It is impossible to have a discussion about retail commercial real estate without considering the implications of shifting demographics. This is true both nationally and in the Columbia market. The unique demographic characteristics of the local market serve as an explanation for the current situation in retail real estate. The trends in retail real estate in Columbia echo those on that national level, although with the local market’s heavy concentration of Millennials (one of the highest in the Southeast), the opportunity for disproportionately high growth is significant. Those trends involve the sector being the last to emerge from the recession with low levels of retail development on a broad scale, but increasing activity and viability in urban and infill environments, especially for restaurants. Much of the retail activity in the market uniquely caters to that 20 to 34 age demographic. At this stage in their lives, the overwhelming majority of the younger demographic is focused on living in an active lifestyle, preferably in urban environments. This is making the prospect of infill retail, particularly as a component of mixed-use development, more feasible. This is resulting in increasing retail and multifamily development in Columbia’s downtown. For urban retail, there are three …
DORAL, FLA. — Capital One has provided a $74 million loan for the refinancing of The Manor CityPlace Doral, a 398-unit, Class A apartment community in Doral, a city in Miami-Dade County. Joshua Howes of Capital One originated the loan on behalf of the borrower, a joint venture between the Related Group of Florida and an investment fund managed by PGIM Real Estate (formerly known as Prudential Real Estate Investors). The joint venture used the loan to retire an existing construction loan. The apartment community is part of CityPlace Doral, a 48.3-acre master-planned development that will include retail, condominiums, multifamily and single-family homes.
SAVANNAH, GA. — CenterPoint Properties plans to develop a 492,492-square-foot spec industrial facility within CenterPoint Intermodal Center in Savannah. Situated on 32 acres about four miles from the Port of Savannah’s main gate, the facility will feature Norfolk Southern rail service and the ability to be subdivided based on tenant requirements. Danny Chase and John Neely of Colliers International are marketing the facility on behalf of CenterPoint Properties. The Class A, cross-dock warehouse is expandable up to roughly 780,000 square feet and will feature 32-foot clear heights, 80 dock doors, four drive-in ramps, 176 trailer parking positions and 182 car parking spots. CenterPoint Properties expects to deliver the facility in summer 2017.
WILTON MANORS, FLA. — Miami-based Carrfour Supportive Housing has teamed with The Pride Center to build an affordable housing development with a special focus on aging members of the LGBT community. The project, known as The Residences at Equality Park, will be located in Wilton Manors, a city in Broward County. Phase I will feature 48 apartments, 34 of which will be reserved for low-income seniors living with disabling conditions due to HIV/AIDS and other challenges. The remaining units will be reserved for seniors earning 60 percent or less of the area median income (AMI), or roughly $35,000 per year according to Carrfour. Phase I will break ground in the fourth quarter of 2017 with an expected completion in late 2018. Phase II, which will comprise 74 units, will begin at a later date. The Pride Center, a nonprofit LGBT community center, will provide residents with on-site services such as recreation, healthcare consulting and counseling. Carrfour will serve as the project’s developer and operator.
BATON ROUGE, LA. — Berkadia has arranged a $19 million Fannie Mae loan for Turnberry Place Apartments, a 272-unit property located at 10720 Linkwood Court in Baton Rouge. Built in 2002, Turnberry Place features one- and two-bedroom units with full-size washer and dryers, patios or balconies and walk-in closets. Community amenities include a 24-hour fitness center, resort-style pool, heated spa, digital business center and video-monitored, controlled access gates. Cameron Hart of Berkadia’s Austin office arranged the 12-year refinancing with a fixed 3.67 percent interest rate and a 30-year amortization schedule on behalf of the borrower, Belcher Management LLC.
SOUTH PITTSBURGH, TENN. — Chattanooga-based Morgan Construction Co. has begun construction on a $12.9 million, 202,000-square-foot distribution center in South Pittsburgh. The tilt-wall project is a build-to-suit for Lodge Manufacturing, a cast iron skillet and cookware manufacturer. The design team includes River Street Architects, A.D. Engineering and Structural Services Inc. Morgan Construction expects to deliver the distribution center in March 2017.
TAMPA AND BRANDON, FLA. — An unnamed private investor has purchased two apartment communities in Tampa and Brandon for a total of $95.6 million. The portfolio sale included Columns at Brandon West, a 342-unit, Class A apartment community located at 10011 Balaye Run Drive in Tampa. A joint venture between ECI Group and funds managed by Ares Management LP sold the asset for $46 million. Completed in 2001, the 96 percent-occupied property features 10 three-story buildings surrounding two lakes. The one-, two- and three-bedroom units feature nine-foot ceilings, in-unit washers and dryers, walk-in closets and screened-in balconies/patios. Community amenities include a recently updated clubhouse and poolside lounge, resort-style swimming pool, outdoor kitchen, fitness studio, movie screening room, self-service car wash and a nature trail. The buyer also purchased Westbury at Lake Brandon, a 366-unit property located approximately three miles southeast of Columns at Brandon West at 1210 Westbury Pointe Drive in Brandon. An affiliate of Goff Capital Partners sold the property for $49.6 million. Completed in 2001, the 95 percent-occupied, garden-style property features one-, two- and three-bedroom units averaging 988 square feet. Units feature breakfast bars, designer kitchens, crown molding, full-size washers and dryers and walk-in closets. Community amenities include …
ATLANTA — NXT Capital has provided a $13.6 million acquisition loan for the purchase of Northridge Plaza, a six-story, Class B office building in Atlanta. The 128,000-square-foot property is located at the intersection of GA 400 and Northridge Road.
BIRMINGHAM, ALA. — Hunter Hotel Advisors has brokered the sale of the 205-room Hilton Birmingham Perimeter Park in Birmingham. The buyer, Atlanta-based Peachtree Hotel Group, purchased the eight-story hotel with plans to invest $10.5 million to renovate and reposition the property into a DoubleTree by Hilton hotel. The sales price and seller were undisclosed, but the Birmingham Business Journal reports the sale price as nearly $13.3 million.
CALIFORNIA, MD. — H&R Retail has represented Hobby Lobby in its 57,497-square-foot lease for a new store at Laurel Glen Shopping Center. The asset is located at 45315 Alton Lane in California. David Ward and Ben Hoskins of H&R Retail, along with The Keith Corp., brokered the transaction. Shanri Holdings Corp. owns the new store, which is set to open in early 2017.