Southeast

Spaces Management Opens 251-Bed Student Housing Complex in Tuscaloosa

by Alex Tostado September 22, 2020

TUSCALOOSA, ALA. — Spaces Management has opened The Walk Tuscaloosa, a 251-bed student housing complex serving the students at the University of Alabama. The four-story building is located one block from Bryant-Denny Stadium and Tutwiler Hall. Unit interiors are fully furnished and feature quartz countertops, tile bathroom flooring, walk-in showers, vinyl plank wood-grain flooring and stainless steel appliances. Communal amenities include three fitness centers, private and group study spaces, a tanning bed, lounge area, pool, pool deck, firepit and below-grade parking. Elite Building was the general contractor, and Poole & Co. and Southpark Interiors were the architects. Function First Furniture furnished the units. The University of Alabama is currently offering in-person classes.

September 22, 2020

Development Florida Retail Southeast

Miller Construction Breaks Ground on 114,000 SF Showroom for City Furniture in Metro Orlando

by Alex Tostado September 22, 2020

ALTAMONTE SPRINGS, FLA. — Miller Construction has broken ground on a 114,000-square-foot, two-story showroom for Florida-based City Furniture in Altamonte Springs. The property is situated at 555 Douglas Ave., overlooking Interstate 4 and 10 miles north of downtown Orlando. Miller is constructing the asset to achieve LEED certification. The property will include interior and exterior LED lighting, a water-conserving HVAC system and seven electric car-charging stations. Deerfield Beach, Fla.-based Gallo Herbert Architects is the designer. Orlando-based Dewberry is the civil engineer. A timeline for construction was not disclosed. City Furniture operates 20 showrooms in Florida as well as 14 Ashley HomeStore showrooms in southern Florida.

September 22, 2020

Acquisitions Office South Carolina Southeast

Cushman & Wakefield Arranges $23.8M Sale of Office Building in Downtown Charleston

by Alex Tostado September 22, 2020

CHARLESTON, S.C. — Cushman & Wakefield has arranged the $23.8 million sale of 134 Meeting Street, a 71,947-square-foot office building in downtown Charleston. The asset was 93 percent leased at the time of sale to tenants including law firms K&L Gates and Sinkler & Boyd. The building was renovated in 2015 to include a new HVAC system; upgraded lobbies, restrooms and common corridors; and a 1,702-square-foot fitness center with showers. Jared Londry, Rob Cochran and Nolan Ashton of Cushman & Wakefield represented the seller, Cobalt Property Group, in the transaction. Highland Ventures, a separate account client of Insite Properties, acquired the property.

September 22, 2020

Georgia Leasing Activity Retail Southeast

TSCG Negotiates 33,191 SF Lease for Planet Fitness in Savannah

by Alex Tostado September 22, 2020

SAVANNAH, GA. — TSCG has negotiated a 33,191-square-foot lease for Planet Fitness at the former site of a Bi-Lo grocery store in Savannah. The property is situated within Crossroads Shopping Center at 2132 E. Victory Drive, four miles southeast of downtown Savannah. Current tenants include Starbucks, T-Mobile and The UPS Store. Michael Silverman of TSCG represented Sunshine Fitness, one of the largest Planet Fitness franchisees in the country, in the lease transaction. Kelly Pulignano of TSCG represented the landlord, Crossroads Shopping Center LLC.

September 22, 2020

Development Georgia Industrial Southeast

Beverage Maker Bang Energy to Invest $145M in Industrial Facility in Metro Atlanta

by Alex Tostado September 21, 2020

LITHIA SPRINGS, GA. — Bang Energy will invest $145 million in a 644,00-square-foot manufacturing and distribution facility in Lithia Springs. The energy and sports beverage company, which is based in Weston, Fla., expects to bring 600 jobs to the area. The property is located at 7705 Staples Drive, 16 miles west of downtown Atlanta and 19 miles northwest of Hartsfield-Jackson Atlanta International Airport. Once fully operational, the company will produce more than 4,000 cans per minute. A timeline for construction was not disclosed.

September 21, 2020

Acquisitions Florida Multifamily Southeast

Cardone Capital Acquires 553-Unit Apartment Complex in Fort Lauderdale

by Alex Tostado September 21, 2020

FORT LAUDERDALE, FLA. — Cardone Capital LLC has acquired Port Royale Apartments, a 553-unit multifamily community in Fort Lauderdale. The sales price was not disclosed, although Cardone Capital raised $50 million through crowdfunding and CBRE arranged a 10-year acquisition loan with a fixed 2.3 percent interest rate. The property, which was built in 1991 and renovated in 2016, offers one- and two-bedroom floor plans. Communal amenities include a car wash area, two pools, fitness center and a courtyard. Robert Given of Cushman & Wakefield represented the seller, Chicago-based Waterton, in the transaction.

September 21, 2020

Company News Georgia Southeast

Corporate Property Dispositions Hires Tom Gallagher as Vice President, to Oversee Mid-Atlantic Region

by Alex Tostado September 21, 2020

ATLANTA — Corporate Property Dispositions (CPD) has hired Tom Gallagher as vice president. In the role, Gallagher will manage client requirements throughout the Mid-Atlantic region. CPD specializes in lease and sale negotiations on behalf of landlords and owners. The company is headquartered in Atlanta, where Gallagher will be based. Prior to joining CPD, Gallagher worked for The Home Depot’s real estate division. While there, he oversaw the permitting and opening of more than 70 stores. Gallagher earned his Bachelor of Science degree from Mount St. Mary’s University in Emmitsburg, Md.

September 21, 2020

Acquisitions Multifamily Seniors Housing Southeast Virginia

Greysteel Negotiates $27.2M Sale of Affordable Seniors Housing Apartments in Northern Virginia

by Alex Tostado September 21, 2020

STERLING, VA. — Greysteel has negotiated the sale of Cascades Village Senior Apartments, an affordable seniors housing property located in Sterling, approximately 25 miles northwest of Washington, D.C. A private local investor sold the property to Avanath Capital Management for $27.2 million. Cascades Village is a 150-unit, age-restricted affordable housing community developed in 2001 using Low-Income Housing Tax Credits (LIHTC). Henry Mathies and Fletcher Hultman of Greysteel’s East Coast Affordable Housing practice represented the seller in the transaction. The Greysteel team additionally worked with the buyer to arrange an acquisition loan through M&T Realty Capital Corp.

September 21, 2020

Acquisitions Multifamily Southeast Tennessee

Capstone Arranges $12.8M Sale of Multifamily Community Near Nashville

by Alex Tostado September 21, 2020

MURFREESBORO, TENN. — Capstone has arranged the $12.8 million sale of Haven Woods Apartments, a 153-unit community in Murfreesboro. The property offers one- and two-bedroom floor plans averaging 782 square feet. Communal amenities include a pool, clubhouse and green space. The buyer, Beverly Hills, Calif.-based Archway Equities, plans to implement a value-add program throughout the property. Further details of the renovations were not disclosed. Haven Wood is located at 1620 Battleground Drive, 34 miles southeast of downtown Nashville. Tyler Mayo, Austin Heithcock, Adam Klenk and Jonathan Hawks of Capstone procured the buyer. The locally based seller, Waldron & Sons, developed the property in 1985.

September 21, 2020

Data Centers Development Georgia Industrial Southeast

Facebook to Invest Additional $250M for Data Center Expansion in Covington, Georgia

by Alex Tostado September 18, 2020

COVINGTON, GA. — Facebook will invest an additional $250 million at its data center campus in Covington, bringing the social media giant’s total investment at the site to $1 billion. The Menlo Park, Calif.-based company will add three buildings and 1.5 million square feet to the property, which was first announced in 2018. Upon completion, the property will total five buildings spanning nearly 2.5 million square feet. Facebook expects to house 200 employees at the site, which is situated about 30 miles east of downtown Atlanta. A timeline for construction was not disclosed, but multiple media outlets report Facebook expects to complete the expansion in 2023. The design team was not disclosed.

September 18, 2020

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