Southeast

Forecast Survey: What’s Your Take on Real Estate in 2018?

by John Nelson October 24, 2017

France Media, Inc. is conducting a brief online survey to gauge market conditions, and we welcome your participation. This survey should only take a few minutes to complete. Questions range from property sectors that your firm is most bullish on heading into 2018 to trends in deal volume to the outlook for interest rates. The results will be collated and published in the January 2018 issue of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information. To participate in our broker/agent survey, click here. For developers/owners/managers, click here. For lenders and financial intermediaries, click here. (Note: Please remember to click on “done” to properly submit the survey.) Sincerely, Matt Valley Editorial Director, Real Estate Regionals France Media, Inc.

October 24, 2017

Florida Hospitality Southeast

Tavistock Unveils Plans for 215-Room Hotel in Orlando’s Lake Nona District

by Camren Skelton October 23, 2017

ORLANDO, FLA. — Tavistock Development Co. has unveiled plans for a new 215-room hotel at Lake Nona, a 7,000-acre master-planned community in southeast Orlando. Designed by architecture firm Arquitectonica, the 16-story hotel will feature a 200-person capacity ballroom; rooftop pool, lounge and bar; more than 6,000 square feet of meeting space; 24-hour fitness center with on-demand fitness from Technogym; and ground floor retail located next to The Lawn, a multi-purpose, open-air green space within Lake Nona Town Center. The new hotel will be situated within the next phase of the Town Center. At full build-out, the Town Center will feature more than 3.8 million square feet. Its first phase opened in January 2016 with an 85,000-square-foot office building, two hotels, 16,000 square feet of retail and restaurant space and a multi-level parking structure.

October 23, 2017

Florida Loans Multifamily Southeast

CBRE Arranges $36.6M in HUD Construction Financing for Apartment Asset in Florida Panhandle

by Camren Skelton October 23, 2017

PANAMA CITY BEACH, FLA. — CBRE has arranged $36.6 million in construction and permanent financing for the development of Parkside at the Beach Apartments, a 288-unit market-rate multifamily community in Panama City Beach. Robert LaChapelle and Ann Cone of CBRE arranged the 40-year, fully amortizing loan with 22 months of interest-only payments on behalf of the borrower, Parkside PCB LLC. The loan is being funded through the U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) new construction mortgage insurance program. Parkside at the Beach Apartments is being developed by a joint venture between The Ardent Cos. and Parkside Equities. The development will be located at 17225 Panama City Beach Parkway and will feature a clubhouse, storage units, boat storage, cyber café, fitness center, pool and a dog park.

October 23, 2017

Arkansas Hospitality Southeast

Hunter Hotel Advisors Arranges Sale of Two Hotels in Bentonville, Arkansas

by Camren Skelton October 23, 2017

BENTONVILLE, ARK. — Hunter Hotel Advisors has arranged the sale of two hotels in Bentonville: the 78-room TownePlace Suites by Marriott and the 130-room Candlewood Suites Rogers. Investra Capital Inc. purchased both assets for an undisclosed price. Hospitality Ventures Management Group was retained to manage the extended-stay hotels. Both properties feature indoor pools, fitness centers and business centers, and are located near the Walmart World Headquarters.

October 23, 2017

Georgia Multifamily Southeast Student Housing

Stratus Delivers 148-Bed Student Housing Community Near Kennesaw State University

by Camren Skelton October 23, 2017

KENNESAW, GA. — Stratus Development has delivered The Haven at Kennesaw, a 148-bed student housing community roughly one and a half miles from Kennesaw State University and 30 miles north of Atlanta. The apartment units feature private outdoor spaces, granite countertops, stainless steel appliances, premium fixtures and bedroom-bathroom parity. Community amenities include a pool and sundeck, clubhouse with coffee bar and business center, bike racks and greenspace throughout the community. Athens Real Estate Group is managing the property, which opened for move-in in August at full occupancy.

October 23, 2017

Multifamily South Carolina Southeast

SYNCO Properties Acquires Historic Apartment Building in Downtown Columbia, South Carolina

by Camren Skelton October 23, 2017

COLUMBIA, S.C. — SYNCO Properties has acquired the Tapp’s Building, a six-story apartment building located at 1644 Main St. in downtown Columbia. Capitol Places sold the asset, which is on the National Register of Historic Places, for an undisclosed price. Originally constructed in 1938, the Tapp’s Building was converted from a department store into 42 apartment units ranging in size from 760 to 2,205 square feet. The two lower levels of the building include 23,500 square feet of commercial space, and house the Tapp’s Arts Center. CBRE arranged a Fannie Mae loan to finance the acquisition. The new owners will invest more than $1.5 million in improvements to the property, including new elevators, exterior waterproofing, new common corridor finishes, creation of a rooftop amenity area and upgrades to all 42 unit interiors. SYNCO will continue to lease and manage the property.

October 23, 2017

Market Reports Retail Southeast Southeast Market Reports Virginia

New Grocers, Redevelopments Invigorate Richmond’s Retail Market

by John Nelson October 23, 2017

The Richmond retail market continues to be strong. Overall vacancy rates are slightly higher than usual, hovering around 7 percent with negative absorption, due to all types of new products coming online in the first half of 2017. The market is adding millennials at double the pace of any other generation and has been recently named in multiple media outlets as one of the top living destinations for millennials nationwide. With this influx, multifamily development in Richmond is robust, which in turn is attracting all types of urban retail and chef-driven restaurants. The most popular submarkets for new urban retail are the Central Business District, Shockoe Bottom and the white-hot Scott’s Addition, with many developers taking advantage of Richmond’s Historic Tax Credit program. Richmond’s famous grocery wars continue with major players jockeying for the best positions. Kroger has historically positioned themselves well in the market with 18 stores, many of which have gone through recent expansions to the Marketplace concept. It recently scrapped plans for the development of two new relocation positions in Mechanicsville and Colonial Heights. The most recent grocery news has been Martin’s Food Markets exiting and Publix entering the market. Martin’s peaked at 19 stores, most of …

October 23, 2017

Florida Multifamily Southeast

M&C Properties Acquires New Multifamily Community in Orlando for $56.5M

by Camren Skelton October 20, 2017

ORLANDO, FLA. — Salt Lake City-based M&C Properties has purchased Alta at Eastmar Commons, a newly constructed, 312-unit apartment community located at 10038 Vista Laguna Drive in Orlando, for $56.5 million. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Wood Partners, in the transaction. Constructed this year, Alta at Eastmar Commons features a tech lounge with a coffee bar, sports lounge with billiards room, conference room, fitness center, cycle room, yoga studio, pet park and a pet spa. The community was 95 percent occupied at the time of sale.

October 20, 2017

Georgia Office Southeast

Ackerman & Co. Sells 334,675 SF Office Park in South Atlanta for $22M

by Camren Skelton October 20, 2017

ATLANTA — Ackerman & Co. has sold nine buildings within Phoenix Office Park in South Atlanta for $22 million. Stewart Calhoun, Samir Idris and David Meline of Cushman & Wakefield represented Ackerman & Co. in the transaction. WePartner, an Atlanta-based firm, purchased the assets, which total 334,675 square feet. The properties included in the portfolio were Two Crown Center, located at 1745 Phoenix Blvd.; four buildings located at 1800 Phoenix Blvd.; South Pointe located at 1691 Phoenix Blvd.; 1640 Phoenix Blvd.; and 1680 Phoenix Blvd. Ackerman & Co. originally acquired the 100-acre, 11-building Phoenix Office Park in 2005 and invested in capital improvements. The properties that sold to WePartner were the remaining assets in the portfolio. Located within the Airport South Community Improvement District (CID), the office park is roughly three miles from Hartsfield-Jackson Atlanta International Airport. At the time of sale, the portfolio was 86 percent leased to tenants including LogistiCare, the State of Georgia and the U.S. Department of Veterans Affairs.

October 20, 2017

North Carolina Retail Southeast

Columbia Development to Deliver 326,850 SF Grocery-Anchored Center in North Carolina

by Camren Skelton October 20, 2017

NEW BERN, N.C. — Columbia Development has unveiled plans to develop New Bern Marketplace, a 326,850-square-foot grocery-anchored shopping center located on Highway 17 and Glenburnie Road in New Bern near North Carolina’s Crystal Coast. A 100,000-square-foot Harris Teeter, which will include a fuel station and drive-thru pharmacy, will anchor the property. The center will also be home to Academy Sports + Outdoors, Hobby Lobby, West Marine, Ross Dress for Less, Ulta Beauty, Pet Supermarket, Five Below and Lee Nails.

October 20, 2017

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