8 million. The REIT purchased the asset using available cash and its line of credit. Built in 1985 and renovated in 2016, the property features one- and two-bedroom units averaging 925 square feet. The asset was 93 percent occupied at the time of sale and averaged $1,192 per month in rent for the three months ending Jan. 31. The seller was undisclosed.

March 2, 2017

Office Southeast Tennessee

In-Rel Properties Oversees $7M Renovation of 32-Story Office Tower in Memphis

by John Nelson March 2, 2017

MEMPHIS, TENN. — In-Rel Properties, a commercial real estate investment firm based in Lake Worth, Fla., is overseeing the $7 million renovation of Clark Tower in Memphis. Located at 5100 Poplar Ave., the 32-story, 668,009-square-foot office tower is the second-tallest building in Memphis. The renovation was designed by the Crump Firm and includes a new entry, updates to the lobbies, bathrooms and common areas and new elevators and mechanical systems. Existing amenities at Clark Tower include 24-hour security, a fitness center, on-site banking, structured parking and an on-site conference center. Colliers International leases Clark Tower on behalf of In-Rel. Dan Walker Associates began construction in the third quarter of 2016 and expects to wrap up at the end of the first quarter this year.

March 2, 2017

North Carolina Office Southeast

Portman Holdings Adds Accounting Firm to Tenant Lineup at Office Building in Uptown Charlotte

by John Nelson March 2, 2017

CHARLOTTE, N.C. — Portman Holdings has added BDO USA LLP, an accounting and consulting firm, to the tenant roster at 615 South College in Uptown Charlotte. The 19-story office building is nearing completion, and BDO expects to occupy its new space as early as August. Located at Lynx Blue Line’s Stonewall Station, the 370,000-square-foot office building is situated near Whole Foods Market, the Charlotte Convention Center and Westin Charlotte. Travis Garland of Portman Holdings and John Ball of Trinity Partners represented the ownership in the lease transaction, and Brent Royall of Colliers International represented BDO. Other committed tenants include Regions Bank, which pre-leased 60,000 square feet of space in 2016.

March 2, 2017

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