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DevelopmentFloridaMixed-UseSoutheastTop Stories

Gateway Jax Receives Approval for $2B Mixed-Use Project in Downtown Jacksonville

by Katie Sloan

JACKSONVILLE, FLA. — Gateway Jax has received approval from the Jacksonville City Council for the development of Pearl Street District, a $2 billion mixed-use project set to span 25 blocks in downtown Jacksonville.  Plans for the development include 1,000 residential units; more than 100,000 square feet of retail space; public gathering spaces, including parks surrounding the historic Porter House mansion; widened and shaded sidewalks; and a curbless “festival street” with outdoor dining. Gateway Jax bought the site last year. Anticipated tenants for the retail portion of the project include a full-service grocery store, high-end fitness club, restaurants and daily service providers, like salons and shops.  Gateway Jax plans to break ground in October, pending receipt of city permits, and develop the project in phases over the next decade. The project is expected to create 2,700 permanent jobs and spur over $750 million in annual economic impact and full build-out, according to the developer. Partners include the Downtown Investment Authority and the City of Jacksonville. Gateway Jax is a Jacksonville-based commercial real estate development firm sponsored by JWB Real Estate Capital and DLP Capital. — Katie Sloan

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Retail Investment Jeffrey Salladin Revere Capital Quote
Content PartnerFeaturesLeasing ActivityLoansMidwestNortheastOfficeRetailSoutheastTexasWestern

Midway into 2024, Lenders Take Note of Loan Bifurcation, Retail’s Reversal

by Sarah Daniels

For more than seven months in 2024, the commercial real estate investment market remained on a sluggish path. High interest rates continued to not only challenge many asset owners who needed refinancing, but also buyers and sellers looking to make deals. For instance, some $174.7 billion in property investment sales during the first half of the year was 7 percent below a year earlier, according to MSCI Real Assets. In such uncertain times, it’s not unusual for the commercial real estate market to experience bouts of bifurcation. Typically, those are marked by trends such as rising demand for higher quality offices during economic slumps when tenants can fetch discounted rents. Early in the recovery phase, it’s not unusual for investment to flow into tech-oriented metros at the expense of other cities. The Federal Reserve’s aggressive hike of the federal funds rate has created another category of bifurcation, especially as it relates to floating-rate bridge debt and how lenders are managing their loan portfolios. That is, the difference between the performance of assets depending on when owners financed the properties, says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. “It’s a question of vintage,” he explains. “Loans …

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AcquisitionsFloridaRetailSoutheast

Colliers Brokers $68.5M Sale of Lee Vista Promenade Shopping Center in Orlando

by John Nelson

ORLANDO, FLA. — Colliers has brokered the $68.5 million sale of Lee Vista Promenade, a 313,981-square-foot regional power retail in Orlando. Brad Peterson, Whitaker Leonhardt and Eric AmRhein of Colliers represented the seller, SITE Centers, in the transaction. Donald Jennewein, also with Colliers, arranged an undisclosed amount of acquisition financing through City National Bank on behalf of the buyer, Dundas Real Estate Investments. Situated on 74.2 acres in Orlando’s North Airport submarket, Lee Vista Promenade was 95.5 percent leased at the time of sale to tenants including Academy Sports + Outdoors, Epic Theaters, Ross Dress for Less, HomeGoods, Michaels, Bealls Outlet, Petco, Ulta Beauty, Five Below and Famous Footwear. The shopping center was built in 2016 and also features three development parcels totaling 18.1 acres. A little more than one-third of the shopping center’s revenue is generated from restaurant tenants, according to Colliers.

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AcquisitionsFloridaIndustrialSoutheast

State of Florida Acquires 423,000 SF Warehouse in Auburndale for Emergency Response Hub

by John Nelson

AUBURNDALE, FLA. — The State of Florida has purchased a 423,000-square-foot warehouse within Midpoint Florida Logistics Center in Auburndale, a Central Florida city near Lakeland. Dalfen Industrial sold the newly delivered property for an undisclosed price. Florida’s Division of Emergency Management plans to use the facility, situated near I-4, as a hub for the storage and movement of emergency supplies during emergency activation and response throughout the state. Delivered in second-quarter 2023, the warehouse features 36-foot clear heights and 400 trailer parking spaces.

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AcquisitionsOfficeSoutheastVirginia

Finmarc Management Purchases Northern Virginia Office Portfolio for $39.4M

by John Nelson

CENTREVILLE, VA. — Finmarc Management Inc. has purchased Trinity Centre, a four-building office portfolio in Centreville, for $39.4 million. Cushman & Wakefield represented the seller, a joint venture between Spear Street Capital LLC and Partners Group, in the transaction. Bethesda, Md.-based Finmarc was self-represented. The nearly 500,000-square-foot portfolio is located roughly 26 miles west of Washington, D.C., and comprises two 152,000-square-foot buildings and two 93,000-square-foot buildings. Trinity Centre was approximately 71 percent leased at the time of sale to tenants including Parsons Corp., CARFAX, Aerovironment, Microautomation, Specialized Carriers & Rigging Association, Systematic and TriVir.

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DevelopmentLeasing ActivityRestaurantRetailSouth CarolinaSoutheast

SJC Ventures Completes Phase II of West Ashley Station Shopping Center in Charleston

by John Nelson

CHARLESTON, S.C. — Atlanta-based SJC Ventures, along with general contractor Hill Construction, has completed Phase II of West Ashley Station, a shopping center located at 1125 Savannah Highway in Charleston’s West Ashley neighborhood. Spanning 29,000 square feet, the second phase is fully leased to tenants including Hollywood Feed, Hand & Stone, Another Broken Egg, Pacific Dental, GoodVets, Jersey Mike’s Subs, Nothing Bundt Cakes, CAVA, Nikita Hair Salon, House of Sage (a women’s boutique retailer) and Serotonin Centers. Several tenants in the second phase are already open. SJC Ventures expects all tenants to be open by February 2025. John Orr and Lindsey Halter of Carolina Retail Experts marketed West Ashley Station for lease. Phase I of the property includes a 45,062-square-foot Whole Foods Market that opened in 2018.

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AcquisitionsGeorgiaLoansRetailSoutheast

MMCC Arranges $9.1M Acquisition Loan for Shopping Center in Peachtree Corners, Georgia

by John Nelson

PEACHTREE CORNERS, GA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.1 million acquisition loan for Spalding Woods, an 84,000-square-foot shopping center located at 4015 Holcomb Bridge Road in Peachtree Corners, a northeast suburb of Atlanta. Garrett Fierstein of MMCC’s Orlando office, along with Simon Grigoryan of Marcus & Millichap’s Jacksonville office, arranged the financing through an out of state credit union on behalf of the borrower, an undisclosed, privately held investor. The 10-year loan was underwritten with a 25-year amortization schedule, 65 percent loan-to-value (LTV) ratio and flexible prepayment options. Spalding Woods’ tenant roster includes Dollar Tree, Peachtree Corners Eye Clinic, KFC/Taco Bell, Dunkin’ and Clean Eatz. Additional spaces are available for build-out, according to MMCC.

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DevelopmentGeorgiaIndustrialSoutheastTop Stories

Aertssen Logistics to Open 380,800 SF Facility at 2,600-Acre Savannah Gateway Industrial Hub

by Kristin Harlow

RINCON, GA. — Aertssen Logistics USA Inc. has unveiled plans to open a 380,800-square-foot equipment processing center at Savannah Gateway Industrial Hub (SGIH) in Rincon near the Port of Savannah. Broe Real Estate Group is the developer of the larger, 2,600-acre industrial park. Aertssen specializes in the transportation, handling, final assembly and management of construction, agriculture and aerial lift equipment. The new 35-acre facility marks the Belgian company’s first U.S.-based operation. Aertssen Logistics is a division of Aertssen Group NV. The property will provide comprehensive logistics services, indoor and outdoor storage, and various tailor-made technical services. Aertssen says it selected the location due to land to expand on, a strong local labor market, strategic highways and quick access to the Port of Savannah’s 35-plus weekly services to world markets. To catalyze its expansion in the U.S., the company established Aertssen Logistics USA as a separate entity that aims to double the current number of machines it processes annually by 2030. In the coming years, Aertssen plans to open additional equipment processing centers in Baltimore, Houston and Tacoma, Wash. “We see significant opportunities for growth, fueled by a strong U.S. economy with substantial investments in infrastructure, which are driving an increased …

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Company NewsRetailSoutheastVirginia

LL Flooring Files for Chapter 11 Bankruptcy Protection, to Close 94 Stores

by John Nelson

RICHMOND, VA. — LL Flooring (NYSE: LL), a specialty retailer of hard- and soft-surface flooring, has commenced voluntary Chapter 11 bankruptcy proceedings. The Richmond-based company, which operates more than 300 stores and a distribution center in Sandston, Va., will also be delisted from the New York Stock Exchange. The retailer plans to use the Chapter 11 proceedings to pursue a “going concern sale” of its business, meaning that LL Flooring’s future buyer could continue the business as usual post-transaction. LL Flooring says it “remains in active negotiations with multiple bidders” and hopes to seek approval from the U.S. Bankruptcy Court for the District of Delaware of a sale of its business in the first few weeks of the proceedings. Concurrent with the filing, LL Flooring announced it has reached an agreement with Hilco Merchant Resources LLC to assist the company in store closing sales at 94 locations. AlixPartners LLP is serving as restructuring advisor to LL Flooring, which has received $130 million in debtor-in-possession (DIP) financing from its existing bank group led by Bank of America. LL Flooring’s stock price closed on Friday, Aug. 9 at $0.84 per share, down from $3.75 a year ago, a 77.6 percent decline.

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DevelopmentFloridaLoansMultifamilySoutheast

13th Floor Obtains $83M Construction Loan for Apartment Development in South Florida

by John Nelson

HALLANDALE BEACH, FLA. — Miami-based 13th Floor Investments has obtained an $83 million construction loan for Parks at Hallandale, a 398-unit, garden-style apartment community underway in South Florida’s Hallandale Beach. Situated on 15.5 acres in Broward County, Parks at Hallandale will feature studio, one-, two- and three-bedroom market-rate and workforce housing units, as well as 6,500 square feet of ground-floor retail space. Designed by MSA Architects, amenities will include a clubhouse, fitness center, resort-style pool and deck, an outdoor pavilion and seating areas with barbecue grills, tennis and pickleball courts, dog park and a children’s playground. CIBC Bank USA provided the loan to 13th Floor, which plans to deliver the community in 2026. Additionally, Scott Wadler and Alec Fox of Berkadia arranged an undisclosed amount of preferred equity from Houston-based Marble Capital.

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