Wednesday, July 9, 2025
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AcquisitionsKentuckyMultifamilySoutheast

Cushman & Wakefield Negotiates $28.2M Sale of Multifamily Community Near Cincinnati

by Alex Tostado

FLORENCE, KY. — Cushman & Wakefield has negotiated the $28.2 million sale of Paddock Club, a 200-unit multifamily community in Florence. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, indoor basketball court, fitness center and a dog park. The community was originally built in 1995 and was renovated in 2019. Paddock Club is situated at 8000 Preakness Drive, 13 miles southwest of downtown Cincinnati. Mike Kemether, Craig Collins and Don Murphy of Cushman & Wakefield represented the seller, Spyglass Capital Partners LLC, in the transaction. PLK Communities acquired the property.

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AcquisitionsLoansMultifamilyORIXSouth CarolinaSoutheast

Hunt Real Estate Provides $24.5M Acquisition Loan for Apartment Complex in Lexington, South Carolina

by Alex Tostado

LEXINGTON, S.C. — Hunt Real Estate Capital has provided a $24.5 million Freddie Mac acquisition loan for Lullwater at Saluda Pointe, a 280-unit apartment complex in Lexington. Built in 2007, the property spans 23 acres and comprises 11 three-story buildings and a one-story leasing office/clubhouse. The borrower, Lullwater DE Holdings LLC, acquired the property from Fickling & Co. through a 1031 exchange. Lullwater at Saluda Pointe offers one- through three-bedroom floor plans, as well as a pool, fitness center, spa, playground, conference room and a business room. The new owner plans to implement a $1.6 million renovation to include new kitchen counters and backsplashes, stainless steel appliances, light fixtures, faux wood floors and screened porches. The borrower is also planning to install washers and dryers in 60 percent of units, replace exterior windows, paint, renovate the clubhouse, add a dog park and improve landscaping. John Sloot and Colin Cross of Hunt Real Estate Capital originated the loan on behalf of the buyer.

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AcquisitionsLoansRetailSoutheastWest Virginia

Uber Capital Arranges $11M Acquisition Loan for Shopping Center in Logan, West Virginia

by Alex Tostado

LOGAN, W.VA. — Uber Capital Group has arranged an $11 million acquisition loan for Fountain Place Shopping Center, a 226,096-square-foot retail property in Logan. The five-year loan features a fixed 4.5 percent interest rate and a 20-year amortization schedule. Fountain Place was built in 1997 at 1103 George Kostas Drive, four miles west of downtown Logan. At the time of sale, the property was leased to tenants including anchors Lowe’s Home Improvement and Walmart Supercenter, as well as Rue 21, Burkes Outlet, Shoe Show Mega Store, Dollar Tree, Southern West Virginia Health System, Appalachian Regional Healthcare and McCoy Dental. A regional lender based in Virginia provided the loan to the undisclosed borrower, a private investor based in New York.

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Fort Lauderdale RED Capital_rev
Content PartnerFeaturesFloridaLumentMultifamilyRED Capital GroupSoutheast

Fort Lauderdale Multifamily Sector Offers Investors Shelter from the Viral Storm

by Sarah Daniels

Many multifamily real estate investors have moved to the sidelines until price transparency returns and the trajectory of property performance becomes clearer. It is a prudent strategy. Indeed, this period of forced inactivity is, perhaps, better used to reflect on the future and consider which U.S. apartment markets will offer the most attractive opportunities when the moment arrives to test the waters again. Conventional wisdom holds that markets with significant reliance on leisure travel employment will be hardest hit by the pandemic, particularly those with outsized exposure to the cruise industry. It’s hard to refute the logic. But investors who interpret it too literally may miss potentially attractive options. Take Fort Lauderdale, for example. The Broward County labor market has one of the highest exposures in the country to the leisure, hospitality and cruise sectors. More than 3.9 million cruise passengers embarked from the port last year, generating direct employment for about 15,000 residents and indirect employment for tens of thousands more in the lodging, dining and entertainment, air transportation and retail sectors. With the cruise industry taking on water surely investors would be well advised to steer clear of the Gold Coast? Perhaps not. In fact, the statistical impact …

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District of ColumbiaHospitalitySoutheast

AHLA Survey: 70 Percent of Hotel Workers Furloughed, Vacancy Rates Lowest Since Great Depression

by Alex Tostado

WASHINGTON, D.C. — The outbreak of the novel coronavirus has continued to clobber the hotel sector as industry experts say 70 percent of workers have been furloughed and eight in 10 rooms are vacant, according to a survey conducted by the American Hotel & Lodging Association (AHLA). The data from the survey also leads the AHLA to project that vacancy rates in 2020 will be the lowest (38 percent) since the Great Depression. The vacancy rate was 66 percent from 2017 to 2019. “Hotels were one of the first industries affected by the pandemic and will be one of the last to recover,” said Chip Rogers, president and CEO of AHLA. The survey also reports that the full-service hotels that are remaining open are operating on average with a 14-person staff, a fraction of the average 50-person staff pre-crisis. Resort hotels, which often operate seasonally based on peak tourism months and averaged about 90 employees per location as recently as March 13, are down to an average of five employees per resort today. As of this writing, there were 49,963 deaths and 869,172 confirmed cases of COVID-19 in the United States, according to Johns Hopkins University (JHU).

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AcquisitionsAffordable HousingGeorgiaMultifamilySoutheast

Joint Venture Acquires Affordable Housing Community in Atlanta for $25M, Plans $16.5M Renovation

by Alex Tostado

ATLANTA — A joint venture between Jonathan Rose Cos., Columbia Residential and SUMMECH Community Development Corp. has acquired City Views at Rosa Burney Park near downtown Atlanta. The Section 8 and low-income housing tax credit (LIHTC) community comprises 181 units reserved for residents earning 40, 60 or 80 percent of the area median income (AMI). City Views, which offers two- to five-bedroom floor plans, is situated at 259 Richardson St. SW, a mile from downtown Atlanta. The new ownership is planning a $16.5 million upgrade, which will include new roofs, windows, elevators and façade. There will also be brick repairs and repainting, as well as improved Americans with Disabilities (ADA) accessibility, HVAC and plumbing. Apartment interiors will also be completely renovated, including new LVT flooring, kitchens, bathrooms, Energy Star appliances, low-flow plumbing fixtures and LED light fixtures. Additionally, several thousand square feet of community space that was previously closed off and used for storage will be reactivated, including a fitness center, craft room, package room, upgraded laundry facilities, community room with warming kitchen and free Wi-Fi, a computer learning center and updated management and resident services offices. Residents will be temporarily relocated off-site on a rolling basis, in durations of fewer …

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Company NewsFloridaRetailSoutheast

Park Pizza & Brewing Partners with Self-Driving Shuttle Company to Deliver Food to VA Hospital in Orlando

by Alex Tostado

ORLANDO, FLA. — In an effort to limit contact and feed frontline healthcare workers, Park Pizza & Brewing Co. has partnered with Beep, a company operating self-driving shuttles, to deliver food to the Orlando VA Medical Center in the city’s Lake Nona neighborhood. To limit contact with the delivery, each pizza box is sealed, put onto a cart, loaded into the shuttle by Park Pizza & Brewing restaurant employees and the onboard shuttle attendant, and personnel at the medical center are then able to roll the cart into the hospital. The shuttles typically operate on a fixed route, but that has been paused due to the COVID-19 crisis. Park Pizza & Brewing opened within Lake Nona in November 2018. The VA hospital opened in 2015 and provides acute care, complex specialty care, advanced diagnostic services, a large multispecialty outpatient clinic, and administrative and support services to more than 100,000 veterans in the area. Beep and Lake Nona developer Tavistock Development Co. are exploring other opportunities to utilize the autonomous shuttles to serve the community during COVID-19.

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AcquisitionsFloridaGeorgiaRetailSoutheast

SRS Arranges $13M Sale of Nine Retail Properties in Florida, Georgia Leased to Hydraulic Supply Co.

by Alex Tostado

DALLAS — SRS Real Estate Partners has arranged the $13 million sale of nine retail properties leased to Hydraulic Supply Co. The locations are in Fort Lauderdale, Pompano Beach, Riviera Beach, Fort Myers, Orlando, Tampa, Florida City and Belle Glade, Fla.; as well as Forest Park, Ga. Each location has nine years remaining on the lease. The assets range from 7,000 to 12,000 square feet and double as last-mile distribution and storage properties for the retailer. Motion Industries Inc., a subsidiary of Genuine Parts Co., owns Hydraulic Supply Co. Hydraulic Supply carries a selection of more than 20,000 hydraulic, pneumatic and industrial products. Patrick Nutt, Kyle Fant and Britt Raymond of Dallas-based SRS represented the seller, Florida-based SunCap Investment Fund, in the transaction. There were eight undisclosed, individual buyers for the assets.

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IndustrialKentuckyLeasing ActivitySoutheast

Dermody Properties Leases 352,800 SF Industrial Building in Louisville

by Alex Tostado

LOUISVILLE, KY. — Dermody Properties has fully leased LogistiCenter at Louisville Airport, a 352,800-square-foot industrial building in Louisville. The property, situated at 2825 Transglobal Drive, is located within Renaissance South Business Park adjacent to Louisville Muhammad Ali International Airport. The newly delivered building offers 32-foot clear height, 46 dock-high doors, four drive-in doors, 73 trailer parking stalls, 256 auto parking spaces and LED warehouse lighting. Dermody broke ground on the 17.1-acre site in June after acquiring the land from Renaissance South Business Park developer Louisville Renaissance Zone Corporation (LRZC). The tenant was not disclosed.

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Mark Strauss Walker Dunlop
Content PartnerDevelopmentFeaturesIndustrialLoansMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWalker & DunlopWestern

Walker & Dunlop: Rent, Lenders, Tech in the Midst of Coronavirus

by Sarah Daniels

In recent weeks, the ability of commercial real estate owners to access debt and equity has come into question as the novel coronavirus wreaks havoc on the economy. While some deals in the pipeline are still getting done, the debt markets took a pause as the pandemic took hold. Debt markets were waiting for clarity on how various sectors would react, according to Mark Strauss, managing director of capital markets, and Rob Quarton, director of capital markets, with Walker & Dunlop’s Irvine, Calif., office. The two recently spoke with REBusinessOnline via Zoom about the robustness of certain asset types, market stability, debt pricing and adoption of tech-heavy creativity in the wake of COVID-19 and its effects on commercial real estate nationwide. Commercial Real Estate Debt & Coronavirus Strauss and Quarton primarily work with institutional capital sources that provide capitalization for commercial real estate developers and owners. As such, they have a broad view of all debt markets and their willingness to fund. Debt funds are one of the most affected areas of the financial markets. “The way that debt funds finance their position behind the scenes — either using collateralized loan obligations (CLOs), bank warehouse lines or repo facilities — …

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