Southeast

Fortune International, Château Receive $119M Refinancing for Oceanfront Condo Development Site Near Miami

by Kristin Harlow May 6, 2020

SUNNY ISLES BEACH, FLA. — Fortune International Group and Château Group have received a $119 million loan for the refinancing of La Playa de Varadero, an oceanfront condominium development site in Sunny Isles Beach, a barrier island about 20 miles north of Miami. Located at 18801 Collins Ave., the 4.7-acre site boasts beach frontage of 435 feet directly on the Atlantic Ocean. Plans call for 490 residential units across two condominium towers. Construction of the 1.2 million-square-foot project will be completed in two phases. In 2015, the developers received site plan approval from the City of Sunny Isles Beach. The team recently secured final approval for the last set of modifications to the original design. To date, a portion of the predevelopment work has been completed, including the demolition of an existing structure and a structural build-out of the sales center. Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Dominick Calisto of Newmark Knight Frank (NKF) arranged the refinancing, with Bank OZK as the lender. The loan covers some predevelopment costs and land carry costs, according to NKF. Fortune International Group is a real estate development firm located in Miami that is known for its luxury condo projects. Fortune’s …

May 6, 2020

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $52M Sale of Multifamily Community Near Atlanta

by Alex Tostado May 5, 2020

DULUTH, GA. — Cushman & Wakefield has arranged the $52 million sale of The Hills on Breckinridge, a 400-unit multifamily community in Duluth. The property was built in 1986 and offers one- and two-bedroom floor plans. The seller, Wilkinson Corp., has implemented recent renovations, including a new clubhouse, pool, sports court, dog park and playground, as well as interior upgrades. The property is situated at 3450 Breckinridge Blvd., 24 miles northeast of downtown Atlanta. Nathan Swenson and Travis Presnell of Cushman & Wakefield represented the seller in the transaction. The buyer was not disclosed.

May 5, 2020

Development Hospitality Southeast Virginia

Extended Stay America Opens 92-Room Hotel Near Richmond

by Alex Tostado May 5, 2020

COLONIAL HEIGHTS, VA. — Extended Stay America Inc. has opened Extended Stay America-Colonial Heights, a 92-room hotel in Colonial Heights. Each room features kitchens with full-size refrigerators, microwave ovens, cooktops, platform beds with storage space beneath, recliners and high-speed Wi-Fi. Amenities include a fitness center, laundry room and a lobby. Kara Hospitality is managing the property. The new building is located at 441 Charles H Dimmock Parkway, 23 miles south of downtown Richmond.

May 5, 2020

Development Florida Multifamily Seniors Housing Southeast

Atlantic Housing Partners Delivers $14.8M Affordable Seniors Housing Facility in Palm Coast, Florida

by Alex Tostado May 5, 2020

PALM COAST, FLA. — Atlantic Housing Partners LLLP has opened Central Landings Senior Living, a $14.8 million affordable seniors housing community in Palm Coast. The 83-unit facility is reserved for those 62 years of age and older earning between 40 and 80 percent of the area median income. The property offers one- to three-bedroom floor plans. Each unit features granite countertops, CleanSteel appliances and screened-in patios. Communal amenities include a clubhouse with a dedicated senior resident activities center, pool table, business center, Amazon HUB package center, fitness center, walking trails and a dog park. The community is situated within the Palm Coast Town Center, a master-planned development that will include up to 2,500 multifamily units, 1.4 million square feet of office space and 3.4 million square feet of commercial space, including a movie theater and a hotel. The developer received $7.4 million in tax-exempt bonds through the Housing Finance Authority of Volusia County and $5.2 million in equity from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corp. ConcordRents is managing the property.

May 5, 2020

Acquisitions Industrial Maryland Southeast

MacKenzie Commercial Brokers Sale of 43,000 SF Industrial Property in Baltimore County

by Alex Tostado May 5, 2020

TIMONIUM, MD. — MacKenzie Commercial Real Estate Services LLC has brokered the sale of 1919 Greenspring Drive, a 43,000-square-foot industrial property in Timonium. The facility was originally built in 1962 and sits on 1.8 acres about 13 miles north of downtown Baltimore. The building features both dock and drive-in loading and several mezzanine areas for additional storage space. At the time of sale, the building was fully leased to tenants including Opfer Auctioneering, GSI Corp., Wood Floor Warehouse and H&N Printing. The buyer, 1919 Greenspring LLC, purchased the property as part of a 1031 exchange. Dan Hudak and Andrew Meeder of MacKenzie Commercial represented the seller in the transaction.

May 5, 2020

Company News District of Columbia Southeast

LoopNet Launches CoTour to Conduct Virtual Tours in Real Time Amid COVID-19

by Alex Tostado May 5, 2020

WASHINGTON, D.C. — LoopNet Inc. has launched CoTour, a virtual way for tenants, owners and brokers to browse commercial space in real time. CoTour can host a LoopNet member and up to 20 non-members at a time, giving all participants an opportunity to see the space and discuss with the others in the private meeting room. CoTour pulls its content from 3D virtual tours, HD video tours, aerial drone videography and architectural photography already existing on LoopNet listings. Washington, D.C.-based LoopNet’s marketplace covers all commercial property categories, including office, industrial, retail, apartments, hotel, land, specialty properties and investment properties. Due to the COVID-19 pandemic, 6.4 million tenants virtually toured properties on LoopNet in April, which is up 61 percent from the prior month.

May 5, 2020

Miami Red Capital Rent and Occupancy RED Capital

Content Partner Features Florida Lument Multifamily RED Capital Group Southeast

Cresting Wave of Job Losses Upends Miami Multifamily Sector

by Sarah Daniels May 5, 2020

How will the COVID-19 fallout impact the Miami multifamily market? Although many investors are approaching markets known for leisure travel and cruise industries with caution these days, RED Mortgage Capital research posted last week indicates Fort Lauderdale/Broward County may offer a more attractive risk and reward profile than is commonly understood in the intermediate term, even under severe recessionary stress. Can the same be said of Miami as many of the same arguments apply? Let us stipulate that coronavirus has struck Magic City a particularly sharp blow. Miami relies on international tourism to a larger degree than most other domestic travel destinations and has experienced greater tourism revenue and job losses as a result. Travel industry consultants STR analyzed the top 25 tourist destinations in America and noted that Miami hotels recorded the largest decline in average daily hotel room rates in April (-56.8 percent from 2019), while the metro area’s hotel occupancy plunged to 20 percent from 95 percent in 2019. Employment data are available only through March at this writing, but even at this early stage, job losses were severe. The Miami-Miami Beach metropolitan division employed population fell 86,000 in March, a one-month decline of 6.5 percent. Job …

May 5, 2020

Company News Georgia Retail Southeast

Jamestown Launches $50M Relief Effort to Help Small Business Tenants Reopen

by Alex Tostado May 4, 2020

ATLANTA — Atlanta-based Jamestown has launched a $50 million fund to aid small businesses at its properties that are in the process of reopening as states relax retail closures. Funding allocations will be distributed as each qualifying tenant develops a reopening plan with its local Jamestown property management team. Funds received through the relief effort can be used to cover operating expenses, as well as mandatory measures implemented to remain in compliance with local, state and federal guidelines related to COVID-19. Jamestown did not release its definition for a small business but the U.S. Small Business Administration (SBA) defines a small business retail as companies earning less than $7.5 million in annual receipts. In March, Jamestown launched an online resource guide to help its small business tenants find materials about maintaining business operations, financing, health and safety resources, as well as best practices for operating and reopening in a COVID-19 environment. Jamestown owns properties in New York, California, Washington, D.C., Georgia, Florida, Pennsylvania, North Carolina and Massachusetts. Some of its notable assets include Ponce City Market and The Shops at Buckhead Atlanta in Georgia, One Times Square in New York City, Constitution Wharf in Massachusetts, and Raleigh Iron Works in North Carolina.

May 4, 2020

Retail Southeast Tennessee

Tennessee Governor to Allow Service Retailers in Most Counties to Reopen on Wednesday

by Alex Tostado May 4, 2020

NASHVILLE, TENN. — Tennessee Gov. Bill Lee will allow personal service businesses in 89 of the state’s 95 counties to reopen under strict guidelines Wednesday as the COVID-19 pandemic continues to impact the country’s economy. The governor’s office estimates 38,000 people will be able to return to work. The remaining six counties — Shelby, Madison, Davidson, Hamilton, Knox and Sullivan — will create individual plans in consultation with their locally run health departments. The state’s guidance applies to personal services including barber shops, hair salons, waxing salons, nail spas, massage therapy services and substantially similar businesses that require prolonged close contact with customers. Some of the guidelines include: Limit the number of customers to 50 percent of fire code capacity; Services will be offered by appointment only, meaning no walk-ins; Workstations should be at least six feet apart, with additional measures taken as necessary to ensure that all people stay six feet apart at all times except for the staff providing a service to their client. Physical barriers can be used where necessary; Prohibit use of waiting areas; Ensure thorough workstation and equipment disinfection after each customer; Do not allow non-customer companions to accompany customer during a service; and Do …

May 4, 2020

Development Kentucky Retail Southeast

Churchill Downs Approves $38.4M Gaming Facility in Metro Cincinnati Shopping Center

by Alex Tostado May 4, 2020

FLORENCE, KY. — Churchill Downs Inc. has approved the $38.4 million, 46,500-square-foot development of Turfway Park at Newport Plaza Shopping Center in Florence. The property is meant to offer a racing alternative while Turfway Park is under renovation. Completion is slated for fourth-quarter 2020. The new facility will offer a simulcast area including a separate VIP simulcast room, a 17,000-square-foot gaming floor with 500 historical racing machines and a bar. The facility will provide approximately 70 full-time jobs. The property is situated three miles southeast of downtown Cincinnati at 14 miles east of Turfway Park.

May 4, 2020

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