Southeast

Portman Opens Junction Krog District Office Building in Atlanta

by John Nelson October 3, 2023

ATLANTA — Portman has opened Junction Krog District, a mixed-use building in Atlanta’s Inman Park neighborhood that features 135,000 square feet of Class A offices, private terraces and ground-level retail space. The development is situated across from the Krog Street Market food hall at the corner of Auburn Avenue and Irwin Street. The Atlanta-based developer has also signed Yuji, a Japanese dining concept by Kinjo Enterprise LLC, to join Junction Krog District’s retail mix on the ground level. Yuji, along with Italian dining concept YEPPA&co, will open in summer 2024. The Japanese restaurant will feature a walk-up window for to-go orders, two outdoor bars and a 1,670-square-foot patio connected to Junction Krog District’s 7,000-square-foot public porch, which is now open. The porch fronts the Atlanta BeltLine’s Eastside Trail. Adjacent to Junction Krog District, Portman recently purchased 1.3 acres where the firm will plan a second phase for the project.

October 3, 2023

Development Leasing Activity Louisiana Mixed-Use Office Southeast

Shell Signs Lease at 142,000 SF Office Development Underway in New Orleans’ River District

by John Nelson October 3, 2023

NEW ORLEANS — Gas giant Shell has signed a lease at a 142,000-square-foot office building to be constructed in the 39-acre River District mixed-use neighborhood of New Orleans. Shell’s Gulf of Mexico operations headquarters will occupy the multi-floor property. Cypress Equities and Lauricella Land Co. have formed a joint venture to develop the building, which Gensler is designing. Located on Convention Center Boulevard, the project is scheduled to begin construction in 2024. Tim Relyea and Joe Peddie of Cushman & Wakefield represented Shell in the lease negotiations.

October 3, 2023

Acquisitions Alabama Retail Southeast

Dorsey Development Purchases 59,822 SF Island Road Shopping Center in Theodore, Alabama

by John Nelson October 3, 2023

THEODORE, ALA. — Dorsey Development, an entity owned and operated by G. Paul Dorsey III, has purchased Island Road Shopping Center at 5827 Highway 90 W in Theodore. Winn-Dixie anchors the property, which totals 59,822 square feet. Other tenants at the center include Pizza Hut, Subway, Buddy’s Home Furnishings and Premier Nails. The seller and sales price were not disclosed.

October 3, 2023

Acquisitions Florida Retail Southeast

Thompson Thrift Sells Two Retail Buildings in Cape Coral, Florida Totaling 24,000 SF

by John Nelson October 3, 2023

CAPE CORAL, FLA. —Thompson Thrift has sold two retail buildings in Cape Coral totaling 24,000 square feet. Situated within Cape Coral Commons, the multi-tenant buildings each comprise 12,000 square feet. Tenants scheduled to open at the properties include First Watch, Mission BBQ, Firehouse Subs, Tire Kingdom, Paragon Healthcare, Crumbl Cookies, PJ’s Coffee and Visionworks. David Hoppe of Atlantic Retail arranged the sale on behalf of Thompson Thrift. A California-based buyer acquired the buildings for an undisclosed price. Cape Coral Commons also features a third multi-tenant building currently under construction, as well as four one- to two-acre outparcels.

October 3, 2023

Development Georgia Leasing Activity Mixed-Use Restaurant Retail Southeast

Lincoln Property Co. Signs Three Tenants to Echo Street West Mixed-Use Project in Atlanta

by John Nelson October 3, 2023

ATLANTA— Lincoln Property Co. has signed three retailers to join Echo Street West, its 19-acre mixed-use project currently underway in west Atlanta. Food-and-beverage concepts El Gordo Taqueria by Fuego Tortilla, Fresh Squeezed Mini Bar and Le Macaron will occupy 2,430; 1,917; and 895 square feet, respectively. Situated on the Atlanta BeltLine Westside Trail, Echo Street West is being constructed in phases, with the initial development comprising 300,000 square feet of creative office space, 50,000 square feet of retail space, 292 residential units and 3.4 acres of outdoor entertainment and greenspace. Plans for the property include additional offices, shops, residences and hotel rooms.

October 3, 2023

Acquisitions Multifamily Southeast Tennessee

CBRE Brokers $78.5M Sale of Broadstone SoBro Apartments in Nashville

by John Nelson October 2, 2023

NASHVILLE, TENN. — CBRE has brokered the $78.5 million sale of Broadstone SoBro, a new 226-unit apartment community located at 800 4th Ave. S in Nashville’s SoBro neighborhood. AND Asset Management purchased the community, which was more than 90 percent occupied at the time of sale. The seller was not disclosed, but Alliance Residential Co. delivered the property last October. Brett Carr, David Smithwick and Shea Campbell of CBRE represented the seller in the transaction. Broadstone SoBro is an eight-story, podium-structure building with five levels of apartments atop three levels of structured parking. The property features a mix of studio, one-, and two-bedroom floor plans averaging 780 square feet. Amenities include a champagne bar-inspired sky lounge, saltwater pool, fireplace with lounge seating, private offices and coworking space, 24/7 fitness center and a package concierge system.

October 2, 2023

Acquisitions Georgia Multifamily Southeast

Equus Capital Sells 500-Unit Madison Druid Hills Apartments in Atlanta

by John Nelson October 2, 2023

ATLANTA — Equus Capital Partners Ltd. has completed the sale of Madison Druid Hills, a 500-unit garden-style apartment community in Atlanta’s Druid Hills neighborhood. David Gutting of Newmark represented Equus, which sold the asset on behalf of its Equus Investment Partnership X LP investment vehicle, in the transaction. The buyer and sales price were not disclosed. Since its acquisition of Madison Druid Hills in 2017, Equus completed a multimillion-dollar capital improvement program that included new roofs, exterior paint, clubhouse renovations, the addition of a dog park and green upgrades, including water efficient aerators throughout all units. Madison Druid Hills includes a mixture of recently renovated one-, two- and three-bedroom apartments. Amenities on the 49-acre site include an outdoor swimming pool, fitness center, car care center, barbecue grills and picnic area with a fire pit and two tennis courts.

October 2, 2023

Florida Hospitality Loans Southeast

Berkadia Arranges $47M Refinancing for Canopy by Hilton West Palm Beach Downtown Hotel

by John Nelson October 2, 2023

WEST PALM BEACH, FLA. — Berkadia’s Hotels & Hospitality team has arranged the $47 million refinancing for Canopy by Hilton West Palm Beach Downtown, a 150-room hotel located at 380 Trinity Place in West Palm Beach. Michael Weinberg and Scott Wadler of Berkadia arranged the three-year loan through Bank of America on behalf of Driftwood Capital, a Miami-based hotel owner. The interest-only loan features two one-year extension options. Built in 2020, Canopy by Hilton West Palm Beach Downtown features a fitness center, more than 3,000 square feet of meeting space, an outdoor rooftop pool deck and two food-and-beverage venues: Banter and Treehouse Rooftop Bar.

October 2, 2023

Development Mixed-Use Southeast Virginia

Arlington County Approves Site Plan for Bingham Center Mixed-Use Development in Northern Virginia

by John Nelson October 2, 2023

ARLINGTON, VA. — Arlington County has approved Donohoe Development and TCS Realty Associates’ site plan for Bingham Center, a mixed-use development planned at 3200 Wilson Blvd. in Arlington. The transit-oriented development will be situated one block from the Clarendon Metro station and comprise a 229-room boutique hotel, 290 apartments, including 15 affordable housing units, 16,000 square feet of street-level retail space and below-grade parking. Donohoe and TCS Realty are planning to deliver Bingham Center in 2025 and are aiming for LEED Gold certification, according to the project website.

October 2, 2023

Acquisitions Maryland Multifamily Southeast

KLNB Negotiates Sales of Two Apartment Communities in Gaithersburg, Maryland

by John Nelson October 2, 2023

GAITHERSBURG, MD. — KLNB has negotiated the sale of two apartment communities in Gaithersburg totaling 194 units. The properties include Towne Crest and Chelsea Park. Acento Real Estate Partners purchased both communities from the undisclosed sellers. The sales prices were also not disclosed. Acento plans to make renovations to both properties and add amenities. Rawles Wilcox, Jared Emery and Dutch Seitz of KLNB represented the sellers in both transactions.

October 2, 2023

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