Southeast

X-Golf to Open 13,414 SF Entertainment Venue in Frederick, Maryland

by John Nelson January 15, 2024

FREDERICK, MD. — X-Golf America will open a 13,414-square-foot entertainment venue in Frederick, marking the company’s largest location to date. Situated within the 200,000-square-foot Westview Promenade, the store is scheduled to open this month. In addition to eight indoor golf simulators, the venue will feature full-service sports bar and restaurant. Ashley Zito and Danielle Bridge represented the landlord, Hill Management Services, in the lease transaction on an internal basis. Franchisees and husband-and-wife team Jillian and Matthew Louden will own and operate the facility. X-Golf America’s portfolio currently includes more than 80 stores across 36 states.

January 15, 2024

Development Georgia Hospitality Southeast Top Stories

Hilton Opens 976-Room Signia by Hilton Hotel in Downtown Atlanta

by John Nelson January 15, 2024

ATLANTA — Hilton Worldwide Holdings (NYSE: HLT) has opened Signia by Hilton Atlanta in the city’s downtown district. At 976 rooms and 1.3 million square feet, the project represents the largest hotel development in the city in at least 40 years, according to Hilton. The property is also the first new-build hotel for the company’s Signia brand, as well as the first Signia property in Georgia. The Georgia World Congress Center Authority (GWCCA), which owns and operates the adjacent Georgia World Congress Center, is the owner of the Signia hotel. Development costs were not disclosed, but the Atlanta Business Chronicle reports that the project cost roughly $450 million to develop. Built on the grounds of the former Georgia Dome, a sports and concert arena that was demolished in November 2017, the 42-story hotel is the lodging component of the GWCCA’s “Championship Campus,” which is self-described as “North America’s largest combined convention, sports and entertainment destination.” The campus also includes Georgia World Congress Center, Centennial Olympic Park and Mercedes-Benz Stadium, which is the home arena of the NFL’s Atlanta Falcons and MLS’s Atlanta United. The hotel is also adjacent to State Farm Arena, home of the NBA’s Atlanta Hawks, and Centennial …

January 15, 2024

Georgia Market Reports Multifamily Southeast Southeast Market Reports

Following Years of Historic Growth, Atlanta’s Multifamily Market Begins to Cool

by John Nelson January 15, 2024

In recent years, Atlanta has become a top choice for corporate relocations, causing double-digit multifamily rental rate growth, an increase in pricing and a general benefit to the industry as a whole. In 2021, rental rates rose at an average of 11.7 percent and last year that number reached 16.8 percent. As a result, from 2021 through much of 2022 the metropolitan area experienced a record amount of investment activity, with $20.8 billion and $14.8 billion trading hands, respectively. During the first six months of 2023, however, transaction activity slowed and began returning to more typical levels, dropping approximately 82 percent year-over-year from those highs. Much of the decline in transaction activity experienced today can be accredited to the Federal Reserve’s sizable interest rate hikes over the past 18 months, resulting in a significant expansion in cap rates and a divide between buyer and seller pricing expectations. During the first half of 2023, approximately 54 transactions occurred, compared to 172 recorded for the same period last year for assets valued at $5 million or more. Much of this activity was driven by smaller deal sizes and private capital as institutional investors embrace a “wait and see” agenda in hopes of …

January 15, 2024

Acquisitions Company News District of Columbia Restaurant Retail Southeast

Avison Young to Acquire Madison Marquette Retail Platform, 6.1 MSF Management Portfolio

by John Nelson January 12, 2024

TORONTO AND WASHINGTON, D.C. — Avison Young has entered into an agreement to acquire Madison Marquette’s retail platform for an undisclosed price. The acquisition will include the Washington, D.C.-based firm’s retail property management, marketing and leasing services throughout the United States; and a portfolio comprising more than 6.1 million square feet of properties managed and leased by Madison Marquette. Madison Marquette teams will integrate with those of Toronto-based Avison Young in Los Angeles, New Jersey, Philadelphia, Indiana, Arkansas, Maryland, Virginia, Atlanta and Florida, and the acquisition expands Avison Young’s presence to Seattle. In 2022, Avison Young acquired Madison Marquette’s office and industrial property management, agency leasing and project management service lines. “Avison Young is going all-in into the retail sector, and I am eager to take the firm’s vision of expanding its retail platform to the next level with the help of our strong team of retail leasing, management, marketing and market intelligence experts and Avison Young’s innovative data capabilities,” says Gavin Farnam, principal and managing director of U.S. retail services with Madison Marquette. Farnam will lead Avison Young’s U.S. retail property management and leasing teams.

January 12, 2024

Development Multifamily North Carolina Southeast

Madison Communities Completes 216-Unit Madison Wakefield Apartments in Raleigh

by John Nelson January 12, 2024

RALEIGH, N.C. — Madison Communities, an affiliate of Madison Capital Group, has completed the development of Madison Wakefield, a 216-unit apartment community located at 14301 Falls of Neuse Road in Raleigh. The property features units in one- and two-bedroom layouts. Amenities at the community include a saltwater pool with a tanning deck, outdoor grilling pavilion, fitness studio, community lounge with coworking spaces and a resident coffee lounge. Monthly rental rates at Madison Wakefield begin at $1,465, according to the property website.

January 12, 2024

Development Florida Industrial Southeast

PCCP, Midwest Industrial Funds to Develop 337,000 SF Industrial Building in Jacksonville

by John Nelson January 12, 2024

JACKSONVILLE, FLA. — A joint venture between PCCP LLC and Midwest Industrial Funds is underway on the development of a 337,000-square-foot speculative industrial building within Westlake Industrial Park in Jacksonville. Situated on 33 acres on Pritchard Road, the property will feature 36-foot clear heights, a 190-foot truck court, 72 dock-high doors, 245 car parking spaces and 97 trailer parking spots. Construction has begun on the project, and completion is scheduled for this December.

January 12, 2024

Acquisitions Georgia Industrial Southeast

JLL Brokers Sale of 853,019 SF Industrial Portfolio in Savannah

by John Nelson January 12, 2024

SAVANNAH, GA. — JLL has arranged the sale of an industrial portfolio totaling 853,019 square feet across three facilities in Savannah — North Gate Buildings 1, 2 and 3. Located near the Port of Savannah and ranging in size from 230,000 to 310,000 square feet, the properties feature rear- and front-load capabilities, 36-foot clear heights, 60-foot speed bays, 185-foot-deep truck courts, 25-foot candle LED warehouse lights, ESFR sprinkler systems and dock packages. Each building also includes at least 2,500 square feet of speculative office space. Britton Burdette, Dennis Mitchell, Matt Wirth, John Huguenard, Jim Freeman and Mitchell Townsend of JLL represented the seller, Greenland Developers Inc., in the transaction. The Orden Co. acquired the portfolio for an undisclosed price.

January 12, 2024

Acquisitions Maryland Seniors Housing Southeast

Continuum Advisors Arranges Sale of 313-Unit Seniors Housing Property in Baltimore

by John Nelson January 12, 2024

BALTIMORE — Continuum Advisors has arranged the sale of The Village at Augsburg, a 313-unit continuing care retirement community (CCRC) in Baltimore. The 50-acre campus comprises 131 independent living apartments, 51 assisted living units and 131 licensed skilled nursing beds. Jay Jordan and Dave Kliewer of Continuum Advisors represented Maryland-based National Lutheran Corp. in the sale of Village at Augsburg to New Jersey-based Outcome Healthcare. The sales price was not disclosed.

January 12, 2024

Acquisitions South Carolina Southeast Student Housing

Harrison Street Sells 994-Bed Student Housing Community Near Clemson University

by John Nelson January 11, 2024

CLEMSON, S.C. — Harrison Street has sold Epoch Clemson, a 994-bed student housing community located near the Clemson University campus in South Carolina. The property offers a mix of cottage, townhome and apartment units in one-, two-, three-, four- and six-bedroom configurations. Shared amenities include sand volleyball and basketball courts, an onsite cafe, group and private study areas, 24-hour fitness center, yoga room, dog park and a resort-style swimming pool. The community also features 3,600 feet of frontage along Lake Hartwell, with amenities including a private beach, boat docks and lakeside pedestrian paths. Walker & Dunlop represented Harrison Street in the sale of the property to an affiliate of Inland Real Estate Acquisitions. The sales price was not disclosed.

January 11, 2024

Acquisitions Florida Healthcare Southeast

Rendina Healthcare, Artemis Acquire 48,000 SF Medical Office Building in Wellington, Florida

by John Nelson January 11, 2024

WELLINGTON, FLA. — Rendina Healthcare Real Estate and joint venture partner Artemis Real Estate Partners have purchased Wellington Medical Arts Pavilion III, a 48,000-square-foot medical office building in Palm Beach County. The four-story property is situated on the Wellington Regional Medical Center campus, a Universal Health Services (UHS) hospital. The undisclosed seller sold the asset for $18.3 million. The property was 91 percent leased at the time of sale to tenants including UHS, Sanitas Medical Center, Gastro Associates of Florida, Conviva Care Centers and Physician Partners of America. Rendina Healthcare was the original developer of Wellington Medical Arts Pavilion III in 2006.

January 11, 2024

Newer Posts

Older Posts