Southeast

Kimball Key Sells Apartment Complex Near Tampa for $55.8M

by Alex Tostado August 5, 2020

CLEARWATER, FLA. — Kimball Key LLC has sold Woodland Key Apartments, a 416-unit complex in Clearwater, for $55.8 million. The property offers one- and two-bedroom floor plans. Communal amenities include two pools with sundecks, a grilling area, car care center, 24-hour fitness center, two dog parks and a clubhouse. The asset is located at 2770 Roosevelt Blvd., 19 miles west of downtown Tampa. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller in the transaction. Ashcroft Capital Managers LLC acquired the property.

August 5, 2020

Company News Florida Hospitality Southeast

Chatham Lodging Trust Reports 77 Percent Decrease in RevPAR in Second Quarter

by Alex Tostado August 5, 2020

WEST PALM BEACH, FLA. — Chatham Lodging Trust (NYSE: CLD) has reported its revenue per available room (RevPAR) declined 77 percent to $33 on a year-over-year basis in the second quarter due to the COVID-19 lockdown. The West Palm Beach-based hotelier also reported that its net income for the quarter dropped by $36.7 million to a net loss of $27.2 million. The company experienced month-over-month increases to occupancy and RevPAR within the second quarter. Portfolio-wide occupancy was 23.7 percent in April, 33.8 percent in May and stood at 43.8 percent in June. Additionally, RevPAR in April was $23.80, $30.90 in May and $44.80 in June. Chatham Lodging owns interest in 134 and wholly owns 40 hotels in 15 states and Washington, D.C. Chatham Lodging has the highest concentration of extended-stay rooms of any public lodging REIT.

August 5, 2020

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $41.2M Sale of Industrial Property in Central Florida

by Alex Tostado August 5, 2020

LAKELAND, FLA. — Cushman & Wakefield has arranged the $41.2 million sale of CenterState West, a 440,000-square-foot distribution center in Lakeland. The property is situated on 44 acres at 8054 State Road 33 N., 40 miles east of downtown Tampa and 45 miles west of downtown Orlando. The building features 115 dock doors, 36-foot clear heights, 120- to 130-foot truck court depths, 172 trailer parking spaces and ESFR sprinklers. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, Zachary Eicholtz and Brooke Tulley of Cushman & Wakefield represented the seller, a joint venture between Chicago-based Brennan Investment Group and Grandview Partners, in the transaction. Nuveen Real Estate acquired the property.

August 5, 2020

Company News Multifamily Southeast Tennessee

Envolve Communities, Ross Management Merge Multifamily Operations

by Alex Tostado August 5, 2020

MEMPHIS, TENN. AND DENVER — Envolve Communities LLC and Ross Management have merged their multifamily operations. Memphis-based Envolve Communities owns more than 33,000 multifamily units in 17 states. Denver-based Ross Management owns 53 properties in Colorado and Oklahoma. Envolve Communities says the day-today-operations at Ross Management will see little change, and executive vice president Brooke Akins will stay on and serve in the same role. Ross Management will rebrand as Ross — A Division of Envolve Communities. Terms of the merger were not disclosed.

August 5, 2020

Acquisitions Development Multifamily Southeast Tennessee

Welker Properties-Led Partnership Acquires Multifamily Community in Memphis for $25M, Begins $13.5M in Renovations

by Alex Tostado August 5, 2020

MEMPHIS, TENN. — A partnership between Welker Properties, Think Multifamily, Bullseye Investments and Tactical Asset Management has acquired The Woods at Ridgeway, a 568-unit multifamily community in southeast Memphis. The partnership has begun a $13.5 million renovation plan, which includes installing new roofs, painting the building exteriors and adding gate-controlled access. Communal amenities such as the screening room, fitness center, business center and multisport court will also be upgraded. Unit interiors will receive new kitchens, flooring, bathrooms and paint jobs. A timeline for completion was not disclosed. ROCO Real Estate sold the property, which is situated at 6277 Lake Arbor Drive, 15 miles southeast of downtown Memphis.

August 5, 2020

Development Industrial Kentucky Southeast Top Stories

Dollar General Plans $65M Distribution Center in Northern Kentucky, Expansion of Cold-Storage Footprint

by Kristin Harlow August 5, 2020

WALTON, KY. — Dollar General (NYSE: DG) has unveiled plans to open a 630,000-square-foot distribution facility in Walton, approximately 20 miles south of Cincinnati and the Ohio border. The $65 million investment is expected to bring 250 jobs to the city and support 800 stores. The Walton facility will serve as Dollar General’s 18th distribution center. Construction is scheduled to begin in September with operations to begin in January. Dollar General has also announced plans to build three additional DG Fresh facilities to support a shift toward self-distribution of products that require cold storage such as dairy, deli meats and frozen products. Construction is scheduled to begin this fall on a 160,000-square-foot cold storage facility in Ardmore, Oklahoma, with completion slated for spring 2021. Similarly, construction is scheduled to begin this fall on a 160,000-square-foot cold storage property in Bowling Green, Kentucky, with completion slated for summer 2021. Dollar General is currently finalizing construction of a 200,000-square-foot cold storage facility in West Sacramento, California, to complement its West Coast distribution operations. The property is scheduled to open this fall. At full capacity, each of the DG Fresh facilities are expected to create approximately 65 new jobs and support roughly 1,500 …

August 5, 2020

Company News Industrial Self-Storage Southeast Tennessee

NexPoint Advisors to Acquire Self-Storage Owner Jernigan Capital for $900M

by Alex Tostado August 4, 2020

MEMPHIS, TENN. — An affiliate of NexPoint Advisors LP will acquire Memphis-based Jernigan Capital Inc. for $17.30 per share, or approximately $900 million, in an all-cash deal. The transaction is expected to close in the fourth quarter of this year. Under terms of the agreement, Jernigan Capital will discontinue its regular quarterly dividends and does not expect to host a conference call and webcast to discuss its financial results for the quarter ended June 30. Jernigan Capital owns more than 5 million square feet of self-storage assets in more than 20 states. NexPoint is based in Dallas and is an investment adviser to a suite of funds and investment offerings.

August 4, 2020

Acquisitions Georgia Multifamily Southeast Student Housing

Colliers Arranges Sale of 1,087-Bed Student Housing Community Near Georgia Southern

by Alex Tostado August 4, 2020

STATESBORO, GA. — Colliers International has arranged the sale of Cottage Row, a 1,087-bed student housing community located near the Georgia Southern University campus in Statesboro. Rialto Capital Advisors sold the property to a joint venture between XFD Real Estate Partners, Ash Real Estate, Saxum Real Estate and Anchor Real Estate Capital for an undisclosed price. Sean Baird, Jonathan Holt and Will Mathews of Colliers represented both the buyer and seller in the transaction. Cottage Row offers two-, three-, four- and five-bedroom units. Communal amenities include a 24-hour fitness center, computer lab, study lounge, full-court volleyball, a pool, movie theater, tanning bed and a private shuttle to campus. Georgia Southern plans to begin in-person classes for its fall semester Aug. 17. Nathan Lynch and Donald Jennewein, also with Colliers, arranged acquisition financing on behalf of the buyers. The non-recourse loan features a five-year term with a 3.6 percent fixed interest rate.

August 4, 2020

Development Georgia Industrial Southeast

Home Depot to Develop Three Distribution Centers Around Atlanta

by Alex Tostado August 4, 2020

ATLANTA — The Home Depot will develop three distribution centers around its home city of Atlanta. The biggest of the three facilities will be a 657,600-square-foot center in Locust Grove that will supply stores in the Southeast. The Atlanta-based company expects the property to house 600 employees when operations begin in the next few months. The home improvement retailer also plans to open a “flatbed delivery service” in Stonecrest in 2021. The facility will offer same- and next-day delivery of bulk and oversized orders to both construction sites and private residences. Earlier this year, the company opened its first flatbed delivery center in Dallas, Texas. The third asset will be an order fulfillment center in East Point that is slated to open in late 2021. The facility will offer same- and next-day delivery of products primarily ordered by institutional business customers for their maintenance, repair and operations needs.

August 4, 2020

Company News Florida Retail Southeast

Publix Experiences 21.8 Percent Boost in Sales During Second Quarter

by Alex Tostado August 4, 2020

LAKELAND, FLA. — Publix’s sales have increased 21.8 percent year-over-year, the company announced during its second-quarter earnings report. As an essential retailer, the Lakeland-based grocer has remained open through the nationwide COVID-19 pandemic, which was declared a national emergency March 13. For its second quarter, which spanned the three months ending June 27, Publix’s sales reached $11.4 billion, an increase from $9.3 billion the same time a year ago. The company estimates its sales in the second quarter increased approximately $1.5 billion, or 16.1 percent, due to the pandemic.

August 4, 2020

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