Southeast

Joint Venture Completes Phase I of Logistics Park in Atlanta, Signs Medtech Firm to 1.1 MSF Lease

by Alex Tostado December 18, 2018

ATLANTA — CT Realty, Port Logistics Realty and River Oaks Capital Partners have completed Phase I at Palmetto Logistics Park in Atlanta. The joint venture also signed Drive DeVilbiss Healthcare to a 1.1 million-square-foot lease. DeVilbiss, a global manufacturer of respiratory and ambulatory medical products, plans to move in before the end of the year. Phase II is expected to commence in January and wrap up construction by the end of 2019. Phase II will consist of a 1 million-square-foot distribution facility. The 213-acre industrial park is located about 16 miles southwest of Hartsfield-Jackson Atlanta International Airport. The joint venture bought the land in 2017.

December 18, 2018

Leasing Activity Maryland Office

Social Security Administration Renews 717,011 SF Corporate Headquarters Lease in Baltimore County

by Alex Tostado December 18, 2018

WOODLAWN, MD. — The U.S. General Services Administration (GSA), working on behalf of the U.S. Social Security Administration, has signed a 10-year lease renewal for Social Security’s Baltimore County headquarters. The GSA signed the 717,011-square-foot lease with landlord Security Land and Development Co. LP (SLDC) at the Security West Complex in Woodlawn. The lease became effective Nov. 1, 2018 and will run through Oct. 31, 2028. According to its website, GSA provides workplaces by constructing, managing and preserving government buildings and by leasing and managing commercial real estate. The terms of the lease state that GSA can exit part of the lease after three years with a 12-month written notice to SLDC and can fully exit the lease with 24-month written notice after five years. The initial annual rent is approximately $11.8 million. Regency Affiliates, which has a 50 percent interest in SLDC, simultaneously announced it refinanced Security West Complex for $30 million. The net proceeds are being used primarily to pay off existing debt at Security West and to fund capital improvements and reserves totaling about $17 million.

December 18, 2018

Development Industrial Office Southeast Virginia

St. John Properties Breaks Ground on Four Flex Buildings in Metro D.C.

by Alex Tostado December 18, 2018

LEESBURG, VA. — St. John Properties Inc. has broken ground on four buildings within Leesburg Tech Park in Leesburg. The tech park spans 17 acres, and the four speculative buildings will consist of 160,000 square feet of research & development/flex space with anticipated completion in the summer. St. John Properties purchased the land in 2016. The property is situated about 35 miles west of downtown Washington, D.C.

December 18, 2018

Development Florida Industrial Southeast

McCraney Property Selects General Contractor for 1.3 MSF Orlando Industrial Project

by Alex Tostado December 18, 2018

ORLANDO, FLA. — McCraney Property Co. has chosen Lakeland, Fla.-based Macrobay Construction as the general contractor for a co-development project with Tavistock Development Co. in Orlando. The 1.3-million-square-foot project at Infinity Park is expected to break ground by the end of 2018. According to Tavistock, Infinity Park is a 200-acre mixed-use site located three miles from the Orange County Convention Center.

December 18, 2018

Acquisitions Kentucky Multifamily Southeast

Waypoint Residential Acquires 264-Unit Apartment Complex in Lexington, Kentucky

by Alex Tostado December 18, 2018

LEXINGTON, KY. — Waypoint Residential LLC has acquired Waterstone at Hamburg, a 264-unit apartment complex in Lexington. The community was built in 2017 and consists of three mid-rise buildings. The property is situated near the intersection of Interstate 75 and Man o’War Boulevard and within a mile of Hamburg Pavilion. Amenities include a clubhouse, pool, outdoor firepit, fitness center, garages, 24-hour fitness center, dog park and an outdoor bar and lounge. Monthly rental rates at Waterstone at Hamburg range from $1,039 to $1,641.

December 18, 2018

Development Georgia Mixed-Use Southeast

Pope & Land Begins Construction of Mixed-Use Campus in Metro Atlanta

by Alex Tostado December 17, 2018

ALPHARETTA, GA. — Atlanta-based Pope & Land has begun construction on Northwinds Summit, an office-centric, mixed-use development in Alpharetta. Phase I will include 3000 Summit Place and 5000 Summit Place, two office buildings that will span 30,000 square feet and 150,000 square feet, respectively. Other components will include a 125-room hotel, 140 multifamily units, 32 condominiums and 15,000 square feet of restaurant and amenity space. Northwinds Summit will sit on 24.3 acres about 25 miles north of Atlanta and will include more than 1 million square feet of office space at full buildout. Alpharetta-based FiberLight is the project’s first tenant, signing a 16,124-square-foot lease at 3000 Summit Place, which is expected to be complete in third-quarter 2019. Russ Jobson and Bryce Metcalf of Colliers International’s Atlanta office represented FiberLight in the lease transaction. Cooper Carry is the architect, and Brasfield & Gorrie is the general contractor.

December 17, 2018

Acquisitions Georgia Multifamily Southeast

The Walden Group Sells Apartment Complex in Atlanta to Emma Capital for $35.7M

by Alex Tostado December 17, 2018

ATLANTA — The Walden Group has sold Avenues 85, a 392-unit apartment community in Atlanta, to Emma Capital for $35.7 million. Built in 1967, Avenues 85 offers a barbecue area, package service, fitness center, pool and a racquetball court. The two-story complex is located about 11 miles northeast of downtown Atlanta. Tyler Averitt of Cushman & Wakefield represented the seller in the transaction.

December 17, 2018

Florida Industrial Leasing Activity Southeast

ShipMonk Signs 170,447 SF Industrial Lease in Fort Lauderdale

by Alex Tostado December 17, 2018

FORT LAUDERDALE, FLA. — ShipMonk, a logistics company for e-commerce businesses, has signed a lease to move its headquarters from Deerfield Beach to Bridge Point Riverbend in Fort Lauderdale. Starting next year, ShipMonk will occupy 170,477 square feet of the 221,542-square-foot industrial building that was completed in September. Tony Hoover of CBRE represented the tenant in the lease transaction, while Colliers International’s Steven Wasserman represented the landlord, a joint venture between Bridge Development Partners, Akard Street Partners LP, Banner Oak Capital Partners LP and Elion Partners. The terms of the lease were not disclosed. ShipMonk was originally launched in 2014 by then-26-year -old Jan Bednar at Florida Atlantic University’s Tech Runway. ShipMonk now employs more than 200 people in Florida and Los Angeles, with plans to double its workforce and open an office in New York City. Bridge Point Riverbend features 32-foot clear heights, rear-dock loading, ESFR sprinkler systems, and a 1.4/1,000 parking ratio.

December 17, 2018

Georgia Loans Office Southeast

Grandbridge Arranges $29.5M Refinancing for Office Building in Atlanta’s Central Perimeter District

by Alex Tostado December 17, 2018

ATLANTA — Grandbridge Real Estate Capital has arranged a $29.5 million refinance loan for 900 Ashwood Parkway, a 205,271-square-foot, Class A office building in Atlanta’s Central Perimeter submarket. Alex Haw of Grandbridge arranged the loan on behalf of the undisclosed borrower through BB&T Real Estate Funding.

December 17, 2018

Florida Loans Office Southeast

NXT Capital Provides $25M Acquisition Loan for Office Complex in Jacksonville

by Alex Tostado December 17, 2018

JACKSONVILLE, FLA. — NXT Capital has provided a $25 million acquisition loan for the purchase of Summit at SouthPoint, a four-building, 261,000-square-foot office complex in Jacksonville. Summit at SouthPoint is located seven miles southeast of the city’s central business district and offers community amenities such as an outdoor gazebo, lake views and access to hotels and restaurants in the area. Charles Foschini of Berkadia arranged the loan on behalf of the undisclosed buyer. The seller and sales price were also not disclosed.

December 17, 2018

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