Southeast

Colliers Negotiates $21.8M Sale of Dairy Processing Facility in Miami

by Julia Sanders April 13, 2022

MIAMI — Colliers has negotiated the sale of the Borden Dairy Co./Velda Farms dairy processing facility in Miami for $21.8 million. Steven Wasserman and Erin Byers of Colliers represented the buyer, CP Logistics Miami 95 LLC, in the transaction. Harold Ginsberg from Southern Asset Service Corp. represented the seller, New Dairy Florida LLC, in the transaction. The buyer, which is an entity of Panattoni Development, has plans to redevelop the site into a 126,000-square-foot Class A warehouse. The current tenant for the past 50 years, Borden Dairy, will vacate the site for redevelopment. Construction is slated for completion by late 2023. Located at 501 NE 181st St., the property is situated 19.7 miles from the University of Miami and 15.7 miles from Miami International Airport.

April 13, 2022

Development Industrial Southeast Virginia

Clayco Breaks Ground on 330,000 SF Tyson Foods Facility in Southern Virginia

by Julia Sanders April 13, 2022

DANVILLE, VA. — Clayco has broken ground on Tyson Foods’ new poultry processing facility in Danville. Construction started last month and is slated for completion by the spring of 2023. Built on a 64-acre site, the project will be used primarily for the production of fully cooked, Tyson-branded chicken products. Tyson Foods has committed to purchasing 60 million pounds of Virginia-grown chicken over the next three years. The chicken processing plant’s features will include a mezzanine level, ASRS cold storage structure, raw materials storage, production and packaging space, a two-story space for offices, and cold storage spaces that will range in temperatures throughout the building. A wastewater treatment plant will also be included. Lamar Johnson Collaborative is the designer for the project, with Clayco in charge of designing and building. Other project partners include Concrete Strategies, Tucker Jones and Stock Engineering.

April 13, 2022

Florida Loans Multifamily Southeast

Greystone Provides $11M Fannie Mae Loan to Refinance Multifamily Property in Oakland Park, Florida

by Julia Sanders April 13, 2022

OAKLAND PARK, FLA. — Greystone has provided an $11.1 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance Oakwood Apartments, a 124-unit multifamily property in Oakland Park. Kyle Jemtrud of Greystone originated the loan on behalf of 61-34 Madison Real Estate LLC. The nonrecourse loan carries a 15-year term and a 30-year amortization period, as well as a fixed interest rate and a 55 percent loan-to-value ratio. Built in 1971, Oakwood Apartments is a garden-style apartment community with four buildings featuring one- and two-bedroom units. Community amenities include an onsite pool and laundry facilities.

April 13, 2022

Acquisitions Florida Office Southeast

Coldwell Banker Commercial Brokers $3.6M Sale of Medical Office Property in Vero Beach, Florida

by Julia Sanders April 13, 2022

VERO BEACH, FLA. — Coldwell Banker Commercial has brokered the sale of a medical and professional office property in Vero Beach. The sales price was $3.6 million. Andrew Gonzalez and Linda Gonzalez of Coldwell Banker Commercial Paradise represented the undisclosed seller in the transaction. Built in 1986, the two-story, 40,000-square-foot building is situated on 4.2 acres of land and has onsite parking. Located at 333 17th St., the property is 79.5 miles from the Palm Beach International Airport.

April 13, 2022

Acquisitions Florida Mixed-Use Southeast

East End, BentallGreenOak Sell Mixed-Use Center in Miami Beach for $52.5M

by Julia Sanders April 12, 2022

MIAMI BEACH, FLA. — In a joint venture, East End and BentallGreenOak have sold 555 Washington, a mixed-use asset in Miami Beach totaling 65,746 square feet of office and retail space. Hermen Rodriguez, Ike Ojala and Matthew McCormack of JLL represented the seller and procured the buyer, a partnership between Greenmont Group and Boston-based Davis. The sales price was $52.5 million. Renovated in 2015, 555 Washington offers 44,516 square feet of creative office space, along with 21,230 square feet of ground-floor retail space. The property was 82 percent leased at the time of sale to 11 tenants, including CVS/pharmacy, Wells Fargo and Warner Music Group. 555 Washington also includes a six-story, 243-space parking garage. 555 Washington is located at the corner of Washington Avenue and 5th Street. The property is also situated 11.9 miles from Miami International Airport and 5.2 miles from downtown Miami.

April 12, 2022

Acquisitions Florida Multifamily Southeast

ZMR Capital Purchases Two Multifamily Properties in Metro Orlando Totaling 560 Units

by Julia Sanders April 12, 2022

APOPKA AND KISSIMMEE, FLA. — Orlando-based ZMR Capital has purchased two multifamily communities in metro Orlando totaling 560 units. The two properties include Laurel at Altamonte Apartments in Apopka (240 units) and Camila in Kissimmee (320 units). Shelton Granade and Luke Wickham of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 2000, the Laurel at Altamonte features 11 two-story buildings spread over 14.5 acres. Unit features include quartz countertops, oversized closets, laundry rooms and wood-plank flooring. Community amenities include a fitness center, pool, private garages and a bark park with a pet washing station. Built in 1990, Camila has 14 three-story buildings spread over 27 acres. Unit features include granite countertops, walk-in closets, screened patios or balconies, large windows and washers and dryers in each residence. Community amenities include a pool, heated Jacuzzi, pool deck, fitness center and a clubhouse. Both properties feature one-, two- and three-bedroom floorplans. The common areas and exteriors at each property have all been upgraded. ZMR Capital plans to initiate a capital improvement plan at both properties designed to upgrade all unit interiors with modern features such as stainless …

April 12, 2022

Acquisitions Multifamily Southeast Tennessee

CBRE Arranges $14.9M Sale of Eastland Apartment Community in Nashville

by Julia Sanders April 12, 2022

NASHVILLE, TENN. — CBRE has arranged the $14.9 million sale of The Eastland, a 49-unit apartment community in Nashville. A Virginia-based investor, Cherner Development Group, purchased the property. Brett Carr of CBRE represented the seller, Dallas-based investor Lion Real Estate Group, in the transaction. The Eastland is a five-story multifamily building that offers one- and two-bedroom floorplans. The average unit size is 571 square feet. Completed in 2017, The Eastland features ground floor retail space. Community amenities include a fitness center, lounge and onsite maintenance. The building was 96 percent occupied at the time of sale. Located at 1035 W. Eastland Ave., the community is situated 10.1 miles from Nashville International Airport and 2.8 miles from downtown Nashville.

April 12, 2022

Acquisitions Florida Retail Southeast

Current Capital Management Acquires Two Shopping Centers in South Florida for $12.8M

by Julia Sanders April 12, 2022

LAKE WORTH BEACH AND WEST PALM BEACH, FLA. — Current Capital Management has acquired two shopping centers in Lake Worth Beach and West Palm Beach for $12.8 million. Todd Nepola of Current Capital Management led the transaction on an internal basis. Chatam Management was the seller. Benedict Gutierrez of Marcus & Millichap arranged the transaction, and South State Bank provided a $9 million acquisition loan for the buyer. The sold properties include Coco Plum Plaza, a 43,801-square-foot retail center located at 2845 N Military Trail in West Palm Beach, and Shoppes of Lake Worth, a 38,530-square-foot retail center located at 6651 Lake Worth Road in Lake Worth Beach. Both properties were fully occupied at the time of sale. The new owners plan to implement minor upgrades such as fresh paint and the addition of LED lighting throughout, as well as landscaping and signage upgrades.

April 12, 2022

Acquisitions Retail Southeast Virginia

SRS Brokers $8.2M Sale of Retail Center in Christiansburg, Virginia

by Julia Sanders April 12, 2022

CHRISTIANSBURG, VA. — SRS Real Estate Partners has brokered the $8.2 million sale of North Shops at Spradlin Farm, a 17,290-square-foot, multi-tenant retail center in Christiansburg. Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther of SRS represented the seller, a North Carolina-based shopping center fund. Tyler Price of Price Richards Commercial represented the buyer, a California-based investment firm that was in a 1031 exchange. Built in 2000, North Shops at Spradlin Farm was fully occupied at the time of sale to tenants including Mattress Firm, AT&T, Supercuts and MedExpress. The retail property is an outparcel to Spradlin Farm Shopping Center, a 441,000-square-foot power center anchored by Target, The Home Depot, Big Lots and T.J. Maxx. Located at 10-100 Spradlin Farm Drive on two acres, North Shops at Spradlin Farm is situated at the major intersection of North Franklin Street and Spradlin Farm Drive NW. The property is also 4.6 miles from Virginia Tech Montgomery Executive Airport and 6.7 miles from Virginia Tech.

April 12, 2022

Acquisitions Office Southeast Tennessee Top Stories

KBS Acquires 29-Story Office Tower in Downtown Nashville for $175M

by Taylor Williams April 12, 2022

NASHVILLE — California-based investment and development firm KBS has acquired UBS Tower, a 29-story office tower in downtown Nashville. The sales price was approximately $175 million, according to The Nashville Business Journal. Located at 315 Deaderick St., the 605,000-square-foot UBS Tower is the second-tallest office building in the city and occupies a full city block. The property was originally constructed in 1972 and has been renovated several times over the ensuing decades. The namesake tenant and investment banking firm renewed its 138,000-square-foot lease in 2021 and will serve as the building’s anchor tenant until 2034. The most recent capital improvement program delivered new and revamped amenity spaces, including the lobby, tenant lounge, coffee bar, fitness center and conference facilities. This project also upgraded the building’s mechanical systems. “With a population quickly approaching 2 million, Nashville is a vital business, tourism and transportation center,” says Marc DeLuca, CEO and Eastern regional president at KBS. “Nashville boasts a thriving economy that is predicted to see a 3.9 percent growth in employment in 2022. This activity creates numerous office-using jobs and significantly increases the rental growth and demand in the market.” According to CoStar Group, Nashville has approximately 80 percent more office-using jobs …

April 12, 2022

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