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

Acquisitions Florida Retail Southeast

Brookwood Financial Acquires 211,006 SF Publix-Anchored Retail Center in Melbourne, Florida

by John Nelson December 14, 2023

MELBOURNE, FLA. — Brookwood Financial Partners has acquired Melbourne Shopping Center, a 211,006-square-foot retail center located at 1301-1441 S. Babcock St. in Melbourne. Built in 1959 and renovated in 2022, the property was 92.4 percent leased at the time of sale to tenants including Publix, Big Lots, Beall’s Outlet, Conn’s, Club 4 Fitness, Dollar Tree, Pet Supermarket, CATO, Pizza Hut and Firestone Complete Auto Care. Danny Finkle, Jorge Portela and Eric Williams of JLL represented the seller in the transaction. Andrew Gray and Ryan Parker of JLL secured acquisition financing on behalf of the buyer. The seller, sales price and loan amount were not disclosed.

December 14, 2023

Acquisitions Healthcare Southeast Virginia

SRS Arranges $8.5M Sale of New Medical Office Building in Ashburn, Virginia

by John Nelson December 14, 2023

ASHBURN, VA. — SRS Real Estate Partners has arranged the $8.5 million sale of a single-tenant, 12,580-square-foot medical office building located at 20041 Riverside Commons Plaza in Ashburn, about 30 miles northwest of Washington, D.C. Built in 2022, the property was fully leased to OrthoVirginia, an orthopedics practice with 35 locations, at the time of sale. The medical office facility is an outparcel for Riverside Square, a 90,000-square-foot shopping center, and is within one mile of Inova Loudon Hospital. Andrew Fallon and Philip Wellde Jr. of SRS represented the buyer, a Virginia-based private investor who was in a 1031 exchange and paid all-cash for the asset. Danny Booker, Rich Sillery and Douglas Olson of Monument Retail represented the seller, which was also the developer, in the transaction.

December 14, 2023

Rafi Golberstein PACE Loan Group CPACE quote

Content Partner Development Features Hospitality Loans Midwest Northeast Southeast Texas Western

Capital Markets Warm to C-PACE Financing Amid Growing Stress

by Sarah Daniels December 14, 2023

The spike in interest rates and the consequent disruption throughout real estate capital markets over the last 18 months is generating newfound interest in commercial property assessed clean energy (C-PACE) financing. The program, which emerged more than a decade ago, pays for building upgrades to improve energy and water efficiency as well as seismic resilience in new construction and rehabs. In cases where cost overruns, stabilization delays and declining values threaten the ability to refinance construction loans, developers are tapping C-PACE retroactively for a much-needed slug of so-called “rescue capital,” says Rafi Golberstein, CEO of the PACE Loan Group, a direct lender of C-PACE based in Minneapolis, Minn. Typically, developers are using the proceeds to pay down debt and fund reserves to secure loan extensions or modifications. “We are seeing a ton of opportunities right now in deals that were built over the past three years, and C-PACE can provide a liquidity infusion to get many folks through a maturity logjam,” he declares. “When confronted with other options, they’re going to prefer C-PACE all day long.” Cost-Effective Debt Indeed, the cost of those other options, such as mezzanine financing or preferred equity, can be upwards of 500 basis points higher …

December 14, 2023

Development Florida Multifamily Southeast

Ryan Cos. Begins Leasing 502-Unit Renata at Lakewood Ranch Apartments in Metro Tampa

by John Nelson December 13, 2023

BRADENTON, FLA. — Ryan Cos. has begun leasing Renata at Lakewood Ranch, a 502-unit apartment development located in Bradenton, a suburb of Tampa. The property is part of the 33,000-acre Lakewood Ranch development. Renata’s first buildings and clubhouse are set to open this month. Ryan Cos., along with development partners PGIM Real Estate and ParkSprings Development, expect to fully open the property by July 2024. Renata will include one-, two- and three-bedroom apartments ranging in size from 740 to 1,285 square feet, as well as a resort-style pool, fitness facilities and a private lakeside beach. Monthly rental rates will range from $2,145 to $2,790, according to Apartments.com.

December 13, 2023

Development Florida Southeast Student Housing

Treo Group Breaks Ground on 400-Bed Student Housing Community Near University of Miami

by John Nelson December 13, 2023

MIAMI — The Treo Group has broken ground on VOX Miami Phase II, a 13-story student housing development located adjacent to the South Miami Metrorail station near the University of Miami campus. The project will offer 400 beds in 163 units, alongside 10,000 square feet of ground floor retail space. Together with Phase I of the development, the community will offer 726 beds and 15,000 square feet of retail space. Further details on the project were not provided. The development team includes FirstBank Florida, ABANCA USA, MODIS Architects, MOSS & Associates and Asset Living.

December 13, 2023

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