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Southeast

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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DevelopmentGeorgiaSoutheastStudent Housing

LV Collective Completes 750-Bed Student Housing Community Near University of Georgia

by John Nelson

ATHENS, GA. — LV Collective has completed Rambler Athens, a 600,000-square-foot student housing development located at 558 W. Broad St. in Athens near the University of Georgia campus. The community offers 750 beds across 342 units, with configurations ranging from studio to five-bedroom layouts. Amenities at the property include a second-floor study mezzanine with private study spaces and conference rooms; a resort-style swimming pool and hot tub surrounded by fire pits, a grilling area and jumbotron; an onsite dog spa; and a fitness center with cardio machines, weightlifting equipment, a yoga studio, artificial turf area and two saunas. The community also features a coffee shop dubbed Daydreamer Café, as well as 22,692 square feet of retail space. The development team for the project included Niles Bolton Associates, Krywicki Interior Design and Rabren General Contractors.

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DevelopmentFloridaLoansMultifamilySoutheastWalker & Dunlop

Walker & Dunlop Arranges $53.6M Construction Financing for Metro Miami Multifamily Development

by John Nelson

BAY HARBOR ISLANDS, FLA. — Walker & Dunlop has arranged a $53.6 million loan for the construction of Clara Bay Harbor 100th, a multifamily development located at 1145-1163 100th St. in Bay Harbor Islands, roughly 15 miles outside Miami. Upon completion, the property — which is the second phase of a three-phase rental development by Clara Homes — will comprise 45 units. The developer will also use the proceeds to begin pre-development on the third and final phase of the project, which will feature an additional 77 units. Construction is currently underway on the first, 28-unit phase, with completion scheduled for the end of this year. Adam Schwartz, Aaron Appel, Jonathan Schwartz, Keith Kurland, Michael Ianno, Christopher de Raet and Marlon Robins of Walker & Dunlop secured the financing on behalf of the borrower.

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LoansMarylandSeniors HousingSoutheast

Berkadia Secures $47.4M Refinancing for Seniors Housing Community in Suburban DC

by John Nelson

KENSINGTON, MD. — Berkadia has arranged a $47.4 million loan for the refinancing of Modena Reserve at Kensington, a 135-unit seniors housing community located in Kensington, a northern suburb of Washington, D.C. A debt fund provided the capital to the borrowers: Solera Senior Living, McCaffrey and an unnamed institutional investor. Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare arranged the three-year, nonrecourse loan, which features interest-only payments for the full term. The loan will be used to refinance a maturing construction loan. Modena Reserve at Kensington originally opened in late 2021, reaching a stabilized occupancy within 24 months.

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Affordable HousingDistrict of ColumbiaLoansMultifamilySoutheast

MBA: Multifamily Lending Declined by 49 Percent in 2023

by John Nelson

WASHINGTON, D.C. — Multifamily lending declined 49 percent year-over-year in 2023, according to a report by the Mortgage Bankers Association (MBA). Lenders provided a total $246.2 billion for apartment buildings with five or more units last year, with 51 percent of active lenders making five or fewer multifamily loans throughout the year. The Washington, D.C.-based organization previously estimated that multifamily originations totaled $264 billion. By volume, the top five multifamily lenders in 2023 included Berkadia, Walker & Dunlop, JP Morgan Chase & Co., CBRE and Greystone. Nearly half (42 percent) of the dollar volume went to the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. “The analysis shows that even with the drop in activity, the multifamily lending market remains broad and deep, with more than 2,500 different lenders making more than 36,000 mortgage loans backed by multifamily properties,” says Jamie Woodwell, MBA’s head of commercial real estate research. The MBA report is based on its surveys of the larger multifamily lenders and the recently released Home Mortgage Disclosure Act (HMDA) data that covers multifamily loans made by many smaller lenders, particularly commercial banks.

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