Southeast

Walmart to Open $41M Distribution Facility in Shepherdsville, Kentucky

by Camren Skelton September 4, 2018

SHEPHERDSVILLE, KY. — Walmart will invest $41 million to open a new distribution facility in Shepherdsville, a city roughly 20 miles south of Louisville in Bullitt County. The Arkansas-based retailer will lease a 720,000-square-foot building within Velocity 65 Trade Center, an industrial park located off Interstate 65 along Velocity Way. The center will create 400 full-time jobs upon opening later this fall, and will eventually employ several hundred temporary workers, including seasonal employees. The Kentucky Economic Development Finance Authority has preliminarily approved Walmart for tax incentives up to $3 million through the Kentucky Business Investment program. The performance-based incentive allows the company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets. Indianapolis-based Browning Investments is the developer and owner of Velocity 65 Trade Center.

September 4, 2018

Development Georgia Office Southeast

Inspire Brands to Locate $32M Global Headquarters in Metro Atlanta

by Camren Skelton September 4, 2018

SANDY SPRINGS, GA. — Multi-brand restaurant company Inspire Brands will locate its global headquarters in Sandy Springs, roughly 20 miles north of Atlanta. The Global Support Center is expected to open in 2019 and will be the corporate hub for Inspire and its portfolio of restaurant brands. Founded in February, Inspire’s portfolio includes more than 4,600 Arby’s, Buffalo Wild Wings and R Taco restaurants worldwide, with combined global system sales of more than $7.6 billion in 2017. The new headquarters is expected to create more than 1,100 jobs in Fulton County over the next six years.

September 4, 2018

Leasing Activity Office South Carolina Southeast

Serendipity Labs to Open Two Coworking Locations in Charleston Totaling 63,200 SF

by Camren Skelton September 4, 2018

CHARLESTON, S.C. — Serendipity Labs Coworking will open two office coworking locations in Charleston totaling 63,200 square feet. A 30,200-square-foot, corporate-owned location will anchor Holder Properties’ Portside-Ferry Wharf Development at the base of the Mount Pleasant Ravenel Bridge. The second, a 33,000-square-foot franchised location owned by hotel industry veteran Trey Scott, will be part of the Garco Mill mixed-use redevelopment project in North Charleston at 4854 O’Hear St. WECCO Development is developing the project. Both Serendipity Labs locations will feature a Lab Café, event space, wellness rooms, private rooms, studios with full A/V capabilities and complimentary tech support. In addition, the locations will feature art shows from local artists and member-only events. Lee Allen and Michael Berman of JLL represented Serendipity Labs in the lease transactions.

September 4, 2018

Loans Multifamily Seniors Housing Southeast Tennessee

Walker & Dunlop Provides $19.5M HUD Financing for Seniors Housing Community in Nashville

by Camren Skelton September 4, 2018

NASHVILLE, TENN. — Walker & Dunlop Inc. has arranged $19.5 million in financing for the acquisition and rehabilitation of Dandridge Towers, an affordable seniors housing community in Nashville. The community features 153 units. The borrower was LHP Capital LLC, which developed and manages the property. The seller was not disclosed. Rob Rotach of Walker & Dunlop secured the 40-year, fixed-rate, fully amortizing loan through HUD’s Substantial Rehabilitation program, which insures mortgage loans to facilitate the new construction or substantial rehabilitation of multifamily housing for moderate-income families, elderly and the handicapped. The property was financed in conjunction with 4 percent Low Income Housing Tax Credits from the Tennessee Housing Development Agency, designated for affordable properties. In addition to unit upgrades and accessibility enhancements, the renovations will feature a number of water- and energy-related green improvements. Dandridge Towers was originally constructed in 1983.

September 4, 2018

Leasing Activity Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges Leases with Trampoline Park, Panera Bread at Richmond Mall

by Camren Skelton September 4, 2018

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has arranged leases with two tenants at Regency Mall in Richmond as part of the property’s ongoing redevelopment. Surge Trampoline, a Louisiana-based trampoline park concept, will open a 40,000-square-foot location on the top floors of the former Macy’s. The venue will be located along the newly redesigned and signalized Quioccasin Road entrance, and will be close to other recently announced tenants including Starbucks Coffee, Chipotle Mexican Grill and MOD Pizza. Connie Jordan Nielsen, Nicki Jassy and Pam Strieffler of Cushman & Wakefield | Thalhimer arranged the lease on behalf of the landlord. In addition, Panera Bread signed a lease for 4,500 square feet at one of the property’s outparcels. Nielsen represented both Panera and the landlord in the lease negotiations, and Jassy and Strieffler represented the landlord. The name of the owner was not disclosed, but according to the Richmond Times-Dispatch, The Rebkee Co. and Thalhimer Realty Partners acquired Regency Mall in 2015. The local outlet reports that construction on Surge Trampoline is expected to begin in the fall, and the Panera Bread is scheduled to open in late spring or early summer 2019.

September 4, 2018

Conference Coverage Features Georgia Industrial Retail Southeast Southeast Feature Archive

Retailers Ramp Up Industrial Presence to Service Their Stores, Customers, Say InterFace Panelists

by Camren Skelton September 4, 2018

ATLANTA — While the development pipeline for industrial real estate is at peak capacity, retail’s new store inventory is taking a back seat. Paul Xhajanka, division real estate manager of Kroger, said that his company is breaking from the past when it would open hundreds of stores a year. “If you look at our store count for the next three to five years, we’re only going to open 20 to 25 stores across our various platforms,” said Xhajanka, referring to Kroger’s portfolio of grocery brands, which include Mariano’s, Harris Teeter and Ralphs. “Target is opening 10 to 20 smaller stores a year, and even Walmart is down to 10 stores a year. All of us are shrinking our inventory of new stores down. Retailers are building more distribution centers, not stores.” Xhajanka’s comments were made during the “Industrial Brokers and Expanding Retailers” panel at the first annual Intersection of Industrial and Retail in the Southeast conference, held Thursday, Aug. 23 at the Westin Buckhead in Atlanta. Sponsored by InterFace Conference Group and Southeast Real Estate Business, the half-day event drew more than 170 industrial and retail real estate professionals across the Southeast. Retailers, along with global companies like Amazon and Wayfair, are the …

September 4, 2018

Development Georgia Industrial Southeast

German Manufacturer to Build $45M Facility in Northeast Georgia

by Camren Skelton August 31, 2018

BANKS COUNTY, GA. — SELIT North America, a manufacturer of polystyrene foams and the U.S. affiliate of SELIT Europe, will invest $45 million to build a new manufacturing facility in northeast Georgia’s Banks County. The new facility will create 100 manufacturing and administrative positions. Based in Germany, SELIT Europe produces foams for acoustic and thermal insulation of floating flooring solutions like laminate, parquet and vinyl floors. SELIT North America is family-owned and holds the largest market share in its North American niche market. SELIT’s products are designed for top-tier flooring manufacturers, as well as do-it-yourself customers. A construction timeline for the Banks County facility was not disclosed.

August 31, 2018

Development Georgia Industrial Southeast

Ware Malcomb Completes Design of 615,572 SF Industrial Project Near Atlanta

by Camren Skelton August 31, 2018

BUFORD, GA. — Architecture firm Ware Malcomb has completed design on the new 985 Lanier Logistics Center located on Georgia State Road 13 and Lanier Islands Parkway in Buford, roughly 38 miles northeast of Atlanta. McCraney Property Co. is developing the project, and Evans General Contractor is building the facility. Construction has begun on the project, which will include three buildings totaling 615,572 square feet. The project will be able to accommodate tenants ranging in size from 25,000 to 236,000 square feet. The buildings will feature 32-foot clear heights, 38- to 42-foot dock high doors, tilt-up concrete panels, glass and a framed metal canopy at the building entrance. The project also includes 160 tractor-trailer stalls.

August 31, 2018

Acquisitions Florida Retail Southeast

Cushman & Wakefield Arranges $27M Sale of Shopping Center in Tampa

by Camren Skelton August 31, 2018

TAMPA, FLA. — Cushman & Wakefield has arranged the $27 million sale of Tampa Bay Center, a 142,350-square-foot shopping center in Tampa. Jason Donald, Patrick Berman and Todd Tolbert of Cushman & Wakefield arranged the transaction on behalf of the seller, Five RE Tampa Bay Center LLC. Equity Management Partners LLC acquired the property. The previous ownership invested $5 million to renovate the center, which was formerly anchored by Kmart. Tampa Bay Center was 97 percent leased at the time of sale to tenants such as Ashley HomeStore, Floor & Décor, The Tile Shop, Dollar Tree, Metro PCS and a freestanding WingHouse restaurant.

August 31, 2018

Acquisitions Retail Southeast Tennessee

The Shopping Center Group Brokers Sale of 89,021 SF Retail Center in Knoxville

by Camren Skelton August 31, 2018

KNOXVILLE, TENN. — The Shopping Center Group (TSCG) has arranged the sale of South Grove, an 89,021-square-foot retail center located near the entrance to Smokey Mountain National Park in Knoxville. Broad Reach Retail Acquisition Co. LLC acquired the asset. Other terms of the deal were not disclosed. A 44,029-square-foot Food City anchors the center, which is also home to Pet Supplies Plus, Great Clips and Gondolier. Lowe’s Home Improvement shadow-anchors the center. South Grove includes a vacant 15,150-square-foot space formerly occupied by Goody’s, offering a value-add opportunity for the new ownership, as well as a two-tenant outparcel building totaling 5,900 square feet. Broad Reach Retail also acquired three undeveloped parcels totaling seven acres adjacent to the property for future expansion.

August 31, 2018

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