Southeast

Kroger, Ocado to Open 50,000 SF Fulfillment Center in Louisville

by Julia Sanders January 31, 2022

LOUISVILLE, KY. — The Kroger Co. has plans to open a 50,000-square-foot delivery spoke facility in Louisville. The Cincinnati-based grocer has partnered with Ocado Group, a UK-based technology company, to operate the facility. The property will collaborate with Kroger’s Customer Fulfillment Center in Monroe, Ohio. Additionally, the Louisville property will serve as a cross-dock to connect customers with fresh food by using a combination of vertical integration, machine learning and robotics. The project is expected to become operational later this year and will employ up to 161 full-time associates.

January 31, 2022

Development Georgia Loans Multifamily Southeast

Allen Morris Receives $64M Loan for Apartment Development in Atlanta’s North Druid Hills District

by Julia Sanders January 28, 2022

ATLANTA — The Allen Morris Co. has received $64 million in construction financing for the development of Bryn House, a 337-unit, five-story apartment project in the North Druid Hills neighborhood of Atlanta. Truist and PNC provided the financing. Juneau Construction Co. will serve as the general contractor for the project, which is expected to be completed by spring of 2023. Bryn House will include 574,479 buildable square feet, including a 175,000-square-foot parking deck. The property will offer one-, two- and three-bedroom floorplans and will also feature 2,000 square feet of ground floor retail, including a coffee shop and wine bar connected to a pocket park with shaded outdoor seating and games. Community amenities will include a pool deck with private cabanas and trellised grilling areas, gym, event space, game room and an onsite dog park.

January 28, 2022

Acquisitions Development Florida Industrial Southeast

MDH Partners Acquires Development Site in Ocala, Florida for 350,878 SF Industrial Project

by Julia Sanders January 28, 2022

OCALA, FLA. — Atlanta-based MDH Partners has acquired 28 acres of industrial land in Ocala, with plans to construct Ocala Logistics Center, a 350,878-square-foot Class-A, cross-dock distribution building. The seller and the sales price for the land were not disclosed. Joe DeHaven served as the deal lead for MDH Partners. Clay Witherspoon with Avison Young represented the seller and will also lease the property on behalf of MDH. Peak Development Co. will act as the development manager for the project. Situated on 27.9 acres of land, Ocala Logistics Center will feature 279 parking spaces, ESFR sprinkler systems and 36-foot clear heights. Located at the corner of NW 35th Street and NW 27th Avenue, the facility is located a half-mile from Interstate 75 and 25 miles north of the Florida Turnpike Junction. The development of Ocala Logistics Center will increase MDH’s Florida footprint to over 1.5 million square feet.

January 28, 2022

Florida Loans Lument Multifamily Southeast

Lument Provides $26.7M Loan for Multifamily Community in Melbourne, Florida

by Julia Sanders January 28, 2022

MELBOURNE, FLA. — Lument has provided a $26.7 million bridge loan to acquire and renovate Harbor Village Apartments and Townhomes, a 229-unit multifamily community in Melbourne. Josh Messier of Lument led the transaction. The borrower was not disclosed. Harbor Village comprises two sections: Harbor Village Apartments and Harbor Village Townhomes. Built in 1976, Harbor Village Apartments is situated on 6.4 acres and features 143 apartments in eight buildings. Built in 1983 on 5.8 acres, Harbor Village Townhomes contains 86 units in 18 two-story, wood-frame townhomes. Onsite amenities for each section include a swimming pool and laundry facility. The overall community was 96 percent occupied at the time of the loan transaction. The loan features a variable interest rate and a three-year term, with two 12-month extension options. The loan fully funded the required capital expenditures, including $3.8 million in capital improvements to upgrade unit interiors and amenities, according to Messier.

January 28, 2022

Florida Leasing Activity Retail Southeast

Four Retailers to Open at CocoWalk in Miami’s Coconut Grove Neighborhood

by Julia Sanders January 28, 2022

MIAMI — Four new dining concepts and retailers are opening at CocoWalk, a 150,000-square-foot, mixed-use project in Miami’s Coconut Grove district. The project is led by an ownership group including Federal Realty Investment Trust, The Comras Co. and Grass River Property. David Grutman’s Groot Hospitality will open The Key Club, a restaurant, at CocoWalk. Additionally, Ariete Hospitality Group will also open a new restaurant at CocoWalk this year. Narbona Natural Food & Farm Market is set to open this spring in an 8,253-square-foot space. This market location will become Narbona’s second location to open in South Florida. Lastly, Cinépolis, a movie theater concept, is scheduled to open this year. The new retailers and restaurants join a tenant line-up including Planta Queen, Mister 01 Extraordinary Pizza, Sweetgreen and Salt & Straw, as well as Bluemercury, Edward Beiner, The Spot Barbershop and School of Rock. In August of last year, the owners of CocoWalk announced other planned tenants including GlossLab, a membership-based nail studio; Infinity, a fitness studio; Skin Lab by Barba Skin Clinic; and 3D Brow Studio, a beauty bar specializing in curating eyebrows.

January 28, 2022

Georgia Leasing Activity Retail Southeast

Branch Signs Two New Retailers to Join Peachtree Battle Shopping Center in Atlanta’s Buckhead District

by Julia Sanders January 28, 2022

ATLANTA — Locally based Branch Properties has signed leases for two new tenants to join Peachtree Battle Shopping Center, a 168,000-square-foot, grocery-anchored center in the Buckhead neighborhood of Atlanta. Located off Peachtree Road, Peachtree Battle Shopping Center features over 50 tenants, including a 32,836-square-foot Publix, Walgreens, Ace Hardware and Baskin-Robbins. The new tenants include Roshambo and Cava. Roshambo, a new concept from local restaurant group Unsukay, will open at the center in a 4,000-square-foot space. The restaurant is set to open this summer. Cava, a Mediterranean fast-casual restaurant chain, will occupy a 2,300-square-foot space at the center. The Mediterranean restaurant is expected to open this month.

January 28, 2022

Acquisitions Florida Office Southeast

CBRE Arranges $81.2M Sale of Fairway Office Center in Palm Beach Gardens, Florida

by Julia Sanders January 27, 2022

PALM BEACH GARDENS, FLA. — CBRE has arranged the $81.2 million sale of the fee simple interest in Fairway Office Center in Palm Beach Gardens. The buyer was a joint venture between Parmenter Realty Partners and an affiliate of Prime Finance. Christian Lee, Jóse Lobón, Tom Rappa and Marcus Minaya of CBRE represented the sellers, NAI Merin Hunter Codman and a joint venture institutional investment manager, in the transaction. Jason Sundook of NAI Merin Hunter Codman assisted in marketing the asset for sale. Fairway Office Center features three Class A office buildings totaling 222,682 square feet. Currently 78 percent leased, the property is located on a 16-acre campus. 7108 Fairway was built in 1989, 7111 Fairway was built in 2003 and 7121 Fairway was built in 2000. Located at 7108, 7111 and 7121 Fairway Drive, the office center is about four miles from downtown Palm Beach Gardens, 14.4 miles from West Palm Beach and 15.7 miles from Palm Beach International Airport. The property is also near retailers and restaurants such as Rocco’s Tacos & Tequila Bar, Brooklyn Water Bagel and Walgreens. The previous owners recently made $1.3 million in improvements to the property. The buyers plan to make even more …

January 27, 2022

Acquisitions Georgia Industrial Southeast

Dalfen Purchases 112,000 SF Industrial Park in Metro Atlanta

by Julia Sanders January 27, 2022

CANTON, GA. — Dalfen Industrial has purchased a two-building industrial park in Canton, about 41.5 miles from downtown Atlanta. The sales price and seller were not disclosed. The industrial property totals 112,000 square feet. Located at 505/515 Brown Industrial Blvd., the property is situated close to Interstate 575 and Georgia Highways 20 and 400. The area is home to tenants such as Amazon, Penske, Thyssen Krupp and Papa Johns. With the acquisition, Dalfen Industrial’s Atlanta portfolio reaches over 2.7 million square feet.

January 27, 2022

Development Florida Multifamily Southeast

PCCP, Fore Property to Develop 410-Unit Apartment Community in Metro Orlando

by Julia Sanders January 27, 2022

OCOEE, FLA. — A joint venture between PCCP LLC and Fore Property Co. will develop The Alibi at Lake Lilly, a 410-unit apartment community in Ocoee. The construction timeline for the project was not disclosed. Situated on 16.7 acres, The Alibi at Lake Lilly will feature five four-story buildings and seven carriage and townhome buildings with 722 parking spaces. The LEED Silver-designed, garden-style community will offer 24 studios, 156 one-bedroom units, 186 two-bedroom units and 44 three-bedroom units. Interiors will include granite and quartz countertops, stainless steel appliances, hardwood style flooring, spa-inspired bathrooms with semi-frameless showers, in-unit washer and dryers and a smart home package. Community amenities will feature a 13,500-square-foot clubhouse with a sports bar area and game area, pool, outdoor lounge area with grills and firepits, 24-hour fitness center, a dog park and walking trails. Located at 2802 Old Winter Garden Road, the property is situated adjacent to the Florida Turnpike. The property is also 3.6 miles from downtown Orlando, eight miles from Orlando Health Central Hospital and 13.3 miles from Winter Garden Village, a shopping mall with tenants such as Best Buy, Chick-fil-A and LongHorn Steakhouse.

January 27, 2022

Acquisitions Kentucky Multifamily Southeast

Marcus & Millichap Brokers Sale of 30-Unit Apartment Property in Henderson, Kentucky

by Julia Sanders January 27, 2022

HENDERSON, KY. — Marcus & Millichap has brokered the sale of Elmwood Apartments, a 30-unit multifamily property located in Henderson. The property sold for $1.3 million. Aaron Kuroiwa, Jack Friskney and Austin Meeker of Marcus & Millichap represented the buyer and seller, which were both undisclosed limited liability companies. Colby Haugness, Marcus & Millichap’s Kentucky broker of record, assisted in closing the transaction. Elmwood Apartments includes 16 one-bedroom and 14 two-bedroom units across four buildings on 1.2 acres. The property was fully occupied at the time of sale. Located at 1818 N Elm St., the property is situated across the Ohio River from Evansville.

January 27, 2022

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