While Florida as a whole was able to bounce back from the Great Recession relatively quickly, one market that had been lagging behind in that recovery was Jacksonville. However, a surge of new development and strong population growth has kicked Jacksonville’s retail market back into high gear. Occupancy rates have gone up year-over-year to 91.1 percent and the retail sector currently has 748,000 square feet of new space under construction, according to JLL’s 2016 Florida Retail Report. While this infusion of new space may have a small squeeze on asking rates — currently at $13.24 per square foot — the outlook for Jacksonville’s retail market remains strong. The St. John’s Town Center has had a transformative effect on the Northeast Florida market over the past decade. The shopping center saw huge success when it first opened its doors in 2005 and was relatively immune to the effects of the downturn. As the economy started to trend upward, the St. Johns area saw even greater shopper traffic and with that came expansion; in fact most of the 748,000 square feet of retail space currently under construction is in the St. Johns area. As St. John’s continues to fuel Jacksonville’s retail market, …
DALLAS — Stoneleigh Cos. has opened One Uptown, a 20-story, 196-unit high-rise apartment building on McKinney Avenue in Uptown Dallas. With more than 18,835 square feet of retail space, the complex currently houses Brazilian steakhouse Fogo de Chao and will lease space to Circo, a five-star European restaurant, this summer. OneUptown’s amenities include a rooftop pool, private fitness studio, entertainment room, lounge, and a demonstration kitchen. Move-ins began on February 18.
ADAIRSVILLE, GA. — Shaw Industries Group Inc., a carpet manufacturer, has opened its new $85 million carpet tile manufacturing facility located in Adairsville. Known as Shaw Plant T1, the property employs 170 associates and will create 500 new jobs once it reaches full capacity. The facility provides production capabilities for Shaw’s Patcraft, Philadelphia Commercial and Shaw Contract brands of carpet. The company also operates facilities in Cartersville, Ga., and Nantong, China.
BELMONT, N.C. — Ramey Miller Properties plans to deliver Belmont Town Center, a 105,000-square-foot, grocery-anchored shopping center in the Charlotte suburb of Belmont this fall. Harris Teeter will anchor the center, which will also include a Harris Teeter Fuel Station. Coldwell Banker Commercial MECA is handling the leasing assignment of Belmont Town Center on behalf of Ramey Miller and has arranged leases with Collins Cleaners, Great Clips, Vitamins 4 Less, Jersey Mikes, Marcos Pizza and I Color Nail Bar. Ramey Miller is also building single-family and multifamily residences adjacent to Belmont Town Center.
COCONUT GROVE, FLA. — Hersha Hospitality Trust has purchased the 115-room Ritz-Carlton Coconut Grove for $36 million. The hospitality REIT funded the acquisition with proceeds from the recent sale of the Residence Inn in Greenbelt, Md. Situated on 3.4 acres about a half-block from the waterfront, the Ritz-Carlton is part of a two-tower, 22-story residential-hotel condominium complex that opened in 2002. The property features 14,000 square feet of meeting space, a restaurant bar, spa, fitness center, retail space, pool, exterior courtyards and approximately 8,000 square feet of leasable office space. The identity of the seller was undisclosed.
WASHINGTON, D.C. — Natixis has provided a $24 million loan for the repositioning of an 11-story office building in Washington, D.C.’s Capitol Riverfront neighborhood. The borrower, Douglas Development, will use the floating-rate financing to pay off existing debt and convert the asset into a 415-unit apartment building with 17,238 square feet of retail space and parking. Douglas Development plans to break ground on the project in 2017 or 2018. The property is situated along the Anacostia River and is within walking distance of Washington Nationals Park and the DC United Stadium, a soccer stadium that is currently under construction.
HENDERSONVILLE, N.C. — National Health Investors Inc. (NHI) has purchased an 86-unit, two-property portfolio of assisted living and memory care communities in the Asheville suburb of Hendersonville for $16.1 million. The two communities are located adjacent to each other and are collectively known as Spring Arbor. The first property opened in 1999 and features 26 assisted living units and 13 memory care units. The second facility opened in 2002 and comprises 47 assisted living units. NHI will lease the communities to affiliates of Ravn Senior Solutions. The initial lease term is 15 years at an annual lease rate of 7.35 percent plus fixed annual escalators. NHI funded the acquisitions using its revolving credit facility. As part of the transaction, NHI was also offered a purchase option on a third building in the Raleigh-Durham area.
HOUSTON — HFF has closed the sale of Renaissance Center, a 97,279-square-foot, grocery-anchored retail property in downtown Houston. Located at 6102 Scott St. near the intersection of Old Spanish Trail, the center lies inside Houston’s Interstate 610 loop and is within two miles of the Texas Medical Center. Current tenants include H-E-B, Taco Bell, BB&T Bank, Watermill Express and U.S. Renal Care. Ryan West and Rusty Tamlyn of HFF represented the seller, Lionstone Investments, an analytics-driven real estate firm. The buyer, Williamsburg Enterprises Limited, obtained the property with zero outstanding debt.
COPPERAS COVE, TEXAS — Marcus & Millichap has brokered the sale of Copperas Cove Retail, a 16,400-square-foot retail property located at 301 Constitution Drive in Copperas Cove, a city roughly 65 miles north of Austin. The property was 100 percent occupied at the time of sale to tenants such as Payless Shoe Source, Sally Beauty Co., Bank of America, GameStop and Jackson Hewitt Tax Service. Philip Levy of Marcus & Millichap represented the seller, a developer, and secured the buyer, a private investor. Both parties requested confidentiality.
CARROLLTON, TEXAS — Lee & Associates has arranged a 30,863-square-foot industrial lease located at 1624 W. Crosby Road in Carrollton, a northern suburb of Dallas. Adam Graham, Ken Wesson and Christine Vasily of Lee & Associates represented the landlord, EastGroup Properties in the lease deal. Larry Eubanks of Eubanks Real Estate LLC represented the tenant, Complete Supply Inc., a janitorial supply company based in the Dallas-Fort Worth area.