Southeast

Bridge Investment Sells Bridge Crossing Office Building in Metro Nashville for $46M

by Julia Sanders September 3, 2021

BRENTWOOD, TENN. — Bridge Investment Group has sold Bridge Crossing, a three-story, 199,194-square-foot office building in Brentwood, about 10.3 miles south of Nashville. Pacific Oak Capital Advisors purchased the property for $46 million. Jay O’Meara, Morgan Hillenmeyer, Roscoe High and Ryan Reethof of CBRE represented Bridge Investment in the transaction. Originally built in 1989, Bridge Investment purchased the property in January 2018 and rebranded the building for multi-tenant use by adding new signage. Bridge Crossing recently underwent a $3 million renovation, including a $1.8 million parking lot expansion that added 147 additional parking spaces. The third floor was also updated, and enhancements were made to common areas, lobbies and elevators. Bridge Crossing is fully occupied with leases signed through May 2026. The building is anchored by Fleetcor Technologies Inc., an Atlanta-based business payment processing firm. The property also has tenants including information technology and services company Cognizant and Comdata, a payment processing company. Comdata, which has had its headquarters at Bridge Crossing since 1996, has recently expanded its lease to 50,690 square feet on the third floor. Located at 5301 Maryland Way, Bridge Crossing is situated within Maryland Farms, a 400-acre, mixed-use park with over 20,000 jobs. Brentwood overall has …

September 3, 2021

Acquisitions Florida Retail Southeast

JLL Arranges $35M Sale of Grocery-Anchored Shopping Center in Orlando

by Julia Sanders September 3, 2021

ORLANDO, FLA. — JLL Capital Markets has arranged the $35 million sale of Shoppes at Nona Place, a 60,557-square-foot neighborhood shopping center in Orlando. Built in 2018 and 2019, Shoppes at Nona Place is anchored by Bravo Supermarkets, a Hispanic grocer, as well as Pet Supermarket, First Watch, Heartland Dental, BurgerFi, Aveda, Lime Fresh, F45 and Pig Tails. Located on 14.6 acres at 13000 Narcoossee Road, the center is situated about 11.2 miles from Orlando International Airport and approximately 23.4 miles from Walt Disney World Resort. The property is located within Lake Nona, a medical city market in southeast Orlando. Brad Peterson, Whitaker Leonhardt, Michael Brewster and Tommy Isola of JLL represented the seller, a joint venture between North American Development Group and Blackfin Partners Investments. Edward Romanov of Transitional Finance Partners LLC represented the buyer, a private investor group affiliated with Flocchini/Van Wagner Families.

September 3, 2021

Acquisitions Louisiana Mixed-Use Retail Southeast

Cooper Commercial Brokers $17.2M Sale of Bluebonnet Parc Mixed-Use Center in Baton Rouge

by Julia Sanders September 3, 2021

BATON ROUGE, LA. — Cooper Commercial Investment Group has brokered the sale of Bluebonnet Parc, a four-building mixed-use center in Baton Rouge. Dan Cooper of Cooper Commercial Investment Group represented the seller, Viking Partners Bluebonnet LLC. Brannon 230 LLC purchased the property for $17.2 million. Located at 5915 Bluebonnet Blvd., Bluebonnet Parc is located close to Interstate 10 and is about 9.8 miles from downtown Baton Rouge. Additionally, the property is about 7.7 miles from Louisiana State University. The 135,367-square-foot property is anchored by Best Buy, buybuy Baby and Havertys, with other tenants including Men’s Wearhouse, David’s Bridal and Richport Technical College.

September 3, 2021

District of Columbia Southeast

US Economy Adds 235,000 Jobs in August, Much Lower Than Previous Months

by Julia Sanders September 3, 2021

WASHINGTON, D.C. — The U.S. economy added 235,000 jobs in August and the unemployment rate dropped by 20 basis points to 5.2 percent, the Bureau of Labor Statistics (BLS) reported Friday. The economy added much fewer jobs in August compared to July, which was revised up by 110,000 to a total of a little over 1 million jobs. Nonfarm employment has increased by 17 million jobs since April of last year, but is still 5.3 million below the total workforce in February 2020, the last month before the COVID-19 outbreak was declared a pandemic by the World Health Organization. There were notable job gains in several sectors in August: 74,000 jobs were added in professional and business services, 19,000 in architectural and engineering services and 10,000 in computer systems design and related services. Despite gains in professional and business services employment, jobs in the sector have declined by 468,000 compared to February 2020. The transportation and warehousing sector also added 53,000 jobs last month, which brings the industry’s employment 22,000 jobs above its pre-pandemic level in February 2020. With the back-to-school season starting back up in August, there were mixed signals for the growth of the education industry. There was …

September 3, 2021

Development Florida Multifamily Southeast Student Housing

TREO Group Completes $36M Student Housing Development Near University of Miami

by Julia Sanders September 2, 2021

MIAMI — Miami, Fla.-based The TREO Group has completed Vox Miami, a 326-bed student housing community located at 7202 S.W. 72nd St. in south Miami. The development cost for the 193,250-square-foot project was $36 million. Vox Miami offers a mix of one-, two-, three- and four-bedroom units with a TV in every living room, floor-to-ceiling windows, stainless steel appliances, washers and dryers, walk-in closets in most units, exposed industrial ceilings, furniture and cable and internet included. Community amenities include study lounges, a rooftop terrace and swimming pool, fitness center and parking. The property is fully leased for the 2021 school year. The student housing property is about 1.6 miles from the University of Miami campus. The development is also near retailers and restaurants including Deli Lane Café & Sunset Tavern, Petco, Publix and Shake Shack. Construction for the development started in 2019. The project’s development team included Moss Construction and Perkins & Will.

September 2, 2021

Development Florida Multifamily Southeast

ZOM Living Breaks Ground on 289-Unit Apartment Project in Tampa

by Julia Sanders September 2, 2021

TAMPA, FLA. — ZOM Living has broken ground on Azalea, a 289-unit apartment community located on a 13-acre site in Tampa. Renasant Bank provided a $36.3 million loan to ZOM and investment partner JPMorgan Chase provided an additional undisclosed amount of funding for the project’s construction. Azalea will include three- and four-story buildings in a seven-building community. The development will offer one-, two- and three-bedroom units ranging from 700 square feet to 1,400 square feet in size. Unit features include energy efficient and stainless steel appliances, quartz countertops and kitchen islands in select units. Located at 8240 Causeway Blvd., the property is about 7.6 miles from downtown Tampa and about 17.1 miles from East Tampa Beach. Community amenities will include a pool, pool deck and pavilion, cabanas, gaming area with a pool table and corn hole, dog park, pet salon, fitness center, work-from-home lounge with personal work stations and meeting rooms and a relaxation area with hammocks and fire pit. Verdex Construction is the project’s general contractor, and LRK is the architect. ZOM Living is a multifamily developer based in Orlando. Construction on the project is expected to be complete in the third quarter of 2023.

September 2, 2021

Acquisitions Florida Industrial Southeast

Graham Capital Acquires Three Warehouse Buildings in Jacksonville’s Westside Submarket

by Julia Sanders September 2, 2021

JACKSONVILLE, FLA. — Newtown Square, Penn.-based Graham Capital has acquired three fully leased warehouse buildings in Jacksonville’s Westside submarket. Mark Scott of Foundry Commercial represented Graham Capital in the transactions. The sales price and seller were not disclosed. The first warehouse property spans 216,000 square feet and is located at 1550 N Ellis Road. The other two properties are located at 7051 Stuart Ave. and 6982 Highway Ave. and total 153,625 square feet. All three buildings are located close to Interstate 10 and Interstate 295.

September 2, 2021

Arkansas Company News Retail Southeast

Walmart to Hire 20,000 New Supply Chain Employees Following Revenue Growth in Fiscal Second Quarter 2021

by Julia Sanders September 2, 2021

BENTONVILLE, ARK. — Walmart Inc. plans to hire 20,000 more supply chain employees in order to keep up with the retailer’s recent growth. Walmart released a statement a few weeks ago saying that the company saw an increase in revenue by 2.4 percent year-over-year in its fiscal second quarter of 2021, which ended on July 31. The new employees will be hired across more than 250 Walmart and Sam’s Club distribution centers, fulfillment centers and transportation offices. The Bentonville, Ark.-based retailer will offer job roles including order fillers, freight handlers, lift drivers, technicians and management positions. The roles will be on a permanent basis and the new employees will be hired for both full-time and part-time positions. The average wage for the supply chain positions is $20.37 per hour. For new employees, Walmart has opened six new Walmart Academies, which have been established to train associates with both classroom and floor training in specialized supply chain skills, as well as soft skills such as leadership and communications. During the company’s fiscal year in 2021, 5,900 employees were trained via the Walmart U.S. Supply Chain Academy. In July 2021, the national discount retailer also announced that it will invest about $1 …

September 2, 2021

Acquisitions Alabama Retail Southeast

SRS Arranges $4.7M Sale of Conn’s HomePlus-Occupied Retail Property in Montgomery

by Julia Sanders September 2, 2021

MONTGOMERY, ALA. — SRS Real Estate Partners’ National Net Lease Group has arranged the $4.7 million sale of a 43,441-square-foot, single-tenant retail property occupied by Conn’s HomePlus in Montgomery. Conn’s Inc., a Texas-based furniture, mattress, electronics and appliance retailer, has eight years left on its lease at the Montgomery location. Located at 2424 Eastern Blvd., the store was built in 1997 and renovated in 2019. The property is situated on 5.3 acres within the Promenade Montgomery and Promenade Montgomery North community centers, which feature more than 270,000 square feet of retail space. Retailers at these centers include The Home Depot, Harbor Freight Tools, Winn-Dixie and Dollar Tree. Matthew Mousavi, Patrick Luther, Kyle Stonis and Pierce Mayson of SRS represented the seller, a Southeast-based shopping center owner and operator, as well as the buyer, a California-based private investor.

September 2, 2021

Development Office Southeast Virginia

Skanska to Build $129M Office Development in Arlington, Virginia

by Julia Sanders September 1, 2021

ARLINGTON, VA. — Skanska USA will invest $129 million to build 3901 Fairfax, an office development in Arlington. Construction is expected to begin this month, and the project is slated for completion in 2023. 3901 Fairfax will be a nine-story, approximately 204,514-square-foot office building and will include a private rooftop deck, conference center, ground floor fitness center, 250-space parking garage with electric car charging stations, ground-floor retail space and a public plaza. Skanska USA received WELL Core Pre-certification for the project and will try to get LEED and WiredScore Gold certifications, as well as an Energy Star certification.

September 1, 2021

Newer Posts

Older Posts