Southeast

Elevator City Partners Unveils Plans for $400M West End Mall Redevelopment in Atlanta

by Alex Tostado January 21, 2020

ATLANTA — Elevator City Partners (ECP) has unveiled plans for its $400 million West End Mall redevelopment project in Atlanta’s historic West End neighborhood. The announcement follows months of public and private strategic meetings with community leaders and stakeholders, including nearby historic black colleges Spelman, Morehouse, Clark Atlanta University and Morehouse School of Medicine. The redevelopment of West End Mall will feature retail, restaurants, offices and housing delivered in two phases. The City of Atlanta provided a $2 million predevelopment loan to locally based-ECP to secure the site, perform due diligence work, begin preliminary designs with architectural firm Gensler and conduct feasibility studies with Alexander Babbage and Noell Consulting Group. The loan comes with affordable housing reserves for any future housing on the site. ECP seeks to raise $400 million from multiple types of public and private investors that could be interested in the project’s opportunity zone offerings. ECP says the project has attracted the interest of large banks, family offices and foundations and that one family office has brought a national hotel developer to the project. Atlanta BeltLine originator Ryan Gravel and venture capitalist Donray Von co-founded ECP. The firm will launch a $15 million fund to support minority-owned …

January 21, 2020

Development Georgia Retail Southeast

MAB American to Break Ground on $80M Monroe Pavilion Shopping Center in Metro Atlanta

by Alex Tostado January 21, 2020

MONROE, GA. — MAB American Management plans to break ground in the first quarter on Monroe Pavilion, an $80 million shopping center situated on a 100-acre site in Monroe, an Atlanta suburb in Walton County. The property’s leasing agent, Retail Specialists, has signed several retailers to join the tenant roster of the 350,000-square-foot project, including Publix, Ross Dress for Less, Ulta Beauty, Marshalls, Rack Room Shoes and Five Below. Beau Young of Retail Specialists is also targeting restaurants and service-based retailers for the shopping center and its outparcels. MAB American Management, the U.S. affiliate firm of Australian-based developer MAB Corp., expects to deliver Monroe Pavilion in summer 2021.

January 21, 2020

Company News Retail Southeast Virginia

Hair Salon Retailer Ratner Cos. to Close More Than 80 Salons

by Alex Tostado January 21, 2020

VIENNA, VA. — The Ratner Cos., the parent company of salon concepts such as Hair Cuttery, Bubbles and Salon Cielo, plans to trim its 844-store portfolio by 10 percent. The company plans to maintain a presence in all existing markets as it looks to shift resources to its best-performing salons. Ratner Cos. cites “intense competition and rising operating costs,” as well as shifting consumer shopping methods, as the basis for its decision. The firm has engaged in discussions with landlords to renegotiate terms or exit some of its leases. In addition to store closures, Ratner is reducing staff at its Resource Center in its home office in Vienna to reflect its lower overall footprint. The majority of impacted staff in the salons have been offered employment at sister salons in their immediate areas, according to Ratner. The store closings will begin this week and continue for several months.

January 21, 2020

Development Florida Industrial Southeast

Sysco Completes Expansion of 150,000 SF Food Processing Facility in Orlando

by Alex Tostado January 21, 2020

ORLANDO, FLA. — Sysco Corp., a global food distribution and marketing organization, has completed the expansion of FreshPoint Central Florida, a food processing facility located at 8801 Exchange Drive in Orlando. FreshPoint, Sysco’s specialty produce company, operates the facility. The expansion doubles the facility’s size to 150,000 square feet and includes a new culinary center for demonstrations and staging, new equipment for produce processing, LED lighting, energy-efficient coolers and a new system for collecting produce waste. FreshPoint Central Florida stocks a wide variety of locally grown products throughout the year, including tomatoes, citrus, row crop vegetables, Zellwood Triple Sweet Corn, microgreens, peaches, specialty potatoes, tropical fruits, grapes and figs.

January 21, 2020

Arkansas Loans Multifamily Southeast

Dougherty Mortgage Provides $13M Fannie Mae Loan for Little Rock Apartment Community

by Alex Tostado January 21, 2020

LITTLE ROCK, ARK. — Dougherty Mortgage has provided a $13 million Fannie Mae loan that the borrower will use to refinance the third phase of Bowman Pointe, an apartment community located at 3321 S. Bowman Road in west Little Rock. Phase III spans 106 units and was completed last year. The borrower, Bowman Pointe LLC, is an affiliate of Richardson Properties, a local developer and manager of apartment communities, as well as office, retail, industrial and self-storage properties. The 10-year loan features a 30-year amortization schedule. Bowman Pointe is being delivered in four phases. The community’s amenities include late night concierge services, 24-hour fitness center, movie theater, conference room, virtual fitness studio, poker and wine lounge, Zen lounge, coffee bar, tanning room, resort-style pool with cabanas, pet park, outdoor fire pits, bocce ball court, professional putting green, two green areas with grills and picnic tables, garages inside the building, covered parking and an additional mailbox area.

January 21, 2020

Acquisitions Georgia Multifamily South Carolina Southeast

Cushman & Wakefield Brokers $169M Multifamily Portfolio Sale in Georgia, South Carolina

by Alex Tostado January 20, 2020

ATLANTA — Cushman & Wakefield’s Multifamily Advisory Group has brokered the $169 million sale of an eight-property multifamily portfolio totaling 1,544 units in Georgia and South Carolina. The portfolio comprises two properties in each Macon, Augusta and Warner Robbins, Ga.; and two properties in Aiken, S.C. The average age of the portfolio is 30 years old and was 94 percent occupied at the time of sale. Capital Square 1031, a national real estate firm specializing in tax-advantaged real estate investments, acquired the portfolio. Taylor Bird, Robert Stickel and Nelson Abels of Cushman & Wakefield’s Atlanta office represented the seller, a joint venture between McDowell Properties and Angelo, Gordon & Co. LP, in the transaction.

January 20, 2020

Development Florida Mixed-Use Southeast

Partnership Breaks Ground on 55-Acre Mixed-Use Development in Naples, Florida

by Alex Tostado January 20, 2020

NAPLES, FLA. — Barron Collier Co. and Metro Commercial Development Group have broken ground on Founders Square, a 55-acre mixed-use development in Naples. The Pointe, a collection of restaurants and other service and retail tenants, will anchor the project. At full buildout, the project will include The Haldeman, a 400-unit multifamily complex; a 35,000-square-foot medical office building adjacent to The Pointe; and a 110,000-square-foot self-storage facility. Atlanta-based Davis Group will develop the self-storage facility, which will stand three stories high. Founders Square is located at the corner of Immokalee Road and Collier Boulevard, 15 miles northeast of downtown Naples. Developers expect the property to be delivered in summer 2021.

January 20, 2020

Acquisitions Georgia Loans Multifamily Southeast

KeyBank Provides $64M Acquisition Loan for Apartment Complex in Metro Atlanta

by Alex Tostado January 20, 2020

MARIETTA, GA. — KeyBank Real Estate Capital (KBREC) has provided a $64 million acquisition loan for The Park on Windy Hill, a 654-unit apartment complex in Marietta. The property was built in 1970 and has recently undergone renovations to approximately half of the unit interiors. The buyer, Bridge Investment Group, plans to complete the upgrades and extensively renovate the exteriors. The garden-style apartment complex comprises 26 three-story buildings on 42 acres at 2121 Windy Hill Road, 15 miles northwest of downtown Atlanta and two miles west of Truist Park, home of the Atlanta Braves. The seller was not disclosed, although Wilkinson Corp. acquired the property in late 2017. Brian Caudel and Jennifer Seamons of KBREC structured the financing.

January 20, 2020

Acquisitions North Carolina Retail Southeast

Progress Realty Acquires Shopping Center in Fayetteville, North Carolina for $36M

by Alex Tostado January 20, 2020

FAYETTEVILLE, N.C. — Progress Realty Partners has acquired Marketfair Shopping Center, a 219,000-square-foot retail property in Fayetteville, for $36 million. The property recently underwent a complete redevelopment and remerchandising, highlighted by the mid-December grand opening of Lidl. The German grocer joins other national tenants such as Planet Fitness, Gander Outdoors and AMC Theatres. Marketfair Shopping Center is located at 1916 Skibo Road, six miles west of downtown Fayetteville. The seller was Westport Capital.

January 20, 2020

Company News Florida Multifamily Southeast

Three Multifamily Broker Veterans Join IPA, Expanding Firm’s Central Florida Office

by Alex Tostado January 20, 2020

ORLANDO, FLA. — Shelton Granade, Luke Wickham and Justin Basquill have joined the Orlando office of Institutional Property Advisors (IPA), a division of Marcus & Millichap. Granade joins the firm as an executive managing director. Wickham and Basquill join the firm as senior managing director and first vice president, respectively. As a team, the three brokers have closed more than $10 billion in sales. All three brokers were formally with CBRE. “The addition of this outstanding team is another step forward in our growth plan for IPA throughout North America,” said Jeffery Daniels, senior vice president and national director of IPA Multifamily. “Our ability to attract one of the most successful multifamily sales teams in the country is a testament to IPA’s success in creating an entrepreneurial, collaborative culture focused on client service and goal attainment.”

January 20, 2020

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