Southeast

Coldwell Banker Brokers Sale of 140,800 SF Office Building in Downtown Macon, Georgia

by Alex Tostado August 13, 2019

MACON, GA. — Coldwell Banker Commercial Eberhardt & Barry Inc. has brokered the sale of a 140,800-square-foot office building in downtown Macon that used to house the Macon Telegraph, a local newspaper. In 2004, producer, publisher and owner of the Macon Telegraph, Macon Telegraph Publishing Co., moved the newspaper’s production process to Columbus, Ga. While some employees relocated at the time, the remaining employees relocated to the former Bank of America Building in 2014. The building is located at 120 Broadway St. A local investor bought the property and intends to lease it for various business uses. The McClatchy Co., which bought the Macon Telegraph in 2006, was the seller. The sales price was not disclosed.

August 13, 2019

Acquisitions Georgia Office Southeast

CBRE Arranges $19M Sale of Office Building in Atlanta’s Cumberland-Galleria Area

by Alex Tostado August 13, 2019

ATLANTA — CBRE has arranged the $19 million sale of 3301 Windy Ridge, a six-story, 106,574-square-foot office building within Wildwood Office Park in Atlanta’s Cumberland-Galleria submarket. The property is located near The Battery Atlanta and SunTrust Park, home to Major League Baseball’s Atlanta Braves. 3301 Windy Ridge was 98 percent leased to a diverse tenant roster at the time of sale. Individuals Christian Lopez and Jeff Lopez acquired the property from a joint venture between Greenstone Partners and RSF Partners. Tom Shafer and John Hinson of CBRE represented the seller.

August 13, 2019

Acquisitions Office South Carolina Southeast

Trinity Partners Negotiates $6.8M Sale of Office Building in Columbia

by Alex Tostado August 13, 2019

COLUMBIA, S.C. — Trinity Partners has negotiated the $6.8 million sale of 7 Technology Circle, a four-story, 86,733-square-foot office building in northeast Columbia. The property is located off Farrow Road near Interstate 77, about 10 miles northeast of downtown Columbia. Macon Lovelace and Paul Hartley of Trinity Partners represented the seller, Corocan Columbia LLC, in the transaction. Milton Thomas of Lee & Associates represented the buyer, 7 Technology Circle LLC.

August 13, 2019

Market Reports Retail Southeast Southeast Market Reports Tennessee

Impressive Retail Growth Makes Chattanooga More Than Just a Place to Visit

by Taylor Williams August 13, 2019

If you have visited Chattanooga in the past year, it should come as no surprise that you are in fine company. Mayors and Economic Development executives from across the nation have been flocking to the Scenic City. Envious of the Chattanooga success story, they have come to witness firsthand the ongoing transformation that has made Chattanooga one of the most livable, sensational and progressive mid-sized cities in America. The Chattanooga retail market is strong, chiefly due to the overall health and culture of the entire city. River City Co., a longtime successful, private nonprofit led by CEO Kim White, touts itself as the economic development engine for downtown. It reports the cost of living in vibrant downtown Chattanooga is 15.9 percent less than the national average. This has drawn everyone from millennials to retirees to the vibrancy and livability of the city. Tourism in a non-coastal Southern city with fewer than 180,000 residents may seem not even worth pursuing, but Chattanooga hosts more than 3 million annual visitors. Travelers are lured by destinations such as the Tennessee Aquarium, Children’s Discovery Museum and the IMAX. There are also events such as the Ironman; the Head of the Hooch, which is one …

August 13, 2019

Development Florida Loans Office Southeast

JLL Arranges $300M Construction Loan for Office Tower in Miami

by Alex Tostado August 12, 2019

MIAMI — JLL has arranged a $300 million construction loan for the development of 830 Brickell, a 56-story, 1 million-square-foot office tower in Miami’s Brickell district. MSD Partners provided the four-year loan to the developers, a joint venture between OKO Group and Cain International. Located at 830 SE First Ave., 830 Brickell is slated for completion in early 2022. The property is situated next to a MetroMover station, as well as Brickell City Centre, a $1.5 billion, 506,000-square-foot mixed-use development.

August 12, 2019

Development Mixed-Use North Carolina Southeast

Beacon Partners to Break Ground on Mixed-Use Project in Charlotte

by Alex Tostado August 12, 2019

CHARLOTTE, N.C. — Beacon Partners is set to break ground this month on The Square at South End, which will include a 10-story building that will feature 150,000 square feet of office space and 8,000 square feet of ground-floor retail space. The project will also include a multifamily building that will be connected by an outdoor plaza. Construction is expected to be complete by the end of 2020. Amenities at the office building will include outdoor decks on multiple floors, a 2,400-square-foot coffee bar for tenants and guests, two-story fitness center, outdoor wellness area and a 2,500-square-foot patio overlooking Uptown Charlotte. As part of the project, Beacon will partner with Mecklenburg County Park and Recreation to develop Wilmore Centennial Park, a 1.5-acre park located at the intersection of South Tryon and Kingston streets. Centro Cityworks will develop the multifamily portion of The Square at South End. The design teams for the office portion includes Axion as the architect, Edifice as the general contractor and LandDesign as the civil engineer. Kristy Venning and Erin Shaw of Beacon Partners will handle leasing. Sauceman’s, a local barbecue restaurant, plans to relocate to a new, larger space next to Sugar Creek Brewery.

August 12, 2019

Acquisitions Georgia Industrial Southeast

IDI Logistics Sells 750,000 SF Industrial Building in Central Georgia to Five Below

by Alex Tostado August 12, 2019

FORSYTH, GA. — IDI Logistics has sold a 750,000-square-foot, build-to-suit industrial facility to Five Below in Forsyth. The new building, which IDI delivered in May, features 40-foot clear heights. This was the first building delivered within IDI’s Meridian 75 Logistics Center, a 250-acre industrial park located about 60 miles south of downtown Atlanta. Five Below has occupied the entire distribution facility since it opened. Founded in 2002, Philadelphia-based Five Below is a national retailer that sells products that cost $5 or less. Bob Robers and Pat Murphy of Cushman & Wakefield represented IDI Logistics in the transaction. Mark Sims, Ray Stache and Lisa Pittman of Cushman & Wakefield represented Five Below. The sales price was not disclosed.

August 12, 2019

Acquisitions Kentucky Office Southeast

Cushman & Wakefield, Affiliate Firm Broker $10.9M Sale of Office Building in Louisville

by Alex Tostado August 12, 2019

LOUISVILLE, KY. — Cushman & Wakefield and Cushman & Wakefield | Commercial Kentucky have brokered the $10.9 million sale of Paragon Place, a three-story, 83,153-square-foot office building in Louisville. Paragon Place is situated at 9100 Shelbyville Road, 12 miles east of downtown Louisville. Amenities at the property include a conference center, courtyard with a fountain and tenant storage space. Craig Collins of Cushman & Wakefield | Commercial Kentucky and Samir Idris and Andy Johns of Cushman & Wakefield represented the sellers, Banyan Street Capital and Oaktree Capital, in the transaction. The buyer was not disclosed.

August 12, 2019

Leasing Activity Office South Carolina Southeast

Colliers Negotiates 239,701 SF Office Lease in Greenville

by Alex Tostado August 12, 2019

GREENVILLE, S.C. — Colliers International has negotiated a 239,701-square-foot lease for Greenville County within Axis Office Park. The local government will also have the option to purchase the office park. Details of the option were not disclosed. Axis Office Park comprises two three-story buildings located at 350 and 325 Halton Road, five miles east of downtown Greenville. Tempus Realty Partners acquired the property in 2017 when the buildings were vacant. Brantley Anderson and Taylor Allen of Colliers represented the landlord in the transaction.

August 12, 2019

Industrial Market Reports South Carolina Southeast Southeast Market Reports

Columbia’s Turbocharged Manufacturing Renaissance is Alive and Well in 2019

by Alex Tostado August 12, 2019

There is a lot of buzz about the dominance of e-commerce and its effects on the industrial market. Columbia has its fair share of retailers with e-commerce distribution facilities as Amazon, The Home Depot and Target all have major distribution centers in the Midlands region of South Carolina. However, retail distribution is not the main driver of this industrial market. The heart and soul of the central South Carolina industrial market is manufacturing. Manufacturing properties make up approximately 35 percent of the 70 million square feet of industrial product in the Columbia metropolitan statistical area. While the balance of space is classified as warehouse/distribution, a large portion of that is used to service manufacturers, pushing the total amount of manufacturing-related space well above 50 percent. Since 2013, the pace of South Carolina’s manufacturing job growth has been four times faster than the national growth rate. This manufacturing renaissance has created demand for Class B multipurpose buildings that have manufacturing infrastructure, such as heavy electric services, cranes, HVAC and support facilities including locker rooms, restrooms, cafeteria and parking to handle larger employee requirements. In the 1970s and 1980s, industrial buildings constructed in central South Carolina were part manufacturing facility and part …

August 12, 2019

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