Southeast

Hodges Ward Elliott Arranges Sale of Boutique 17-Room Hotel in Savannah’s Historic District

by John Nelson February 6, 2023

SAVANNAH, GA. — Hodges Ward Elliott (HWE) has arranged the sale of Hamilton-Turner Inn, a 17-room luxury boutique hotel located at 330 Abercorn St. in the Historic District of Savannah. Originally built in the late 1800s and repositioned for hospitality use in 1997, the inn features French Empire-style architecture and includes a parlor/sitting room, as well as a dining room that can serve up to 20 guests. Pete Dannemiller and Jeff Berkman of HWE brokered the sale on behalf of the undisclosed seller, which implemented a capital improvement plan at the property over the last several years. The buyer and sales price were also not disclosed.

February 6, 2023

Acquisitions Florida Hospitality Southeast Top Stories

JLL Arranges $835M Sale of Diplomat Beach Resort in Hollywood, Florida

by Taylor Williams February 6, 2023

HOLLYWOOD, FLA. — JLL has arranged the sale of Diplomat Beach Resort, a 1,000-room hotel located in the South Florida community of Hollywood. Brookfield Asset Management (NYSE: BAM) sold the beachfront property for $835 million, according to The Wall Street Journal. Diplomat Beach Resort is a twin-spired, 33-story hotel that sits on a 10-acre site. The property houses 200,000 square feet of meeting and event space, a 14,000-square-foot spa, eight restaurants and bars and multiple pools and cascading waterfalls. Guests also have access to kayak, paddleboard and jet ski rental services. The buyer, a joint venture between Credit Suisse Asset Management and Honolulu-based Trinity Fund Advisors, has entered into an agreement with Hilton Hotels & Resorts to operate the hotel under the chain’s Curio Collection by Hilton family of brands. According to the brokerage team, the deal marks the third-largest single-asset hotel sale in U.S. history by price. Diplomat Beach Resort underwent a $90 million capital improvement program in 2018. The Journal reports that the new ownership plans to make additional renovations and improvements to enhance the guest experience. Jeffrey Davis, Gregory Rumpel, Kevin Davis and Gilda Perez-Alvarado of JLL brokered the deal on behalf of the seller. The team …

February 6, 2023

Development Industrial South Carolina Southeast

GE Appliances to Open 584,820 SF Distribution Center in Greenville, South Carolina

by John Nelson February 3, 2023

GREENVILLE, S.C. — GE Appliances (GEA) has announced plans for a new 584,820-square-foot distribution facility located in Greenville. Provident Realty Advisors Inc. is the developer for the project. Situated within August Grove Business Park, the development is scheduled for completion in the first quarter of 2024. GEA plans to invest $50 million in the facility, which marks the company’s second location in the state.

February 3, 2023

Development Florida Mixed-Use Office Southeast

Ryan Cos. Breaks Ground on 210,463 SF Feeding Tampa Bay Headquarters

by John Nelson February 3, 2023

TAMPA, FLA. — Ryan Cos. U.S. Inc. has broken ground on the new Tampa headquarters for Feeding Tampa Bay, a nonprofit organization. Upon completion, which is scheduled for 2024, the facility will comprise 210,463 square feet and serve as the primary distribution facility for the organization. The headquarters will include 41,000 square feet of cold storage warehouse space, offices, 11,000-square-foot kitchen and a mezzanine level. In addition to producing up to 6,000 meals per day, the kitchen will serve as a classroom to teach culinary skills. BDG is the architect of record for the project. Ryan is the design-build firm and is also making a financial contribution to Feeding Tampa Bay.

February 3, 2023

Development Florida Industrial Southeast

Saltbox Opens 31,000 SF Co-Warehousing Facility in Metro Miami

by John Nelson February 3, 2023

DORAL, FLA. — Saltbox Inc., a co-warehousing and small business logistics company, has opened a new location at 1701 84th Ave. in Doral, roughly 15 miles northwest of downtown Miami. Comprising 31,000 square feet, the space features 68 flexible warehouse suites, conference rooms, flex storage, access to loading docks and a photo studio. The Doral facility is the first Saltbox in metro Miami and the second facility to debut in 2023, joining a facility in the Minneapolis area. Atlanta-based Saltbox has received Series B investments from firms including Cox Enterprises, Pendulum, Playground Global, XYZ Capital, Fundrise, Kapor Capital, Wilshire Lane Capital, Lincoln Property Co., Flexport and Overline. Overall the company has obtained $56 million in funding.

February 3, 2023

Acquisitions Mississippi Multifamily Southeast

Marcus & Millichap Brokers $2.4M Sale of Campus Cottages Apartments in Hattiesburg, Mississippi

by John Nelson February 3, 2023

HATTIESBURG, MISS. — Marcus & Millichap has brokered the sale of Campus Cottages, a 44-unit apartment community located at 119 North 35th St. in Hattiesburg, less than a half-mile from the University of Southern Mississippi. Built in 1967, the community features apartments in one- and two-bedroom layouts. Andrew Jacobs, Josh Jacobs and Royce Emerson of Marcus & Millichap represented the undisclosed seller in the $2.4 million transaction. The buyer was also not disclosed.

February 3, 2023

District of Columbia Southeast

US Economy Added 517,000 Jobs in January, Nearly Tripling Expectations From Economists

by John Nelson February 3, 2023

WASHINGTON, D.C. — Total U.S. nonfarm payroll employment increased by 517,000 in January, while the unemployment rate fell to 3.4 percent, according to the U.S. Bureau of Labor Statistics (BLS). The monthly figure nearly triples the estimate from Dow Jones economists of 187,000 jobs, according to CNBC. Additionally, the outlet reports that the January unemployment rate is the lowest jobless level for the U.S. economy since May 1969. Just like the December report, the leisure and hospitality sector was the leading job creator in January with 128,000 new jobs. This surpasses the monthly average for the sector in 2022 of 89,000 jobs. Despite the recent gains, the leisure and hospitality industry still falls below its pre-pandemic employment level by 2.9 percent, or 495,000 jobs, according to the BLS. Government added 74,000 jobs in January, led by state government education with 35,000 new jobs. The BLS attributes the increase to the return of University of California workers after their strike ended in December. Other notable gains were seen in professional and business services (+82,000 jobs), healthcare (+58,000), retail trade (+30,000), construction (+25,000) and transportation and warehousing (+23,000). The BLS also revised its November and December jobs report summaries to the tune …

February 3, 2023

Development Florida Mixed-Use Southeast

Tavistock Tops Off Pier Sixty-Six Hotel, Residential Tower in Fort Lauderdale

by John Nelson February 2, 2023

FORT LAUDERDALE, FLA. — Tavistock Development Co. has topped off a new hotel and resort residential tower as part of the redevelopment of Pier Sixty-Six, a mixed-use waterfront destination in Fort Lauderdale. The reimagined Pier Sixty-Six Resort and The Residences at Pier Sixty-Six are set to debut next year. Situated on 32 acres along the Intracoastal Waterway, the overall development will ultimately include the resort and 62 luxury condominiums, as well as the property’s 164-slip marina, restaurants, shops and offices. The project team includes general contractors Americaribe and Moriarty, which are employing 1,000 construction workers for the redevelopment project.

February 2, 2023

Development Florida Multifamily Southeast

Prospect, American Landmark to Develop 355-Unit Apartment Community in Kissimmee, Florida

by John Nelson February 2, 2023

KISSIMMEE, FLA. — Prospect Real Estate Group II LLC and American Landmark Communities plan to develop a 355-unit apartment community in Kissimmee, a suburb of Orlando. Prospect recently purchased the 10.7-acre development site, located at North Rose Avenue and Martin Luther King Jr. Boulevard, for $10.4 million. David Calcanis of Colliers represented the seller, Boston-based Saxon Partners LLC, in the land transaction. Moushimi Chinni Ganguli of CityLights RE represented the buyer. Scott+Cormia and WGI designed the four-story, Advantis-branded apartment community to feature 16 live-work units atop nearly 900 square feet of commercial space that is ideally suited for medical office space due to its proximity to two prominent hospitals, Osceola Medical Center and AdventHealth Kissimmee. Most apartments will come in studio, one-, two- or three-bedroom layouts. Prospect and American Landmark expect to break ground on the project in the second quarter and to complete construction in second-quarter 2025.

February 2, 2023

Development Florida Industrial Southeast

Kroger Opens 60,000 SF Last-Mile Distribution Facility in South Florida

by John Nelson February 2, 2023

OPA-LOCKA, FLA. — The Kroger Co. has opened a 60,000-square-foot industrial facility in the South Florida city of Opa-Locka. Ocado Group, an e-commerce grocery delivery firm based in the United Kingdom, operates the automated facility. Situated on the north side of Miami-Dade County, the facility serves as a last-mile “spoke” facility that works in conjunction with Kroger’s 375,000-square-foot customer fulfillment center in Groveland, Fla. The new facility extends Kroger’s delivery capabilities to South Florida, with Homestead, Fla., serving as the farthest south the grocer can make deliveries. Kroger expects to employ 90 associates at the Opa-Locka facility. In addition to the Groveland facility, the Cincinnati-based grocer currently operates customer fulfillment centers in Monroe, Ohio; Forest Park, Ga.; Pleasant Prairie, Wis.; Dallas; Romulus, Mich.; and Aurora, Colo. Additional customer fulfillment centers are slated for California; Frederick, Md.; Phoenix; Cleveland; Charlotte; South Florida and the Northeast.

February 2, 2023

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