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DevelopmentFloridaMultifamilySoutheast

Mast Capital, Rockpoint Complete 248-Unit Harlow Apartments in Metro Tampa

by John Nelson

WESLEY CHAPEL, FLA. — Mast Capital and Rockpoint have completed The Harlow, a 248-unit luxury apartment community located on 16 acres in the Tampa suburb of Wesley Chapel. Designed by Dwell Design Studio, The Harlow features one-, two- and three-bedroom layouts ranging from 750 to 1,500 square feet in size. Monthly rental rates range from $1,503 to $2,800, according to Apartments.com. Amenities include a clubhouse with a full-service fitness studio, game room, coworking lounge with private offices, lounge areas, resort-style swimming pool with a sundeck, an outdoor pavilion, pet park and a children’s playground. Other features at the garden-style property include detached garages and electric vehicle charging stations.

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LoansRetailSoutheastVirginia

MMCC Arranges $14.5M Refinancing for Somerset Crossing Shopping Center in Gainesville, Virginia

by John Nelson

GAINESVILLE, VA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $14.5 million loan for the refinancing of Somerset Crossing, a 108,000-square-foot shopping center located on Somerset Crossing Drive in Gainesville, about 30 miles west of downtown Washington, D.C. Jared Cassidy of MMCC’s D.C. office worked with Dean Zang and David Crotts of Institutional Property Advisors (IPA), a division of Marcus & Millichap, to arrange the 18-month loan through Trevian Capital. The borrower, an unnamed development firm, used the non-recourse financing to refinance its existing acquisition loan on the property, as well as pay off its investor base and fund tenant build-outs and improvements. Urban Air and Goodwill will anchor Somerset Crossing in the near future.

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DevelopmentIndustrialNorth CarolinaSoutheast

Natron Energy to Develop $1.4B Battery Manufacturing Facility in North Carolina

by John Nelson

EDGECOMBE COUNTY, N.C. — Natron Energy, a sodium-ion battery manufacturer, has announced plans to develop a $1.4 billion factory at the Kingsboro CSX Select Megasite in Edgecombe County. Situated on 2,187 acres about 70 miles east of Raleigh, the facility will create more than 1,000 jobs, according to the company.  Natron will receive roughly $30 million for the project from the North Carolina Megasite Readiness Program, which is overseen by the Economic Development Partnership of North Carolina (EDPNC). Christopher Chung, CEO of the EDPNC, says that the fund allows the state to “support the recruitment of large announcements like Natron.” A construction timeline was not disclosed.

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AcquisitionsFloridaSeniors HousingSouth CarolinaSoutheast

Sonida to Purchase $103M Seniors Housing Portfolio in Florida, South Carolina

by John Nelson

DALLAS — Dallas-based Sonida Senior Living has announced that it is under contract to acquire a portfolio of seniors housing communities situated within the Southeast for $103 million. The seller was not disclosed. Totaling 555 assisted living and memory care units across eight properties, the communities are located in Jacksonville, Orlando and Daytona Beach in Florida,  as well as the South Carolina markets of Hilton Head Island, Charleston and Florence. Occupancy across the properties averages roughly 83 percent. Average monthly revenue per occupied room (RevPOR) at the communities is $6,000. The acquisition, which is expected to close later this year, will bring Sonida’s total operating portfolio to 91 communities. “With this planned acquisition, Sonida will further broaden its high-quality and regionally focused real estate portfolio with newer vintage communities in mid-to-large metropolitan areas with favorable growth prospects,” says Brandon Ribar, president and CEO.

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AcquisitionsFloridaRetailSoutheast

Colliers Brokers $33.1M Sale of Palm Aire Marketplace in Pompano Beach, Florida

by John Nelson

POMPANO BEACH, FLA. — Colliers has brokered the $33.1 million sale of Palm Aire Marketplace, a shopping center located in the South Florida city of Pompano Beach. Presidente Supermarket and dd’s DISCOUNTS anchor the property, which totals 143,219 square feet. Other tenants at Palm Aire Marketplace include T-Mobile, Chase Bank and McDonald’s. Harry Blyden, Bastian Schauer, Ruben Suarez, Billy Weiser and Ariel Davis of Colliers represented the seller, an entity doing business as Pompano Realty USA, in the transaction. Longpoint Realty Partners acquired the asset, which is situated across from The Pomp, a $2 billion mixed-use project currently underway at the 223-acre site of the former Pompano Park racetrack. The Pomp will include a Topgolf venue and a 1.5 million-square-foot industrial park by Rockpoint, as well as the existing Harrah’s Pompano Beach Casino.

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AcquisitionsRetailSoutheastVirginia

CRC Acquires 126,304 SF Creekside Station Retail Center in Winchester, Virginia

by John Nelson

WINCHESTER, VA. — Continental Realty Corp. (CRC) has acquired Creekside Station, a 126,304-square-foot retail center located at 3103 Valley Ave. in Winchester, roughly 80 miles northwest of Washington, D.C. Creekside Properties sold the center for $19.5 million. Gilbert Trout of Trout Daniel & Associates represented the seller in the transaction and procured the buyer. CRC, which was self-represented in the transaction, purchased the property via the Continental Realty Opportunistic Retail Fund I LP (CRORF), marking the second acquisition in the state this year for the buyer. Built in 2003 and situated within Creekside Town Center, Creekside Station was 95 percent leased at the time of sale to tenants including Chico’s, J.Jill, Jos. A Bank, IJ Canns American Grille, The Little Gym and Virginia National Bank. The shopping center totals 10 buildings on more than 13 acres.

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DevelopmentFloridaSelf-StorageSoutheast

Andover Properties Opens 656-Unit Storage King USA Facility in Palm Coast, Florida

by John Nelson

PALM COAST, FLA. — Andover Properties has opened a new self-storage facility at 5622 State Highway 100 E in Palm Coast, a city on Florida’s Atlantic Coast midway between St. Augustine and Daytona Beach. Operating under the company’s Storage King USA brand, the 105,330-square-foot property totals 656 units, 564 of which are climate-controlled. The facility also features a 5,400-square-foot covered drive-thru canopy and 38 outdoor parking spaces.

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Hyatt-Regency-Orlando
AcquisitionsFloridaHospitalitySoutheastTop Stories

RIDA Development, Ares Buy Hyatt Regency Orlando Hotel for $1B

by Taylor Williams

ORLANDO, FLA. — A partnership between affiliates of Houston-based RIDA Development Corp. and Los Angeles-based Ares Management has purchased the Hyatt Regency Orlando hotel for approximately $1 billion. The seller was Hyatt Hotels Corp. (NYSE: H), and the purchase included a 45-acre adjacent, undeveloped parcel. The hotel spans 1,641 rooms, making it the fourth-largest Hyatt hotel in the world based on room count. The hotel was originally built in 1986 as The Peabody Orlando. Hyatt bought the hotel in 2013 and rebranded it later that year it as the Hyatt Regency Orlando. Guestrooms and suites at the hotel average 453 and 846 square feet, respectively. The accommodations feature marble-accented bathrooms, sleeper sofas, mini-fridges and 65-inch streaming TVs. Amenities include six onsite dining options, a 24-hour fitness center, tennis courts, a spa, outdoor pool and 315,000 square feet of meeting and event space. The hotel also connects to the Orange County Convention Center. The new ownership plans to implement a value-add program at the hotel and has also entered into a development agreement with Hyatt to construct a new Grand Hyatt hotel on the 45-acre parcel. That hotel is expected to have more than 2,500 rooms. Kevin Davis, Mike Huth and …

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Market ReportsRetailSoutheastSoutheast Market ReportsVirginia

Richmond’s Retail Market Is as Hot as a Firecracker, With a New Baseball Stadium Underway

by John Nelson

If you asked any retail broker in the Richmond market in April 2020 what the forecast might look like, the response would be dark and stormy skies ahead with record-high retail vacancy rates. Fast forward four years later, and the forecast has been quite the opposite, with sunny skies in terms of deal flow and record-low retail vacancy rates, both a positive and a negative as it relates to the vacancy rate itself.  Richmond boasts close to 82 million square feet of retail space, and at the end of the second quarter of this year, the vacancy rate stood at 3 percent. Despite COVID, the vacancy rate stood at 5.1 percent at the end of 2020. The market is experiencing record-high demand for new space and about a 15.6 percent year-over-year increase in quoted rental rates due to that demand and limited product availability. Since 2020, our market has seen, on average, 2 million square feet of retail space leased per year, and all signs point to steady leasing velocity in the future.   Short Pump, Hull Street West The Short Pump and Hull Street West submarkets continue to be the prime focus of many retailers looking to expand in …

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Company NewsNorth CarolinaOfficeSoutheast

HanesBrands Signs 122,670 SF Office Lease for New Corporate Headquarters in Winston-Salem, North Carolina

by John Nelson

WINSTON-SALEM, N.C. — HanesBrands Inc. has signed a 122,670-square-foot lease at 101 N. Cherry St., a seven-story office building located in Winston-Salem. The global clothing manufacturer plans to relocate its corporate headquarters to the property, which totals 224,900 square feet. Sam Haus, Will Henderson and Tara Alexander of CBRE represented the landlord, Truist Bank, in the lease negotiations. Amenities at the building include parking, a fitness center and onsite security.

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