Property Type

Stein Mart Files for Chapter 11 Bankruptcy, Plans to Close Most Stores

by Kristin Harlow August 12, 2020

JACKSONVILLE, FLA. — Discount retailer Stein Mart Inc. (NASDAQ: SMRT) has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida. The motion is an effort to maintain operations, including “the payment of employee wages and benefits without interruption, payment of suppliers and vendors in the normal course of business and the use of cash collateral.” Jacksonville-based Stein Mart expects to close a significant portion, if not all, of its brick-and-mortar stores. The company has launched a store closing and liquidation process but will continue to operate in the near term. Stein Mart says it is evaluating any and all strategic alternatives, including the potential sale of its e-commerce business and related intellectual property. In its fiscal first quarter that ended May 2, Stein Mart reported a net loss of $65.7 million. In addition, a merger agreement with an affiliate of Kingswood Capital Management LP terminated in April due to “uncertainty caused by the COVID-19 pandemic,” according to Stein Mart’s quarterly report. “The combined effects of a challenging retail environment coupled with the impact of the COVID-19 pandemic have caused significant financial distress on our business,” says Hunt Hawkins, Stein Mart CEO and …

August 12, 2020

Acquisitions Industrial Video

Video: Credit Union Structure Allows Alliant to Finance Deals and Look to the Future

by Sarah Daniels August 11, 2020

Left: Paul Letourneau, Manager of Commercial Loan Originations, Alliant Credit Union. Right: Randall Shearin, Senior Vice President, France Media. Flexibility and Lending in the Midst of Pandemic Listen to Paul Letourneau, Manager of Commercial Loan Originations at Alliant Credit Union describe why his company has been able to continue lending in the midst of the pandemic. COVID-19 has forced many capital providers to pull back, but Alliant’s flexibility and adaptability has allowed it to source deals discerningly. Tune in to hear a concise conversation on what balance sheet lenders have to offer borrowers and how Alliant is able to look to the future of financing. Q&A sponsor: Alliant’s members-first philosophy has always served them well. With over 80 years of history and more than $12 billion in assets, Alliant Credit Union is the largest credit union in Illinois and one of the largest in the nation. Their excellent online, mobile and phone banking services, combined with their full suite of competitive products, make banking simpler for their 500,000 members nationwide.

August 11, 2020

Development Florida Mixed-Use Southeast

Red Apple to Develop 1.3 MSF Mixed-Use Building in Downtown St. Petersburg

by Alex Tostado August 11, 2020

ST. PETERSBURG, FLA. — Red Apple Real Estate is moving forward with its development of a 1.3 million-square-foot mixed-use development in downtown St. Petersburg. The New York City-based developer filed foundation plans with the City of St. Petersburg and the Federal Aviation Administration (FAA) issued a “No Hazard Letter” for the project, meaning the project did not exceed obstruction standards and marking/lighting is not required. The 46-story development will include 300 condominiums; a 233-room hotel; 25,000 square feet of retail and restaurant space; and 20,000 square feet of office space. The condos, known as The Residences at 400, will offer one- to four-bedroom floor plans and a select number of penthouses. Amenities will include a fitness and wellness center, resident lounge, coworking space, library, theater room, seventh-floor rooftop terrace with a pool and spa, putting green, bocce court, outdoor kitchen, dog walking area and a fire pit. Residents will also have access to a glass-enclosed observatory on the 46th floor. Red Apple recently established a sales gallery across the street from the site at 465 Central Ave. Design work is underway, and Red Apple is planning for permitting of preliminary site work. The developer expects to break ground in 2021.

August 11, 2020

District of Columbia Retail Southeast

Retail Imports to See Lowest Annual Total in Four Years, Says NRF

by Alex Tostado August 11, 2020

WASHINGTON, D.C. — Retail imports at major U.S. ports are expected to see their lowest annual totals in four years as the coronavirus continues to affect the economy, according to the National Retail Federation (NRF). The NRF forecasts year-end 2020 totals to reach 19.6 million TEUs, which would be a 9.4 percent decrease from 2019 and the lowest number seen since the 19.1 million TEUs of imports in 2016. The NRF and Hackett Associates released their monthly Global Port Tracker report, which found that U.S. ports handled 1.6 million 20-foot equivalent units (TEUs) in June, which was up 4.9 percent from May 2020 but down 10.5 percent year-over-year. “The economy is recovering but retailers are being careful not to import more than they can sell,” says Jonathan Gold, NRF vice president for supply chain and customs policy. “Shelves will be stocked, but this is not the year to be left with warehouses full of unsold merchandise. The more Congress does to put spending money in consumers’ pockets and provide businesses with liquidity, the sooner we can get back to normal.”

August 11, 2020

Company News Hospitality Maryland Southeast

Marriott Reports RevPAR Declined 84.4 Percent at its Hotels Worldwide in Second Quarter

by Alex Tostado August 11, 2020

BETHESDA, MD. — Marriott International (Nasdaq: MAR) has reported that its second-quarter revenue per available room (RevPAR) declined 84.4 percent worldwide at its hotels due to the coronavirus pandemic. RevPAR in its North American portfolio dropped 83.6 percent. Additionally, the hotelier’s occupancy rates are slowly recovering, having reached 34 percent during the week ending Aug. 1 after bottoming out at 11 percent April 11. Currently, 91 percent of the company’s hotels are open, compared to 74 percent in April. Marriott reported a net loss of $210 million in the second quarter, a significant drop from second-quarter 2019 when the company gained $525 million. The Bethesda-based company is seeing bright spots when it comes to its international recovery, especially in the area it refers to as “Greater China” (the area encompassing China, Hong Kong, Macau and Taiwan). “Greater China continues to lead the recovery,” says Arne Sorenson, president and CEO of Marriott. “As of early May, all our hotels in the region are open, and occupancy levels are now reaching 60 percent, compared to 70 percent the same time last year. While Greater China’s recovery was originally led by demand from leisure travelers, particularly in resorts and drive-to destinations, we are now seeing …

August 11, 2020

Development Industrial South Carolina Southeast

Crescent Communities Delivers 104,000 SF Industrial Facility in Upstate South Carolina

by Alex Tostado August 11, 2020

FORT MILL, S.C. — Crescent Communities has delivered Stateline Logistics Center, a 104,000-square-foot industrial facility in Fort Mill. The property offers 30 dock doors, two drive-ins, a 130-foot truck court and parking for trailers and cars. The asset is located within Lakemont Business Park, which is situated along Interstate 77 and 14 miles south of Charlotte Douglas International Airport. Merriman Schmitt Architects designed the building, Intercon Building Corp. was the general contractor and Cushman & Wakefield is handling leasing.

August 11, 2020

Acquisitions Florida Hospitality Southeast

The Estate Cos. Acquires Former Ramada Inn Near Miami for $15.3M

by Alex Tostado August 11, 2020

HIALEAH, FLA. — The Estate Cos. has acquired a former Ramada Inn in Hialeah for $15.3 million. The non-operational hotel was originally built in 1970 with expansions completed in 1973, 1979 and 1988. The property offers 258 rooms and sits on five acres at 1950 W. 49th St., 15 miles northwest of downtown Miami. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending originated an $11.5 million acquisition loan on behalf of the buyer. The seller was a partnership between UCH1 LLC, Miami Corporate Partners, Bidart Dairy II LLC and Noriega Properties. Details of renovation plans were not disclosed.

August 11, 2020

Acquisitions Illinois Industrial Midwest

Colliers Brokers $98M Sale of 1.3 MSF Industrial Development in Romeoville, Illinois

by Kristin Harlow August 11, 2020

ROMEOVILLE, ILL. — Colliers International has brokered the sale of Interchange 55 Logistics Park in Romeoville for $98 million. Located near I-55, the two-building industrial development spans 1.3 million square feet. Completed in late 2019, the project was 30 percent occupied at the time of sale. Both buildings feature clear heights of 36 feet. Jeff Devine and Steve Disse of Colliers International represented the seller, Macquarie Real Estate. Prologis purchased the asset.

August 11, 2020

Acquisitions Indiana Industrial Midwest

Exeter Acquires 604,000 SF Spec Industrial Building in Metro Indianapolis

by Kristin Harlow August 11, 2020

WHITESTOWN, IND. — Exeter Property Group has acquired Fishback 4, a 604,000-square-foot speculative industrial building within Fishback Creek Business Park in the northwest Indianapolis suburb of Whitestown. The purchase price was undisclosed. There are three other buildings within the industrial park. A planned second phase of development will provide an additional 1.5 million square feet of industrial space at the site. Terry Busch and Jared Scaringe of CBRE represented the seller, INDHLAND LLC.

August 11, 2020

Development Healthcare Illinois Midwest

Premier Design + Build Completes 41,724 SF Medical Office Building in New Lenox, Illinois

by Kristin Harlow August 11, 2020

NEW LENOX, ILL. — Premier Design + Build Group has completed construction of a two-story, 41,724-square-foot medical office building in New Lenox, about seven miles east of Joliet. HSA|Primecare was the developer. The ground floor of the property houses a Silver Cross urgent care facility as well as a primary care unit. Located at 1851 Silver Cross Blvd. across the street from Silver Cross Hospital’s Pavilion A & B, the new building is known as Pavilion D. The urgent care space features an X-ray room, laboratory, six exam rooms, offices and a waiting area. The second floor is designed for clinical and medical office use. The project team included Eppstein Uhen Architects, Ruettiger, Tonelli & Associates, Pierce Engineers and IMEP.

August 11, 2020

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