Southeast

New Castle Acquires Holiday Inn Hotel in Jekyll Island, Georgia for $41M

by Julia Sanders February 4, 2022

JEKYLL ISLAND, GA. — New Castle Hotels & Resorts, a Ridgefield, Conn.-based resort hotel owner and operator, has acquired the Holiday Inn Resort Jekyll Island, a 158-room hotel in Jekyll Island. Georgia Coast Holdings LLC and NorthPointe Hospitality sold the property for $41 million. Rich Lillis of Colliers represented the buyer in the transaction. The Holiday Inn Resort Jekyll Island is a full-service hotel situated on more than seven acres of oceanfront property, including a quarter-mile of beachfront. The hotel features oversized rooms and suites, as well as a playground and lawn area, fire pits and cabanas, kid programming and activities, bike rentals, fitness center, pool and a hot hub. Located at 701 N Beachview Drive, the hotel is located near Driftwood Beach and the Georgia Sea Turtle Center. The hotel also is situated near numerous bike trails and 18 miles from Saint Simons Island.

February 4, 2022

Development Florida Multifamily Southeast

Fifield Breaks Ground on 266-Unit Avida Aventura Apartments in Miami

by Julia Sanders February 4, 2022

MIAMI — Fifield Cos. has broken ground on Avida Aventura, a 266-unit apartment project in Miami. The construction timeline and development costs were not disclosed. The eight-story property will offer studio, one-, two- and three-bedroom floorplans ranging from 470 to 1,400 square feet. Each unit will include a balcony. Community amenities will include a 20,000-square-foot rooftop entertaining deck with a heated pool, shaded cabanas, dining areas, grills, sauna and a spa; dog spa; fitness center; two resident lounges with dining and coworking and hosting areas; and a dedicated coworking space. Located at 19401 W. Dixie Highway, the development is situated near the new Aventura Brightline rail station and Aventura Mall. The property is also 16.7 miles from downtown Miami and 14.8 miles from Fort Lauderdale. Fifield Cos. has partnered with CrowdStreet, Sencorp and Bank OZK for the project. MSA Architects designed the building, ID & Design International is handling interior design and Current Builders is the general contractor.

February 4, 2022

Loans Multifamily North Carolina Southeast

Ready Capital Closes $3.1M Loan for Multifamily Property in Greensboro, North Carolina

by Julia Sanders February 4, 2022

GREENSBORO, N.C. — Ready Capital has closed a $3.1 million loan for the renovation and stabilization of an unnamed, 56-unit multifamily property in Greensboro. The “bridge-to-Freddie-Mac loan” will be used to repatriate equity to the sponsor and fund capital improvements to unit interiors and property exteriors. The non-recourse, interest-only, floating-rate loan features a 24-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls. Additionally, the unnamed borrower will have the ability to execute a refinancing for the property via Ready Capital’s Freddie Mac SBL Loan program.

February 4, 2022

District of Columbia Southeast

US Economy Added 467,000 Jobs in January, Much Higher Than Expected

by Julia Sanders February 4, 2022

WASHINGTON, D.C. — Total nonfarm payroll employment rose by 467,000 jobs in January, while the unemployment rate changed little from 3.9 percent in December to 4 percent in last month, according to the U.S. Bureau of Labor Statistics. The latest job figures released Friday morning by BLS were significantly higher than Dow Jones’ estimate of nonfarm payroll employment of 150,000, according to CNBC. In addition, BLS revised the job gains for November and December upward by a combined 709,000. In January, job gains increased in leisure and hospitality (+151,000), professional and business services (+86,000), retail trade (+61,000) and in transportation and warehousing (+54,000). Additionally, employment in local government education increased by 29,000 last month but is still down by 359,000 from February 2020, a 4.4 percent difference. Jobs in healthcare increased by 18,000, and there was little change in employment for mining, construction, manufacturing, information, financial activities and other services. Additionally, the amount of employed people who worked from home due to the pandemic increased to 15.4 percent. This follows news of the spread of the Omicron variant of COVID-19 and a high number of cases during the holidays in December. The labor force participation rate increased to 62.2 percent, …

February 4, 2022

Acquisitions Georgia Industrial Southeast

Panattoni Sells Industrial Portfolio in Metro Atlanta for $112M

by Julia Sanders February 3, 2022

ADAIRSVILLE AND CARTERSVILLE, GA. — Panattoni has sold a two-property, Class A industrial portfolio totaling 949,211 square feet in metro Atlanta. Dennis Mitchell, Matt Wirth, Britton Burdette and Jim Freeman of JLL represented Panattoni in the transaction. Affiliates of LXP Industrial Trust acquired the property for $112 million. The portfolio comprises Georgia North Industrial Park Building 100 and Bartow Commerce Center Buildings 1 and 2. Tenants at the properties include Wellmade, Airman USA Corp. and Textron. Both properties have easy access to Interstate 285, Hartsfield-Jackson Atlanta International Airport and the Appalachian Regional Port. Built in 2020, the rear-load Georgia North Industrial Park Building 100 provides 225,211 square feet of multi-tenant space and features tilt-wall construction, 32-foot clear heights, 36 loading positions, 50 trailer parking stalls, ESFR fire protection and LED lighting. Located at 95 International Parkway in Adairsville, the property is situated within one mile of Interstate 75. Constructed in 2021, Bartow Commerce Center Buildings 1 and 2 feature rear-load configurations, clear heights ranging from 32 to 36 feet, 84 dock-high doors, eight grade-level doors with ramps, ESFR fire protection, LED lighting and 161 trailer parking stalls. The buildings are situated at 41 and 51 Busch Drive NE in Cartersville, …

February 3, 2022

Development Florida Loans Multifamily Southeast

JLL Secures $72.5M Construction Financing for Residential Development in Tampa

by Julia Sanders February 3, 2022

TAMPA, FLA. — JLL Capital Markets has secured a $72.5 million construction loan for the development of Altura Bayshore, a 73-unit high-rise condominium project in Tampa. Steve Klein, Brian Gaswirth, Reid Carleton and Drew Jennewein of JLL worked on behalf of the developer and borrower, Naples, Fla.-based The Ronto Group, to secure the loan from MSD Partners LP. Slated to be complete by 2024, Altura Bayshore will stand 22 stories high. Community amenities will include a sky deck and pool, fitness center, club and entertainment room, guest suites, multiple sports courts, a synthetic turf putting green, dog park and barbecue grills. Unit features will include private elevator foyers, designer-selected finishes throughout, open terraces and energy-efficient sliding glass windows and doors. Located at 2910 W. Barcelona St. directly off Bayshore Boulevard, the property is situated near SOHO District, Hyde Park Village and the Downtown Tampa Arts District. The property is also located 8.2 miles from the Tampa International Airport.

February 3, 2022

Development Georgia Industrial Southeast

Dayton Street Partners Breaks Ground on 212,232 SF Distribution Center in Conyers, Georgia

by Julia Sanders February 3, 2022

CONYERS, GA. — Chicago-based Dayton Street Partners has broken ground on a 212,232-square-foot speculative distribution center in Conyers. Construction is slated for completion by July. The distribution center will feature 32-foot clear heights, 41 trailer and 203 auto stalls with separate access for cars and trucks and a 185-foot truck court. Located at 2020 East Park Road, the property is situated 28.6 miles east of downtown Atlanta and 31.3 miles from Hartsfield-Jackson Atlanta International airport. Dayton Street most recently completed the development of DSP Rock Hill, a 188,000-square-foot distribution center near Atlanta’s airport. Brookfield acquired the asset in December 2021.

February 3, 2022

Acquisitions Florida Retail Southeast

Sleiman Enterprises Acquires 160,000 SF Shopping Center in Delray Beach, Florida

by Julia Sanders February 3, 2022

DELRAY BEACH, FLA. — Sleiman Enterprises has acquired Delray Square, a 160,000-square-foot shopping and dining destination in Delray Beach. Berkeley Capital Advisors represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 1976 on approximately 16 acres, Delray Square has tenants including Publix, Hobby Lobby, Walgreens, Chipotle and Chick-fil-A. Publix recently relocated to a newly constructed 45,600-square-foot space at the property, while Hobby Lobby recently signed a long-term lease with plans to open in the next few months. Redevelopments occurred in 2019 at Delray Square, which included new LED lighting for the parking lot, newly built anchor store and shops, roof renovation of Hobby Lobby and an overhauled façade. The property was 96 percent occupied at the time of sale. Located at 4771 W. Atlantic Ave., the property is situated 3.2 miles from Delray Beach and 10.4 miles from Boca Raton. The property is also 8.7 miles from the Boca Raton Airport and 7.9 miles from Florida Atlantic University.

February 3, 2022

Loans Multifamily North Carolina Southeast Student Housing

Ready Capital Closes $16.4M Acquisition Loan for Student Housing Property in Chapel Hill, North Carolina

by Julia Sanders February 3, 2022

CHAPEL HILL, N.C. — Ready Capital has closed a $16.4 million acquisition loan for an unnamed student housing property near the University of North Carolina at Chapel Hill. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures. Upon acquisition, the sponsor will implement a capital improvement plan to fix deferred maintenance, renovate unit interiors and exteriors and make common area upgrades.

February 3, 2022

Acquisitions Industrial Northeast Pennsylvania Southeast Texas Top Stories

Equus Capital Partners Acquires 5.4 MSF Industrial Portfolio for $900M

by Katie Sloan February 3, 2022

PHILADELPHIA — Equus Capital Partners has acquired a 5.4 million-square-foot industrial portfolio located across the Sun Belt and East Coast. The properties were purchased from Prologis for $900 million, according to the Philadelphia Business Journal. The 75-property portfolio primarily comprises multi-tenant, infill, shallow-bay assets located across seven major distribution markets in Texas, Florida, Georgia, South Carolina and Virginia. The acquisition was made on behalf of the company’s sponsored value-add fund, Equus Investment Partnership XII L.P. The portfolio was 98 percent leased to 250 tenants at the time of sale, which included e-commerce, logistics providers, manufacturing, business-to-business and business-to-consumer users. Equus made headlines with another large-scale industrial acquisition in October of last year, buying a 7.3 million-square-foot industrial portfolio in Arizona for $1.1 billion. “We remain disciplined in our approach to appropriately scaling our industrial holdings across the U.S. on behalf of our investment partners,” says Kyle Turner, partner and director of investments for the Philadelphia-based firm. “This most recent investment further diversifies our platform holdings in the industrial sector and provides access to dynamic distribution locations poised to benefit from improving industrial fundamentals and sustained population growth,” he continues. Kyle Turner, Tim Feron, Laura Brestelli, Joe Felici, Scott Miller and Ryan Klancic …

February 3, 2022

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