JACKSONVILLE, FLA. — Freedom Financial Funds has provided a $5.9 million construction loan for a single-tenant medical office building located in Jacksonville. The build-to-suit project is for an entity controlled by a national retail and single-tenant developer. The 15-month loan features two six-month extension options and was underwritten at an 80 percent loan-to-cost ratio. The construction timeline and address for the project were not disclosed.
Shopping center owners and property managers throughout the United States are exploring opportunities to increase foot traffic by transforming excess parking into restaurants, entertainment venues, neighborhood amenities and even multifamily uses. “In our experience, nearly every shopping center that’s not grocery-anchored is going through a process to reassess the amount of parking they have, the amount of parking they need and alternative ways to develop those parking areas to add value,” says Cornelius Brown, a principal in the Pennsylvania offices of Bohler, a land development consulting and site design firm. With more than 30 offices across the Eastern and Central United States, Bohler has helped many of its clients with parking conversions ranging from single pad site creation to comprehensive, property-wide redevelopment. Municipalities Onboard Landlords have been carving out parcels for standalone retailers, restaurants and other uses for years, but the trend is accelerating as more and more municipalities ease minimum parking requirements. Parking-reduction advocates have argued that offering fewer spaces reduces environmental impacts associated with heat islands and stormwater runoff. Others contend it promotes the use of mass transit and ridesharing, which can reduce vehicle emissions and, in the case of bars and restaurants, may reduce incidents of impaired …
LUTZ, FLA. — Newmark has brokered the $49.6 million sale of Cypress Creek Town Center, a 240,211-square-foot shopping center located in Lutz, about 14 miles north of Tampa. Total Wine, Hobby Lobby, Burlington, HomeGoods, Badcock Furniture and Dollar Tree anchor the power retail center, which comprises four parcels that were fully leased at the time of sale. An undisclosed buyer acquired the center. Drew Fleming of Newmark arranged the sale on behalf of the seller, Chattanooga, Tenn.-based Hutton.
ORLANDO, FLA. — Tavistock Development has announced plans for Lake Nona West, a 405,000-square-foot shopping center to be located in the Lake Nona master-planned community in Orlando. Upon completion, the development will be situated on a 54-acre parcel and feature open-air shops, ground-level parking, outdoor entertainment spaces and public art. Tavistock has submitted site plans to the City of Orlando, and construction is scheduled to begin in 2024, with completion planned for fall 2025. Tenant announcements are expected this winter.
FRANKLIN, KY. — Bluegrass Supply Chain has completed a 100,000-square-foot expansion of its industrial facility located in Henderson Industrial Park in Franklin. Situated at 805 Garvin Lane and now totaling 200,000 square feet, the building was purchased in 2021 and originally comprised 100,000 square feet. The expansion will create 20 to 25 jobs, according to Shawn Hart, vice president of operations with Bluegrass Supply Chain.
FAYETTEVILLE, GA. — CBRE has arranged the sale of a medical office building (MOB) portfolio spanning 192,363 square feet across two buildings in Fayetteville, roughly 20 miles outside of Atlanta. Located at 1265 and 1267 Highway 54, the properties are directly connected to the 310-bed Piedmont Fayette Hospital. Lee Asher, Zack Holderman, Jordan Selbiger, Trent Jemmett and Cole Reeth of CBRE represented the seller, Atlanta-based Piedmont Healthcare, in the transaction. A joint venture between Remedy Medical Properties and Kayne Anderson Capital Advisors LP acquired the portfolio for an undisclosed price.
ATLANTA AND NEW YORK CITY — Chick-fil-A has announced plans for two new restaurant concepts. Beginning in 2024, the brand will open an elevated drive-thru concept in metro Atlanta as well as a walk-up restaurant in New York City. Both concepts are designed to enhance efficiency and convenience, with plans for the drive-thru restaurant including a kitchen built above the drive-thru lanes and dedicated lanes for mobile orders. Targeted toward urban areas with heavy foot traffic, the walk-up concept will allow guests to order through the Chick-fil-A app and pick up items at the walk-up windows. “Digital orders make up more than half of total sales in some markets… so we know our customers have an appetite for convenience,” says Khalilah Cooper, Chick-fil-A’s executive director of restaurant design. “The locations for these tests were intentionally selected with the customers in mind, giving them more control over their desired experience and cutting down wait time.” The locations of the two new concepts were not disclosed. Chick-fil-A is a privately held, family-owned fast-casual restaurant chain based in Atlanta. The company employs more than 170,000 team members at more than 2,700 restaurants across 47 states, Washington, D.C., Puerto Rico and Canada.
In the wake of the COVID-19 pandemic, Charlotte’s retail segment has experienced a remarkable revitalization, fueled by a convergence of factors that have reinvigorated the city’s economic landscape. With a thriving job market, affordable cost of living and a surge in adaptive reuse, mixed-use and infill projects, Charlotte has become a hotbed for retail activity. As the city emerges from the challenges of the pandemic, it has embraced innovative approaches to urban development, transforming once-vacant spaces into vibrant hubs of commerce. Several macro-economic trends have impacted retail growth in Charlotte. Population growth in the city has spurred an increase in consumer demand, leading to a vibrant retail market. In a May 18 article from the Charlotte Business Journal, it was noted Charlotte added more than 15,000 people to its population count between 2021 and 2022, the nation’s fifth-highest numeric increase during that span, according to the latest estimates from the U.S. Census Bureau. As more people choose to settle in Charlotte, the demand for goods and services has risen, prompting retailers and restaurants to expand their operations and invest in new locations. Additionally, the rise of e-commerce and the shift toward online shopping have compelled retailers in Charlotte to adapt …
HIALEAH, FLA. — Terra has delivered Natura Gardens, a 460-unit, garden-style apartment community located on the west side of Hialeah, a suburb in northwest Miami-Dade County. The 23-acre property comprises 12 residential buildings with units ranging from one to three-bedrooms. Units range in size from 727 to 1,603 square feet and rental rates range from $2,000 to $3,350 per month. Natura Gardens is situated directly south of the planned American Dream mall in Miami Lakes and between I-75 and the Florida Turnpike. Amenities include a two-story clubhouse with a resort-style pool and spa; a covered kitchen prep area and grilling station, sink and refrigerator; outdoor tiki hut areas with hammocks, tables and umbrellas, and lounge chairs on beach sand; a media room, billiards and children’s playroom; a lounge with a bar and kitchen; modern fitness center with yoga, aerobics and spinning studios; a business center with coworking spaces and a coffee bar; a children’s “tot-lot: with recreational equipment and electronic charging stations; residents-only dog park and outdoor spaces including open lawns, lakes, preserves and mobile device charging stations throughout the entire community. The design team includes Pascual, Perez, Kiliddjian Architecture (PPK), with the development’s clubhouse and model units designed by …
TALLAHASSEE, FLA. — Balfour Beatty has acquired The Quarters at Tallahassee, a 592-bed student housing community located one mile from the Florida State University campus in Tallahassee. The property, which offers 168 units in a mix of six floor plans, has been rebranded Oktiv by the new ownership. Shared amenities at the community include a business center, clubhouse, fitness center, resort-style swimming pool, hot tub, sauna, study rooms and a yoga studio with on-demand classes. Berkadia secured acquisition financing for the transaction through an affiliate of Walton Street Capital. The seller and terms of the transaction were not disclosed. The community will be managed by Balfour Beatty’s internal residential management division, Balfour Beatty Communities.