Southeast

Darden Restaurants to Acquire Cheddar’s Scratch Kitchen for $780M

by Nellie Day March 29, 2017

ORLANDO, FLA. — Darden Restaurants has agreed to purchase Cheddar’s Scratch Kitchen for $780 million in an all-cash transaction. Cheddar’s was founded in 1979 in Arlington, Texas, and now has 165 locations, including 140 owned and 25 franchised, across 28 states with average annual restaurant volumes of $4.4 million. “We are excited about the opportunity to be a part of Darden,” says Ian Baines, CEO and president of Cheddar’s. “Our operating philosophy and values are similar. Additionally, Darden’s expertise will enable us to further capitalize on our growth potential.” Baines will remain as president of Cheddar’s. He will report to Gene Lee, Darden’s president and CEO. The transaction is expected to be complete in Darden’s fiscal 2017 fourth quarter. It is subject to customary closing conditions. “Cheddar’s is a great fit in the Darden portfolio because it complements our existing brands,” says Lee. “This addition will also enable Darden to further strengthen two of our most important competitive advantages: our significant scale and our extensive data and insights.” Orlando, Fla.-based Darden Restaurants Inc. owns and operates more than 1,500 restaurants. Darden’s portfolio currently includes Olive Garden, LongHorn Steakhouse, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s.

March 29, 2017

Georgia Industrial Loans Southeast

Berkeley Partners Receives $22.5M Loan for Refinancing of 20-Building Industrial Portfolio in Atlanta MSA

by Jeff Shaw March 28, 2017

NORCROSS, GA. — Berkeley Partners has received a $22.5 million loan for the refinancing of a five-property, 20-building industrial portfolio in Norcross. Totaling 605,274 square feet, the portfolio comprises six buildings in Gwinnett Gateway (1710 Wilwat Drive); three buildings in Gateway Business Park I (6500 McDonough Drive); five buildings in Gateway Business Park II (6000 Dawson Blvd.); and five buildings in Atlantic Business Center (6400 Atlantic Blvd.), all of which are located in Norcross in the Northeast Atlanta industrial submarket. Additionally, the portfolio includes the one-building Five Points Business Center (1600 Roswell St. Southeast), which is located in the Northwest Atlanta industrial submarket. The properties are leased to 150 tenants. HFF arranged the five-year loan with a regional bank. Jeff Sause, Kevin Mackenzie and Gregg Shapiro of HFF represented Berkeley Partners in the loan transaction.

March 28, 2017

Georgia Hospitality Southeast

Arden Group Acquires Sheraton Hotel in Atlanta, Plans $7M in Renovations

by Jeff Shaw March 28, 2017

ATLANTA — Arden Group, through its affiliate Arden Real Estate Partners II, has acquired the Sheraton Atlanta Hotel for an undisclosed price. The recently renovated, 763-room hotel includes over 100,000 square feet of event and meeting space, as well as an indoor-outdoor swimming pool, garden courtyard with retractable glass roof, fitness center, business center and two restaurants. Arden plans to invest $7 million in renovations to the hotel, which will add to the $15 million that the previous owners completed in 2016. JLL arranged the sale. HEI Hotels & Resorts will manage the property.

March 28, 2017

Florida Industrial Southeast

Berger Arranges 53,139 SF Industrial Lease for Pharmaceutical Logistics Company in Boca Raton, Florida

by Jeff Shaw March 28, 2017

BOCA RATON, FLA. — Berger Commercial Realty/CORFAC International has arranged a 53,139-square-foot industrial lease for a pharmaceutical logistics company in Boca Raton. WDSrx-Woodfield Distribution LLC will occupy the space at 6500 Park of Commerce Blvd. The 83,000-square-foot building offers 24-foot clear heights, dock loading areas and access to I-95. Exeter 6500-6500 Park of Commerce LLC owns the property. Michael Feuerman of Berger arranged the lease on behalf of WDSrx, which operates facilities in Boca Raton, Pompano Beach and Sugar Land, Texas. This will be the company’s second location in Boca Raton.

March 28, 2017

Florida Georgia Retail Southeast

Studio Movie Grill To Add Locations in Florida, Georgia

by Jeff Shaw March 28, 2017

SEMINOLE, FLA., AND MARIETTA, GA. — Studio Movie Grill, a dine-in theater chain, has planned two new locations in the Southeast: in the Tampa suburb of Seminole and the Atlanta suburb of Marietta. Both locations are scheduled to open before the end of 2017. Studio Movie Grill offers food, beer, wine and spirits while screening movies, concerts, sporting events and promotions. The company currently has 24 locations in nine states.

March 28, 2017

Georgia Office Southeast

Cushman & Wakefield Negotiates 23,222 SF Lease in Midtown Atlanta

by Jeff Shaw March 28, 2017

ATLANTA — Cushman & Wakefield represented NorthPoint Executive Suites in signing a 23,222-square-foot lease to occupy a full floor at One Atlantic Center located in Atlanta’s Midtown submarket. Cushman & Wakefield’s Boris Garbuz represented NorthPoint Executive Suites in the transaction. NorthPoint Executive Suites will offer upscale executive office suites and conference rooms, targeting attorneys and other professional services.

March 28, 2017

Florida Multifamily Southeast

Summa to Begin Pre-leasing 233-Unit High-Rise Complex in Downtown Orlando

by Taylor Williams March 27, 2017

ORLANDO, FLA. — Summa Development Group will begin pre-leasing for CitiTower at Lake Eola, a 25-story, 233-unit high-rise apartment complex located at 101 Lake Ave. in downtown Orlando, in mid-April. The property consists of 74 studio apartments averaging 726 square feet per unit, 112 one-bedroom apartments averaging 778 square feet per unit, 31 two-bedroom apartments averaging 1,070 square feet per unit, and 16 three-bedroom apartments averaging 1,432 square feet per unit. Other amenities include a rooftop pool and a 24-hour fitness center. The property is slated to open in late July or early August.

March 27, 2017

Georgia Retail Southeast

Hutton Completes 158,000 SF Shopping Center in Hinesville, Ga.

by Taylor Williams March 27, 2017

HINESVILLE, GA. — Hutton Contracting Co. has completed construction of Oglethorpe Square, a 158,000-square-foot shopping center located at 849 W. Oglethorpe Highway in Hinesville, a city about 40 miles southwest of Savannah. Dick’s Sporting Goods, TJMaxx and PetSmart are among the anchors of the 24-acre property. Oglethorpe Square is also home to several chain restaurants, including Longhorn Steakhouse, Panda Express and Chick-fil-A.

March 27, 2017

Hospitality Louisiana Southeast

Hilton Opens 207-Suite Hotel in New Orleans

by Taylor Williams March 27, 2017

NEW ORLEANS — Hilton Hotels and Resorts has opened Homewood Suites by Hilton New Orleans French Quarter, a four-story, 207-suite property located at 317 N. Rampart St. in New Orleans. The hotel offers a 24-hour fitness center, pool, kitchen and grill area and 1,500 square feet of meeting space, as well as 12 balcony suites with full kitchens and separate living and sleeping areas.

March 27, 2017

Alabama Retail Southeast

TSCG Secures 45,000 SF Lease for Surge Trampoline Park in Auburn-Opelika Area

by Taylor Williams March 27, 2017

OPELIKA, ALA. — The Shopping Center Group has secured a 45,000-square-foot lease for Surge Trampoline Park, which provides trampoline-themed parties and entertainment, in Opelika, a city approximately 65 miles east of Montgomery. The new tenant joins Planet Fitness, CitiTrends and Dollar General at Pepperell Corners, a 210,000-square-foot retail center situated at 2560 Pepperell Parkway. The center, which is 80 percent leased, is undergoing a $3 million renovation program slated for summer completion.

March 27, 2017

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