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DevelopmentGeorgiaOfficeSoutheastTop Stories

Intuit Opens 360,000 SF Regional Office, Mailchimp Headquarters in Atlanta

by John Nelson

ATLANTA — Intuit (NASDAQ: INTU), a global financial technology platform, has opened its 360,000-square-foot office in Atlanta’s Old Fourth Ward neighborhood. The 10-story space will serve as a hub for the company as the only Intuit office in the Southeast, as well as the corporate headquarters for Mailchimp, a locally based email marketing platform that Intuit acquired in 2021 for $5.7 billion. Atlanta-based New City Properties delivered Intuit’s new space as part of the developer’s Fourth Ward development. The office sits along the Eastside Trail of the Atlanta BeltLine, a 22-mile rail loop that connects 45 distinct neighborhoods around the city. Mailchimp was formerly headquartered in Ponce City Market, Jamestown’s massive mixed-use redevelopment that also sits on the Eastside Trail in Old Fourth Ward, two blocks away from the new office building. The new space at Fourth Ward will accommodate nearly 1,000 current Intuit employees and provide space for future growth. The office is already one of Intuit’s top five largest campuses globally. “It’s no secret that Atlanta is a bustling tech ecosystem that Mailchimp has been central to for over 20 years,” says Rania Succar, senior vice president and general manager of Intuit Mailchimp. “Our beautiful new workspace is …

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DevelopmentIndustrialKentuckySoutheast

Toyota to Invest $1.3B at Flagship Plant in Kentucky for Electric SUV Production

by John Nelson

GEORGETOWN, KY. — Auto giant Toyota has announced plans to invest $1.3 billion at Toyota Motor Manufacturing Kentucky, the company’s flagship plant in Georgetown. Toyota will invest the capital to increase production of its all-electric, three-row SUVs at the plant, including the establishment of a battery pack assembly line. CNBC reports that Toyota will begin production on the electric SUVs between late 2025 and early 2026. Toyota announced in May that it plans to invest $591 million in future projects and increase job retention to 700 full-time jobs at the plant. Situated about 16 miles north of Lexington within Scott County, Toyota Motor Manufacturing Kentucky represents an approximately $10 billion investment since operations first began in 1988. The company has produced more than 12 million vehicles at the plant over the past four decades.

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DevelopmentIndustrialSoutheastVirginia

Matan Delivers 345,000 SF Industrial Project in Ashland, Virginia

by John Nelson

ASHLAND, VA. — Matan Cos. has delivered Phase I of Northlake II, an industrial park located along the I-95 corridor in Ashland, a northern suburb of Richmond. The first three buildings of the park span 345,000 square feet and were fully leased upon delivery to tenants including Ferguson, Chadwell Supply, Envoy Solutions and Haskell Hardware. Gareth Jones, Chris Avellana and Charlie Polk of JLL handle the leasing at Northlake II on behalf of Matan. Construction of Phase II will commence this summer, with expected completion at the end of 2025 for the final building, which will span approximately 200,000 square feet.

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AcquisitionsFloridaMultifamilySoutheast

Colliers Arranges $10.9M Sale of Casa Linda Apartment Building in Miami

by John Nelson

MIAMI — Colliers has arranges the $10.9 million sale of Casa Linda, a six-story apartment building located at 3300 S. Dixie Highway in Miami’s Coconut Grove neighborhood, roughly four miles outside of downtown. Situated on a 32,000-square-foot site, Casa Linda comprises 45 units in one- and two-bedroom layouts. Private investor Philip Rahimzadeh acquired the asset from an entity doing business as Trizel CRE. Virgilio Fernandez of Colliers represented both the buyer and seller in the transaction.

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Leasing ActivityMarylandRetailSoutheast

Primark to Open 30,000 SF Store at Mall at Prince George’s in Suburban D.C.

by John Nelson

HYATTSVILLE, MD. — Primark, a global apparel retailer, plans to open a 30,000-square-foot store at Mall at Prince George’s, a regional shopping mall in Hyattsville. PREIT owns the mall, which is located about six miles north of Washington, D.C. Primark recently announced plans to grow its regional footprint from 24 stores to 60 locations. The retailer plans to open its Hyattsville store in 2025 within a space formerly occupied by J.C. Penney. Other tenants at the mall include Target, Planet Fitness, H&M, DSW, Old Navy, Victoria’s Secret and Miller’s Ale House.

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AcquisitionsRetailSoutheastTennessee

Marcus & Millichap Brokers $5.6M Sale of Strip Retail Center Near Chattanooga

by John Nelson

OOLTEWAH, TENN. — Marcus & Millichap has brokered the $5.6 million sale of Wolftever Crossing Shopping Strip, a 12,040-square-foot strip retail center located in Ooltewah, roughly 20 miles outside Chattanooga. Tenants at the property, which was built in 2017, include AT&T, Supercuts, Salsarita’s, Firehouse Subs and a standalone AFC Urgent Care. Harrison Creason and Andrew Margulies of Marcus & Millichap arranged the sale on behalf of the seller, a South Carolina-based partnership, and procured the buyer, a California-based private investor. Jody McKibben assisted in closing the transaction as the firm’s broker of record in Tennessee.

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DevelopmentFloridaLoansMultifamilySoutheastTop Stories

Mast Capital Receives $600M Construction Loan for 80-Story Cipriani Residences Miami Condo Tower

by Kristin Harlow

MIAMI — Developer Mast Capital has received a $600 million construction loan for Cipriani Residences Miami, an 80-story condominium tower in the city’s Brickell neighborhood. The 397-unit project will offer views of Biscayne Bay, the Brickell skyline and Coconut Grove. Mexico-based Banco Inbursa and Ascendant Capital Partners provided the financing, contributing $350 million and $250 million, respectively. The loan marks the largest single-tower residential construction loan ever obtained in Florida and underscores the project’s strong pre-sale activity, according to Mast. Camilo Miguel, CEO of Mast, says the unprecedented financing is a testament to the demand for an ultra-luxury condominium project in the neighborhood. The area has experienced an influx of new residents, particularly since mid-2020. Mast purchased the 2.8-acre site at 1420 S. Miami Ave. for $103 million in December 2021. Cipriani Residences Miami will offer floor plans ranging from 1,123 to 3,495 square feet as well as penthouses with private pools. Pricing will start at $1.7 million for most of the condos, while pricing for the penthouses will begin at $17 million. All residents will have access to dining services in a private restaurant as well as 24-hour in-home dining and catering services. Dining services will extend to the …

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DevelopmentIndustrialLeasing ActivityMarylandSoutheast

Webstaurant Store Signs 1.2 MSF Industrial Lease in Hagerstown, Maryland

by John Nelson

HAGERSTOWN, MD. — The Webstaurant Store LLC, an online restaurant supplier based in Pennsylvania, has signed a 1.2 million-square-foot lease for a new distribution center in Hagerstown, a city near the Maryland-Pennsylvania border. A partnership led by Baltimore-based MCB Real Estate is the landlord/developer of the 1.5 million-square-foot industrial park, dubbed Currwood Logistics Center. Cushman & Wakefield represented the landlord in the lease negotiations, while Newmark represented Webstaurant Store. Other member firms in the park’s ownership include Invesco Real Estate, Curated Development Group, Birchwood Capital Partners and Artemis Real Estate Partners. Currwood Logistics Center is situated near the intersection of I-70 and I-81 along Paul Smith Boulevard and will create 700 new jobs at full capacity, according to MCB. The property will serve as the hub of Webstaurant Store’s Northeast fulfillment network.

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DevelopmentFloridaRetailSoutheast

Whole Foods to Open 40,100 SF Grocery Store in St. Petersburg, Florida

by John Nelson

ST. PETERSBURG, FLA. — Whole Foods Market plans to open a new 40,100-square-foot store in St. Petersburg, marking the grocer’s entry to the Tampa Bay suburb. The developer of the freestanding store was not disclosed, but the Tampa Bay Times reported that the developer/landlord is a partnership between locally based J Square Developers and Atlanta-based SJC Ventures. Located at 201 38th Ave. N, the new store will feature more than 800 local products from more than 140 local suppliers. The store will include a full-service seafood counter; cheese station; meat counter; a craft beer department that will sell 180 craft beers, including 50 from local breweries; a hot food and salad bar; bakery; and a wellness and beauty section. Whole Foods plans to open its doors on Wednesday, Feb. 28.

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DevelopmentFloridaLoansMultifamilySoutheast

JLL Arranges $60.9M Refinancing for Multifamily Development in Miami

by John Nelson

MIAMI — JLL has arranged $60.9 million in construction takeout refinancing for a new multifamily development underway in Miami’s Village of El Portal neighborhood. The eight-story, 282-unit property, called The Kavista, is set to open later this month. Melissa Rose, Michael DiCosimo and Maddy McMillen of JLL arranged the two-year, floating-rate loan through Varde Partners on behalf of the borrower and developer, Barrington Brothers. Located at 495 N.E. 83rd St. between Miami Shores and Little River, The Kavista will feature one-, two- and three-bedroom apartments, as well as a resort-style swimming pool and pool deck, a coworking lounge, theater, fitness center and electric vehicle (EV) charging stations. Monthly rental rates at The Kavista range from $2,100 to $4,200, according to Apartments.com.

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