Property Type

Cinemark to Open 12-Screen Theater Near Portland, Maine

by Taylor Williams May 17, 2019

WESTBROOK, MAINE — Cinemark Holdings Inc., a publicly traded owner-operator of movie theaters, will open a 12-screen venue within the Rock Row mixed-use development in Westbrook, Maine, a western suburb of Portland. The theater, which will be built from the ground up, is scheduled to open in spring 2021. All auditoriums will feature oversized recliners with footrests and cup holders, as well as wall-to-wall screens and enhanced sound systems. Rock Row, a 100-acre development by Waterstone Properties Group, features more than 1 million square feet of commercial and residential space, as well as a beer and food hall, grocery store, medical and wellness campus and an 8,200-seat concert venue. A general contractor for the project has not yet been selected.

May 17, 2019

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers $7.9M Sale of Commercial Property in Manhattan

by Taylor Williams May 17, 2019

NEW YORK CITY — Cushman & Wakefield has brokered the $7.9 million sale of a Manhattan property featuring six residential units and two commercial spaces. The property is located at 833 Lexington Ave. in the Lenox Hill neighborhood. Hunter Moss, Michael Gembecki, Brad Jones, Alessandra Faglione and Austin Fabel represented the seller, SBP Lexington LLC, in the transaction. Additional terms of sale were not disclosed.

May 17, 2019

Florida Loans Multifamily Southeast

Berkadia Closes $44.5M Refinancing Loan for Tampa Bay Multifamily Property

by Alex Tostado May 17, 2019

DUNEDIN, FLA. — Berkadia has provided a $44.5 million Fannie Mae refinancing loan for Dunedin Commons, a multifamily property in Dunedin, 24 miles west of downtown Tampa. The borrower is Dunedin Commons LLC, which is led by Primerica Group One/Primerica Development Co. The 10-year permanent loan features a 4.2 percent interest rate with five years of interest-only payments followed by a 30-year amortization schedule at a 70 percent loan-to-value ratio. Dunedin Commons offers a mix of one-, two- and three-bedroom floor plans and amenities such as a fitness and yoga studio, walking and jogging trails and a swimming pool.

May 17, 2019

Arkansas Loans Multifamily Southeast

Greystone Provides $35.5M Fannie Mae Loan to Refinance New Multifamily Community in Little Rock

by Alex Tostado May 17, 2019

LITTLE ROCK, ARK. — Greystone has provided a $35.5 million loan to refinance Fitzroy Chenal, a newly constructed apartment community in Little Rock. The 12-year Fannie Mae loan offers a fixed interest rate and a 30-year amortization schedule. Fitzroy Chenal is a 294-unit apartment community that offers studio, one-, two- and three-bedroom floor plans. Community amenities include a conference room, business center, pet park, swimming pool, hot tub, grilling area, wine lounge, golf simulator room and a 24-hour fitness center. Clint Darby of Greystone originated the loan on behalf of the borrower, Little Rock-based developer Huffman & Co.

May 17, 2019

Acquisitions Alabama Retail Southeast

Joint Venture Sells Shopping Center in Huntsville for $27M

by Alex Tostado May 17, 2019

HUNTSVILLE, ALA. — A joint venture between MGold Properties and Mishorim Real Estate Investments has sold University Place, a 169,585-square-foot retail center in Huntsville, for $27 million. University Place was fully leased at the time of the sale to tenants including Cheddar’s Scratch Kitchen, Armed Forces Career Center, Zaxby’s, Panda Express, Red Wing Shoes, Republic Finance, T-Mobile and Subway. The property sits on 17.2 acres at 6125 University Drive along U.S. Highway 72, about six miles west of downtown Huntsville. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction. The buyer, Colterra Capital Corp., was self-represented.

May 17, 2019

Development Georgia Hospitality Southeast

Woodbine Legacy Investments Completes $20M Renovation of W Atlanta-Buckhead Hotel

by Alex Tostado May 17, 2019

ATLANTA — Woodbine Legacy Investments (WLI) has completed a $20 million renovation of W Atlanta-Buckhead, a 12-story, 291-room hotel in Atlanta’s Buckhead district. The renovation began in May 2018. Guest accommodations — 286 guest rooms, four WOW Suites and one EWOW Suite — were enhanced with new headboards, armoires, damask wallcoverings and carpeting, 55-inch TVs, in-room Nespresso machines, beverage bar and artwork throughout. Communal renovations included new furnishings, an upgraded lobby and living room, upgraded fitness center and added Wi-Fi and meeting space throughout the hotel. The design team included architect and interior designer C+TC Studio, which designed the hotel’s rooftop bar, Whiskey Blue; interior designer Studio 11, which designed the lobby; and general contractor Genoa Construction. A second phase of renovation is planned for later this year, which will focus on updating the hotel’s restaurant, Cook Hall.

May 17, 2019

Acquisitions Maryland Retail Southeast

Continental Realty Acquires Shopping Center in Metro Baltimore for $16.2M

by Alex Tostado May 17, 2019

GLEN BURNIE, MD. — Continental Realty Corp. has acquired Governors Commons, a 129,242-square-foot shopping center in Glen Burnie, for $16.2 million. Governors Commons was fully leased at the time of sale to tenants including Gavigan’s Furniture, Pep Boys, Sake Japanese Steakhouse, Goodwill Industries and Dollar Tree. The property is located at 7311 Ritchie Highway, nine miles south of downtown Baltimore. Mathew Adler, Geoffrey Millerd and Chris Huesgen of Newmark Knight Frank (NKF) arranged the transaction. The seller was not disclosed. Joe Donato of NKF arranged acquisition financing.

May 17, 2019

Market Reports Multifamily Texas Texas Market Reports

Strong Leasing, Low Deliveries to Define McAllen Multifamily Market in 2019

by Taylor Williams May 17, 2019

Relative to past cycles, the multifamily market of the McAllen-Edinburg-Mission metro area has seen a record number of new deliveries of Class A product over the last four years. The metro’s population has grown significantly during the current economic expansion. According to the U.S. Census Bureau, the population of the city of McAllen alone has increased by 9.5 percent over the past decade. Combined with a relatively low cost of living throughout the region, the market’s natural growth has prompted greater demand for multifamily product while also allowing more residents to gravitate to higher-quality housing. With demand rising over the last few years and developers adding record volumes of new supply in order to meet it, 2019 purports to be a year in which developers focus more on leasing up existing projects rather than greenlighting or breaking ground on new ones. To better understand the depth of supply additions to this market between over the last four years, consider fluctuations in the vacancy rate. Vacancy Movement In 2014, just before the building boom began, the market had a vacancy rate of 5.5 percent. At the peak of the construction cycle, which occurred in mid-2017, vacancy stood close to 14.5 percent. …

May 17, 2019

Development Industrial Louisiana Southeast Top Stories

Lotte Chemical, Westlake Chemical Open $3.1B Plant in Lake Charles, Louisiana

by Jeff Shaw May 17, 2019

LAKE CHARLES, LA. — A joint venture between Lotte Chemical USA (KRX: KRW) and Westlake Chemical Corp. (NYSE: WLK) has opened a new chemical plant in Lake Charles, located in the southwest corner of Louisiana near the Texas border. Development costs for the 250-acre campus were estimated at $3.1 billion. The chemical plant produces monoethylene glycol — commonly called MEG — an important ingredient in the making of paper, textile fibers, latex paints, asphalt, resins, antifreeze, coolants and adhesives. With an annual capacity of 700,000 metric tons, the new facility is now the largest MEG plant in the world. South Korea-based Lotte and Houston-Based Westlake expect the plant to generate 250 permanent jobs. According to the Louisiana Economic Development office, approximately 2,000 “indirect jobs” have also been created as a result of this project. “Among Korean petrochemical companies, Lotte Chemical is the first to locate a project in the United States. As such, this project represents a significant investment by Lotte Chemical,” says Jinkoo Hwang, president and CEO of Lotte Chemical USA. “Today also marks the opening of our new corporate headquarters in Lake Charles, and we are very excited to be part of the industrial growth in the region.” …

May 17, 2019

Terminal-Logistics-Center-Queens-New-York

Industrial Market Reports Northeast Northeast Market Reports

More Industrial Product Lands Near Airports

by Taylor Williams May 17, 2019

The U.S. industrial market has now recorded more than 240 million square feet of net absorption for four consecutive years, the strongest run on record, with an all-time high of 284.9 million square feet in 2018, according to Cushman & Wakefield. In New York City, the largest consumer market in the United States, the current industrial supply of approximately 170 million square feet remains heavily constrained, especially around the region’s transportation hubs. Nowhere is the demand for industrial product more apparent than in the area surrounding John F. Kennedy Airport in Queens, which handles more than 1.3 million tons of air freight every year, according to the Port Authority of New York and New Jersey. JFK is the second busiest air cargo airport on the East Coast behind Miami International Airport and just ahead of Newark International Airport. “There’s really not a lot of land near JFK,” says David Hercman, director of asset management at Long Island-based Milvado Property Group. “So, whatever supply is there is there.” Time-sensitive industrial users like freight forwarders, which organize shipments from manufacturers or producers overseas, need to be close to the airport in order to get products to the end user as quickly as …

May 17, 2019

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