Southeast

JLL Secures $42M Loan for Rio Shopping Center in Suburban Maryland

by John Nelson November 26, 2019

GAITHERSBURG, MD. — JLL has arranged $42 million in financing for the western portion of Rio, a 700,000-square-foot retail property in the suburban Washington, D.C., city of Gaithersburg. Located at 9811 Washingtonian Blvd., the property is located at the intersection of Interstates 270 and 370. Chris Hew and Evan Parker of JLL Capital Markets arranged the 12-year, fixed-rate loan on behalf of the borrower, Peterson Cos., through MetLife Investment Management. Peterson, a Fairfax, Va.-based real estate developer, will use loan proceeds to refinance an existing loan and complete a multimillion-dollar capital improvement plan that includes the development of an outparcel building preleased to True Food Kitchen, as well as garage repairs, updating building facades, expanding the boardwalk, new entertainment and programming spaces and refurbishing a pedestrian bridge. Rio is 98 percent leased to a mix of retailers that includes Target, Dick’s Sporting Goods, Kohl’s and Barnes & Noble, along with restaurant tenants such as Yard House, Uncle Julio’s, Corner Bakery, Lanzhou Hand Pulled Noodles and Kung Fu Tea.

November 26, 2019

Acquisitions Florida Retail Southeast

IPA Brokers $12.5M Sale of Mango Plaza Shopping Center in Suburban Tampa

by John Nelson November 26, 2019

SEFFNER, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mango Plaza to Continental Realty Corp. (CRC) for $12.5 million. The 166,465-square-foot shopping center is located in Seffner, 11 miles northeast of Tampa. Kirk Olson and Drew Kristol of IPA and James Medefind of Marcus & Millichap represented the seller, a New York- and Boca Raton-based private investment group, in the transaction. Mango Plaza is anchored by a Publix supermarket and Walmart, both long-standing tenants since the center opened in 1986. The asset is located at 11724 E. Dr. Martin Luther King Jr. Blvd. near Interstates 75 and 4.

November 26, 2019

Development Georgia Industrial Southeast

OmniTRAX, Broe Group Break Ground on $92M Facility for A&R Logistics Near Port of Savannah

by Alex Tostado November 25, 2019

RINCON, GA. — Transportation holding company OmniTRAX Inc. and investment firm The Broe Group have broken ground on a build-to-suit facility within Savannah Gateway Industrial Hub, an industrial park located in Effingham County 12 miles from the Port of Savannah. Denver-based OmniTRAX is the master developer of the 2,700-acre industrial park owned by Effingham County Industrial Development Authority. Louisville, Ky.-based A&R Logistics Inc. has signed a 12-year lease guaranteeing approximately 610,000 square feet of the project with an option to expand to 1 million square feet. Completion of the facility is scheduled for the fourth quarter of 2020. OmniTRAX will construct more than seven miles of park-serving rail infrastructure, a multi-customer OmniTRAX rail yard located nearby and a 200-plus-car dedicated rail yard for A&R. OmniTRAX will spend $92 million constructing the building and railyard where A&R will package and ship plastic pellets, according to the Savannah Morning News. A&R will receive, process and send out shipments internationally from the industrial park via its connection with Class 1 railroads CSX and Norfolk Southern.

November 25, 2019

Acquisitions Hospitality Louisiana Southeast

Partnership Acquires 1,193-Room Hyatt Regency Hotel in Downtown New Orleans

by Alex Tostado November 25, 2019

NEW ORLEANS — A partnership has purchased the 1,193-room Hyatt Regency New Orleans and will continue to manage the property as a Hyatt hotel. A partnership between investment company ERG, GMB Properties, The Berger Co. and asset management firm Fulcrum Hospitality purchased the downtown New Orleans hotel for an undisclosed price. The seller was Los Angeles-based Poydras Hotel Holdings Co. The ownership team plans to invest $20 million in capital investments over the next few years. According to ERG Enterprises, the sale represents the largest hotel acquisition in Louisiana history and the first time the Hyatt Regency will fall under local majority ownership. The Hyatt Regency New Orleans is the third-largest hotel in New Orleans and is accessible to sports venues including Mercedes-Benz Superdome and Smoothie King Center. Established in 1976, the 601 Loyola Ave. property occupies a space near the French Quarter and Mississippi Riverfront and features a pool, fitness center and meeting facilities.

November 25, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $32.7M Sale of Sawgrass Village Office Campus in South Florida

by Alex Tostado November 25, 2019

SUNRISE, FLA. — Cushman & Wakefield has negotiated the sale and financing of Sawgrass Village, a more than 112,000-square-foot office campus in Sunrise, 12 miles northwest of Fort Lauderdale in Broward County. MG3 Realty LLC acquired the asset for $32.7 million, or $290 per square foot. The name of the seller was not disclosed, but multiple media outlets have reported the seller as DWS Group, a subsidiary of Deutsche Bank. Sawgrass Village comprises two single-story office buildings developed in 2000 on an 11.3-acre site within Sawgrass International Corporate Park. The 612-acre master-planned office park houses more than 3 million square feet of office and industrial space. Located at 1300 Concord Terrace, the park is adjacent to Interstates 75 and 595, offering direct access to Fort Lauderdale-Hollywood Airport and Miami International Airport. Both buildings at Sawgrass Village were 100 percent occupied at the time of sale by Comcast and Bolton Medical. Dominic Montazemi, Mike Davis, Greg Miller, Scott O’Donnell, Miguel Alcivar, Rick Brugge, Rick Colon and Michael Ciadella of Cushman & Wakefield’s Capital Markets team represented DWS in the sale. Jason Hochman of Cushman & Wakefield’s Equity, Debt and Structured Finance Group secured a $21.3 million acquisition loan from Citigroup Inc. for MG3 …

November 25, 2019

Development North Carolina Office Southeast

SLI Capital, Atlas Stark to Begin Construction on 65,000 SF East End Market Project in Raleigh

by Alex Tostado November 25, 2019

RALEIGH, N.C. — SLI Capital, a real estate investment management firm, and Atlas Stark, a Raleigh-based real estate development firm, will soon begin the construction of East End Market, a 65,000-square-foot adaptive reuse project located in Raleigh’s East End neighborhood. Common Desk, a Dallas-based coworking space provider, signed on to take 28,423 square feet in East End Market in partnership with Workplace Hospitality Management, which is expanding Common Desk throughout the Carolinas and Tennessee. Common Desk’s East End Market location will feature space for community events, private offices and enterprise suites, as well as custom design elements like local art installations, industrial-sized roll-up doors, conference rooms and an outdoor patio. The project is scheduled for completion in fall 2020.

November 25, 2019

Acquisitions Loans Multifamily North Carolina Southeast

KeyBank Secures $34.6M Acquisition Financing for New Multifamily Property in Asheville

by Alex Tostado November 25, 2019

ASHEVILLE, N.C. — KeyBank Real Estate Capital has provided $34.6 million in Freddie Mac financing for the purchase of a new multifamily community in Asheville. The borrower, an affiliate of Waypoint Real Estate Investments, a national real estate investment firm based in Boca Raton, Fla., will acquire Skyland Exchange Apartment Homes. Trevor Ritter and Joe Fadus of KeyBank structured the financing. Built in 2019, Skyland Exchange Apartment Homes is a 290-unit multifamily property comprising seven four-story buildings on 11 acres of land at 12 Sky Exchange Drive. The complex is located seven miles south of downtown Asheville and features one-, two-, and three-bedroom layouts, as well as a saltwater pool, outdoor lounge area, fitness center and a clubhouse.

November 25, 2019

Kentucky Market Reports Retail Southeast Southeast Market Reports

Sports, Entertainment Venues Highlighting Louisville’s New Retail Wave

by Alex Tostado November 25, 2019

Home of the Louisville Slugger and Muhammad Ali, sports is engrained in the identity of Louisville. Derby City continues to make a big push to bring in an NBA team, but a different professional team is already in town. Louisville City FC, also known as LouCity, is Louisville’s professional soccer team. The club is not only a two-time champion of the USL, the team is now in the process of building a new $65 million stadium with seating for more than 13,000 spectators. Dubbed Lynn Family Stadium, the new arena will be the centerpiece of a 40-acre, $200 million mixed-use development in Louisville’s Butchertown neighborhood. Construction of the stadium is on schedule and should open for the 2020 season. The stadium will have amazing views, including the skyline of downtown Louisville and the waterfront area overlooking the Ohio River. The project should spur other retail, housing and offices to be constructed to revitalize Butchertown. Additional sports/entertainment is moving into Louisville’s malls as anchors. The vacant Sears location at Oxmoor Mall in the St. Matthews area will have Topgolf as a new anchor tenant. Topgolf has been working to come to Louisville for 18 months and was recently granted the approvals …

November 25, 2019

Acquisitions Industrial Mississippi Southeast

CBRE Global Investors Acquires Two Industrial Properties Near Memphis Totaling 1.8 MSF

by John Nelson November 22, 2019

OLIVE BRANCH AND BYHALIA, MISS. — A fund sponsored by CBRE Global Investors has acquired two fully leased industrial properties in the metro Memphis area. The first property is located along Interstate 22 at 8331 Frontage Road in Olive Branch, about 15 miles from Memphis. The 815,050-square-foot building was built in 2018 and is fully leased through 2029 by a leading supplier of personal protective equipment. The cross-dock warehouse features 36-foot clear heights, 185-foot truck courts, more than 168 trailer spaces and LED lighting. The second property is located at 291 Norfolk Southern Way in Byhalia, about 30 miles southeast of Memphis in Marshall County. The more than 1 million-square-foot building is situated within Gateway Global Logistics Center along Tenn. Highway 72, near the Interstate 269 interchange and the Norfolk Southern Memphis Regional Intermodal facility in Rossville, Tenn. Link Industrial Properties, Blackstone’s U.S. industrial real platform, sold the building, which is fully leased to a tire dealership through 2028. The cross-dock warehouse features 32-foot clear heights, 185-foot truck courts, more than 310 trailer spaces and LED lighting. The warehouse was completed in 2018. The seller of the Olive Branch asset and the sales prices of both assets were not disclosed.

November 22, 2019

Development Florida Industrial Southeast

Prologis to Build 1 MSF Amazon Fulfillment Center in Auburndale, Florida

by John Nelson November 22, 2019

AUBURNDALE, FLA. — San Francisco-based industrial developer Prologis plans to build a 1 million-square-foot fulfillment center in Auburndale for e-commerce giant Amazon. Situated in the Lakeland MSA about 50 miles east of Tampa, the new facility will house 500 full-time employees who will pick, pack and ship large customer items including sports equipment, patio furniture, fishing rods, pet food, kayaks, bicycles and large household goods. Amazon currently employs more than 13,500 full-time associates throughout Florida. Earlier this week, Amazon announced a similar sized fulfillment center that Hillwood will develop in the metro Memphis town of Olive Branch, Miss. A timeline for construction of the Auburndale facility was not disclosed. The Tampa Bay Business Journal reported in August that the new center will sit on a 146-acre site near the Interstate 4-State Road 559 interchange.

November 22, 2019

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