Southeast

PCCP, Panattoni to Develop 2.4 MSF Industrial Campus Near Port of Savannah

by Alex Tostado September 24, 2020

BLOOMINGDALE, GA. — PCCP LLC and Panattoni Development Co. Inc. have formed a joint venture to develop a 2.4 million-square-foot industrial campus within Savannah Portside International Park in Bloomingdale. The spec project will be built in phases, with Phase I comprising a 518,400-square-foot facility. The building will feature 40-foot clear heights and can be expanded to 1.1 million square feet. A timeline for completion was not disclosed. The developers are targeting tenants seeking anywhere from 200,000 square feet to 2.4 million square feet. Savannah Portside International Park is situated near Interstate 16, 19 miles from the Port of Savannah.

September 24, 2020

Company News Florida Restaurant Retail Southeast

Darden Restaurants Reports 28.4 Percent Slide in Fiscal First-Quarter Sales

by Alex Tostado September 24, 2020

ORLANDO, FLA. — Darden Restaurants Inc. (NYSE: DRI) has reported its sales fell 28.4 percent in its fiscal first quarter, which ended Aug. 30. The Orlando-based company owns restaurant brands including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden reported that sales in its fine dining restaurants fell 38.9 percent year-over-year. Sales at Olive Garden slid 27.7 percent, while LongHorn saw a decrease of 16.3 percent. At the beginning of its first quarter, Darden had 68 percent of restaurants in its portfolio open, compared with 91 percent on Sept. 1. Despite the fall in sales, Darden is still progressing with its full-year outlook, which includes the addition of 35 to 40 new restaurants and total capital spending of $250 million to $300 million. As of Aug. 30, Darden operated 1,807 restaurants.

September 24, 2020

Development Florida Industrial Southeast

Seefried, Clarion Partners Deliver 1.1 MSF Industrial Facility in Central Florida

by Alex Tostado September 23, 2020

DELTONA, FLA. — Seefried Industrial Properties and Clarion Partners LLC have delivered a 1.1 million-square-foot industrial facility in Deltona. The building features 34,275 square feet of office space, 1,034 auto parking spaces and 350 trailer parking spaces. The property is situated on North Normandy Boulevard along Interstate 4, about 30 miles north of downtown Orlando. The tenant, an undisclosed e-commerce company, expects to house 500 employees at the facility. The joint venture began construction nine months ago with the design team, which includes general contractor The Conlan Co., architect Ford & Associates and civil engineer Kimley-Horn.

September 23, 2020

Development Florida Multifamily Southeast Student Housing

BCDC, 908 Group Break Ground on 294-Bed Student Housing Community Near University of Florida

by Alex Tostado September 23, 2020

GAINESVILLE, FLA. — A joint venture between Batson-Cook Development Co. (BCDC) and 908 Group has broken ground on Gator Walk, a 294-bed student housing development located near the University of Florida campus in Gainesville. The community will comprise a six-story residential tower offering one-, two-, three-, four- and five-bedroom units; and three three-story townhomes offering six-bedroom units. All units will be fully furnished and will feature bed-to-bath parity. Communal amenities will include a rooftop deck with a pool, fitness center, private study spaces, computer room and a social lounge with a kitchen, TVs and gaming areas. Cadence Bank provided construction financing. The project’s development team includes general contractor ARCO/Murray and architect Design Styles Architecture. The community is scheduled for completion in fall 2022.

September 23, 2020

Acquisitions Industrial Self-Storage Southeast Tennessee

JLL Arranges Sale of 1,200-Unit Self-Storage Portfolio Near Nashville

by Alex Tostado September 23, 2020

MURFREESBORO, TENN. — JLL has arranged the sale of a 1,200-unit self-storage portfolio in Murfreesboro. The portfolio comprises the 662-unit Salem Glen Self Storage facility at 3450 Glenside Court and the 538-unit CubeSmart facility at 1932 Cason Lane. Glen Self Storage was delivered in 2005 and expanded in 2017. The property has 177 climate-controlled units and 485 drive-up, non-climate-controlled units. The CubeSmart facility was completed in 2017 and expanded this past spring to add 57 RV parking units. The unit mix includes 244 climate-controlled units and 237 drive-up, non-climate-controlled units. The properties are located one mile from each other and 35 miles southeast of downtown Nashville. Steve Mellon, Brian Somoza and Bo Fulk of JLL represented the seller, Utah-based Wasatch Storage Partners, in the transaction. Reliant Real Estate Management purchased the facilities for an undisclosed price.

September 23, 2020

Loans Multifamily Southeast Virginia

NKF Provides $57.6M Refinancing Loan for Multifamily Complex in Virginia Beach

by Alex Tostado September 23, 2020

VIRGINIA BEACH, VA. — Newmark Knight Frank (NKF) has provided a $57.6 million Freddie Mac refinancing loan for Coastline Apartments, a 600-unit multifamily complex in Virginia Beach. George Wisecarver and Steven Leitch of NKF originated the loan on behalf of the borrower, a partnership between Blackfin Real Estate Investors and GMF Capital. Terms of the loan were not disclosed. The property comprises 34 two-story buildings, which were originally developed in 1970 and renovated in 2016 and earlier this year. Coastline Apartments offers one-, two- and three-bedroom floorplans featuring remodeled kitchens, washers and dryers, walk-in closets, crown molding and private balconies or screened-in patios. Communal amenities include a clubhouse, pool, sundeck, multiple playgrounds, a dog park and 24-hour emergency maintenance. The community is located at 631 Lake Edward Drive, 13 miles west of downtown Virginia Beach.

September 23, 2020

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Negotiates $3.5M Sale of Strip Retail Center in Camden, South Carolina

by Alex Tostado September 23, 2020

CAMDEN, S.C. — Marcus & Millichap has negotiated the $3.5 million sale of Aspen Dental Strip Center, an 8,400-square-foot retail property in Camden. The strip retail center was leased to Aspen Dental, Jersey Mike’s, T-Mobile and a nail salon at the time of sale. Zach Taylor and Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, BM Camden Associates LLC, in the transaction. W Properties LLC, a privately held 1031 exchange investor, acquired the property. The sale represents the final piece of the River Oaks Shopping Center dispositions, which also included the sale of a property ground-leased to Chick-fil-A and the sale of a 146,000-square-foot shopping center anchored by Hobby Lobby and Marshalls. The three segments sold to separate investors for $16.1 million. “This project was a perfect example of how implementing a parcellated disposition strategy will often net sellers significant additional proceeds versus a single shopping center sale inclusive of all outparcels and anchors,” says Taylor. “This approach has become the industry standard over the past six months for our clients, both private and institutional.”

September 23, 2020

Development Industrial Maryland Southeast

Matan Starts Construction on 556,800 SF Industrial Park in Suburban Maryland

by Alex Tostado September 22, 2020

FREDERICK, MD. — Matan Cos. has broken ground on the first two buildings of Center 85, a speculative, 556,800-square-foot industrial park in Frederick. The company has started on Buildings I and II, which will span 116,000 square feet and 64,000 square feet, respectively. The locally based developer expects to deliver the two buildings in July 2021 with tenant improvements slated to begin in May 2021. Matan will break ground on Building III dependent on leasing activity on the first two buildings. Matan is available to begin construction on the 276,000-square-foot asset and have the same timetable as the other two buildings. The buildings will feature 30-foot clear heights, a 120-foot truck court, 50-foot speed bay and two drive-in dock doors. Morgan Keller is the general contractor of Center 85, and Powers Brown in the architect.

September 22, 2020

Alabama Development Multifamily Southeast Student Housing

Spaces Management Opens 251-Bed Student Housing Complex in Tuscaloosa

by Alex Tostado September 22, 2020

TUSCALOOSA, ALA. — Spaces Management has opened The Walk Tuscaloosa, a 251-bed student housing complex serving the students at the University of Alabama. The four-story building is located one block from Bryant-Denny Stadium and Tutwiler Hall. Unit interiors are fully furnished and feature quartz countertops, tile bathroom flooring, walk-in showers, vinyl plank wood-grain flooring and stainless steel appliances. Communal amenities include three fitness centers, private and group study spaces, a tanning bed, lounge area, pool, pool deck, firepit and below-grade parking. Elite Building was the general contractor, and Poole & Co. and Southpark Interiors were the architects. Function First Furniture furnished the units. The University of Alabama is currently offering in-person classes.

September 22, 2020

Development Florida Retail Southeast

Miller Construction Breaks Ground on 114,000 SF Showroom for City Furniture in Metro Orlando

by Alex Tostado September 22, 2020

ALTAMONTE SPRINGS, FLA. — Miller Construction has broken ground on a 114,000-square-foot, two-story showroom for Florida-based City Furniture in Altamonte Springs. The property is situated at 555 Douglas Ave., overlooking Interstate 4 and 10 miles north of downtown Orlando. Miller is constructing the asset to achieve LEED certification. The property will include interior and exterior LED lighting, a water-conserving HVAC system and seven electric car-charging stations. Deerfield Beach, Fla.-based Gallo Herbert Architects is the designer. Orlando-based Dewberry is the civil engineer. A timeline for construction was not disclosed. City Furniture operates 20 showrooms in Florida as well as 14 Ashley HomeStore showrooms in southern Florida.

September 22, 2020

Newer Posts

Older Posts