Southeast

KeyBank Provides $41.5M Refinancing Loans for Two Multifamily Properties in Charlotte

by Alex Tostado October 12, 2020

CHARLOTTE, N.C. — KeyBank Real Estate Capital has provided $41.5 million in Freddie Mac refinancing loans for two multifamily properties in Charlotte. The borrower, Ginkgo Residential LLC, received $23.1 million for the 260-unit Kimmerly Glen community and $18.4 million for the 220-unit Forest at Chasewood property. KeyBank structured the two loans, which feature 10-year terms with a five-year interest-only payment period and a 30-year amortization schedule. Ginkgo acquired Kimmerly Glen in 2014 and Forest at Chasewood in 2016. The locally based owner has invested $3 million in renovations across both properties during its ownership. Kimmerly Glen was built in 1986 and comprises 15 three-story buildings on 16 acres. Forest at Chasewood was built in 1985 and comprises 11 three-story buildings spanning 16 acres. Both properties offer one- and two-bedroom floor plans with communal amenities including dog parks, fitness centers, laundry facilities and community barbecue areas. Timothy DeWispelaere and Randy Rinderknecht of KeyBank originated the loans on behalf of the borrower.

October 12, 2020

Development Georgia Retail Southeast

Retail Planning Corp. Opens Publix-Anchored Shopping Center Near Atlanta

by Alex Tostado October 12, 2020

CUMMING, GA. — Retail Planning Corp. has opened a Publix grocery store within Matt Town Center in Cumming on Friday, Oct. 9. The 48,387-square-foot store is located at the intersection of Matt Highway and Bannister Road, 48 miles north of downtown Atlanta. Other tenants at the center include Reveille Café, Laredo’s Cantina & Taqueria, Peaches & Pine, Great Clips, Alpha Nail Salon and The UPS Store. Hill Foley Rossi & Associates LLC was the architect, and RW Smith Co. was the general contractor.

October 12, 2020

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Negotiates Sale of 562,758 SF Industrial Facility in Metro Orlando

by Alex Tostado October 12, 2020

LAKE MARY, FLA. — Cushman & Wakefield has negotiated the sale of Innovation Center at Lake Mary, a 562,758-square-foot industrial facility in Lake Mary. The property is located at 2452 Lake Emma Road, 18 miles north of downtown Orlando and three miles from Interstate 4. The asset features 28-foot clear heights, ESFR sprinklers, 50 dock-high doors and a 50-slip trailer parking lot. Innovation Center was 97 percent leased at the time of sale to tenants including recycling center A1 Assets Inc., Alliance Building Material Supply, Orlando Wedding & Party Rentals and Dream Maker Spas. Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Zachary Eicholtz, Ryan Jenkins, David Perez and Jared Bonshire of Cushman & Wakefield represented the seller, a partnership between IP Capital Partners and Blue Vista Capital Management, in the transaction. ATCAP Partners acquired the asset. Jason Hochman and Mike Ciadella of Cushman & Wakefield arranged acquisition financing on behalf of the buyer. Terms of the loan and the sale were not disclosed.

October 12, 2020

Acquisitions Mississippi Retail Southeast

SRS Brokers $6.3M Sale of Walgreens-Occupied Property in Jackson, Mississippi

by Alex Tostado October 12, 2020

JACKSON, MISS. — SRS Real Estate Partners has arranged the $6.3 million sale of a single-tenant retail property triple-net leased to Walgreens in Jackson. The 14,550-square-foot building spans 1.7 acres and was built in 2015. There are 15 years remaining on the corporate-guaranteed lease. The Walgreens is situated at 310 Meadowbrook Road, four miles north of downtown Jackson. Matthew Mousavi, Patrick Luther and Parker Walter of SRS represented the seller, an undisclosed family office completing a 1031 exchange. Mark Ruble of Marcus & Millichap represented the undisclosed seller, which also developed the property, in the transaction.

October 12, 2020

Industrial Leasing Activity Southeast Virginia

Divaris Real Estate Arranges 60,262 SF Warehouse Lease in Virginia Beach

by Alex Tostado October 12, 2020

VIRGINIA BEACH, VA. — Divaris Real Estate has arranged a 60,262-square-foot warehouse lease for Adsync Technologies in Virginia Beach. The property is located at 5909 Thurston Ave., 10 miles west of the Virginia Ports Authority. Other tenants at the facility include Auto Glass Fitters, W&O Supply and Mygrant Glass Co. Krista Costa and Nicole Campbell of Divaris represented the tenant in the lease negotiations. The landlord was not disclosed.

October 12, 2020

Conference Coverage Features North Carolina Office South Carolina Southeast

Economy is Bouncing Back Ahead of Schedule, Says Wells Fargo Economist at InterFace Event

by John Nelson October 12, 2020

Just a few months after getting hammered by a pandemic-induced recession, the U.S. economy is rebounding faster than anticipated, according to Mark Vitner, managing director and senior economist with Well Fargo Securities. During his keynote address to kick off the 11th annual InterFace Carolinas conference on Oct. 1, Vitner said the consensus estimate suggests U.S. real gross domestic product (GDP) increased at annualized rate of 30 percent in the third quarter. The Bureau of Economic Analysis will officially unveil its first estimate for third-quarter GDP on Thursday, Oct. 29. If realized, the gain would nearly offset the 31.4 percent decline in GDP in the second quarter. “This recession is the worst we’ve ever seen in terms of job loss and declines in GDP, but it was the shortest we’ve ever seen,” said Vitner. “All the decline we saw was in the second half of March and the first half of April. Since April 15 we’ve been recovering.” Employers added 661,000 jobs to the U.S. economy in September, which was nearly 200,000 jobs below the expectations of economists surveyed by The Wall Street Journal. Still, the economy has recovered 11.4 million of the 22 million jobs lost since the beginning of …

October 12, 2020

Development Hospitality Mississippi Southeast Top Stories

Universal Music, Dakia U-Ventures Plan $1.2B Entertainment Destination in Biloxi

by Taylor Williams October 12, 2020

BILOXI, MISS. — A joint venture between California-based Universal Music Group (UMG) and hospitality investment firm Dakia U-Ventures has unveiled plans for a $1.2 billion hotel and music-themed entertainment destination in the coastal Mississippi city of Biloxi. The new development will be the first of the joint venture’s UMUSIC Hotels, with additional locations coming to Atlanta and Orlando. Each hotel and entertainment district is designed to educate guests on the city’s musical heritage and will feature new venues for live performances. Pyramid Hotel Group, a Boston-based hospitality management firm, has also partnered with UMG and Dakia to operate the hotels. The new hotel and entertainment venue in Biloxi will be developed at the site of the former Broadwater resort. A construction timeline was not released. The number of hotel rooms was not disclosed, and the joint venture did not specify whether or not the development will include a casino, as many hospitality properties in Biloxi do. Should the project feature a casino, the hotel would then be legally required to have at least 300 rooms, according to regional news outlet nola.com. Local media outlets have also reported that the price tag of $1.2 billion would make the project the most …

October 12, 2020

Florida Market Reports Retail Southeast Southeast Market Reports

Pandemic May Lead to Opportunities for Orlando’s Most Resilient Retailers

by Alex Tostado October 12, 2020

For the Orlando retail market, which relies heavily on Central Florida’s $75 billion tourism industry, the impact of the COVID-19 pandemic has been twofold. Not only has the local consumer base begun relying more heavily on online shopping and home-cooked meals, but the number of out-of-state and international visitors who typically travel to Central Florida for its renowned theme parks and attractions has plummeted. Statewide, Florida’s tourism industry suffered an estimated 60.5 percent drop in visitors during the year’s second quarter, with international travel down more than 90 percent, according to Visit Florida. Submarkets built around Walt Disney World, the Orange County Convention Center and Universal Orlando, such as International Drive, the U.S. Highway 192 Corridor and Celebration, have taken an especially hard hit. Many restaurants designed around a sit-down experience will not recover. Although creative solutions are in action, sidewalk seating and ghost kitchens can only generate so much revenue to recover restaurants’ already razor-thin margins. But out of the slump have come opportunities for some retailers to shine, whether they’ve adapted their business model or already happened to have pandemic-resistant infrastructure in place. Further, as the winners and losers of COVID-19-era retail become clear, retailers and restaurants that …

October 12, 2020

Florida Loans Multifamily Southeast

Berkadia Provides $74M Refinancing Loan for Multifamily Community in Northeast Orlando

by Alex Tostado October 9, 2020

ORLANDO, FLA. — Berkadia has provided a $74 million Freddie Mac refinancing loan for Linden Audubon Park, a 449-unit multifamily community in Orlando. The 10-year loan features a floating interest rate with a partial interest-only payment period. The 19-acre property comprises 12 three- and four-story buildings offering one- to three-bedroom floor plans. Communal amenities include two pools, a poolside bar and TVs, outdoor kitchen, two-story clubhouse, fitness center and a dog park. The asset is situated at 990 Warehouse Road, four miles northeast of downtown Orlando. Charles Foschini and Chris Apone of Berkadia originated the loan on behalf of the borrower, Norfolk, Va.-based Harbor Group International.

October 9, 2020

Development Georgia Retail Southeast

Puttshack Breaks Ground on 25,000 SF Mini-Golf Location in West Midtown Atlanta

by Alex Tostado October 9, 2020

ATLANTA — Puttshack, a technology-infused mini-golf operator from the same team behind Topgolf, has broken ground on a new location at The Interlock in Atlanta. The 25,000-square-foot Puttshack is expected to open in spring 2021. The property will feature four mini-golf courses, a bar and an indoor-outdoor rooftop patio. The location will open at 1085 Howell Mill Road, three miles north of downtown Atlanta and two miles from an existing Topgolf location. Local firm S.J. Collins Enterprises is developing The Interlock, a $450 million, nine-acre development. The property is expected to open next spring and will feature 200,000 square feet of office space; 105,000 square feet of retail and restaurant space; 349 apartments and 18 townhomes as part of the Solis Interlock; 70 townhomes by Monte Hewett Homes; and a 161-room Bellyard boutique hotel with a lobby, restaurant and bar.

October 9, 2020

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