Southeast

TIFTON, GA. — Marcus & Millichap has brokered the $2.7 million sale of a 16,324-square-foot retail center located at 1898 W. U.S. Highway 82 in Tifton, a city situated along I-75 in South Georgia. Zach Taylor and Philip Levy of Marcus & Millichap represented the seller and procured the private buyer. Both parties requested anonymity. The property’s tenant roster includes Little Caesar’s, Sally Beauty and Cricket Wireless. Walmart Supercenter, Rent-A-Center and Lowe’s Home Improvement shadow-anchor the property.

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WASHINGTON, D.C. — The National Retail Federation (NRF) has projected that U.S. retail sales will reach between $5.2 trillion and $5.3 trillion this year, which would mark an annual increase of 2.5 to 3.5 percent. The projection was announced today during the organization’s “State of Retail and the Consumer” webinar. The calculation excludes transactions at automobile dealers, gas stations and restaurants, focusing on core retail. Non-store and online sales are included in the figure and expected to account for roughly $1.5 trillion of spending. “The resiliency of consumers continues to power the American economy, and we are confident there will be moderate but steady growth through the end of the year,” says Matthew Shay, president and CEO of the NRF. Sales reached $5.1 trillion in 2023, marking an annual growth of 3.6 percent from 2022.

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TAMARAC, FLA. — Aztec Group has arranged a $95 million loan for the refinancing of Tamarac Village, a 401-unit apartment community in South Florida’s Broward County. MF1 Capital provided the bridge financing. Situated on 12.7 acres, the property was developed in two phases in 2020 and 2023 by the borrower, Lotis Group. Tamarac Village features one-, two- and three-bedroom apartments ranging in size from 800 to 1,485 square feet, as well as a nearly 9,000-square-foot clubhouse, according to Apartments.com. The loan marks the eighth transaction between Aztec Group and the developer.

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ORLANDO, FLA. — Harrison Street has recapitalized The Aves at Twelve 100, a student housing community located adjacent to the University of Central Florida campus in Orlando. Harrison Street executed the transaction via a new joint venture with The Scion Group. The property was originally acquired by Harrison Street in 2011 and recently underwent extensive renovations. The community offers one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include four resort-style swimming pools; a 24-hour fitness center and yoga studio; private study rooms; a business center; community clubhouse; courtyard space; and onsite parking garages.

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GLEN BURNIE, MD. — JLL has secured a $22 million loan for the refinancing of Arundel Plaza, a 282,039-square-foot shopping center located at 6620 Governor Ritchie Highway in Glen Burnie, a southern suburb of Baltimore. Michael Klein, Jon Mikula, Evan Parker and John Cumming of JLL arranged the five-year, fixed-rate loan through a life company lender on behalf of the Singapore-based borrower, United Hampshire U.S. REIT. Arundel Plaza was fully leased at the time of financing to tenants including Lowe’s Home Improvement, Giant Food, Jersey Mike’s, FedEx, Hook & Reel, Panda Express and Chipotle Mexican Grill. The six-building property was built in 1967 and renovated in 2017.

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ATLANTA — On behalf of its investors, Hunt Capital Partners (HCP) has transferred ownership of Ashford Parkside Senior Residences to a nonprofit affiliate of the Housing Authority of DeKalb County. Located in Atlanta, Ashford Parkside is a mid-rise, mixed-income seniors housing community built in 2007. Following the end of 15-year recapture period in 2022, a collaborative effort ensued between the nonprofit and HCP to reach a mutually beneficial outcome regarding the property’s future. The decision provides the Housing Authority of Dekalb County greater capital flexibility surrounding all aspects of property operations and repair projects as it shapes its long-term housing plan. Ashford Parkside offers a mix of one- and two-bedroom apartments. Of the 151 total units, 134 are dedicated to seniors with incomes ranging from 30 percent to 60 percent of the area median income (AMI). Additionally, two of the units are reserved for property management while the remainder are rented at market rates.

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OCALA, FLA. — SRS Real Estate Partners has brokered the $3.7 million sale of a 6,119-square-foot gas station and convenience store situated on 2.3 acres at 8300 S.W. 100th St. in Ocala, a city in Central Florida. The newly constructed property has a 20-year, corporate-guaranteed ground lease in place with Wawa. Patrick Nutt and William Wamble of SRS represented the seller, an unnamed development firm based in Florida, in the transaction. The undisclosed, privately held buyer is based in Arizona and purchased the property in a 1031 exchange.

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SAVANNAH, GA. — The Savannah Georgia Convention Center Authority has selected a joint venture between Songy Highroads and Matthews Southwest Hospitality to develop a 400-room hotel at The Savannah Convention Center. The authority also named Atlanta-based Cooper Carry as the lead architect for the project. Songy Highroads is starting a one-year design, engineering and pricing period for the hotel’s development, and will assist the Savannah Georgia Convention Center Authority with the financing for the hotel. The Savannah Convention Center is undergoing a $271 million expansion that will double the current exhibit hall space to 200,000 square feet, add a 40,000-square-foot ballroom and create 15 new meeting rooms. The new hotel is a direct result of the expansion and will double the number of hotel rooms at the Savannah Convention Center.

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DULUTH, GA. — Concord Hospitality plans to open The Westin Atlanta Gwinnett, a 348-room hotel in the Atlanta suburb of Duluth, on Thursday, March 21. The hotel will serve as the flagship lodging option for Gas South District, a 118-acre multipurpose campus off Sugarloaf Parkway that is anchored by the Gas South Convention Center and Arena (formerly known as Infinite Energy Center). The Westin Atlanta Gwinnett features 27,000 square feet of meeting space with 16 event facilities, as well as a signature restaurant, SweetSong Kitchen & Bar, and a rooftop bar known as Overstory. The hotel also offers a presidential suite featuring a private terrace, two hospitality suites with outdoor terraces and four executive level and six standard suites. In July 2022, ACRES Capital Corp. originated a $74.8 million construction loan for Raleigh-based Concord Hospitality.

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MCLEAN, VA. — Hilton plans to acquire Graduate Hotels, a hospitality brand with hotels in college towns such as Ann Arbor, Mich., and Chapel Hill, N.C. The brand was founded in 2014 and has grown to include hotels across the country, as well as in Oxford and Cambridge, United Kingdom. Hilton will pay $210 million to acquire all rights to the Graduate brand worldwide, enter into franchise agreements for all existing and signed pipeline Graduate Hotels, and become responsible for the brand’s future development and growth. Adventurous Journey Capital Partners (AJ Capital) will remain the owner of the more than 35 operating and pipeline Graduate properties, each of which will be operated under long-term Hilton franchise agreements. Hilton expects the deal to close in the second quarter, subject to customary closing conditions.

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