To understand the state of retail in Atlanta in 2005, you first looked at where and what developers were building, then to where retailers were locating and lastly to how consumers were shopping. Simply put, if a developer built it and a retailer occupied it, the consumer was sure to shop there, but that’s no longer the case. To understand the state of retail in Atlanta today, you need to start with the Atlanta consumer. Go Big or Go Home From 2000 to 2010, the Atlanta Regional Commission reports metro Atlanta added over 1 million residents with an additional 2.5 million people projected to be added between 2015 and 2040. Further, according to a study by the University of Georgia, half the state’s population growth is concentrated in just three Atlanta metro counties — Fulton, Gwinnett and Forsyth. A big driver for the growth is jobs, especially those in high-paying sectors like information, professional services, science and technology. EMSI reports that two of the counties making up Atlanta’s metropolitan area, Forsyth and Coweta, are in the top eight of large counties for skilled job growth. Additionally, Forbes claims Atlanta is now growing its business service sector faster than New York, …
MIAMI — Related Development LLC, a Miami-based mixed-use and multifamily developer and affiliate of The Related Group, has six projects set to begin construction in Tampa, Orlando, Palm Beach County and Atlanta. The Florida projects include the 399-unit Tampa Tribune, a waterfront apartment community located at 202 S. Parker St. in Tampa; Town at Westshore Marina District, a 396-unit mid-rise apartment community located in Tampa’s Westshore district; Town Maitland at Trelago, a 350-unit townhome and Big House multifamily development located in Orlando; and Town Southern, a 392-unit garden-style apartment community located on Southern Boulevard in Royal Palm Beach. In Atlanta, Related Development has two projects planned in Atlanta’s Midtown and Buckhead districts. The developments include a 77,000-square-foot Whole Foods Market, which is Phase II of Related’s 390-unit Apogee Midtown development; and Apogee Buckhead, a 35-story high-rise comprising 362 residential units above three levels of retail and office space.
ORLANDO, FLA. — Jacksonville, Fla.-based Regency Centers Corp. and its co-investment partner have purchased Plaza Venezia, a 201,000-square-foot, Publix-anchored shopping center in Orlando. The seller and sales price were undisclosed, but Orlando Business Journal reports that U.S. Cities Fund Operating LP, an affiliate of New York-based Team Core Property Funding Operating LP, sold the asset to Regency Centers for $92.5 million. Plaza Venezia is situated along Orlando’s “Restaurant Row,” one of the top trade areas in the market for investors. Plaza Venezia serves the nearby Doctor Phillips and Bay Hill submarkets. In addition to Publix, existing tenants at Plaza Venezia include Eddie V’s Prime Seafood, Starbucks Coffee, Tijuana Flats, Sylvan Learning Center, Majestic Cleaners, State Farm Insurance, Supercuts, Scottrade, T-Mobile and Orlando Family Dentistry.
DORAL, FLA. — Publix Super Market has broken ground on a new location at Downtown Doral, a mixed-use development by master developer Codina Partners located roughly 15 miles outside Miami in Doral. The Downtown Doral location will feature an enhanced selection of freshly prepared foods, as well as a large selection of natural and organic food. The new store will be designed with LED lighting technology and energy-efficient refrigeration and air conditioning. An expected opening has yet to be announced. Upon completion, Downtown Doral will feature 70 retail stores and restaurants, 400,000 square feet of Class A office space, 2,840 residential units, a charter elementary school and public green space.
HENDERSONVILLE, N.C. AND SPARTANBURG, S.C. — Greystone Real Estate Advisors has closed the sale of Brookdale Hendersonville in North Carolina and Brookdale Skylyn in South Carolina. A private equity group purchased both properties from Brookdale Senior Living Inc., the largest owner and operator of seniors housing communities in the United States, for $33 million. Brookdale Hendersonville, located in the Asheville suburb of Hendersonville, offers independent living cottages, an independent living clubhouse, an administrative office building and a separate memory care building. Built in 1985 and 1993, the community sits on a total of 21.4 acres of land. Brookdale Skylyn, located in Spartanburg, is an independent living, assisted living, memory care and skilled nursing community. The property consists of two senior living buildings and one skilled nursing building. Built in 1986, the community sits on 17.6 acres of land. Mike Garbers and Cody Tremper of Greystone represented Brookdale Senior Living in the transaction.
FOUNTAIN INN, S.C. — NAI Earle Furman has closed the sale of a 203,000-square-foot industrial facility located within Southchase Industrial Park at 107 Southchase Blvd. in Fountain Inn, about 18 miles southeast of Greenville. The asset is situated on roughly 26 acres off I-385. Caterpillar Inc. sold the asset to Southcase Investors 107 LLC for an undisclosed price. Hunter Garrett, John Staunton and Tom Daniel of NAI Earle Furman represented the buyer, and Cushman & Wakefield | Thalhimer represented Caterpillar in the transaction.
CHARLOTTESVILLE, VA. — O’Connor Capital Partners has acquired The Shops at Stonefield in downtown Charlottesville, near the University of Virginia, for $121.1 million. The 265,000-square-foot lifestyle shopping center is located at the intersection of Hydraulic Road and Route 29. The Shops at Stonefield was nearly 90 percent leased at the time of sale to tenants such as Trader Joe’s, lululemon athletica, Vineyard Vines, Pottery Barn, Williams-Sonoma, Brooks Brothers, Orvis, bluemercury and Regal Cinema. The shopping center was built in two phases in 2013 and 2016 and features a Costco, which was not part of the transaction. Concurrent with the acquisition, L.L. Bean has leased 15,000 square feet at the center with plans to occupy the space this summer. O’Connor Capital purchased the asset from Edens. Peter Bergner of O’Connor Capital’s Palm Beach office will handle leasing for The Shops at Stonefield. O’Connor Capital is an institutional real estate investment, management and development firm based in New York City. Edens develops, owns and operates community-oriented shopping places in primary markets across the country. — Kristin Hiller
SAVANNAH, GA. — PCCP LLC and a major national bank have provided a $135 million loan to The Kessler Enterprise Inc. for the development of Plant Riverside District, a $270 million, five-building mixed-use project in Savannah’s Historic District. Situated along the Savannah River, the development will include a 419-guestroom JW Marriott hotel, 13 food and beverage outlets, 22,000 square feet of meeting space, high-end retail space and a 488‐space parking garage. The project will include the repurposing of the historic Georgia Power Plant Building that will house 163 guestrooms, a spa and a portion of the project’s meeting space and food and beverage outlets. Kessler has selected general contractor Hunt Construction, locally based design architect Sottile & Sottile and production architects John T. Campo & Associates Architects and PFVS Architecture for Plant Riverside District’s design team. The ownership has commenced construction with completion anticipated for early 2019.
MIAMI — A joint venture between multifamily developer Morgan and Invesco has opened Pearl Dadeland, a 412-unit apartment community located at 7440 N. Kendall Drive in Miami. The community’s units average 841 square feet with a mix of studios and one-, two- and three-bedroom residences. The interiors feature stainless steel appliances, quartz countertops, under-mount sinks, under-cabinet lighting, oval soaking tubs, glass-enclosed showers, walk-in closets, full-size washers and dryers, Nest thermostats, USB charging ports, electronic key entry system and private balconies. Select apartments have 11-foot ceilings, island kitchens with a breakfast bar, double sinks in the master bath and a desk alcove. Community amenities include a fitness studio with a yoga room, TRX wall and Peloton Cycles; resort-style swimming pool with private cabanas, TVs and grilling stations; rooftop amenity deck; Wi-Fi-enabled clubhouse with a theater and gaming room; and a 4,000-square-foot park with a dog park. JPMorgan Chase provided construction financing for Pearl Dadeland. Morgan has another community, Midtown 29, under construction in Miami’s Wynwood/Midtown neighborhood and will break ground this month on a community in the Flagler Village neighborhood of Fort Lauderdale.
SPARTANBURG, S.C. — PMZ Realty Capital LLC has arranged a $24 million loan for The Spartanburg Marriott, a hotel in Spartanburg that features 240 rooms and seven suites. The property includes more than 30,000 square feet of meeting space, including 27 event rooms, three boardrooms and the 11,340-square-foot Heritage Ballroom. The unnamed borrower will consolidate its overall financing package into a single loan that features a fixed interest rate, according to Peter Berk of PMZ Realty Capital.