Southeast

Publix Opens GreenWise Market in Lexington, South Carolina

by Alex Tostado December 6, 2019

LEXINGTON, S.C. — Publix Super Markets Inc. has opened a GreenWise Market store within Lexington Marketplace in Lexington. The new 20,400-square-foot grocery store is located at 5336 Sunset Blvd., 10 miles west of downtown Columbia. TSCG announced in April that Publix’s organic brand would be moving into the shopping center. This is second location for GreenWise in South Carolina. The 156,000-square-foot Lexington Marketplace is 94 percent leased to tenants including Hobby Lobby, Ulta Beauty, Brain Balance Achievement Centers, Fit Body Boot Camp, Smoothie King, MOD Pizza, Aiden Lane Boutique and Code Ninjas. Darrell Palasciano of TSCG represented the landlord and developer, Columbia Development, in the lease transaction.

December 6, 2019

District of Columbia Southeast

U.S. Economy Added 266,000 Jobs in November, Beating Expectations by a Wide Margin

by Alex Tostado December 6, 2019

WASHINGTON, D.C. — The U.S. economy generated 266,000 jobs in November and the unemployment rate fell 10 basis points to 3.5 percent, matching a 50-year low, the Bureau of Labor Statistics (BLS) reported this morning. The latest figures breezed past expectations. Economists surveyed by The Wall Street Journal had forecast a gain of 187,000 new jobs in November and a 3.6 percent unemployment rate. What’s more, the change in total nonfarm payroll employment for September was revised upward by 13,000, and the change for October was revised upward by 28,000. With these revisions, employment gains in September and October combined were 41,000 more than previously reported. The healthy job creation numbers show the resiliency of the U.S. economy in the face of a global slowdown, according to economists. Among the employment highlights for November: Manufacturing employment rose by 54,000, following a decline of 43,000 in the prior month. Within manufacturing, employment in motor vehicles and parts was up by 41,000 in November, reflecting the return of workers who were on strike in October. The healthcare sector added 45,000 jobs, including gains in ambulatory health care services (+34,000) as well as hospitals (+10,000). Employers in healthcare have added 414,000 jobs over …

December 6, 2019

Acquisitions Georgia Mixed-Use Southeast

Ackerman Brokers Sale of 65-Acre Parcel Near Mall of Georgia for Fuqua’s Exchange at Gwinnett Project

by Alex Tostado December 5, 2019

BUFORD, GA. — Atlanta-based Ackerman & Co. has brokered the sale of 65 acres across Interstate 85 from the Mall of Georgia in Buford, approximately 30 miles northeast of downtown Atlanta. The Orkin family, of Orkin pest control, sold the parcel to Atlanta-based Fuqua Development for $18 million. The space will accommodate Phase I of Fuqua’s The Exchange at Gwinnett, a $320 million mixed-used development that will feature office space, a hotel, apartments and 500,000 square feet of retail space, including a food hall, “fashion hall,” and a Cinebistro movie theater, according to local media reports. Ackerman & Co.’s John Speros and Larry Wood brokered the sale of the property, located at the intersection of I-85 and Georgia Highway 20. Wood and Speros also represented Rooms To Go in the acquisition of a 4.5-acre site within the development for construction of a 52,000-square-foot store to replace its 24,000-square-foot store fronting the Mall of Georgia.

December 5, 2019

Acquisitions North Carolina Retail Southeast

Morgan Cos. Purchases Former Sears Store in Triad’s Holly Hill Mall, Plans Publix-Anchored Shopping Center

by Alex Tostado December 5, 2019

BURLINGTON, N.C. — The Morgan Cos. has purchased a former Sears department store at 309 Huffman Mill Road within Holly Hill Mall. Morgan Cos. intends to develop the 9.6-acre site into a shopping center anchored by a 48,387-square-foot Publix grocery store and 13,400 square feet of inline retail space. Prego’s Trattoria restaurant, located on an outparcel, is also part of the purchased property. Morgan Cos. will also develop the former Sears Auto Center outparcel next to Prego’s into a multi-tenant retail building as part of the project. Morgan Cos. plans to begin demolition of the Sears building next year and expects the new shopping center to be completed in 2021. Morgan Cos. currently owns a second Triad Publix and developed and owns Peace Haven Village shopping center in Clemmons, N.C.. Morgan Cos. is currently developing another Publix-anchored shopping center in Clayton, N.C. that is expected to open in 2021.

December 5, 2019

Acquisitions Alabama Multifamily Southeast Student Housing

CREI Acquires Student Housing Community Near University of Alabama

by Alex Tostado December 5, 2019

TUSCALOOSA, ALA. — Capstone Real Estate Investments (CREI) has acquired Parker 301, a student housing community located near the University of Alabama in Tuscaloosa. The community has been rebranded The Preserve at Tuscaloosa and is set to undergo substantial renovations and repositioning within the market. Renovations will include updates to all units and the addition of one- and two-bedroom floor plans; updates to the community’s clubhouse; an expansion of the property’s business center to include private study rooms; the addition of a new dog park; and a refresh of the swimming pool area. A timeline for renovations and terms of the acquisition were undisclosed.

December 5, 2019

Development Retail Southeast West Virginia

Heidenberg, Strategic Real Estate Open 22,000 SF Marshalls Within Potomac Marketplace in West Virginia

by Alex Tostado December 5, 2019

RANSON, W.VA. — Heidenberg Properties Group and Strategic Real Estate Partners have opened the 22,000-square-foot Marshalls at The Potomac Marketplace in Ranson. In March, the two companies announced they reached a leasing agreement with The TJX Cos., the parent company of Marshalls, and would need to immediately expand the center between Kohl’s and Petco. The center now spans 379,000 square feet following the expansion. Marshalls joins other retail tenants such as AT&T, Weis Markets, Kohl’s, Petco and The Home Depot.

December 5, 2019

Company News Retail Southeast Tennessee

CBL Properties to Suspend Stock Dividends, Review on Quarterly Basis Through 2020

by Alex Tostado December 5, 2019

CHATTANOOGA, TENN. — CBL Properties (NYSE: CBL) will suspend its stock dividends for 2019 and possibly through year-end 2020 in the face of retail bankruptcies, store closures and corporate restructurings of tenants within its portfolio. The Chattanooga-based shopping center and mall owner’s board of directors will review the suspension quarterly but doesn’t expect the dividends to resume in 2020. CBL announced the decision following a review of current taxable income projections for 2019 and 2020. Unpaid dividends on CBL’s preferred stock shall accrue without interest. The suspension includes CBL’s common stock, 7.375% Series D Cumulative Redeemable Preferred Stock and 6.625% Series E Cumulative Redeemable Preferred Stock. CBL’s stock price fell in the wake of the announcement, going from $1.36 per share Monday afternoon to 93 cents per share Tuesday morning, then steadily rose to $1.03 for Thursday’s opening. Stephen Lebovitz, CBL’s CEO, says that the REIT has tried to shore up operating costs the past 18 months through reducing executive compensation and capital expenditures, as well as bringing on joint venture partners. Lebovitz expects the company’s net operating income to decline in 2020.

December 5, 2019

Development Louisiana Mixed-Use Retail Southeast Top Stories

Owner of Metro New Orleans Mall to Start $100M Redevelopment, Adding Office Space and Apartments

by John Nelson December 5, 2019

METAIRIE, LA. — The Richards family, the longtime owner and operator of Clearview Shopping Center in Metairie, has unveiled plans to transform the 700,000-square-foot regional mall into a mixed-use destination. Located at 4436 Veterans Memorial Blvd., the new Clearview City Center sits on a 35-acre site approximately six miles northwest of downtown New Orleans. The $100 million project will add a hotel, 260 upscale apartments, open-air restaurants with rooftop seating, 100,000 square feet of office space and green space for outdoor events and concerts. “This is what the next-generation consumer is looking for in a mixed-use development, and we’re bringing it here to the heart of Jefferson Parish,” says Thomas Richards, managing partner of Richards Clearview LLC. The redevelopment will create over 1,600 jobs and is expected to have a $123 million economic impact during construction alone, according to an analysis conduced by Greater New Orleans Inc. Once all phases are complete and Clearview City Center opens, it will support 420 total jobs and deliver $26 million in annual economic impact. Construction on the first phase of the Clearview City Center development is expected to begin in mid-2020, with the shopping center remaining fully operational throughout. The Richards family and …

December 5, 2019

Conference Coverage Features Georgia Multifamily Southeast Southeast Feature Archive

Retail, Office Trends Influence Apartment Development Strategies, Says InterFace Panel

by Kristin Harlow December 5, 2019

ATLANTA — Much of today’s new apartment projects feature a ground-floor retail component. But developers at France Media’s 10th annual InterFace Multifamily Southeast conference actually expressed concern about this type of development approach. “The overall retail market is just not what it once was,” said Richard Aaronson, CEO of Atlantic Residential. “A lot of municipalities are recognizing that ground-floor retail in a residential building is not ideal.” In other words, if there is difficulty leasing the retail space, a bunch of empty storefronts doesn’t bode well for the overall project. Aaronson said his company is implementing ground-floor retail on a limited basis and is instead incorporating first-floor apartments and community spaces. Aaronson spoke on a panel titled, “What Makes a Development Project Successful in Today’s Market?” Joining Aaronson on the panel was Harvey Wadsworth, managing director with Mill Creek Residential; Peter Joerss, director of acquisitions for PointOne Holdings; Jason Doornbos, executive managing director for Landmark Properties; and John Leonard, first vice president with Marcus & Millichap who served as moderator. The conference took place Tuesday, Dec. 3 at The Whitley in Atlanta’s Buckhead district and welcomed 384 attendees. Complicating matters, however, is that some cities require new apartment developments to …

December 5, 2019

Leasing Activity North Carolina Retail Southeast

Four Retailers Join Mixed-Use Fenton Development Near Raleigh

by Alex Tostado December 4, 2019

CARY, N.C. — Hines, Columbia Development and USAA Real Estate have signed four retailers to join the lineup at Fenton in Cary. Cosmetic retailer Sephora will occupy 4,400 square feet, women’s clothing retailer Free People will occupy 4,000 square feet and Bailey’s Fine Jewelry will occupy 5,000 square feet. CMX CineBistro will join Wegmans as the 69-acre development’s anchor tenants. Construction on Fenton is expected to begin next summer with completion anticipated for fall 2021. Phase I will include approximately 345,000 square feet of retail and entertainment space, 170,000 square feet of office space, 350 multifamily residences and a 175-room boutique hotel. The mixed-use project is located at the intersection of Interstate 40 and Cary Towne Boulevard, three miles from downtown Cary and eight miles southwest of downtown Raleigh.

December 4, 2019

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