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Oakbrook-Place
AcquisitionsGeorgiaIndustrialSoutheast

Cushman & Wakefield Arranges $83.8M in Acquisition Financing for 11-Building Industrial Portfolio in Metro Atlanta

by Abby Cox

ATLANTA — Cushman & Wakefield has arranged $83.3 million in financing for the acquisition of an 11-building industrial portfolio located in metro Atlanta. Gideon Gil, Taylor Geiger, Cecelia Galligan and Crawford Bundy of Cushman & Wakefield arranged the floating-rate loan through Argenti on behalf of the borrower, Arden Logistics Parks. Stewart Calhoun, Casey Masters and Drew Stanford, also with Cushman & Wakefield, represented the sellers, Onward Investors and Prospect Ridge, in the transaction. The 658,550-square-foot portfolio includes:

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Vista-Starkville
LoansMississippiSoutheastStudent Housing

JLL Secures $64M Refinancing for 820-Bed Student Housing Community Near Mississippi State University

by Abby Cox

STARKVILLE, MISS. — JLL has secured a $64 million refinancing for The Vista Starkville, an 820-bed student housing community located near the Mississippi State University campus in Starkville. Gregg Shapiro, Mike Brady, Sam Tarter, Christian Johnston and Connor McCarthy of JLL represented the borrower, Student Quarters, in securing the three-year, floating-rate loan from QuadReal Property Group. Built in 2019, the property offers 309 units in a mix of studio through five-bedroom configurations. Shared amenities include a fitness center, social lounge, resort-style pool and private resident parking. The community also features ground floor retail space occupied by Boardtown Pies & Pints. 

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AcquisitionsDevelopmentFloridaMixed-UseSoutheast

BCIP Acquires 32.6 Acres on Florida’s Space Coast, Plans Grocery-Anchored Mixed-Use Development  

by Abby Cox

WEST MELBOURNE, FLA. — Barron Collier Investment Partners (BCIP) has acquired 32.6 acres from MultiVerse Global, the developers of the 225-acre Space Coast Town Center in West Melbourne, a city on Florida’s Space Coast. BCIP will develop The Landing at Space Coast, a planned mixed-use project that will serve as the cornerstone of the larger master-planned community. Phase I of the project will include approximately 77,750 square feet of retail space anchored by a grocery store, along with restaurant and service-oriented tenants and 300 residential apartments. Phase II will comprise 70,000 square feet of commercial space, as well as a public art component that “celebrates the innovation, exploration and heritage that defines Florida’s Space Coast,” according to the press release. Upon completion of Space Coast Town Center, the development will include more than 2,000 multifamily residential units, 300 hotel rooms, 360,000 square feet of office space, 257,000 square feet of retail and restaurant space, a grocery store anchor and various public gathering areas.

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Wakefield-Commons
AcquisitionsNorth CarolinaRetailSoutheast

Wilder, Greenberg Gibbons Purchase 163,975 SF Shopping Center in Raleigh, Plan Renovations

by Abby Cox

RALEIGH, N.C. — Wilder and Greenberg Gibbons have formed a joint venture to acquire Wakefield Commons, a 163,975-square-foot shopping center located in Raleigh. According to the Triangle Business Journal, an entity doing business as Mishorim Gold NC LP sold the asset for $33 million. The acquisition marks Wilder’s entry into North Carolina, as well as Greenberg Gibbon’s first purchase through its $300 million Real Estate Income Fund II. Wakefield Commons was 96.3 percent leased at the time of sale to tenants including Starbucks, Marquee Cinemas and Burn Boot Camp. Greenberg Gibbons plans to renovate and improve the shopping center. Additional details were not disclosed.

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Star-Metals-Offices
GeorgiaLoansOfficeSoutheastTop Stories

Allen Morris Receives $113.7M Loan for Refinancing of Office Tower at Star Metals District in Atlanta

by Abby Cox

ATLANTA — Allen Morris Co., a mixed-use developer based in Coral Gables, Fla., has received a $113.7 million loan from Mexico-based Banco Inbursa for the refinancing of Star Metals Offices, a 267,000-square-foot office tower in Atlanta’s West Midtown neighborhood. The transaction will retire the existing construction loan provided by Bank OZK and Barings.  “This refinancing is a testament to the quality and curation of what we have built at Star Metals Offices,” says Spencer Morris, president of Allen Morris Co. “Securing this financing package from Banco Inbursa — an institution that has become one of the most active and discerning real estate lenders in the country — reflects the caliber of our tenants, our retail program and the broader Star Metals District vision.” The 15-story office tower, which is 97 percent leased, opened in July 2021 and is the centerpiece of the $1.5 billion Star Metals District development. Tenants include Outreach, a new-to-market tech company; Nike’s regional technology hub; Signature, a leading coworking group; PrizePicks; Nelson Architecture; Brand Apart; PagerDuty; Sovos; and BMI, among others. Designed by Oppenheim Architecture and Warner Summers Architecture, Star Metals Offices features exterior balconies on each level, as well as a coffee shop, outdoor lounges/workspaces, a 5,000-square-foot rooftop restaurant …

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AcquisitionsFloridaRetailSoutheast

Atlantic Capital Partners Arranges $78.5M Sale of 750,000 SF Shopping Center on Florida’s Space Coast

by John Nelson

WEST MELBOURNE, FLA. — Atlantic Capital Partners has arranged the $78.5 million sale of Hammock Landing, a 750,000-square-foot power retail center located in West Melbourne, a city on Florida’s Space Coast. Tenants at Hammock Landing include Marshalls, HomeGoods, Ross Dress for Less, Academy Sports + Outdoors, Petco, Buffalo Wild Wings, AT&T, Ulta Beauty and SunTrust Bank. Target and Kohl’s shadow-anchor the property. The first phase of the center was developed in 2009, and the second phase was delivered in 2014. Justin Smith, Sam Koonce, Dean Sands, Chris Peterson, Fred Victor and Matt Ericson of Atlantic Capital Partners represented the seller, a joint venture between CBL Properties and The Benchmark Group, and secured the undisclosed buyer in the transaction.

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AcquisitionsCivicSoutheastTennessee

Convention Center Authority Acquires Adjacent Parking Garage Site in Downtown Nashville for $52M

by John Nelson

NASHVILLE, TENN. — The Convention Center Authority of Metro Government of Nashville & Davidson County has purchased the former Estes Kefauver Federal Building parking garage site, which sits one block from Music City Center in downtown Nashville. The U.S. General Services Administration (GSA) sold the 1.3-acre site at 811 McGavock St. for approximately $52 million. The land purchase comes one year after a feasibility study showed that Music City Center, the 2.1 million-square-foot convention center that opened in May 2013, was losing business due to space limitations and availability constraints. The existing convention center offers 353,000 square feet of exhibit hall space, two ballrooms, 60 meeting rooms and a covered parking garage with 1,800 spaces. The study recommended an expansion of 587,000 square feet to meet current and future demand. “Finding that much space on one lot in close proximity to our building is tough, if not impossible, so we’ll likely have to build on multiple sites,” said Charles Starks, president and CEO of the Convention Center Authority. “This property is a great start toward that end, as we continue to look at property around us.” Site selection is the next step in expansion exploration for Music City Center, according …

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DevelopmentGeorgiaSoutheastStudent Housing

Stratus Development Breaks Ground on 411-Bed Student Housing Project Near University of Georgia

by John Nelson

ATHENS, GA. — Stratus Development has broken ground on Phase II of Puritan Mill, which will offer 411 student housing beds near the University of Georgia campus in Athens. The community will feature townhomes in two-, three- and four-bedroom configurations. Shared amenities are set to include a dog park, nature trails, pickleball courts and shuttle service to campus. The development will combine amenity spaces with the existing initial phase of the project, which includes a second dog park, fitness center, clubhouse, study and meeting rooms and a resort-style pool. The development is scheduled for completion in fall 2027.

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GeorgiaLeasing ActivityOfficeSoutheast

Rayonier Signs 36,000 SF Office Lease in Atlanta for New Corporate Headquarters

by John Nelson

ATLANTA — Rayonier Inc., a publicly traded land resources REIT, has signed a lease to occupy 36,000 square feet at Terminus 100, a mixed-use tower in Atlanta’s Buckhead district. Set to open in 2027, Rayonier’s office will serve as the company’s new headquarters following the closing of its merger with PotlatchDeltic Corp., a forest products manufacturer based in Spokane, Wash. Rayonier plans to keep an office presence in Spokane and Wildlight, Fla., following its corporate relocation to Atlanta. JLL represented the tenant in the lease negotiations and will serve as Rayonier’s property manager for its new office build-out at Terminus 100. Other project team members include ASD| SKY (interior designer) and rand* construction (general contractor). Cousins Properties is the landlord of Terminus 100, where Rayonier will occupy one-and-a-half floors.

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Conference CoverageFeaturesMultifamilyNorth CarolinaSoutheastSoutheast Feature Archive

InterFace: Concessions Remain an Operational Necessity for Multifamily Stakeholders

by John Nelson

CHARLOTTE, N.C. — Midway through a panel discussion comprising apartment operators, moderator Stephanie Garris, director and head of North Carolina at property management firm Arqline, asked the panelists for one thing in multifamily operations that they wish they could stop doing tomorrow. “Offering concessions,” said Dallas Green, regional vice president of RPM Living. “Dallas stole my answer,” said Sherry Yarborough, director of multifamily management Southeast at Drucker & Falk. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. The panelists were part of InterFace Carolinas Multifamily, an annual networking and information conference held on May 21 at the Hilton Charlotte Uptown. The conference, hosted by InterFace Conference Group and Southeast Real Estate Business, brought in 273 attendees. Concessions often take the form of free rent for a set period, typically one or two months. Renters at newly delivered properties can get up to three months of free rent in some markets today, with longer rent-free periods reserved for those who sign longer term leases or for signing a lease within 24 to 48 hours of touring the property. Yarborough said …

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