Southeast

Kroger, Ocado to Open 350,000 SF Customer Fulfillment Center in Suburban Maryland

by Alex Tostado January 24, 2020

FREDERICK, MD. — The Kroger Co. and Ocado, an online grocer based in England, will develop a 350,000-square-foot customer fulfillment center in Frederick. The new automated warehouse facility will service several nearby markets such as Baltimore, Philadelphia and Washington, D.C. When fully operational, the facility will house 400 employees and feature digital and robotic capabilities. The site is located at 7106 Geoffrey Way, 55 miles west of downtown Baltimore and 65 miles north of downtown D.C. The companies expect the facility to open 24 months after groundbreaking, a timeline for which was not disclosed.

January 24, 2020

Development Multifamily North Carolina Southeast

Alliance Residential to Develop 320-Unit Multifamily Community in Charlotte

by Alex Tostado January 24, 2020

CHARLOTTE, N.C. — Alliance Residential Co. has acquired 15 acres in south Charlotte to develop Broadstone Ayrsley, a planned 320-unit multifamily community. Alliance Residential will begin construction this year and expects to welcome its first residents in 2021. Named Broadstone Ayrsley, the property will comprise one-, two- and three-bedroom apartments and townhomes averaging 939 square feet. Amenities will include a pool, clubroom, fitness center, dog park and a walking path on property. Broadstone Ayrsley will be situated at 2215 Silver Crescent Drive, nine miles south of downtown Charlotte. Cline Design Associates served as the architect.

January 24, 2020

Development Florida Industrial Southeast

Seefried, MDH Partners Purchase 20 Acres in East Orlando to Construct Two-Building Industrial Property

by Alex Tostado January 24, 2020

ORLANDO, FLA. — Seefried Industrial Properties and MDH Partners LLC have purchased 20 acres in east Orlando to construct Narcoossee Logistics Center, a two-building industrial campus. The first building will span 160,000 square feet and the second will total 120,000 square feet. Both buildings will feature 32-foot clear heights, 130-foot concrete truck courts, an ESFR sprinkler system and a combined 71 dock high doors. The site is situated near State Road 528 and Narcoossee Road, about five miles east of Orlando International Airport. MacGregor Associates is the project architect, and Kimley Horn is the civil engineer. Lee Morris of Colliers International will lead leasing efforts for the project, which is slated for completion by the end of the year.

January 24, 2020

Acquisitions Florida Retail Southeast

JLL Arranges $39.5M Sale of Shopping Center in South Florida

by Alex Tostado January 24, 2020

ROYAL PALM BEACH, FLA. — JLL has arranged the $39.5 million sale of Coral Sky Plaza, a 232,727-square-foot retail center in Royal Palm Beach. BJ’s Wholesale Club anchors the property, which was 96 percent leased at the time of sale to tenants including Ross Dress for Less, buybuy Baby, Bed Bath & Beyond, Five Below, IHOP and Famous Footwear. The property is located at 510-590 State Road 7, 11 miles west of downtown West Palm Beach. The seller was not disclosed, although multiple media outlets report Claion Partners sold the property. Danny Finkle, Luis Castillo and Eric Williams of JLL represented the seller in the transaction. Additionally, Chris Drew, Maxx Carney, Jesse Wright and Reid Carleton of JLL arranged a $26.1 million acquisition loan through Morgan Stanley Bank on behalf of the buyer, which was also not disclosed, but media outlets report it was Coral Sky Plaza LLC, managed by Kenneth R. Silverman in Key West.

January 24, 2020

Acquisitions District of Columbia Hospitality Southeast

Geolo Capital, JW Capital Sell Thompson Hotel in D.C. for $120M

by Alex Tostado January 23, 2020

WASHINGTON, D.C. — Geolo Capital and JW Capital Partners have sold Thompson Washington D.C., a 225-room hotel that opened Jan. 8, to Hamburg, Germany-based Union Investment for $120 million. Union Investment agreed to purchase the hotel more than two years before its completion. Geolo and JW Capital Partners developed Thompson Hotel over the past three years. Following the sale, the Geolo and JW Capital Partners joint venture will remain a long-term tenant, leasing the property back from Union Investment and overseeing management of the asset, which will continue to be operated as a Thompson Hotel. The hotel offers three restaurant and bar concepts by Union Square Hospitality Group, in addition to 7,000 square feet of indoor and outdoor meeting space. Thompson Hotel anchors The Yards, Brookfield Property’s 3 million-square-foot mixed-use development. Bank OZK provided construction financing for the hotel, which is located in Washington, D.C.’s Navy Yard neighborhood. Studios Architecture and Parts and Labor Design NYC designed the hotel, and John Moriarty & Associates provided preconstruction and general contracting services for the project.

January 23, 2020

Acquisitions Development Retail Southeast Virginia

S.L. Nusbaum Brokers Sale of Former Macy’s Store at Metro Richmond Mall, Buyers Plan New Sports Complex

by Alex Tostado January 23, 2020

GLEN ALLEN, VA. — S.L. Nusbaum has brokered the sale of a 109,813-square-foot former Macy’s within Virginia Commons Mall in for $2 million. The buyers, VCC Partners LLC and Shamin VCC LLC, plan to demolish the existing building and redevelop the nine-acre property into a sports arena that will include indoor event space, basketball courts and seating for 4,500 spectators. Demolition will begin by May. The mall, which is home to tenants including Burlington, JCPenney, Bath & Body Works, Foot Locker and Finish Line, is located 12 miles north of downtown Richmond. David Kalman of S.L. Nusbaum Realty Co. represented the seller, Impact Investments Group LLC, in the transaction.

January 23, 2020

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Secures $22.5M Sale of Apartment Complex in Daphne, Alabama

by Alex Tostado January 23, 2020

DAPHNE, ALA. — Cushman & Wakefield has arranged the $22.5 million sale of Palladian at Daphne, a 120-unit apartment complex near Mobile Bay in Daphne. The community offers residents home-style living with attached garages, ground-floor entry and an average floor plan size of 1,800 square feet. Amenities include a fitness center, conference room, outdoor TV lounge, 15-seat movie theater, swimming pool and a bark park with pet washing station. Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, The Gateway Cos., in the transaction. Hathaway and Lynx Capital, both based in Atlanta, acquired the property.

January 23, 2020

Acquisitions Mississippi Multifamily Southeast Student Housing

JLL Arranges Sale of 504-Bed Student Housing Community Near Mississippi State University

by Alex Tostado January 23, 2020

STARKVILLE, MISS. — JLL has arranged the sale of Lakeside Student Living, a 504-bed student housing community located near the Mississippi State University campus in Starkville. The property opened in 2006 and features a mix of studio, one-, two- and four-bedroom, fully furnished units. Community amenities include a fitness complex, swimming pool, volleyball court, hammock beach, computer lab and private study lounges. Scott Clifton, Stewart Hayes and Barry Brown of JLL represented the undisclosed seller in the transaction. The buyer and terms of the transaction were also not disclosed.

January 23, 2020

Acquisitions Florida Retail Southeast

MMG Equity Partners Acquires Two Shopping Centers in Metro Miami for $12.7M

by Alex Tostado January 23, 2020

MIAMI — MMG Equity Partners has acquired two retail centers in metro Miami for a total of $12.7 million: Naranja Plaza and Lakeside Plaza. Naranja Plaza was purchased for $7.1 million, or $139 per square foot, in an-off market deal. The shopping center spans 51,246 square feet and is situated at 27000-27100 S. Dixie Highway in Homestead, 29 miles southwest of downtown Miami. The Dollar General-anchored asset was built in 1980 and was fully leased at the time of sale. MMG Equity Partners also acquired Westlake Plaza for $5.6 million, or $128 per square foot. The property is a 43,781-square-foot retail center located at the intersection of Bird Road and 109th Avenue in Miami. Lakeside Plaza was built in 1959 and comprises five buildings. Amerant Bank provided acquisition loans for both transactions totaling $9.5 million, including a future advance for construction. The two sellers were not disclosed.

January 23, 2020

Development Mixed-Use North Carolina Southeast Top Stories

Joint Venture to Develop $95M Mixed-Use Tower in Charlotte

by Alex Tostado January 23, 2020

CHARLOTTE, N.C. — A joint venture between Armada Hoffler Properties Inc. (NYSE: AHH), David Furman of Centro City Works and Charles Campbell of Flagship Healthcare Properties has unveiled plans for Ten Tryon, a 215,000-square-foot mixed-use development in Charlotte. The building will feature a Publix grocery store as well as a Fortune 100 office tenant. The developers expect the project will cost $95 million. The 15-story building, which is being designed to LEED standards, will feature 175,000 square feet of office space, a 340-space parking garage and a 9,000-square-foot indoor/outdoor rooftop restaurant. The project will be situated between 9th and 10th streets on North Tryon Street as part of the larger North Tryon Vision Plan that is geared toward developing and sustaining growth in the neighborhood. Armada Hoffler Construction Co., a wholly owned subsidiary of Armada Hoffler Properties, will serve as the general contractor for the project. The company anticipates breaking ground during the second quarter of 2020 with expected completion in summer 2022. The site is two blocks from the Ninth Street light rail station, providing tenants with multiple transportation options, and offers easy access to Interstate 277 for commuters. “Ten Tryon has everything we look for in a new ground-up development …

January 23, 2020

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