Southeast

NorthMarq Provides $25.3M Acquisition Loan for Multifamily Community in Burlington, North Carolina

by Alex Tostado April 22, 2020

BURLINGTON, N.C. — NorthMarq has provided a $25.3 million Fannie Mae acquisition loan for Retreat at the Park, a 249-unit multifamily community in Burlington. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. The property was built in two phases from 2015 to 2017 and offers one-, two- and three-bedroom floor plans. Communal amenities include a conference room with Starbucks coffee bar, saltwater pool, fitness center, game lounge, outdoor fireplace and a clubhouse. Melissa Marcolini-Quinn and Lee Weaver of NorthMarq originated the loan on behalf of the borrower, Carter Exchange, a Carter Funds Co. The seller was not disclosed.

April 22, 2020

Acquisitions Georgia Industrial Office Southeast

NAI Brannen Goddard Arranges $13.7M Sale of Office, Warehouse Portfolio in Metro Atlanta

by Alex Tostado April 22, 2020

DORAVILLE, GA. — NAI Brannen Goddard has arranged the $13.7 million sale of North Park, a 181,799-square-foot portfolio comprising office, warehouse and showroom space in Doraville. The property is situated at 3591-3649 Clearview Parkway, along Interstate 285 and 16 miles northeast of downtown Atlanta. David Beak and Mark Sheffield of NAI Brannen Goddard represented the seller, New North Park LLC, in the transaction. An affiliate of Atlanta-based Mimms Enterprises acquired the property.

April 22, 2020

Georgia Healthcare Industrial Southeast

Medical Suppliers Using Port of Savannah to Reach Hospitals in Georgia, Southeast

by Alex Tostado April 22, 2020

SAVANNAH, GA. — Medical suppliers are using the Port of Savannah to ship equipment to hospitals across the state and the Southeast. The Georgia Ports Authority (GPA) is collaborating with companies such as Drive Medical, which is a major supplier of beds, IV poles and other goods, to supply items needed at COVID-19 pop-up hospitals around the country. GPA is providing information such as vessel status, estimated time of arrival and container availability, as well as expedited container processing for cargo destined for COVID-19 hotspots such as New York, Detroit and New Orleans. With help from shipping lines and cargo owners, GPA can also identify containers, locate them on the vessel via U.S. Customs manifests and speed vessel discharge for specific containers. Most of the supplies are moving through the Garden City Terminal.

April 22, 2020

District of Columbia Retail Southeast

NRF Lauds Legislation to Expand Funding for Small Businesses by $300B Amid Pandemic

by Alex Tostado April 22, 2020

WASHINGTON, D.C. — The National Retail Federation (NRF) has praised the $300 billion legislation the U.S. Senate passed to financially aid small businesses that are struggling during the COVID-19 crisis. The Small Business Administration (SBA) ran out of its originally allotted $376 billion Paycheck Protection Program (PPP) fund, which had 200,000 small businesses partaking in the program. The PPP is a product of the Coronavirus Aid, Relief and Economic Securities Act (CARES Act), which was signed into law March 27. “Retailers continue to deal with catastrophic hardships from COVID-19, and small retailers are the hardest hit,” NRF President and CEO Matthew Shay said. “The CARES Act was an important first step, but funding for the PPP has already been exhausted and additional relief is essential to keeping employees of small retailers on the payroll and contributing to the economy until we can get through this challenge.” The total allotment of the new legislation is $484 billion, with additional funding going to hospitals and COVID-19 testing. The U.S. House of Representatives is expected to vote on the bill Thursday. Washington, D.C.-based NRF has advocated for retailers and policies for more than 100 years.

April 22, 2020

Development Georgia Multifamily Southeast

Kaufman Capital, Atlantic Residential to Reposition Metro Atlanta Shopping Center into $50M Multifamily Community

by Alex Tostado April 21, 2020

DORAVILLE, GA. — Kaufman Capital Partners and Atlantic Residential will redevelop Village at Tilly Mill, a shopping center in Doraville, into a 320-unit, $50 million multifamily community. The property will offer studio to three-bedroom floor plans, including some units reserved for City of Doraville police staff at a discounted rate. The yet-to-be-named property will be situated at 6259 Peachtree Industrial Blvd., 18 miles northeast of downtown Atlanta. The City of Doraville approved $19 million in incentives for the developers. Due to the COVID-19 crisis, the timeline for completion has been extended to March 2023.

April 21, 2020

Georgia South Carolina Southeast

Georgia, South Carolina Governors Reveal Plans to Reopen Select Stores and Restaurants in Phases Beginning This Week

by Alex Tostado April 21, 2020

ATLANTA AND COLUMBIA, S.C. — Georgia Gov. Brian Kemp and South Carolina Gov. Henry McMaster each held press conferences Monday afternoon to announce how their respective states will begin reopening certain aspects of their economies. Kemp said several retail categories in Georgia can begin reopening on Friday, April 24. The types of businesses include gyms, fitness centers, bowling alleys, body art studios, barbers, hair and nail salons, estheticians and massage therapists. Theaters and restaurants can reopen beginning on Monday, April 27. The governor’s mandate states that local ordinances cannot block the reopenings. Kemp issued a Stay-at-Home order for all Georgians that will expire April 30 and a public health emergency that will expire May 13. As of noon Monday, Kemp said there were 18,947 COVID-19 cases in Georgia with 733 deaths. McMaster said some retailers in South Carolina, such as those selling furniture, books, music, flowers, clothing and accessories, as well as department stores, sporting goods stores and flea markets, can begin reopening immediately at 20 percent capacity, or five people per 1,000 square feet. Additionally, South Carolina beaches can reopen today at noon. As of Monday afternoon, South Carolina had 4,377 confirmed cases of COVID-19 with 120 deaths.

April 21, 2020

Acquisitions Industrial Maryland Southeast

KLNB Arranges $14.5M Sale of Warehouse in Suburban Maryland

by Alex Tostado April 21, 2020

COLUMBIA, MD. — KLNB has arranged the $14.5 million sale of Mike’s Train House, a 123,000-square-foot warehouse in Columbia. The property is situated at 7020 Columbia Gateway Drive within the Columbia Gateway Business Park. Mike’s Train House is the only distribution center within the park. The building offers 20-foot clear heights and the option to add more loading doors. Chris Kubler and Don Schline of KLNB represented the seller, MPW Enterprises LLC, in the transaction. The buyer was not disclosed.

April 21, 2020

Florida Loans Multifamily ORIX Southeast

Hunt Real Estate Capital Provides $8.2M Refinancing Loan for Multifamily Community in South Florida

by Alex Tostado April 21, 2020

HIALEAH, FLA. — Hunt Real Estate Capital has provided an $8.2 million Fannie Mae refinancing loan for Oceanmar Park Apartments in Hialeah. The 104-unit community was built in 1967 and comprises 26 two-story buildings. The borrower, Oceanmar Park Apartments LLC, plans to invest $330,000 for new paint, new appliances and air conditioners, a security system, new garbage enclosure and repaving. The proposed plans will span a four-year period. The 15-year term loan features interest-only payments for the full term. The property is situated at 7155 W. 14th Court, 17 miles northwest of downtown Miami.

April 21, 2020

Florida Leasing Activity Retail Southeast

Bromley Signs Joffrey’s Coffee to Lease within Midtown Tampa Mixed-Use Development

by Alex Tostado April 21, 2020

TAMPA, FLA. — Bromley Cos. has signed Joffrey’s Coffee & Tea Co. to a 1,500-square-foot lease within Midtown Tampa. The coffeehouse, which has been headquartered in Tampa since 1984, will open the flagship location near Midtown Commons, a central greenspace within the mixed-use project. Joffrey’s will serve a wide variety of coffee and tea beverage options including espresso, lattes, cold brew, nitro cold brew, ready-to-drink offerings, as well as premium iced and hot teas. Additionally, customers will be able to “create” latte art from pre-selected images, selfies and uploaded designs of their choosing with a Ripple machine. Bromley Cos. is developing Midtown Tampa, a planned $500 million mixed-use development. The Whole Foods Market-anchored project is 75 percent preleased and is expected to open in early 2021, which is slightly ahead of schedule even in the midst of the COVID-19 crisis.

April 21, 2020

California Company News Georgia Restaurant Southeast Top Stories Western

Roark Capital Invests $200M in The Cheesecake Factory Amid Pandemic-Related Closures

by John Nelson April 21, 2020

ATLANTA AND CALABASAS HILLS, CALIF. — Roark Capital Group, a private equity firm based in Atlanta, has invested $200 million in The Cheesecake Factory Inc. (Nasdaq: CAKE), owner and operator of the chain of restaurants of the same name. The Calabasas Hills-based company also owns and operates the North Italia chain, as well as a collection of restaurants within the Fox Restaurant Concepts subsidiary. The funds will be used to immediately help The Cheesecake Factory navigate the COVID-19 pandemic, in which its dine-in service has been closed. The company, which has been handling takeout orders and deliveries through the DoorDash app, preliminarily reported its off-premise sales in first-quarter 2020 increased by 85 percent from the previous quarter. Specific details of Roark Capital’s capital infusion were not disclosed, but David Overton, chairman and CEO of The Cheesecake Factory, says the investment will improve the company’s liquidity. “This transaction not only gets our affected staff members back to work as soon as practicable, but also importantly solidifies our ability to manage the business for the long-term for all of our stakeholders once we emerge on the other side of this crisis,” says Overton. “Moreover, Roark’s investment underscores the strength of our brands, …

April 21, 2020

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