Southeast

Pellerin Purchases 375-Room Hotel in South Atlanta’s Summerhill District

by John Nelson November 6, 2020

ATLANTA — Pellerin Real Estate has purchased the former Ramada Plaza by Wyndham Atlanta Downtown & Conference Center, a 375-room hotel in south Atlanta’s Summerhill neighborhood. Atlanta-based Pellerin is partnering with New York-based Life House via its management arm, Life Hospitality, to stabilize the property and explore redevelopment opportunities. The former hotel is located next to Center Parc Stadium, Georgia State University’s (GSU) football stadium that was once the Atlanta Braves home ballpark (Turner Field), as well as a site for the 1996 Summer Olympics. The property is adjacent to Summerhill, an 80-acre master development by Carter USA and GSU. Phase I will feature 306 apartments with 8,575 square feet of ground-level retail, 82,000 square feet of grocery-anchored retail, the redevelopment of 47,000 square feet along Georgia Avenue, a 676-bed student housing project, 100 townhomes and build-to-suit Class A office space. GSU recently announced a new $85 million, 8,000-seat athletic arena that will be directly across the street from the former hotel and is expected to deliver in 2022. Pellerin and Life House are partnering to grow their hospitality portfolio by a minimum of 1,000 rooms over the next 12 months. The firms are targeting 100- to 300-room midscale hotels …

November 6, 2020

Development Florida Southeast Student Housing

Spectra Breaks Ground on 180-Bed Student Housing Community Near University of West Florida

by John Nelson November 6, 2020

PENSACOLA, FLA. — Spectra Student Living has begun construction on Rhelm, a 180-bed student housing community located a half-mile south of the University of West Florida campus in Pensacola. The property is scheduled for completion in August 2021. The community will feature eight three-story buildings offering 66 units alongside shared amenities including a media production room, computer center, swimming pool and sundeck, private study areas, a gaming area and indoor bike storage. Spectra Student Living is a student housing developer and investor based in Indianapolis. The company’s management division, Spectra Management LLC, operates Rhelm. The property’s leasing office is now open and all units are priced per bed and include most utilities.

November 6, 2020

Acquisitions Retail Southeast Virginia

Partnership Purchases Shopping Center in Richmond’s Short Pump District for $10.8M

by John Nelson November 6, 2020

RICHMOND, VA. — A partnership between Auerbach Funds, Elevation Real Estate Group and Beechmont Acquisitions has acquired Parc Place, an 82,968-square-foot shopping center in Richmond. The sales price was $10.8 million, a discount to its 2016 sales price of $25 million. This marks the second acquisition since Auerbach Funds announced its first close for Auerbach Opportunity Fund III in mid-October. The fund has a target size of $100 million. Parc Place is located at 11736 W. Broad St. in the city’s Short Pump district. The shopping center’s tenant roster includes Dollar Tree, PetSmart, Anytime Fitness, DXL Big + Tall, LensCrafters and Sports Clips. Loretta Cataldi and Sara Goodall of Divaris Real Estate’s Richmond office represented the buyer in the transaction. The seller is an entity doing business as London Reo Retail-VA LLC.

November 6, 2020

Development Mixed-Use Multifamily Southeast Virginia

Lowe, USAA Break Ground on Multifamily Redevelopment Project in Northern Virginia

by John Nelson November 5, 2020

ALEXANDRIA, VA. — Lowe and USAA Real Estate have broken ground on Park + Ford, an adaptive reuse project of two former office buildings within the Park Center complex in Alexandria. The two 14-story properties will feature 435 apartments upon completion. Also on the campus is an office building at 4300 King St. that includes a 55,000-square-foot X-Sport Fitness club. Apartments will include studio, one- and two-bedroom floor plans fitted with contemporary fixtures and appliances with a nod to Alexandria’s industrial history. Park + Ford will feature indoor and outdoor common areas for coworking, small gatherings or individual use. The apartment conversion is anticipated to be complete in 2021. The project team includes Bonstra | Haresign Architects and Whiting-Turner Contracting Co. Lowe will continue to manage the office building at 4300 King St. through its property management affiliate, Hospitality at Work. Lowe and USAA acquired the office campus in 2018 and financed the acquisition and conversion with a $128 million loan from Newport Beach, Calif.-based PIMCO.

November 5, 2020

Acquisitions Florida Industrial Southeast

Newmark Brokers $44M Sale of Industrial Building in Miami’s Sweetwater District

by John Nelson November 5, 2020

MIAMI — Newmark has brokered the $44 million sale of a 312,000-square-foot industrial facility located within Dolphin Commerce Park in Miami. Tech Data Corp. sold the property to Badia Spices, a local manufacturer and distributor of spices and herbs that will eventually move into the building. Built in 2002, the property at 2200 NW 112th Ave. is situated in Miami’s Sweetwater neighborhood near Dolphin Mall, the Florida Turnpike and Dolphin Expressway. Steve Medwin and Nick Wigoda of Newmark represented Badia Spices in the transaction.

November 5, 2020

Georgia Industrial Leasing Activity Southeast

Foundry Arranges 91,297 SF Industrial Lease in Metro Atlanta for Logistics Firm

by John Nelson November 5, 2020

STOCKBRIDGE, GA. — Foundry Commercial has arranged a 91,297-square-foot, 10-year lease for International Freight Forwarders (IFF) in Stockbridge, about 25 miles south of Atlanta. Atlanta-based IFF plans to occupy the space at Eagles Landing Trade Center II in the first quarter of 2021. The 400,000-square-foot building features 30-foot clear heights. Jordan Camp and Reid Hanner of Foundry represented the tenant in the lease negotiations. The landlord was an unnamed pension fund investor. IFF offers monthly storage, inventory management, quality control, packaging and crating, live loading and unloading of containers, stripping and loading of floor-loaded containers and multiple party routing of inbound consolidations for several industries.

November 5, 2020

District of Columbia Southeast

First-Time Unemployment Claims Tick Down to 751,000, Slightly Ahead of Expectations

by John Nelson November 5, 2020

WASHINGTON, D.C. — First-time claims for unemployment insurance totaled 751,000 for the week ending Oct. 31, a decrease of 7,000 from the previous week. This is the third straight week the number of jobless claims was below 800,000. Economists surveyed by Dow Jones anticipated the number of workers filing for benefits to total 741,000 for the latest week. The four-week moving average decreased by 4,000 to 787,000. Continuing claims, for which data is a week behind, fell by 538,000 to approximately 7.3 million for the week ending Oct. 24.

November 5, 2020

Florida Restaurant Retail Southeast

Colliers: Miami-Dade’s Retail Market Posts Net Negative Absorption, Rent Declines in Third Quarter

by John Nelson November 5, 2020

MIAMI — Miami-Dade County’s retail market posted 120,934 square feet of negative net absorption in the third quarter, according to research from Colliers International. The decline is a sizable improvement from the second quarter, a period where the market gave back 230,698 square feet of retail space. Year-to-date absorption remains positive for Miami-Dade County at 883,859 square feet. Despite the negative absorption in the third quarter, vacancy only dipped 20 basis points from the previous quarter. The negative absorption in Miami-Dade County, as well as retail markets around the country, has a direct correlation with the recession-inducing COVID-19 pandemic, which has accelerated the trend of consumer spending habits to more e-commerce shopping. The list of retailers closing big boxes in the market include national brands such as Stein Mart, Neiman Marcus, Chuck E. Cheese’s, 24 Hour Fitness, JC Penney, CMX Cinemas, Pier 1 Imports, Bloomingdales, Lucky’s Market, Sears, Sur La Table and Justice. Tenants opening in the market in the third quarter included Publix, Hobby Lobby, Five Below and AT&T, among others. Amped Fitness and Happy Floors are boutique concepts that signed leases this past quarter. Rents continued to decline in Miami-Dade’s shopping centers in the third quarter. Average rental …

November 5, 2020

Development Florida Industrial Southeast

Bridge, PGIM Secure $67M Construction Loan for Speculative Cold Storage Project in South Florida

by John Nelson November 4, 2020

HIALEAH, FLA. — A joint venture between Bridge Development Partners and PGIM Real Estate has secured $67 million in construction financing for Bridge Point Cold Logistics Center, a 312,103-square-foot cold storage facility in Hialeah. The property will be situated on 20.8 acres at NW 162nd St. and NW 102nd Ave., about 20 miles northwest of PortMiami. Steve Roth of CBRE arranged the loan through MetLife. The Bridge-PGIM joint venture plans to break ground on the project this month for delivery in late 2021. Bridge Point Cold Logistics Center will be the first cold storage facility built on a speculative basis in South Florida, according to Bridge Development. The project is also the first cold storage project between Bridge and PGIM, which launched a $150 million program last year for the development and redevelopment of cold storage facilities nationwide.

November 4, 2020

Acquisitions Development Multifamily Southeast Tennessee

Alliance Residential Buys Land in Nashville to Develop Broadstone SoBro Apartments

by John Nelson November 4, 2020

NASHVILLE, TENN. — Alliance Residential Co. has purchased 1.5 acres at 800 4th Ave. S. in Nashville for its next apartment development, Broadstone SoBro. The 226-unit community will feature studio, one- and two-bedroom layouts averaging 780 square feet. The Phoenix-based developer plans to break ground before the end of the year and deliver the property in 2022. Designed by Brock Hudgins Architects, Broadstone SoBro will feature a fitness room, terrace-level library with private working pods, saltwater pool with a pool deck, entertainment bar and a sky lounge champagne bar including private seating areas, a fireplace and an outdoor amenity deck. Interiors will feature shaker cabinetry, modern backsplashes, quartz countertops, pendant lighting, new appliances, built-in desks and mud benches. This is Alliance Residential’s third project in Nashville this year. The firm’s Broadstone Stockyards in the city’s Germantown neighborhood began welcoming residents in March. The firm’s other project is Broadstone Nations that is set to open in 2022.

November 4, 2020

Newer Posts

Older Posts