Southeast

JLL Brokers Sale of 121-Room Hampton Inn & Suites Hotel in Fredericksburg, Virginia

by John Nelson June 22, 2023

FREDERICKSBURG, VA. — JLL has brokered the sale of Hampton Inn & Suites Fredericksburg South, a 121-room hotel located at 4800 Market St. in Fredericksburg. Sachs Companies Realty Investments sold the hotel for an undisclosed price. The buyer was also not disclosed. Ketan Patel, Phil White, Robert Westerfield and Greyson Fewin of JLL’s Hotels & Hospitality Group represented the seller in the transaction. Situated on a 2.4-acre parcel at the intersection of I-95 and U.S. Highway 1, the Hampton Inn & Suites hotel features an indoor swimming pool and hot tub, fitness center, guest laundry, business center and 1,890 square feet of meeting space.

June 22, 2023

Leasing Activity Office Southeast Tennessee

Stream Realty Partners Arranges 25,324 SF Office Lease at Radius in Nashville’s Gulch District

by John Nelson June 22, 2023

NASHVILLE, TENN. — Stream Realty Partners has arranged a 25,324-square-foot office lease at Radius, a 265,564-square-foot office building located at 601 11th Ave. N in Nashville’s Gulch district. The tenant, Covenant Physician Partners, signed a 10-year lease to occupy the eighth floor of Radius, which is now 60 percent occupied. The company is relocating from its current Nashville offices at the Truist building (401 Commerce St.). Rob Lowe of Stream Realty Partners, along with Nikko Sansone of Sandeema, represented the landlord, Rubicon Equities, in the lease negotiations. Dan Bauchiero of Foundry Commercial represented the tenant.

June 22, 2023

Content Partner Development Features Leasing Activity Midwest NAI Northeast Retail Southeast Texas Western

Retailers Eager to Expand Despite Higher Rental Rates, Development Slowdowns

by Sarah Daniels June 22, 2023

Retailers, developers and leasing agents who attended the ICSC LAS VEGAS 2023 conference in May left the show cautiously upbeat about the state of retail. It was only the second consecutive gathering since the pandemic shut down the annual show in 2020 and 2021, and many brands made known their intent to remain in expansion mode, especially fast-casual restaurants, car washes, coffee shops, auto parts stores, entertainment concepts and medical services. The only obstacle stopping them at this point is the higher rental rates that they may have to pay as a consequence of higher construction costs, says George Macoubray, vice president of retail brokerage for NAI Elliott in Portland, Oregon. “A lot of these concepts are doing well,” declares Macoubray, whose Northwest Retail Advisors team represents landlords and regional and national tenants throughout Oregon and Washington. “We’ll see how far these tenants can go in terms of what they pay to fill new projects, but the enthusiasm and willingness to grow is definitely there.” Practicing Vigilance The same can’t be said for ICSC conference attendees who are on the capital markets side of the business. Higher interest rates have fueled a bid-ask spread between buyers and lenders, while regulatory …

June 22, 2023

Development Florida Multifamily Southeast

LORE to Develop $500M Multifamily Project in Miami’s Brickell District

by John Nelson June 21, 2023

MIAMI — LORE Development Group, a newly formed development firm between Leste Group and Brazilian-based Opportunity Fundo de Investimento Imobiliário, has announced plans to develop a $500 million multifamily development in Miami’s Brickell district. Situated near Brickell City Centre, the 442,000-square-foot, unnamed property will be located at 1015 SW 1st Ave. and feature high-end amenities and 2,000 square feet of ground-floor retail space. The construction timeline and design-build team were not disclosed. LORE will source and acquire properties and work with third-party construction teams to build its projects. In South Florida, LORE plans to develop more than $1 billion in multifamily assets over the next five years.

June 21, 2023

Acquisitions Development Industrial Southeast Virginia

Lovett Industrial Acquires 328 Acres Near Port of Virginia, Plans 2.2 MSF Spec Development

by John Nelson June 21, 2023

JAMES CITY COUNTY, VA. — Lovett Industrial has acquired 328 acres in James City County, a county between Port of Virginia and I-95 near Williamsburg, Va. The Houston-based developer plans to build Enterprise Logistics Park, a 2.2 million-square-foot industrial park, on the site. In addition to the port and I-95, the speculative development will have direct access to I-64. Design is underway on the park, which will feature a variety of building sizes ranging from 100,000 to 1 million square feet and capabilities from light-industrial to manufacturing, as well as amenity space and conveniences for workers. Lovett plans to break ground in first-quarter 2024. Once completed, Enterprise Logistics Park will be the largest speculative industrial park developed on the I-64 corridor between Norfolk and Richmond, according to Lovett. Geoff Poston and Ellis Colthorpe of Cushman & Wakefield | Thalhimer will handle marketing and leasing efforts at the park.

June 21, 2023

Development Georgia Mixed-Use Office Retail Southeast

Jamestown Tops Out Mass Timber Mixed-Use Building at Ponce City Market in Atlanta

by John Nelson June 21, 2023

ATLANTA — Jamestown has topped out 619 Ponce, a mass-timber mixed-use building on the Ponce City Market campus in Atlanta’s Old Fourth Ward district. The four-story property will comprise 87,000 square feet of loft offices and 27,000 square feet of retail space upon completion. Business tech firm Sage and retailer Pottery Barn have committed to 57,000 square feet of office space and 18,000 square feet of retail space at 619 Ponce, respectively. Amenities will include onsite daycare and medical facilities, direct access to the Atlanta BeltLine, bike storage and complimentary access to The Roof entertainment venue at Ponce City Market. The building will feature outdoor space on every level, natural wood columns and ceilings and floor-to-ceiling windows with operable panels. Jamestown is targeting LEED and Fitwel certification and is using Georgia-grown timber for the façade at 619 Ponce, as well as a regional supply chain, according to Jamestown. The design-build team includes Handel Architects, JE Dunn and StructureCraft. Atlanta-based Jamestown owns and manages more than 100,000 acres of timberlands across Georgia, Alabama, South Carolina, New York, Pennsylvania and Indiana.

June 21, 2023

Acquisitions Georgia Industrial Southeast

Ackerman Purchases New 212,232 SF Distribution Center in Conyers, Georgia

by John Nelson June 21, 2023

CONYERS, GA. — Ackerman & Co. has purchased a newly built, 212,232-square-foot distribution center located at 2020 E. Park Drive in Conyers, about 30 miles east of downtown Atlanta. The developer, Dayton Street Partners, sold the property to the locally based developer for an undisclosed price. Built in late 2022, the facility is located in Atlanta’s I-20 East submarket in Rockdale County. The rear-load building features 32-foot clear heights, two drive-in dock doors, more than 200 car parking spaces and a truck court with 41 parking spaces. Brett Buckner and Chris Miller of Ackerman & Co. will direct leasing efforts at the property, which offers options starting at 50,000 square feet.

June 21, 2023

Development Leasing Activity Mixed-Use Retail Southeast Tennessee

Southwest Value Partners, AEG Sign Iconix Fitness to 40,000 SF Lease at Nashville Yards

by John Nelson June 21, 2023

NASHVILLE, TENN. — Southwest Value Partners and AEG, joint venture partners and co-developers of the 18-acre Nashville Yards mixed-use development, have signed Iconix Fitness to a 40,000-square-foot retail lease. Michael Townsend of Townsend & Associates advised Iconix Fitness on the lease transaction. The high-end wellness and recovery-focused fitness operator plans to open the new club in summer 2025. Iconix will occupy the entire second floor of Nashville Yards’ 420,000-square-foot, Class A creative office building, which will also house an EVO Entertainment venue. The Iconix club will have a dedicated entry on the ground floor with a retail space offering fitness apparel, as well as a health-focused café with an adjacent patio space that will be used to host social events for members. The club also plans to activate the more than seven acres of open green spaces at Nashville Yards for special events and classes. Additionally, the venue will have a 2,500-square-foot recovery area that will feature infrared sauna, cold plunge, red light therapy and compression therapy treatments.

June 21, 2023

Affordable Housing Build-to-Rent Conference Coverage Features Multifamily North Carolina Single-Family Rental South Carolina Southeast Southeast Feature Archive

Suburbs Are King for Carolinas Multifamily Market, Say InterFace Panelists

by John Nelson June 21, 2023

Suburban markets in the Carolinas are the big winners in the current multifamily landscape, both from a new development and rent growth perspective, according to the various panelists at the InterFace Carolinas Multifamily conference. Hosted by InterFace Conference Group and Southeast Real Estate Business, the annual event took place on May 25 at the Hilton Charlotte Uptown hotel. At the end of the leasing and operations panel, moderator Mike Susen, senior director of real estate at Greystar, asked the property managers on stage if they could manage any product type in any Carolinas market, which they would choose. The consensus was their dream assignments lie in the suburbs. “Let’s do mid-rise suburbs, something out toward Matthews or the Mint Hill area,” said Amanda Kitts, senior vice president of property management at Northwood Ravin, referring to the suburbs of Charlotte. “I’d want to do product that those markets haven’t seen yet.” “Suburban product is still really strong right now,” added Bob Moore, co-founder and CEO of FCA Management LLC. “Tertiary markets are going to surprise you. You’ll see opportunities to do some deals where there has been a lot lower supply.” Property managers are keen to handle suburban communities because those …

June 21, 2023

Development Industrial South Carolina Southeast

Greystar Breaks Ground on 2 MSF Industrial Park in Spartanburg, South Carolina

by John Nelson June 20, 2023

SPARTANBURG, S.C. — Charleston-based development firm Greystar has broken ground on Mid85, a 2 million-square-foot industrial park in the Upstate South Carolina city of Spartanburg. Greystar and general contractor Frampton Construction have begun to build Phase I, which will comprise two speculative warehouses totaling 1.2 million square feet. Building One will total 277,648 square feet, with a rear-load layout, 32-foot clear heights, 58 dock doors and 78 trailer parking spots. Building Two will measure 917,694 square feet and feature a cross-dock layout, 40-foot clear heights, 88 dock doors and 201 parking spaces. The design-build team includes architect McMillan Pazdan Smith, civil engineer SeamonWhiteside and structural engineer WGPM Inc. JLL is handling leasing for the park, which will be situated off I-85 near Inland Port Greer, Greenville-Spartanburg International Airport and BMW’s Spartanburg plant. Greystar expects to deliver Mid85 in October 2024.

June 20, 2023

Newer Posts

Older Posts