Southeast

JCCG Breaks Ground on 201-Unit Build-to-Rent Townhome Development in Huntsville

by John Nelson December 18, 2023

HUNTSVILLE, ALA. — General contractor Jim Chapman Construction Group (JCCG) has broken ground on Nestledown Farm, a build-to-rent (BTR) residential community in Huntsville. Upon completion, the development will feature 201 attached townhomes in two- and three-bedroom layouts ranging from 1,020 to 1,466 square feet. Amenities at the community will include a 4,000-square-foot clubhouse, swimming pool, fitness center, dog park, illuminated sidewalks, gated entrance and 24-hour emergency maintenance services. Move-ins are scheduled to begin in fall 2024.

December 18, 2023

Louisiana Market Reports Restaurant Retail Southeast Southeast Market Reports

Retailers in New Orleans Leverage Unique Experiences, Both In-Town and Suburbs

by John Nelson December 18, 2023

The New Orleans retail market is in a state of flux like other markets across the country. The retail experience is changing for the end user, with an increase in online shopping, “try before you buy” customers and quicker walkthroughs. Retailers are left in an odd position, caught between experiential interactions with customers and trying to have them remember to purchase later at home. While the retail market is changing, the Greater New Orleans area is different due to the scarcity of space available for new construction and a stable flow of stores closing or relocating. Our market creates a streamlined experience where consumers have “retail corners” they can visit to shop — such as downtown New Orleans, especially the iconic streets of Canal and Magazine — but also the suburbs that include Metairie, Elmwood and the Westbank. With the concentrated shopping setup of the market, customers can shop more efficiently, and retail investors see the New Orleans market as a more demanding and creative place to build and open stores. Submarket by submarket The retail customer in New Orleans detests spending unneeded time in the car, so when customers can shop locally, get what they need and get it …

December 18, 2023

Civic Development Florida Hospitality Mixed-Use Southeast

Balfour Beatty Tops Out Phase II of $1B Convention Center, Hotel Project in Fort Lauderdale

by John Nelson December 15, 2023

FORT LAUDERDALE, FLA. — Balfour Beatty has completed the vertical construction of the second phase of a $1 billion project to expand the Greater Fort Lauderdale/Broward County Convention Center in Fort Lauderdale. In addition to the 400,000-square-foot East Expansion Building, the phase includes the development of the 29-story, 801-room Omni Fort Lauderdale hotel. Upon completion, the East Expansion Building will comprise ballrooms, exhibit space and a kitchen to service the 1.5 million-square-foot convention center. Amenities at the hotel will include additional meeting and ballroom space, restaurants and a rooftop bar. Balfour Beatty is completing construction on behalf of the developer, Matthews Southwest. The project team also includes Nunzio Marc DeSantis Architects and Fentress Architects. Completion of the second phase is scheduled for late 2025.

December 15, 2023

Development Georgia Industrial Southeast

VanTrust Underway on 2 MSF Industrial Build-to-Suit Facility for Burlington Near Savannah

by John Nelson December 15, 2023

ELLABELL, GA. — VanTrust Real Estate is underway on the development of a 2 million-square-foot building within the 515-acre Interstate West industrial park in Ellabell, roughly 30 miles outside Savannah. Burlington Stores Inc. will occupy the build-to-suit property. Dubbed Building D, this marks the fourth and final project at the park, construction of which began in 2021. Buildings A and B span 637,868 and 992,000 square feet, respectively. Building C totals 1.2 million square feet and is leased to The Webstaurant Store Inc. Completion of Building D is scheduled for May 2025. Evans General Contractor is constructing the building, and Pieper O’Brien Herr is the architect. Danny Chase and David Sink of Colliers represented VanTrust in the lease negotiations. Chris Tomasulo and Bennett Rudder of JLL represented Burlington.

December 15, 2023

Acquisitions Florida Retail Southeast

CRC Sells Cypress Run Marketplace Shopping Center in Coral Springs, Florida for $23.3M

by John Nelson December 15, 2023

CORAL SPRINGS, FLA. — Continental Realty Corp. (CRC) has sold Cypress Run Marketplace, an 87,000-square foot retail center located at 10599 W. Atlantic Blvd. in Coral Springs, a city in South Florida’s Broward County. The Q.V.H. Corp. acquired the property for $23.3 million. Walmart Neighborhood Market anchors the center, which was constructed in 1989. Popeye’s Louisiana Kitchen recently signed a 15-year lease at the center, bringing the property to full occupancy. CRC originally acquired Cypress Run Marketplace in 2015 for $13.6 million and executed more than 17,000 square feet of leases during its ownership. Dennis Carson, Sriram Rajan and Casey Rosen of CBRE represented CRC in the transaction.

December 15, 2023

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $4.6M Sale of Chipotle-Occupied Retail Property in Margate, Florida

by John Nelson December 15, 2023

MARGATE, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a retail property located at 5671 W. Atlantic Blvd. in Margate, a city in South Florida’s Broward County. Chipotle Mexican Grill occupies the 2,462-square-foot building, which is an outparcel to Lakewood Shopping Center, on a triple-net-lease basis. Other tenants at the center include Walmart Supercenter, Marshalls, Harbor Freight Tools and Ross Dress for Less. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based partnership, in the transaction. The buyer was a New York-based private investor.

December 15, 2023

District of Columbia Retail Southeast

Holiday Retail Sales Will Meet Expectations, Predicts NRF

by John Nelson December 15, 2023

WASHINGTON, D.C. — Retail spending in November aligned with expectations and portends a strong holiday season, reports the National Retail Federation (NRF). Citing information for November provided by the U.S. Census Bureau, the NRF says that core retail sales — excluding automobile dealers, gasoline stations and restaurants — were up 3.3 percent year-over-year on a three-month moving average. According to the bureau, overall retail sales in November were up 4.1 percent year-over-year. The NRF predicts that holiday retail sales, which fall between Nov. 1 and Dec. 31, will meet the federation’s forecast and increase between 3 percent and 4 percent relative to 2022, reaching between $957.3 billion and $966.6 billion. The Wall Street Journal reports that the deceleration of inflation might “make consumers feel better” and “weigh on retail revenue.” The consumer price index (CPI) slipped from 3.2 percent in October to 3.1 percent in November, according to the U.S. Bureau of Labor Statistics.

December 15, 2023

Development Hospitality Louisiana Mixed-Use Restaurant Retail Southeast

Cordish Breaks Ground on $270M Live! Casino & Hotel Louisiana in Bossier City

by John Nelson December 14, 2023

BOSSIER CITY, LA. — An affiliate of Cordish Cos. doing business as LRGC Gaming Investors LLC has broken ground on Live! Casino & Hotel Louisiana, a $270 million development in Bossier City. The development represents the first land-based casino in the Bossier City-Shreveport metropolitan area, according to Cordish. The project is expected to create 750 new construction jobs and 750 permanent jobs upon completion. The site was formerly home to the vacant Diamond Jacks Casino & Hotel, which Cordish acquired earlier this year. Scheduled to open in 2025, the Live! Casino & Hotel Louisiana will feature more than 47,000 square feet of gaming space; a sportsbook for live betting on sporting events; an upscale 550-room hotel with a resort-style pool and fitness center; 25,000-square-foot events center; structured and surface parking; and 30,000 square feet of dining and entertainment venues, including Cordish brands Sports & Social, PBR Cowboy Bar and Luk Fu.

December 14, 2023

Acquisitions Multifamily Southeast Virginia

Bell Partners Purchases 439-Unit Thornton Apartments in Alexandria, Virginia

by John Nelson December 14, 2023

ALEXANDRIA, VA. — Bell Partners has purchased The Thornton, a 439-unit apartment community located in historic Old Town Alexandria, a neighborhood in metropolitan Washington, D.C. Built in 2018 along the Potomac River, the property features studio, one- and two-bedroom apartments. Amenities include a dog grooming spa, 24-hour fitness center, clubroom, game room and a courtyard with a bocce ball court, fireplace and grilling area. Bell Partners purchased the community via its Value Add Fund VIII and will rebrand it as Bell Old Town. With this acquisition, the Greensboro, N.C.-based buyer now owns and/or manages 22 apartment communities containing more than 7,300 apartment homes in the Mid-Atlantic region. The seller and sales price were not disclosed, but Triad Business Journal reports that the City of Alexandria appraised the property at $161.1 million in January. The news outlet also reported that Starwood Capital Group purchased the community in 2019 for $180.2 million.

December 14, 2023

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Brokers $94M Sale of Alexan Summerhill Apartments in Atlanta

by John Nelson December 14, 2023

ATLANTA — Cushman & Wakefield has brokered the sale of Alexan Summerhill, a new 315-unit apartment community located at 720 Hank Aaron Drive SE in Atlanta’s Summerhill submarket. Weinstein Properties purchased the property from the developers, Trammell Crow Residential and PGIM Real Estate. The sales price was not disclosed, but Atlanta Business Chronicle reported the property traded for $94 million. Robert Stickel, Alex Brown, Ashlyn Warren, Michael Kay and Sim Patrick of Cushman & Wakefield represented the sellers in the transaction. Situated near Georgia State University’s Center Parc Stadium and Convocation Center, as well as a new Publix grocery store, Alexan Summerhill features studio, one- and two-bedroom apartments. Amenities include a clubhouse, fitness center, swimming pool with a tanning ledge and poolside lounge, gaming lounge, event room, indoor/outdoor work from home spaces, podcasting studios, makers space, computer lab with wireless printing, grilling stations, bike storage and repair, EV charging stations, dog park and a pet spa.

December 14, 2023

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