Southeast

200 Peachtree Group Underway on Two Restaurant Developments in Downtown Atlanta

by John Nelson June 26, 2023

ATLANTA — 200 Peachtree Group , an Atlanta-based owner and operator of food-and-beverage/entertainment brands, is underway on the development of two restaurants located at 200 Peachtree St. in downtown Atlanta. SKOL Brewing Co., a craft brewery, will comprise 5,000 square feet and is expected to open later this year. Food, beverage and entertainment hall Valhalla Social is scheduled to open in spring or summer 2024 and will total 15,000 square feet, with seating for roughly 300 people. CNNA Architects is the architect for both projects, which hope to capitalize on major tourism events coming to downtown Atlanta, including the 2025 College Football Playoff National Championship and the 2026 FIFA World Cup.

June 26, 2023

Acquisitions Georgia Retail Southeast

JLL Brokers Sale of 53,559 SF Retail Center in Metro Atlanta

by John Nelson June 26, 2023

MARIETTA, GA. — JLL Capital Markets has brokered the sale of Merchant’s Festival, a 53,559-square-foot retail center located at 1401 Johnson Ferry Road in Marietta, roughly 20 miles northwest of Atlanta. Target shadow-anchors the center. Jim Hamilton, Brad Buchanan and Anton Serafini of JLL represented the seller, a real estate fund advised by Crow Holdings Capital. Last Mile Investments acquired the property for an undisclosed price. Tenants at Merchant’s Festival, which was 85 percent leased at the time of sale, include Which Wich, Leslie’s Swimming Pool Supplies, Verizon Wiresless, Orangetheory Fitness, Pearle Vision Express and Learning Express Gifts.

June 26, 2023

Leasing Activity Mississippi Retail Southeast

Marshalls to Open 21,160 SF Store at Outlet Mall in Pearl, Mississippi

by John Nelson June 26, 2023

PEARL, MISS. — Marshalls will open a new, 21,160-square-foot store at Outlets of Mississippi, a an outlet mall located in Pearl, roughly five miles outside Jackson, Miss. Scheduled to open later this summer and marking the eighth location in the state, the store will be situated in a space formerly occupied by Saks OFF 5TH. Scott Ferguson of FFO Real Estate Advisors oversees leasing at the property, which is part of the 166-acre The Connection mixed-use development. Other tenants at Outlets of Mississippi, which totals 325,000 square feet, include Polo Ralph Lauren Factory Store, Nike Factory, Cole Haan, Coach Outlet, Levi’s, Michael Kors, Gap Factory Store and Under Armour.

June 26, 2023

Florida Leasing Activity Office Southeast

Law Firm Signs 121,032 SF Office Lease Renewal in Miami

by John Nelson June 26, 2023

MIAMI — Law firm Holland & Knight LLP has signed 121,032-square-foot office lease renewal at 701 Brickell in Miami’s Brickell financial district. The tenant will continue to occupy six floors of the building, which spans 33 stories and is currently 96 percent occupied. Brian Gale and Edward Quinon of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations. Todd Lippman and Shay Pope of CBRE represented the tenant.

June 26, 2023

Florida Market Reports Office Southeast Southeast Market Reports

Miami Continues to See Flight to Class A Offices Amid Record Rental Rates

by John Nelson June 26, 2023

A wave of new-to-market office tenants — specifically legal tenants following the influx of financial firms and tech companies — continue to expand their presence in Miami. The trend further solidifies the city’s spot as a top destination for companies seeking reduced taxes, strong talent and vibrant communities. Looking back at the first quarter of 2023, net absorption totaled over 81,000 square feet (compared to 76,000 square feet in the first quarter of 2022), marking the third-highest quarterly total since 2020. Most leasing activity occurred in the Central Business District (CBD) and in Class A product in Wynwood and Coral Gables as tenants continue to lease high-quality space. However, the lack of availability in quality product, as well as the overall economic uncertainty, has led to a slowdown in leasing volume to start 2023 — particularly among new-to-market tenants. Leasing activity totaled 750,000 square feet in the first quarter compared to 1.5 million in fourth-quarter 2022. The quarter closed with a 16.3 percent vacancy rate, the lowest level since the onset of the pandemic in early 2020. Class A availability fell 260 basis points to 21.1 percent year-over-year with the largest drops recorded in downtown Miami, which fell 540 basis …

June 26, 2023

Acquisitions Florida Multifamily Southeast

Waterton Buys 321-Unit Apartment Community in Plantation, Florida for $88M

by Hayden Spiess June 23, 2023

PLANTATION, FLA. — Waterton has acquired One Plantation, a 321-unit apartment community located at 1650 Southwest 78th Ave. in the Broward County city of Plantation. South Florida Business Journal reports that Stiles and PGIM Real Estate sold the property for $88 million. Built in 2013 as part of the 860-acre Plantation Midtown master planned development, the community features one-, two- and three-bedroom residences within a 12-story tower. Amenities at the property include a business center, private work rooms, movie theater, resident lounge areas, dog park, catering kitchen and fitness center. The new owner plans to renovate the clubhouse and convert existing parking garage rooftop tennis courts to pickleball courts. Newmark’s South Florida team brokered the transaction.

June 23, 2023

Acquisitions Development Florida Mixed-Use Southeast

FundRebel to Acquire Nine Hollywood Mixed-Use Development in Metro Miami for $67M

by Hayden Spiess June 23, 2023

HOLLYWOOD, FLA. — FundRebel LLC is under contract to acquire Nine Hollywood, a mixed-use property currently underway in Hollywood, for $67 million. Situated on a 36,000-square-foot parcel, the development features 204 multifamily residential units, three levels of integrated parking and more than 7,000 square feet of retail space. Residences include apartments in studio, one- and two-bedroom layouts. Amenities at the property include a swimming pool, fitness center and business suites. Construction on the project is scheduled for completion in the fourth quarter of this year. The seller was not disclosed.

June 23, 2023

Development Hospitality Loans South Carolina Southeast

Arriba Capital Provides $20M Construction Financing for Element by Westin Hotel in Charleston, South Carolina

by Hayden Spiess June 23, 2023

CHARLESTON, S.C. — Arizona-based Arriba Capital has provided a $20 million loan for the construction of Element by Westin, a hotel development currently underway in Charleston. Located at 4865 N. Arco Lane, the property will feature 125 rooms. Amenities will include complimentary breakfast, swimming pool, fitness center, bar, guest laundry room and sundries shop. Contender Development is the borrower and developer.

June 23, 2023

Development Retail Southeast Tennessee

Sembler Plans 75,000 SF White House Shops Retail Center in Metro Nashville

by Hayden Spiess June 23, 2023

WHITE HOUSE, TENN. — The Sembler Co. has announced plans for White House Shops, a 75,000-square-foot retail center in White House, roughly 30 miles north of Nashville. Publix has signed a 48,387-square-foot lease to anchor the property, which will also feature 11,000 square feet of adjacent retail space and 9,000 square feet of shop space across two additional buildings. Completion of the project is scheduled for next summer. Sembler acquired the 20-acre site earlier this month from a private owner for an undisclosed price.

June 23, 2023

Development Leasing Activity Maryland Restaurant Retail Southeast

Slim Chickens Signs Deal for Eight Restaurant Locations in Maryland

by Hayden Spiess June 23, 2023

MARYLAND — Restaurant chain Slim Chickens has signed a deal with Phoenix Foods LLC to open eight new locations in the Maryland counties of Anne Arundel, Baltimore, Carroll and Harford. Brad Hoag, franchisee and owner of Phoenix Foods, will operate the locations, which will join another 1,100 restaurants currently in development for the brand. Hoag, who is based in Baltimore, is a former developer and operator of 10 Qdoba Mexican Grill locations and currently operates 10 Burger King restaurants.

June 23, 2023

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