Southeast

One Stop Housing Buys Orlando Hotel for Affordable Housing Conversion

by John Nelson November 7, 2022

ORLANDO, FLA. — One Stop Housing has purchased the Ambassador Hotel, a 155-room hotel located at 929 W. Colonial Drive in Orlando, from Sammy Investments Orlando for $7.1 million. The buyer plans to convert the hotel into an affordable housing community. When completed, the property will feature a mix of studio, one- and two-bedroom apartments. Construction is scheduled to begin this year. Glen Jaffee of Cushman & Wakefield represented the seller and procured the buyer in the $7.1 million acquisition. The Orlando City Council approved zoning for the Ambassador Hotel to be redeveloped into an affordable housing community in late July. Once complete, the community will become the eighth hotel conversion for One Stop Housing.

November 7, 2022

Content Partner Features Industrial Leasing Activity Loans Midwest Multifamily NAI Northeast Office Retail Southeast Texas Western

Experts Turn to Opportunistic Moves, Lending During Uncertainty of Economic Downturn

by Sarah Daniels November 7, 2022

As we shift through economic uncertainty and changes in the market, commercial real estate businesses are planning for a range of scenarios — and looking to historical trends to make predictions. REBusinessOnline sat down with two industry experts to talk about how this period of uncertainty compares to previous eras and where there may be benefits and opportunities in the current landscape. Jay Olshonsky, president and CEO, and Cliff Moskowitz, executive vice president, at NAI Global spoke about the commercial real estate outlook and the challenges it is likely to face in the immediate future. REBusiness: Looking at the current environment, how does it compare to previous periods of uncertainty? What might be the impacts on commercial real estate? Olshonsky: To start with, we are in a recession. We’ve already had two quarters of negative GDP growth. I think the most fundamental difference between this cycle and a lot of other cycles is that we have extremely low unemployment, differentiating this moment from others, for example, 2009. Even though the most recent job numbers were lower, they were still fairly strong. Jobs create the demand for commercial real estate at all levels, but especially at the services level. We do …

November 7, 2022

Development Florida Multifamily Southeast

Middle Street Partners Acquires Land in South Daytona, Florida for 389-Unit Multifamily Project

by John Nelson November 4, 2022

SOUTH DAYTONA, FLA. — Charleston-based Middle Street Partners has purchased 23.4 acres in South Daytona for the development of a 389-unit multifamily community. Justin Basquill, Luke Wickham, Shelton Granade and Sean Williams of Institutional Property Advisors (IPA), a division of Marcus & Millichap, facilitated the land sale. The site is located off US Highway 1 with direct views of the Intracoastal Waterway. The name and details about the project were not disclosed, but Middle Street said the property will feature three- and five-story apartment buildings.

November 4, 2022

Development Georgia Multifamily Southeast

Alliance Residential to Develop 315-Unit Apartment Community in LaGrange, Georgia

by John Nelson November 4, 2022

LAGRANGE, GA. — Alliance Residential Co. has purchased 22.3 acres in LaGrange with plans to develop Prose LaGrange, a 315-unit apartment community. Designed by Dynamik Design, the community will feature one- and two-bedroom units averaging 992 square feet. Amenities will include a fitness center, resort-style pool, grilling stations, coworking spaces, clubhouse, business center, pet park and a 24/7 LuxerOne parcel management system. The property will have direct access crosswalks to WellStar West Georgia Medical Center, which houses 1,800 medical employees, as well as a new Publix-anchored shopping center. Alliance Residential plans to open first units at Prose LaGrange in fall 2023. This will be Alliance Residential’s first project in the LaGrange area, second Prose project along Interstate 85 South and fifth Prose community in Georgia. The Arizona-based developer recently opened Prose Fairview, a 318-unit apartment community in Covington, Ga.

November 4, 2022

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $4.6M Sale of Retail Strip Center in Lynchburg, Virginia

by John Nelson November 4, 2022

LYNCHBURG, VA. — Cushman & Wakefield | Thalhimer has brokered the $4.6 million sale of Shops at Phillips Circle, a retail strip center located at 19399 Forest Road in Lynchburg. Built in 2018, the center was fully leased at the time of sale to tenants including Starbucks Coffee, East Coast Wings and Nothing Bundt Cakes. The Charles and Margaret Levin Family LP based in Washington, D.C., purchased the property from Riverbend Development. Catharine Spangler, John Pritzlaff and Jenny Stoner of Thalhimer represented the seller in the transaction.

November 4, 2022

Development Kentucky Leasing Activity Retail Southeast

Academy Sports Opens 80,000 SF Store in Lexington, Kentucky

by John Nelson November 4, 2022

LEXINGTON, KY. — Academy Sports + Outdoors has opened an 80,000-square-foot store within South Park Shopping Center, a retail center located at 3200 Nicholasville Road in Lexington. Kaden Cos. is the landlord of South Park, which also houses Ulta Beauty, Best Buy, Burlington and Value City Furniture. The new store is the sixth Academy Sports location in Kentucky and its first in Lexington. Academy Sports plans to open nine stores this year and another 80 to 100 new locations over the next five years. The Katy, Texas-based company currently operates 264 stores across 17 states.

November 4, 2022

District of Columbia Southeast

US Economy Adds 261,000 Jobs in October, Unemployment Rate Ticks Up to 3.7 Percent

by John Nelson November 4, 2022

WASHINGTON, D.C. — Total U.S. nonfarm payroll employment rose by 261,000 in October, and the unemployment rate ticked back up 20 basis points to 3.7 percent, according to the U.S. Bureau of Labor Statistics (BLS). Monthly job growth has averaged 407,000 year-to-date in 2022, compared with 562,000 per month in 2021. The October performance beat the Dow Jones estimate of 205,000 but the economists expected the unemployment rate to remain at 3.5 percent, according to CNBC. Healthcare led all employment sectors in adding October jobs with 53,000, which is slightly ahead of its average monthly gain thus far this year (47,000). Professional and businesses services added 43,000 jobs in October and manufacturing grew by 32,000. Leisure and hospitality added 35,000 jobs, which is far below the sector’s average monthly job gain over the first nine months of the year (78,000). Additionally, the BLS revised the employment gains for August down by 23,000, from 315,000 to 292,000. The September figure was revised upward by 52,000, from 263,000 to 315,000.

November 4, 2022

Development Office Southeast Virginia

CoStar Group Breaks Ground on 750,000 SF Office Campus Expansion in Richmond

by John Nelson November 3, 2022

RICHMOND, VA. — CoStar Group has broken ground on an expansion to its corporate campus in Richmond that will bring two new buildings totaling 750,000 square feet. CoStar plans to add 2,000 new jobs to staff the new buildings, specifically in research, technology, operations, software development, marketing and sales roles. Situated on the banks of the James River, the new 21-story tower and five-story multipurpose building, which will house employee and community amenities, will expand the campus to 1 million square feet. CoStar’s current tower is located on the site at 501 S. 5th St. Planned amenities for the campus hub include conference space, fitness and wellness capabilities, an auditorium, more than 2.6 acres of outdoor green space and retail and restaurant options. The new tower is designed to achieve LEED certification and will feature 50,000 square feet of elevated green terraces. Once the site is fully complete, CoStar Group is poised to become the largest tech company and one of the largest private employers in Richmond. The firm currently employs more than 5,300 people in 80 cities across 14 countries.

November 3, 2022

Affordable Housing Development Multifamily North Carolina Southeast

Annex Group to Build 200-Unit Affordable Housing Community in Charlotte

by John Nelson November 3, 2022

CHARLOTTE, N.C. — The Annex Group has plans to develop Union at Tryon, a 200-unit affordable housing community located at 614 Rocco Road in Charlotte. Situated on more than seven acres, the $44 million property will feature studio, one-, two- and three-bedroom apartments that will target households earning up to 60 percent of the area median income (AMI). Amenities will include a community center, business center, fitness center, playground, walking trails, outdoor grilling area and community gardens. Annex Group’s partners on the project include architect KTGY, civil engineer Tarr Group and LIHTC consultant Shelter Investments Development Corp. Financial partners include Merchants Capital, which directly provided a $31 million construction loan and a $20.8 million Freddie Mac loan; tax credit equity partner Aegon Asset Management, which provided $18 million in equity; and INLIVIAN (Charlotte’s housing authority) that issued $20.8 million in bonds. The Annex Group is providing property management services for Union at Tryon, which is expected to open in spring 2025.

November 3, 2022

Acquisitions Affordable Housing Multifamily Seniors Housing Southeast Virginia

Cushman & Wakefield Brokers $25.7M Sale of Two Affordable Seniors Apartment Properties in Richmond

by John Nelson November 3, 2022

RICHMOND, VA. — Cushman & Wakefield has brokered the sale of Guardian Place, a 236-unit affordable seniors housing portfolio spanning two buildings located at 1620 N. Hamilton St. in Richmond. Fairfield Residential purchased the properties, known as Guardian Place I (121 units) and Guardian Place II (115 units), for $25.7 million. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, United Methodists Family Services, in the transaction. The Guardian Place communities are age-restricted assets that are encumbered with affordability covenants under the Low-Income Housing Tax Credit (LIHTC) program. Amenities include parking, outdoor seating areas, a library, exercise room, community garden and a TV lounge.

November 3, 2022

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