Southeast

Red Apple to Develop 1.3 MSF Mixed-Use Building in Downtown St. Petersburg

by Alex Tostado August 11, 2020

ST. PETERSBURG, FLA. — Red Apple Real Estate is moving forward with its development of a 1.3 million-square-foot mixed-use development in downtown St. Petersburg. The New York City-based developer filed foundation plans with the City of St. Petersburg and the Federal Aviation Administration (FAA) issued a “No Hazard Letter” for the project, meaning the project did not exceed obstruction standards and marking/lighting is not required. The 46-story development will include 300 condominiums; a 233-room hotel; 25,000 square feet of retail and restaurant space; and 20,000 square feet of office space. The condos, known as The Residences at 400, will offer one- to four-bedroom floor plans and a select number of penthouses. Amenities will include a fitness and wellness center, resident lounge, coworking space, library, theater room, seventh-floor rooftop terrace with a pool and spa, putting green, bocce court, outdoor kitchen, dog walking area and a fire pit. Residents will also have access to a glass-enclosed observatory on the 46th floor. Red Apple recently established a sales gallery across the street from the site at 465 Central Ave. Design work is underway, and Red Apple is planning for permitting of preliminary site work. The developer expects to break ground in 2021.

August 11, 2020

District of Columbia Retail Southeast

Retail Imports to See Lowest Annual Total in Four Years, Says NRF

by Alex Tostado August 11, 2020

WASHINGTON, D.C. — Retail imports at major U.S. ports are expected to see their lowest annual totals in four years as the coronavirus continues to affect the economy, according to the National Retail Federation (NRF). The NRF forecasts year-end 2020 totals to reach 19.6 million TEUs, which would be a 9.4 percent decrease from 2019 and the lowest number seen since the 19.1 million TEUs of imports in 2016. The NRF and Hackett Associates released their monthly Global Port Tracker report, which found that U.S. ports handled 1.6 million 20-foot equivalent units (TEUs) in June, which was up 4.9 percent from May 2020 but down 10.5 percent year-over-year. “The economy is recovering but retailers are being careful not to import more than they can sell,” says Jonathan Gold, NRF vice president for supply chain and customs policy. “Shelves will be stocked, but this is not the year to be left with warehouses full of unsold merchandise. The more Congress does to put spending money in consumers’ pockets and provide businesses with liquidity, the sooner we can get back to normal.”

August 11, 2020

Company News Hospitality Maryland Southeast

Marriott Reports RevPAR Declined 84.4 Percent at its Hotels Worldwide in Second Quarter

by Alex Tostado August 11, 2020

BETHESDA, MD. — Marriott International (Nasdaq: MAR) has reported that its second-quarter revenue per available room (RevPAR) declined 84.4 percent worldwide at its hotels due to the coronavirus pandemic. RevPAR in its North American portfolio dropped 83.6 percent. Additionally, the hotelier’s occupancy rates are slowly recovering, having reached 34 percent during the week ending Aug. 1 after bottoming out at 11 percent April 11. Currently, 91 percent of the company’s hotels are open, compared to 74 percent in April. Marriott reported a net loss of $210 million in the second quarter, a significant drop from second-quarter 2019 when the company gained $525 million. The Bethesda-based company is seeing bright spots when it comes to its international recovery, especially in the area it refers to as “Greater China” (the area encompassing China, Hong Kong, Macau and Taiwan). “Greater China continues to lead the recovery,” says Arne Sorenson, president and CEO of Marriott. “As of early May, all our hotels in the region are open, and occupancy levels are now reaching 60 percent, compared to 70 percent the same time last year. While Greater China’s recovery was originally led by demand from leisure travelers, particularly in resorts and drive-to destinations, we are now seeing …

August 11, 2020

Development Industrial South Carolina Southeast

Crescent Communities Delivers 104,000 SF Industrial Facility in Upstate South Carolina

by Alex Tostado August 11, 2020

FORT MILL, S.C. — Crescent Communities has delivered Stateline Logistics Center, a 104,000-square-foot industrial facility in Fort Mill. The property offers 30 dock doors, two drive-ins, a 130-foot truck court and parking for trailers and cars. The asset is located within Lakemont Business Park, which is situated along Interstate 77 and 14 miles south of Charlotte Douglas International Airport. Merriman Schmitt Architects designed the building, Intercon Building Corp. was the general contractor and Cushman & Wakefield is handling leasing.

August 11, 2020

Acquisitions Florida Hospitality Southeast

The Estate Cos. Acquires Former Ramada Inn Near Miami for $15.3M

by Alex Tostado August 11, 2020

HIALEAH, FLA. — The Estate Cos. has acquired a former Ramada Inn in Hialeah for $15.3 million. The non-operational hotel was originally built in 1970 with expansions completed in 1973, 1979 and 1988. The property offers 258 rooms and sits on five acres at 1950 W. 49th St., 15 miles northwest of downtown Miami. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending originated an $11.5 million acquisition loan on behalf of the buyer. The seller was a partnership between UCH1 LLC, Miami Corporate Partners, Bidart Dairy II LLC and Noriega Properties. Details of renovation plans were not disclosed.

August 11, 2020

Acquisitions Georgia Loans Multifamily Southeast

Beacon Real Estate Acquires Two Multifamily Communities in Metro Atlanta for $46.1M

by Alex Tostado August 10, 2020

DECATUR, GA. — Beacon Real Estate Group has acquired Domain at Cedar Creek and Gateway at Cedar Brook, two multifamily communities totaling 332 units in Decatur. Atlanta-based Audubon Communities sold the communities for $46.1 million. Domain at Cedar Creek, located at 3073 Cedar Creek Parkway, and Gateway at Cedar Brook, located at 3117 Cedar Brook Drive, are considered sister communities and are situated less than one mile from each other and nine miles northeast of downtown Atlanta. Each property offers one-, two- and three-bedroom apartments ranging in size from 750 square feet to 1,350 square feet. The two communities were 99 percent occupied at the time of sale. The seller recently made substantial investments to upgrade roofs, siding, HVAC systems and clubhouses at the communities. Scott Wadler, Mitch Sinberg and Matt Nihan of Berkadia originated $35.2 million in Fannie Mae acquisition financing on behalf of Beacon. The Coral Gables, Fla.-based buyer received $19.2 million to purchase Domain at Cedar Creek and $16 million for Gateway at Cedar Brook. Both loans feature 15-year terms with fixed interest rates and nine years of interest-only payments.

August 10, 2020

District of Columbia Multifamily Southeast

Nearly 80 Percent of Apartment Households Paid August Rent, NMHC Finds

by Alex Tostado August 10, 2020

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has reported that 79.3 percent of apartment households have paid August rent as of Aug. 6. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The latest figure is a decrease of 233,000 households, or 1.9 percent, from August 2019. However, the total number of those paying rent is an increase from July 6, 2020, in which 77.4 percent paid rent. President Donald Trump over the weekend signed an extension of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that provides unemployment benefits for citizens who have lost their jobs due to the COVID-19 outbreak. David Schwartz, NMHC chairman and CEO and chairman of Chicago-based Waterton, says that the CARES Act has been instrumental in helping millions of renters pay their rent. “Over the past few months apartment residents have largely been able to meet their housing obligations,” says Schwartz.

August 10, 2020

Florida Loans Office Southeast

New York Life Provides $38.3M Refinancing Loan for Office Building in Fort Lauderdale

by Alex Tostado August 10, 2020

FORT LAUDERDALE, FLA. — New York Life Real Estate Investors has provided a $38.3 million refinancing loan for 261 North University Drive, a 172,959-square-foot office building in Fort Lauderdale. The borrower, Encore Capital Management, recently completed a $15 million renovation of the property, including redesigning the lobby, modernizing the elevators, adding new bathrooms and overseeing new tenant buildouts. The asset is situated eight miles west of downtown Fort Lauderdale. Furthermore, the property will be part of a mixed-use development that is set to feature 760 multifamily units, 150,000 square feet of retail space and 400 hotel rooms delivering in two phases by 2022. Kevin O’Grady of Concord Summit Capital and Eric McGlynn of Walker & Dunlop arranged the loan on behalf of Fort Lauderdale-based Encore, and Ryan Doyle and John Lippmann of New York Life originated the loan.

August 10, 2020

Company News Florida Retail Southeast

Regency Centers’ NOI Drops 20.1 Percent in Second Quarter Due to Pandemic

by Alex Tostado August 10, 2020

JACKSONVILLE, FLA. — During its second-quarter earnings call, Regency Centers Corp. (Nasdaq: REG) reported same-property net operating income of $162.3 million for the three months ending June 30, a 20.1 percent year-over-year decrease. The Jacksonville-based company says all 415 of its shopping centers nationwide have remained open during the COVID-19 pandemic, with 95 percent of its tenants being open as of July 31. Regency Centers collected 72 percent of base rents for the quarter and has agreed to more than 600 lease rent deferrals. The shopping center REIT estimates that 96 percent of deferred rents will be collected by the end of 2021.

August 10, 2020

Development Industrial Kentucky Southeast

Ice Cream Maker Dippin’ Dots Opens $3.2M Industrial Facility in Paducah, Kentucky

by Alex Tostado August 10, 2020

PADUCAH, KY. — Dippin’ Dots, maker of flash-frozen beaded ice cream, has opened a $3.2 million, 6,000-square-foot industrial facility in Paducah. The property houses 45 employees and will support Dippin’ Dots Cryogenics LLC, a division of the company that was launched in 2018 and applies the patented flash-frozen technology to other industries. The building is situated at 3865 Industrial Drive, one mile from Interstate 24.

August 10, 2020

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