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GCP Signs Dollar General to 712,040 SF Industrial Lease in Metro Atlanta

by John Nelson September 13, 2022

STOCKBRIDGE, GA. — Birmingham, Ala.-based Growth Capital Partners (GCP) has recently signed Dollar General Corp., the Goodlettsville, Tenn.-based national discount retailer, to a full-building industrial lease in metro Atlanta. GCP’s Fund II purchased the recently vacated property, located at 500 Business Center Drive in Stockbridge, in March. The 712,040-square-foot property is situated in the South I-75 Atlanta industrial submarket and features 30-foot clear heights, 74 dock doors and seven rail doors. The center is expected to be fully operational in the fourth quarter and will employ approximately 50 Dollar General employees. Reed Davis, Bob Currie and Brad Pope of JLL represented GCP in the lease negotiations, and Scott Delphy of Food Properties Group represented Dollar General. GCP’s Fund II includes 1.9 million square feet of bulk distribution properties in Georgia and Tennessee and 1.9 million square feet of industrial development projects currently under construction in the Carolinas, Florida, Tennessee and Texas. In addition to the Stockbridge facility, Dollar General recently invested $480 million to expand its distribution network with three new facilities planned in Arkansas, Oregon and Colorado.

September 13, 2022

Acquisitions Georgia Retail Southeast

Octave Holdings Acquires Barrett Pavilion Shopping Center in Kennesaw, Georgia for $58.8M

by John Nelson September 8, 2022

KENNESAW, GA. — Octave Holdings and Investments LLC, a privately held investment firm based in Alpharetta, Ga., has purchased Barrett Pavilion, a 369,971-square-foot shopping center in Kennesaw. Octave Holdings acquired the center from Stockbridge and Lincoln Property Co. via investment vehicle Octave Opportunity Fund LLC for $58.8 million. Situated near Town Center Mall and shadow-anchored by Target, Barrett Pavilion’s tenant roster includes Total Wine & More, REI, Ulta Beauty, Shoe Carnival, Old Navy, Best Buy Outlet, AMC Barrett Commons 24, Urban Air, buybuy Baby, Hudson Grill, Ted’s Montana Grill and Cold Stone Creamery. Octave’s operations affiliate Pinnacle Leasing and Management will manage the shopping center.

September 8, 2022

Acquisitions Georgia Retail Southeast

Hackney Trades Two Grocery-Anchored Shopping Centers in Metro Atlanta for $29M

by John Nelson September 7, 2022

ACWORTH AND SMYRNA, GA. — Hackney Real Estate Partners has sold two grocery-anchored shopping centers in metro Atlanta for $29 million. The assets include the 144,678-square-foot Cherokee Corners in Acworth and the 185,601-square-foot Concord Village in Smyrna. Brad Buchanan, Jim Hamilton and Andrew Kahn of JLL represented Hackney in the portfolio transaction. Both shopping centers are anchored by Food Depot, which has recently signed a 10-year renewal at both locations. Built in 1984 and renovated in 2016, Cherokee Corners was fully leased at the time of sale to tenants such as Woodstock Market, Dolce Furniture and Family Dollar. Concord Village was built in 1988 and renovated in 2016. The center was 99 percent leased at the time of sale to tenants such as Goodwill, Citi Trends, Mega Furniture Outlet, Dollar General and CSL Plasma.

September 7, 2022

Acquisitions District of Columbia Office Southeast Top Stories

Boston Properties Sells 601 Massachusetts Avenue Office Building in D.C. for $531M

by John Nelson September 6, 2022

WASHINGTON, D.C. — Boston Properties Inc. (NYSE: BXP) has sold 601 Massachusetts Avenue, an approximately 480,000-square-foot office building in Washington, D.C., for $531 million. The buyer was not disclosed, but the Washington Business Journal reports that it was an affiliate of Mori Trust Co., a real estate development and investment firm based in Tokyo. Boston Properties originally developed the 11-story property in 2015. The firm will continue to provide property management services at 601 Massachusetts, which was 98 percent leased at the time of sale. 601 Massachusetts Avenue is situated in Washington, D.C.’s Mount Vernon Triangle neighborhood. Nearby attractions include the White House, Capital One Arena, Metro stations and the Walter E. Washington Convention Center. According to online property listings, the property includes a nine-story glass atrium, onsite fitness center, roof terrace and retail space leased to RPM Italian, Soul Cycle and lunch restaurant Devon & Blakely. Boston Properties structured the disposition as part of a reverse like-kind exchange under Section 1031 of the Internal Revenue Code with its $730 million acquisition in May of Madison Centre, a 37-story office tower in Seattle. “This disposition demonstrates continued investor demand for premier, well-leased office properties,” says Owen Thomas, chairman and CEO …

September 6, 2022

New Jersey Northeast Retail Top Stories

Bed Bath & Beyond to Close 150 Stores, Cut Staff, Restructure Debt

by Kristin Harlow August 31, 2022

UNION, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) announced this morning that it will close approximately 150 of its lower-producing stores across the country. The Union-based home goods retailer also revealed that it is cutting its workforce by about 20 percent across its corporate and supply chain staff. Additionally, the company has secured more than $500 million in new financing, including the expansion of an existing credit line and a new $375 million loan. Bed Bath & Beyond says that these moves are in effort to meet demand of customers, drive growth and profitability, and improve its balance sheet and cash flows. “We are embracing a straightforward, back-to-basics philosophy that focuses on better serving our customers, driving growth and delivering business returns,” says Sue Gove, director and interim CEO. Bed Bath & Beyond has retained national firm Russell Reynolds in its search for a permanent CEO. The retailer is also readjusting its inventory, bringing back popular national brands. The company will discontinue three of its nine private brands, including Haven, Wild Sage and Studio 3B. In its second fiscal quarter that ended Saturday, Aug. 27, Bed Bath & Beyond reported comparable sales decline of approximately 26 percent compared …

August 31, 2022

Arizona Development Industrial Top Stories Western

Intel, Brookfield to Jointly Invest $30B for Expansion of Semiconductor Manufacturing Plants in Chandler, Arizona

by John Nelson August 23, 2022

CHANDLER, ARIZ. — Tech giant Intel Corp. (NASDAQ: INTC) has signed a definitive agreement with the infrastructure affiliate of Brookfield Asset Management (NYSE: BAM), a global alternative asset management firm, to fund the expansion of its Ocotillo semiconductor manufacturing campus in Chandler. Under terms of the agreement, the companies will jointly invest up to $30 billion in the buildout, with Intel providing 51 percent and Brookfield Infrastructure Partners providing 49 percent of the total project costs. Dubbed the “Semiconductor Co-Investment Program,” the partnership will create two new production facilities on the 700-acre campus, which Intel established in 1980. Santa Clara, Calif-based Intel will retain majority ownership and operating control of the two new chip factories. No construction details or timeline were disclosed. Semiconductors, or chips, are an essential element of most all electronic and computing devices, including electric vehicles, phones, tablets, TVs, home appliances, solar panels and gaming consoles. “Semiconductor manufacturing is among the most capital-intensive industries in the world,” says David Zinsner, Intel’s chief financial officer. “Our agreement with Brookfield is a first for our industry, and we expect it will allow us to increase flexibility while maintaining capacity on our balance sheet to create a more distributed and …

August 23, 2022

Acquisitions Midwest Multifamily Wisconsin

JLL Brokers Sale of 175-Unit Multifamily Property in Suburban Milwaukee

by Kristin Harlow August 17, 2022

BROWN DEER, WIS. — JLL Capital Markets has brokered the sale of Bevy Apartments in Brown Deer, a northern suburb of Milwaukee. The sales price was undisclosed. Built in 2020, the multifamily property features both apartments and townhomes. Units average 961 square feet and come in a variety of studio, one- two- and three-bedroom floor plans. Amenities include a fitness center, outdoor terrace, clubroom, dog park and underground parking. Wick Kirby, Amanda Friant, Jeremy Weinstock and Jaime Fink of JLL represented the seller, Fiduciary Real Estate Development Inc. JVM Realty Corp. was the buyer.

August 17, 2022

Leasing Activity New York Northeast Office

Digital Marketing Agency Signs 71,000 SF Office Headquarters Lease at Brooklyn Navy Yard

by Taylor Williams August 4, 2022

NEW YORK CITY — Digital marketing agency Huge Inc. has signed a 71,000-square-foot office headquarters lease at Dock 72, a 675,000-square-foot waterfront office building located within the Brooklyn Navy Yard. The tenant will relocate from 45 Main Street to the top two floors of Dock 72 in the first quarter of 2023, joining existing tenants WeWork and Food52. Cara Chayet, David Hollander, Liz Lash and Ken Rapp of CBRE, along with internal agent Winter Stockwell, represented Huge in the lease negotiations. Joe Cirone, Ron Lo Russo, Patrick Dugan and Pierce Hance of Cushman & Wakefield, along with Sacha Zarba and Freddie Fackelmayer of CBRE and internal agents Andrew Levin and Robert Steinman, represented the landlord, a partnership between Boston Properties and Rudin.

August 4, 2022

Leasing Activity New York Northeast Office

Digital Marketing Agency Signs 71,000 SF Office Headquarters Lease at Brooklyn Navy Yard

by Taylor Williams August 4, 2022

August 4, 2022

Market Reports Multifamily Texas Texas Market Reports

Multifamily Prices Adjust to Macroeconomics Throughout Texas Markets

by Taylor Williams August 3, 2022

By Taylor Williams First things first: By most objective metrics and standards, multifamily assets in major Texas markets still represent strong investment propositions relative to certain other commercial sectors, as well as to the stock market, the other long-term vehicle to which real estate investments are most commonly compared. But as we cross the midpoint of 2022, the U.S. economy finds itself awash in a unique combination of challenging and extreme circumstances. Mainstream news coverage increasingly includes the word “record” in reports on inflation, one-off interest rate hikes and movement in the 10-Year Treasury yield. The yield on two-year Treasury notes recently eclipsed that of the 10-year, creating the “inverted curve” that has historically been an indicator of an upcoming downturn. Rumblings of an imminent recession grow louder by the day. Fear is contagious, and some markets are already showing signs of hunkering down in anticipation of a downturn. The expectation of recession, let alone the materialization of it, impacts even the strongest of markets, including multifamily assets in Texas. Investors and brokers who specialize in the property type recognize that certain factors — net in-migration of hundreds of thousands of people per year, exceptional corporate relocation activity, and supply …

August 3, 2022

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