Property Type

SLH Tuscaloosa to Develop 120-Room Hotel in Alabama

by Alex Tostado March 25, 2020

TUSCALOOSA, ALA. — SLH Tuscaloosa LLC will develop a 120-room Southern Living-branded hotel in Tuscaloosa. Included on the 38.7-acre site will be 32 cottages available for individual sale. The property is situated at the intersection of Rice Mine Road North and McFarlane Boulevard West, across the Black Warrior River from the University of Alabama. The 124,000-square-foot property will include a restaurant and rooftop lounge on the fourth floor, as well as a wellness center that will include massage and facial therapy rooms, a nail salon, blowout hair salon, exercise and yoga classes, fitness center outfitted with Peloton equipment, a pool, hot tubs and men’s and women’s locker rooms. Kennedy Funding provided the developer with a $2.8 million loan to acquire the land, which sold for a total of $5.5 million. A timeline for construction was not disclosed. There are 23 hotels currently in the Southern Living collection, ranging from Texas to Florida to Maryland.

March 25, 2020

Acquisitions Georgia Retail Southeast

Transwestern Arranges $19.7M Sale of Atlanta Retail Properties Leased to Target, Taco Bell

by Alex Tostado March 25, 2020

ATLANTA — Transwestern Real Estate Services has arranged the $19.7 million sale of a single-tenant building leased to Target and an outparcel leased to Taco Bell. The property is situated at the intersection of North Druid Hills and Briarcliff roads in Atlanta, less than one mile from Emory Healthcare and Children’s Healthcare of Atlanta. The Target store spans 154,000 square feet and the Taco Bell restaurant comprises 2,272 square feet. Fred Victor and Jon Kleinberg of Transwestern represented the seller, Lauderhill, Fla.-based Scarlett & Associates Inc., in the transaction. San Francisco-based Stockbridge Capital Group acquired the property.

March 25, 2020

Company News Georgia Industrial Southeast

Kia Motors to Close Manufacturing Plant in West Point, Georgia Until April 13

by Alex Tostado March 25, 2020

WEST POINT, GA. — Kia Motors Manufacturing Georgia Inc. (KMMG) will temporarily halt production at its West Point facility starting Monday, March 30 and is planned to reopen Monday, April 13 in the face of the worldwide COVID-19 outbreak. While operations are suspended, KMMG will perform additional cleaning and disinfecting processes of workstations throughout the plant. The factory produces 340,000 vehicles annually, including the Telluride CUV, Sorento CUV and Optima midsize sedan. The facility spans 2,200 acres and operates 24 hours per day.

March 25, 2020

Acquisitions California Net Lease Retail Western

Kase Group Directs $27.9M Sale of Albertsons-Occupied Retail Asset in California

by Amy Works March 25, 2020

PASO ROBLES, CALIF. — The Kase Group has arranged the sale of a single-tenant retail property located at 189 Niblick Road in Paso Robles. A California-based investor acquired the property from an undisclosed seller for $27.9 million. Albertsons occupies the 52,691-square-foot building on a long-term, triple-net lease basis. Robert Walker of The Kase Group represented the seller in the off-market transaction.

March 25, 2020

Arizona Development Hospitality Loans Western

Tower Capital Secures $20.1M Development Financing for Hilton Home2 Suites in Mesa, Arizona

by Amy Works March 25, 2020

MESA, ARIZ. — Tower Capital has secured $20.1 million in development financing for a Home2 Suites by Hilton in Mesa. The name of the borrower was not released. Concord Eastridge is developing the four-story, 111-key hotel, which will be situated on the 18th hole of the Longbow Golf Course in Mesa’s Falcon District. The Home2 Suites by Hilton brand features lifestyle-focused amenities, including suites with separate living and bedroom space and a “working wall” that incorporates a kitchen and flexible working/media space. Construction started in February with completion slated for the first quarter of 2021.

March 25, 2020

Acquisitions California Retail Western

SRS Real Estate Partners Negotiates $5.3M Sale of Harbor Pacific Court Retail Center in Costa Mesa

by Amy Works March 25, 2020

COSTA MESA, CALIF. — SRS Real Estate Partners has arranged the sale of the Harbor Pacific Court, a multi-tenant retail center located in Costa Mesa. A Los Angeles-based private investor sold the property to an Orange County, Calif.-based private investor for $5.3 million, or $454.50 per square foot, in an all-cash transaction. Located at 2346 Newport Blvd., the property features 11,771 square feet of retail space. At the time of sale, the property was 91 percent occupied by eight tenants, including Circle K as the anchor. Michael Walseth of SRS’ National Net Lease Group represented the seller and buyer in the deal.

March 25, 2020

Development Multifamily Retail Seniors Housing Utah Western

Mountain West Commercial Brokers Sale of Seniors Housing Development Site in Ogden, Utah

by Amy Works March 25, 2020

OGDEN, UTAH — Mountain West Commercial Real Estate has arranged the sale of a commercial land parcel located at 2961 S. Washington Blvd. in Ogden. Ogden No. 1, dba Flower Patch, sold the asset to Slow BLVD LLC for an undisclosed price. The land parcel currently features a vacant retail building. The buyer plans to develop a low-income seniors housing property on the two-acre site. The 78-unit proposed development has received Utah low income housing tax credits. Chris Monson of Mountain West represented the seller in the transaction.

March 25, 2020

Hospitality Illinois Midwest

Hyatt to Furlough Most Corporate Employees in Response to COVID-19

by Kristin Harlow March 25, 2020

CHICAGO — As a result of COVID-19 significantly decreasing demand for hotel rooms and event space, Chicago-based Hyatt Corp. has suspended operations at many hotels and implemented temporary furloughs as well as pay and work reductions that will impact Hyatt corporate workers across the globe. The furloughs and reductions are in place from April 1 through May 31 and affect two-thirds of the company’s U.S. corporate employees, according to Bloomberg. The furloughs will enable Hyatt corporate staff to retain eligibility for healthcare and other benefits. Colleagues may also file for unemployment benefits during this period. Hyatt is also in the process of setting up a global Hyatt Care Fund, which will be seeded by 100 percent of Hyatt leadership team’s salary reductions as an initial contribution. Both President and CEO Mark Hoplamazian and Chairman of the Board Tom Pritzker are forgoing 100 percent of their salaries and Hyatt’s senior leadership team is taking a salary cut of 50 percent through the end of May. The proceeds of the fund will be distributed to those workers with the most pressing financial needs due to loss of income.

March 25, 2020

Midwest Ohio Retail

Washington Prime Group to Temporarily Shutter Enclosed Retail Assets

by Kristin Harlow March 25, 2020

COLUMBUS, OHIO — Washington Prime Group Inc. (NYSE: WPG) has temporarily closed its enclosed retail assets that feature an indoor common area in order to help contain the spread of coronavirus. The measure took effect on Monday and will end on March 29 or at a date in compliance with applicable federal, local or state mandates. In the Midwest, these affected assets include Lincolnwood Town Center and Northwoods Mall in Illinois; Markland Mall and Muncie Mall in Indiana; Lindale Mall and Southern Hills Mall in Iowa; Maplewood Mall and Northtown Mall in Minnesota; and Dayton Mall, Great Lakes Mall, Indian Mound Mall, Lima Mall, New Towne Mall, Polaris Fashion Place, Southern Park Mall and The Mall at Fairfield Commons in Ohio. Exceptions for enclosed centers include exterior-facing restaurants with carryout and delivery services and other tenants that have exterior-facing entrances and may remain open for offering essential goods. In addition, Washington Prime anticipates that a portion of its open-air centers, which represent approximately 40 percent of total net operating income, will remain open to continue offering essential goods and services to the extent permitted by law. The company has also offered to applicable governmental agencies all of its open-air and …

March 25, 2020

Development Midwest Missouri Multifamily

Watermark Residential Begins Development of 276-Unit Apartment Community in Kansas City

by Kristin Harlow March 25, 2020

KANSAS CITY, MO. — Watermark Residential, a wholly owned affiliate of development and construction company Thompson Thrift, has acquired 23 acres in Kansas City with plans to develop The Element by Watermark, a 276-unit Class A apartment community. Located in Platte County at 8101 Northwest Barrybrooke Drive, the community will consist of three-story, garden-style buildings. Amenities will include a clubhouse, 24-hour fitness center, swimming pool, bark park and dog spa. Element, slated for completion in November 2021, will be Watermark’s third multifamily development in the state of Missouri.

March 25, 2020

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