Southeast

Dollar General Plans $65M Distribution Center in Northern Kentucky, Expansion of Cold-Storage Footprint

by Kristin Harlow August 5, 2020

WALTON, KY. — Dollar General (NYSE: DG) has unveiled plans to open a 630,000-square-foot distribution facility in Walton, approximately 20 miles south of Cincinnati and the Ohio border. The $65 million investment is expected to bring 250 jobs to the city and support 800 stores. The Walton facility will serve as Dollar General’s 18th distribution center. Construction is scheduled to begin in September with operations to begin in January. Dollar General has also announced plans to build three additional DG Fresh facilities to support a shift toward self-distribution of products that require cold storage such as dairy, deli meats and frozen products. Construction is scheduled to begin this fall on a 160,000-square-foot cold storage facility in Ardmore, Oklahoma, with completion slated for spring 2021. Similarly, construction is scheduled to begin this fall on a 160,000-square-foot cold storage property in Bowling Green, Kentucky, with completion slated for summer 2021. Dollar General is currently finalizing construction of a 200,000-square-foot cold storage facility in West Sacramento, California, to complement its West Coast distribution operations. The property is scheduled to open this fall. At full capacity, each of the DG Fresh facilities are expected to create approximately 65 new jobs and support roughly 1,500 …

August 5, 2020

Company News Industrial Self-Storage Southeast Tennessee

NexPoint Advisors to Acquire Self-Storage Owner Jernigan Capital for $900M

by Alex Tostado August 4, 2020

MEMPHIS, TENN. — An affiliate of NexPoint Advisors LP will acquire Memphis-based Jernigan Capital Inc. for $17.30 per share, or approximately $900 million, in an all-cash deal. The transaction is expected to close in the fourth quarter of this year. Under terms of the agreement, Jernigan Capital will discontinue its regular quarterly dividends and does not expect to host a conference call and webcast to discuss its financial results for the quarter ended June 30. Jernigan Capital owns more than 5 million square feet of self-storage assets in more than 20 states. NexPoint is based in Dallas and is an investment adviser to a suite of funds and investment offerings.

August 4, 2020

Acquisitions Georgia Multifamily Southeast Student Housing

Colliers Arranges Sale of 1,087-Bed Student Housing Community Near Georgia Southern

by Alex Tostado August 4, 2020

STATESBORO, GA. — Colliers International has arranged the sale of Cottage Row, a 1,087-bed student housing community located near the Georgia Southern University campus in Statesboro. Rialto Capital Advisors sold the property to a joint venture between XFD Real Estate Partners, Ash Real Estate, Saxum Real Estate and Anchor Real Estate Capital for an undisclosed price. Sean Baird, Jonathan Holt and Will Mathews of Colliers represented both the buyer and seller in the transaction. Cottage Row offers two-, three-, four- and five-bedroom units. Communal amenities include a 24-hour fitness center, computer lab, study lounge, full-court volleyball, a pool, movie theater, tanning bed and a private shuttle to campus. Georgia Southern plans to begin in-person classes for its fall semester Aug. 17. Nathan Lynch and Donald Jennewein, also with Colliers, arranged acquisition financing on behalf of the buyers. The non-recourse loan features a five-year term with a 3.6 percent fixed interest rate.

August 4, 2020

Development Georgia Industrial Southeast

Home Depot to Develop Three Distribution Centers Around Atlanta

by Alex Tostado August 4, 2020

ATLANTA — The Home Depot will develop three distribution centers around its home city of Atlanta. The biggest of the three facilities will be a 657,600-square-foot center in Locust Grove that will supply stores in the Southeast. The Atlanta-based company expects the property to house 600 employees when operations begin in the next few months. The home improvement retailer also plans to open a “flatbed delivery service” in Stonecrest in 2021. The facility will offer same- and next-day delivery of bulk and oversized orders to both construction sites and private residences. Earlier this year, the company opened its first flatbed delivery center in Dallas, Texas. The third asset will be an order fulfillment center in East Point that is slated to open in late 2021. The facility will offer same- and next-day delivery of products primarily ordered by institutional business customers for their maintenance, repair and operations needs.

August 4, 2020

Company News Florida Retail Southeast

Publix Experiences 21.8 Percent Boost in Sales During Second Quarter

by Alex Tostado August 4, 2020

LAKELAND, FLA. — Publix’s sales have increased 21.8 percent year-over-year, the company announced during its second-quarter earnings report. As an essential retailer, the Lakeland-based grocer has remained open through the nationwide COVID-19 pandemic, which was declared a national emergency March 13. For its second quarter, which spanned the three months ending June 27, Publix’s sales reached $11.4 billion, an increase from $9.3 billion the same time a year ago. The company estimates its sales in the second quarter increased approximately $1.5 billion, or 16.1 percent, due to the pandemic.

August 4, 2020

Acquisitions Retail Southeast Virginia

JLL Negotiates $35.2M Sale of Five-Property Retail Portfolio in Metro Richmond

by Alex Tostado August 4, 2020

RICHMOND, VA. — JLL has negotiated the $35.2 million sale of five retail buildings leased to Wawa in metro Richmond. The five properties are located at 6001 Iron Bridge Road in Richmond; 8800 Brook Road in Glen Allen; 3840 N. Bailey Bridge Road in Midlothian; and 600 E. Hundred Road and 11021 Iron Bridge Road in Chester. Each property was built between 2000 and 2001, and Wawa recently executed 20-year lease extensions at each property. Marc Mandel, Steve Schrenk, Jordan Lex and Chris Hew of JLL represented the seller, a joint venture between Provco, Goodman Properties and Pineville Properties. Patrick Luther of SRS Real Estate Partners and Phil Sambazis of Marcus & Millichap represented the undisclosed buyer, which was completing a 1031 exchange.

August 4, 2020

District of Columbia Features Loans Multifamily Southeast Southeast Feature Archive

US Multifamily Originations to Decline 20 to 41 Percent in 2020, Says Freddie Mac

by John Nelson August 4, 2020

WASHINGTON, D.C. — In its midyear multifamily outlook report, Freddie Mac predicts U.S. multifamily loan originations will drop severely for all of 2020 due to the outbreak of COVID-19 and the big blow the virus has dealt the U.S. economy. The gross domestic product from April to June plunged 32.9 percent on an annualized basis, according to the U.S. Commerce Department. The government-sponsored enterprise (GSE) is projecting that loan volume will decrease 20 to 41 percent across the multifamily sector this year compared with the total dollar amount of loans closed by lenders in 2019, which Freddie Mac estimates was $374 billion. Heading into this year, Freddie Mac expected that loan originations would increase 5 percent in 2020 to $390 billion. Depending on the overall strength of the U.S. recovery and the further spread of COVID-19, Freddie Mac outlined two scenarios for how the year will play out. The more optimistic scenario calls for the unemployment rate to fall just below 8 percent by the end of the year. The U.S. unemployment rate, which stood at 11.1 percent at the end of June, will be updated Friday when the Department of Labor releases the nonfarm payroll employment report for July. …

August 4, 2020

Acquisitions Florida Multifamily Southeast

Cortland Purchases Multifamily Community in South Florida for $73.9M

by Alex Tostado August 3, 2020

DELRAY BEACH, FLA. — Cortland has purchased Delray Station, a 284-unit multifamily community in Delray Beach. The seller and price were not disclosed, but a person familiar with the transaction said Wood Partners sold the asset to Cortland for $73.9 million. The property, which was delivered in 2017, offers one-, two- and three-bedroom floor plans averaging 1,104 square feet. Communal amenities include a pool, cabanas, sundeck, 24-hour fitness center, clubhouse, grilling areas, putting green and walking trails. Delray Station is located at 1720 Depot Ave., less than two miles north of the Delray Beach Tri-Rail station and nine miles north of downtown Boca Raton. Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of Newmark Knight Frank (NKF) represented the seller in the transaction.

August 3, 2020

Development Multifamily South Carolina Southeast Student Housing

DMG Investments Completes 486-Bed Student Housing Community Near University of South Carolina Upstate

by Alex Tostado August 3, 2020

SPARTANBURG, S.C. — DMG Investments has completed construction on Auden Upstate, a 486-bed student housing community located near the University of South Carolina Upstate campus in Spartanburg. The development — which consists of seven buildings totaling 94,000 square feet — offers two-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Communal amenities at the property include a fitness center, basketball court, clubhouse, yoga studio, business center and a pool. The community features the company’s clean-living program, which was developed to provide best practices in response to the COVID-19 pandemic. Leasing for the property is currently underway with move-in scheduled to begin this month. USC Upstate will begin its fall semester Aug. 20. Students will have the option to attend in-person classes or attend virtual classes.

August 3, 2020

Development Georgia Hospitality Southeast

Strand Capital Group to Develop 22-Story Hotel in Downtown Atlanta

by Alex Tostado August 3, 2020

ATLANTA — Strand Capital Group LLC will develop a 22-story, dual-branded hotel in downtown Atlanta. The Margaritaville Vacation Club by Wyndham and Club Wyndham hotel will overlook Centennial Olympic Park and will be situated within walking distance of the Georgia Aquarium, World of Coca-Cola, Mercedes-Benz Stadium and State Farm Arena. The hotel will offer 200 rooms and is expected to be delivered in early 2022. The property will offer one-bedroom standard and one-, two- and three-bedroom deluxe and presidential configurations. The rooms will feature living and dining areas, kitchenettes or fully equipped kitchens, and a Frozen Concoction Maker frozen drink machine in the Margaritaville suites. An undisclosed number of suites will be reserved for timeshares. Upon completion, Wyndham Destinations will acquire units at the property and manage the sales and marketing of the timeshares.

August 3, 2020

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