Southeast

Kimpton Hotels & Restaurants to Open 202-Room Hotel in Downtown New Orleans

by Julia Sanders April 30, 2021

NEW ORLEANS — Kimpton Hotels & Restaurants, a San Francisco-based boutique hotel company, will soon open Kimpton Hotel Fontenot, a 202-room boutique hotel located in New Orleans’ Central Business District on the corner of Poydras and Tchoupitoulas streets. The hotel will open on May 11 of this year, and guests are now able to book stays. Designed by MARKZEFF, Kimpton Hotel Fontenot will feature two dining and cocktail concepts within the property, led by executive chef Chris Lusk and restaurant general manager Jessica Retif. Gospel Coffee and Boozy Treats is a neighborhood café serving a range of coffee, teas, espresso and adult beverages, as well as a collection of eat-on-the-go options. The other dining and cocktail option is the Peacock Room, which offers cocktails and food. The hotel’s amenities include morning coffee and tea service from Gospel Coffee and Boozy Treats; bike rentals; a 24-hour fitness center equipped with Peloton bikes; pet-friendly rooms; complimentary Wi-Fi for IHG Rewards members; and an evening social hour. Additional in-room amenities include yoga mats, in-room dining, Frette linens and bathrobes and Atelier Bloem bath and body products.

April 30, 2021

Development Healthcare North Carolina Office Southeast

Welltower Completes Two Medical Office Buildings in Charlotte Totaling 280,000 SF

by Julia Sanders April 30, 2021

CHARLOTTE, N.C. — Welltower Inc. has completed two medical office buildings in Charlotte totaling 280,000 square feet. Atrium Health, which owns the adjacent Carolinas Medical Center, signed a 15-year triple-net lease for the two buildings. Charlotte-based Pappas Properties LLC developed the properties and will remain strategic partners with Toledo, Ohio-based Welltower for the planned nine-acre, healthcare anchored mixed-use campus, as well as future developments. The two medical office buildings include a nine-level, 1,440-space parking deck that will be shared with the entire mixed-use campus. Atrium’s Sanger Heart and Vascular Institute and Atrium Health General Clinics including neurosciences, gastroenterology, infectious disease and palliative care opened in April 2021.

April 30, 2021

Development Florida Loans Multifamily Southeast

JLL Secures $59M Financing for Apartment Development in Kissimmee, Florida

by Julia Sanders April 29, 2021

KISSIMMEE, FLA. — JLL Capital Markets has secured $59 million in bridge financing for the development of Dolce Living Royal Palm, a 326-unit multifamily property located in Kissimmee. Gregory Nalbandian and Jesse Wright of JLL led the team representing the borrower, Sovereign Properties, to secure a three-year, non-recourse bridge loan through Värde Partners. The property is set to open in May. The lease-up bridge financing will retire the existing constriction loan and preferred equity, lower the sponsor’s cost of capital as it begins to lease-up the property, fund remaining construction costs to complete the project and return a portion of the sponsor’s invested equity. Dolce Living Royal Palm apartments will include one-, two- and three-bedroom units averaging 956 square feet. Community amenities will include a swimming pool, media center, movie theater, billiards and game room and golf simulator. Located at 3250 Orleans Ave., the property is situated 5.3 miles from Walt Disney World Resort, 26 miles from Orlando International Airport and 31 miles from downtown Orlando.

April 29, 2021

Acquisitions Multifamily South Carolina Southeast

Arch Cos., Drake Real Estate Partners Acquire Four-Property Multifamily Portfolio in Columbia

by Julia Sanders April 29, 2021

COLUMBIA, S.C. — In a joint venture partnership, Arch Cos. and Drake Real Estate Partners have acquired a four-property portfolio of garden-style multifamily properties in Columbia totaling 672 units. Walker & Dunlop financed the acquisition. The sale and loan amount were not disclosed. The portfolio includes the 240-unit Austin Woods apartment located at 7648 Garners Ferry Road; the 200-unit Harbour Landing at 7625 Garners Ferry Road; the 120-unit Mallard Pointe located at 1101 Hallbrook Drive; and the 112-unit Ravenwood Hills located at 4215 Bethel Church Road. Arch Cos. plans to implement a capital improvements program to address deferred maintenance and deliver substantial interior upgrades. Arch’s in-house management team will operate the properties. Marcus & Millichap worked with both the buyers and sellers on the portfolio transaction.

April 29, 2021

Development Georgia Mixed-Use Retail Southeast

Topgolf to Open Fourth Georgia Venue at Fuqua Development’s Exchange at Gwinnett in Buford

by Julia Sanders April 29, 2021

BUFORD, GA. — Topgolf Entertainment Group plans to open its fourth Georgia venue in Buford tomorrow. The property will anchor Exchange at Gwinnett, a mixed-use development by locally based Fuqua Development near Mall of Georgia. The Exchange at Gwinnett has more than 465,000 square feet of retail and restaurants, office space, hotel space and residential units. Other than Topgolf, The Exchange will include retailers such as Five Guys, Starbucks Coffee, Four Fat Cows, Chipotle and Sprouts Farmers Market. Topgolf Buford will be a two-floor venue with 72 climate-controlled hitting bays. Other amenities include a chef-driven food and beverage menu that guests can order from during their stay. Topgolf offers reservations online or walk-ins. Topgolf says safety protocols have also been put in place in the new Buford location. The venue will be equipped with social distancing markers, as well as bay dividers to establish barriers between groups. Bays, golf clubs and game screens will be disinfected after each group, and common areas will be disinfected every hour by roving cleaning teams. Additionally, all workers will be required to undergo wellness screenings prior to each shift.

April 29, 2021

Company News Georgia Southeast

Atlanta Braves, Atlanta United to Return to 100 Percent Attendance at Home Games

by Julia Sanders April 29, 2021

ATLANTA — The Atlanta Braves and Atlanta United FC, the city’s professional baseball and soccer clubs, plan a return to 100 percent attendance at their respective home stadiums, Truist Park and Mercedes-Benz Stadium. Both teams plan to increase their seating capacities to pre-pandemic levels. At Truist Park in Cobb County, the Braves plan to bring the stadium to full capacity to about 41,000 seats. Starting with the May 7 game against the Philadelphia Phillies, the Braves says Truist Park will be at full capacity. Atlanta United will also bring its home games to 100 percent capacity, which will be about 42,500 seats. According to the Atlanta Braves’ website, all health and safety procedures will still be intact, including face masks, cashless concessions, mobile ticketing and ordering and a no bag policy. The Mercedes-Benz Stadium says their health and safety procedures will also be maintained, such as face masks requirements, areas with hand sanitization stands and cleaning procedures before, during and after events.

April 29, 2021

District of Columbia Southeast

Weekly Jobless Claims Drop to 553,000; GDP Posts 6.4 Percent First-Quarter Gain

by Julia Sanders April 29, 2021

WASHINGTON, D.C. — A total of 553,000 Americans filed for first-time unemployment insurance assistance for the week that ended April 24, the U.S. Department of Labor reported Thursday. These claims were a decrease of 13,000 from last week’s revised unemployment claims, which was revised up by 19,000 from 547,000 to 566,000. In the first quarter of 2021, the U.S. gross domestic product (GDP) increased at an annualized rate of 6.4 percent, which was the second-highest growth since 2003 but slightly below the 6.5 percent predicted by economists surveyed by Dow Jones. The fastest growth of GDP was seen in the third quarter of last year (an annualized rate of 33.1 percent). The first-quarter GDP growth includes the influence of the second round of stimulus checks issued by the government. According to CNBC, the Bureau of Economic Research says that the United States is still not out of a recession yet due to how GDP in total has not passed last year’s peak. The news outlet also reports that while 14 million Americans have returned, the Federal Reserve says the U.S. workforce is still short about 8.4 million jobs compared to pre-pandemic times.

April 29, 2021

Acquisitions District of Columbia Florida Loans Retail Southeast

JLL Arranges $197M Refinancing for 10-Property Portfolio of Shopping Centers

by Julia Sanders April 28, 2021

JACKSONVILLE, FLA. — JLL Capital Markets has arranged $197 million in senior debt for the refinancing of a 10-property retail portfolio totaling over 1 million square feet located in the Washington, D.C., Baltimore, Chicago, San Diego, Los Angeles, San Francisco and Seattle metros. Tarik Bateh, Greg Brown, Bruce Ganong, Keith Largay, Chris Hew and Drew Heitstuman of JLL arranged the financing on behalf of the borrower, a co-investment partnership managed by Jacksonville-based Regency Centers Corp. Hartford Investment Management Co. (HIMCO) provided the 10 interest-only loans, all of which featured 10-year terms and fixed interest rates. The portfolio is approximately 97 percent leased overall and includes grocery and pharmacy neighborhood centers anchored by Trader Joe’s, Giant, Safeway, Ralph’s, Albertson’s, Mariano’s, Walgreens, CVS and Rite Aid.

April 28, 2021

Acquisitions Florida Multifamily Southeast

Snell Properties Purchases Arcos Apartments in Sarasota, Florida for $80M

by Julia Sanders April 28, 2021

SARASOTA, FLA. — Virginia-based Snell Properties has purchased Arcos, an apartment community covering an entire city block in downtown Sarasota bounded by Central Avenue, Fourth Street and Lemon Avenue. Snell was the partnership lead in pursuit and closing of the acquisition, and will lead management of the asset, on behalf of the new ownership group. Built in 2019, Arcos is a 228-unit community located at 320 Central Ave. that offers studio, one-, two- and three-bedroom floorplans with keyless entry access, walk-in closets, in-unit washer/dryers and kitchens with quartz countertops, tiled backsplashes and stainless steel GE appliances, including French door refrigerators with indoor ice and water dispensers. The apartment homes feature large windows, recessed lighting and city and courtyard view options. Community amenities include a resort-style heated pool with sun deck; an outdoor pavilion with a fireplace, entertainment center, outdoor kitchen and a bar with grills, ice-mines and seating; a courtyard with water features and tropical landscaping; onsite spa with massage rooms and saunas; parking garage; fitness center; fenced dog park; coworking space; and a Starbucks coffee station. Brian Moulder and Chris Chadbourne of Walker & Dunlop represented the undisclosed seller in the transaction. Tim Weldon and Brian Kochan of Newmark …

April 28, 2021

Acquisitions Alabama Industrial Southeast

Phoenix Investors Acquires Technicolor’s 1.4 MSF Industrial Campus in Huntsville

by Julia Sanders April 28, 2021

HUNTSVILLE, ALA. — An affiliate of Milwaukee-based Phoenix Investors has acquired the Technicolor Campus located at 4905 Moores Mill Road in Huntsville. The industrial property spans 1.4 million square feet and sits on approximately 161 acres. Daniel Stubbs of Binswanger brokered the sale. Technicolor, which is exiting the property in August, uses the campus for disc manufacturing, warehousing and distribution fulfillment. The property features 916,000 square feet in warehouse and distribution space; 425,000 square feet in manufacturing and production space; and 30,000 square feet of office space. The property was last renovated in 2007. The property features 27- to 42-foot clear heights, 50 docks and six drive-in doors.

April 28, 2021

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