Southeast

JLL Brokers $71.3M Sale of Industrial Park in Norcross, Georgia

by Alex Tostado November 21, 2019

NORCROSS, GA. — JLL has brokered the $71.3 million sale of Gwinnett Park, a 981,720-square-foot light industrial and business park portfolio composed of 18 buildings in the Atlanta suburb of Norcross. Dennis Mitchell, Matt Wirth and Britton Burdette of JLL marketed the property on behalf of the seller, California-based Sperry Equities. Dogwood Industrial Properties purchased the portfolio. Dogwood, owned by TPG Real Estate Partners, specializes in multi-tenant industrial assets. Gwinnett Park is located at 4405 International Blvd., near Interstate 85 and approximately 20 miles northeast of downtown Atlanta. The business park’s buildings were constructed between 1973 and 1997 and feature 18- to 22-foot clear heights, a combination of shallow bay suites, a mix of grade-level and dock-high doors, parking and office space. The property is approximately 87 percent leased to more than 55 tenants in various sectors, including manufacturing, healthcare, logistics, education, consumer goods, marketing, financial services, engineering and commercial and business services.

November 21, 2019

Development Florida Multifamily Southeast

Mesa to Break Ground on $50M Panama City Beach Apartment Community

by Alex Tostado November 21, 2019

PANAMA CITY BEACH, FLA. — Mesa Capital Partners will break ground in December on The Tyde, a new $50 million multifamily project in Panama City Beach. The Tyde will feature 300 one-, two-, and three-bedroom apartments with varying construction layouts, including two-story carriage homes, three-story walk-ups and four-story, elevator-serviced buildings. The community will be situated at the intersection of Clara Avenue and U.S. Highway 98, less than a mile from the Gulf of Mexico and near retail and local employers Bay Medical Center and Tyndall Air Force Base. The Tyde will include a clubhouse, fitness center, community space, pool, outdoor fireplaces and grill stations. Atlanta-based Mesa Capital Partners plans to have the units available to lease in late 2020. The project team includes architect Gary B. Coursey & Associates Architects Inc. and engineer Robert Carroll, and Mesa Capital Partners is in the process of selecting a general contractor.

November 21, 2019

Acquisitions Loans Maryland Multifamily Southeast

M&T Provides $11.6M Fannie Mae Acquisition Loan for Multifamily Property in Frederick, Maryland

by Alex Tostado November 21, 2019

FREDERICK, MD. — M&T Realty Capital Corp. has provided an $11.6 million Fannie Mae acquisition loan for the 70-unit Vista View Apartments in Frederick. Washington D.C.-based real estate investment, development and management group The BurnBrae Cos. purchased the property at 2401 Highpoint View Court near Fort Detrick. Vista View offers two-bedroom units with five different floor plans for rent. Property amenities include three pools, two basketball courts, three parks and a barbeque/grilling area. M&T’s Matthew Hodson structured the loan, which carries a 10-year term and five years of interest-only payments, followed by a 30-year amortization schedule.

November 21, 2019

Industrial Leasing Activity South Carolina Southeast

Fiberglass Supplier Leases 280,000 SF of Industrial Space Near Columbia

by Alex Tostado November 21, 2019

BLYTHEWOOD, S.C. — Jushi USA, a California-based supplier of fiberglass reinforcements and fabrics, has leased 280,000 square feet of industrial space at 10700 Farrow Road in Blythewood, a suburb of Columbia. The property is part of the Carolinas Industrial Properties portfolio, which consists of 39 buildings spanning 5.5 million square feet and housing 55 tenants. Built in 1971, 10700 Farrow Road is located 15 miles north of downtown Columbia and 20 miles north of one of Jushi’s existing distribution centers. The Blythewood facility was the largest available industrial space for lease in the Columbia market and previously housed KitchenAid, Little Tikes, Remington, Pure Power Technologies and Samsung. Colliers International’s Chuck Salley, Dave Mathews, Thomas Beard and John Peebles represented the landlord, Reger Holdings LLC, in the lease negotiations.

November 21, 2019

Features Georgia Retail Southeast

Sports Entertainment Provides a Promising Future for Retail Real Estate

by Jeff Shaw November 21, 2019

ATLANTA — The future of food and beverage retail is…sports? To hear from “The Future of Restaurants & Entertainment” panel at the ICSC Southeast Conference & Deal Making event, sports-centric concepts are a solid bet for retail real estate owners to pursue going forward. Produced by the International Council of Shopping Centers (ICSC), the event was held Nov. 13-15 at the newly renovated Georgia World Congress Center in downtown Atlanta. Justin Amick, president of Painted Hospitality, spoke during the panel about his two venues in Atlanta, The Painted Pin and The Painted Duck. Both locations have an industrial motif and offer an expanded dinner menu, craft beer and cocktails and classic parlor games such as shuffleboard and horseshoes. The differentiator, though, is the boutique bowling alley. Amick said the idea is to attract patrons with the games and provide an experience while making money via food and beverage. “Painted wasn’t the first to invent the high-end bowling concept — the first to do so was probably Lucky Strike — but with our model of gaming, food and beverage, dancing and sports all under one roof, we do it well,” said Amick. His company recently announced a second location of The Painted …

November 21, 2019

Development Leasing Activity Office Southeast Tennessee

Mitsubishi Confirms New U.S. Headquarters Office in Franklin, Tennessee

by John Nelson November 20, 2019

FRANKLIN, TENN. — Mitsubishi Motors North America, Inc. (MMNA) has confirmed the location for the company’s permanent headquarters in the Cool Springs district of Franklin, a suburb south of Nashville. The automotive company has signed a long-term lease for approximately 40,000 square feet at the McEwen Northside mixed-use project that Boyle Investment Co. is developing. Scheduled for completion in early spring 2020, the greenfield-developed project is located at 4015 Aspen Grove Drive. MMNA will occupy the entire top floor and approximately half of the floor beneath, with exclusive external building signage rights, including the brand’s logo. Scott Wetzel, Mitch Lundquist, Bo Tyler and Kevin Ziomek of JLL represented MMNA in the lease negotiations. Currently headquartered in Cypress, Calif., MMNA is responsible for the sales, research and development, marketing and customer service of Mitsubishi Motors vehicles in the United States.

November 20, 2019

Development Florida Leasing Activity Retail Southeast

Terra Signs New Retailers for Doral Square Shopping Center Near Miami

by John Nelson November 20, 2019

DORAL, FLA. — Miami-based real estate developer Terra has signed several new retailers for Doral Square, a 150,000-square-foot retail center in Doral, about 17 miles west of Miami. The new development will include anchors 24 Hour Fitness and Marshalls and will be built on the southeast corner of Doral Boulevard and 87th Avenue, near Carnival Cruise Lines’ offices and Trump National Doral Resort. Doral Square is over 42 percent preleased, including restaurant tenants World of Beer and Panda Express. The project is scheduled to break ground by the end of this year, with delivery expected in 2021. Terra’s other projects in Doral include the nearby Doral Commons retail center and in-progress retail developments Atrium Doral and District 79.

November 20, 2019

Acquisitions Georgia Industrial Southeast

JLL Brokers $12.6M Sale of Pactiv Distribution Center in Covington, Georgia

by John Nelson November 20, 2019

COVINGTON, GA. — JLL has closed the $12.6 million sale of Pactiv Distribution Center, a 300,000-square-foot, warehouse and distribution facility in Covington, approximately 40 miles east of Atlanta. A partnership between Great Point Properties and The RSP Cos. acquired the 16.4-acre asset, located at 1776 Liberty Drive. The recently renovated facility is adjacent to a rail-served concrete terminal and Interstate 20. The distribution center is fully leased to Pactiv LLC, a global manufacturer and distributor of food packaging and foodservice. The building features 24- to 26-foot clear heights, 170-foot truck court depth, 14 dock doors, one drive-in door and office space. Additionally, the property is less than one mile from Covington Airport and about 45 miles from Hartsfield-Jackson Atlanta International Airport. Britton Burdette, Pete Pittroff and Brent Bono of JLL, represented the seller, IAI Covington LP, in the transaction.

November 20, 2019

Acquisitions North Carolina Retail Southeast

SRS Arranges $5.8M Sale of Newly Built Retail Center in Winston-Salem

by John Nelson November 20, 2019

WINSTON-SALEM, N.C. — SRS Real Estate Partners’ National Net Lease Group has arranged the $5.8 million sale of Shops at Stratford in Winston-Salem on behalf of the seller and developer, Encore Real Estate. The buyer, a private investor based locally, purchased the 13,500-square-foot, multi-tenant retail center in a 1031 exchange. Built in 2018, the property is situated on 1.2 acres and is fully occupied by four tenants including First Watch and Mattress Warehouse. Patrick Nutt and Connor Barton of SRS represented Encore Real Estate, and Steen Spove of Deep River Partners represented the buyer in the transaction.

November 20, 2019

Affordable Housing Arkansas Development Seniors Housing Southeast

Hunt Capital, Burleson Break Ground on Phase III of Affordable Housing Project Near Little Rock

by John Nelson November 20, 2019

MABELVALE, ARK. — Hunt Capital Partners and Burleson Development LLC have broken ground on Phase III of an affordable housing project near Little Rock. Hunt Capital Partners has committed $6.3 million in federal low-income housing tax credit (LIHTC) financing for the 48-unit expansion of Valley Estates at Mabelvale, an apartment community located eight miles southwest of Little Rock in Mabelvale. The project, scheduled for completion by November 2020, is intended for households earning up to 30, 50 and 60 percent of the area median income. One unit is reserved for a property employee. Phase III of Valley Estates at Mabelvale is Hunt’s third project with Burleson Development, the developer of the first two phases that were completed in 2011. The project also marks Hunt Capital Partners’ fourth transaction with RichSmith as developer consultant. RichSmith and its affiliates are serving as the general contractor, architect and property manager for Phase III. The total development cost of Valley Estates at Mabelvale Phase III is $7.2 million. Hunt Capital Partners facilitated the LIHTC financing through its proprietary fund with BancorpSouth Bank, which also provided an approximately $4.3 million construction loan. Arkansas Development Finance Authority provided a $450,000 construction-to-permanent loan through its HOME program, …

November 20, 2019

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