Southeast

Daniel Corp. to Break Ground on $60M Multifamily Community in Pensacola

by Alex Tostado September 25, 2020

PENSACOLA, FLA. — Daniel Corp. plans to break ground on a $60 million, a 336-unit multifamily community in Pensacola. The yet-to-be-named property will be situated within Pathstone, a master-planned community featuring more than 200 single-family homes and 75,000 square feet of retail space. Additionally, the community will be situated across the street from Navy Federal Credit Union’s campus on Nine Mile Road, which houses 8,500 employees. The Birmingham, Ala.-based developer expects to deliver the property in fall 2021.

September 25, 2020

Acquisitions Louisiana Multifamily Southeast

Berkadia Arranges Acquisition Financing for Two Apartment Communities in Metro New Orleans

by Alex Tostado September 25, 2020

HARVEY AND GRETNA, LA. — Berkadia has arranged acquisition debt and equity for Waterchase Apartments and Whitney Manor, two multifamily communities built in 1975 in metro New Orleans. One Real Estate Investment (OREI) acquired the properties, which are situated three miles from each other and roughly six miles south of downtown New Orleans. Mitch Sinberg and Brad Williamson of Berkadia originated acquisition loans through Freddie Mac’s Green Advantage program on behalf of OREI, which acquired Waterchase for $31.1 million and Whitney Manor for $14.6 million. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia sourced the undisclosed equity partner. The $23.3 million acquisition loan for Waterchase features a 10-year term with a fixed interest rate and four years of interest-only payments. The $10.9 million acquisition loan for Whitney Manor offers a 10-year term with a fixed interest rate and three years of interest-only payments. Waterchase features two- and three-story buildings offering one- and two-bedroom floor plans. The property is situated at 1013 Manhattan Blvd., in Harvey. Units range from 858 to 1,192 square feet. Communal amenities include a two-story community room, two swimming pools, two laundry facilities, breakfast/coffee concierge, courtyard, fitness center and a business center. Whitney Manor is located …

September 25, 2020

Acquisitions Features Georgia Leasing Activity Southeast Southeast Feature Archive

Sale-Leasebacks are a Popular Choice for Cash-Strapped Companies During the Pandemic, Says Stonemont’s Berryhill

by John Nelson September 25, 2020

The COVID-19 pandemic has forced commercial real estate owners to explore every possible avenue to raise funds, and one of the more popular transactional methods to secure capital in recent months has proven to be sale-leasebacks. Jeff Berryhill, principal of Stonemont Financial Group, says that companies that have traditionally owned their real estate are turning to sale-leasebacks because it mimics many aspects of ownership, such as long-term control of the asset. “During recessionary times or periods of extreme capital markets volatility, a sale-leaseback can appear more attractive to companies that historically owned real estate,” says Berryhill. “However, leasing real estate has always been appealing to both large and small companies, and strong and weak credit profiles.” According to research from Real Capital Analytics (RCA), sale-leaseback deals accounted for 5 percent of all investment sales in the U.S. industrial, office and retail transactions in the second quarter. For the previous three quarters, sale-leasebacks accounted for 2 percent of investment sales in those sectors for deals $2.5 million and greater. Recent sale-leaseback deals include Jervey Eye Group selling and leasing back a portfolio of medical office facilities in Upstate South Carolina; Crash Champions selling a portfolio of auto body shops in metro …

September 25, 2020

Acquisitions Georgia Multifamily Southeast Student Housing

Preferred Apartment Communities to Sell Student Housing Portfolio to TPG for $478.7M

by Alex Tostado September 24, 2020

ATLANTA — Preferred Apartment Communities (PAC) has entered into an agreement with TPG Real Estate Partners to sell an eight-property student housing portfolio for $478.7 million. The portfolio is located in Arizona, Florida, Georgia, North Carolina and Texas. The Atlanta-based seller expects the sale to close by the end of the year. The Arizona property is SoL, a 639-bed community serving students in Tempe. The Florida properties are NxNW, a 679-bed community in Tallahassee, and Knightshade, an 894-bed complex in Orlando. In Georgia, PAC will sell Stadium Village, a 792-bed property in Kennesaw. PAC will also sell Rush, an 887-bed asset in Charlotte, N.C. The Texas communities included in the sale are The Tradition, an 808-bed complex in College Station, and The Bloc, a 556-bed property in Lubbock. CBRE represented the seller in the transaction. PAC is a REIT whose portfolio includes apartment communities, grocery-anchored shopping centers, Class A office buildings and student housing communities.

September 24, 2020

Acquisitions Georgia Hospitality Southeast

Crescent Real Estate Acquires Hotel at Avalon in Metro Atlanta

by Alex Tostado September 24, 2020

ALPHARETTA, GA. — Crescent Real Estate LLC has acquired The Hotel at Avalon, a 330-room property within Avalon in Alpharetta. The hotel, which is part of the Marriott Autograph Collection brand, opened in 2018 and features a 65,000-square-foot conference center, 44,000 square feet of multi-function space, a fitness center, pool, full-service Starbucks and a South City Kitchen restaurant. The Fort Worth, Texas-based buyer has retained HEI Hotels & Resorts to manage the property. Bill Hodges, Mark Elliott, Todd Ratliff, Pete Dannemiller, Nate Ries, Coby Campbell and Nic Howe of Hodges Ward Elliott represented the seller, a partnership between Stormont Hospitality Group, North American Properties and Long Wharf Capital, in the transaction. The sales price was not disclosed. Avalon is a $1 billion mixed-use development spanning 86 acres. Developed in phases by North American Properties, Avalon features 500,000 square feet of retail space, more than 20 restaurants, 600,000 square feet of office space and more than 600 residential units. The Hotel at Avalon is the only hotel on the property. Avalon’s tenant base includes Whole Foods Market, Tesla, Apple, Microsoft, Sundance, Arhaus, The Container Store, lululemon athletica, Peloton, Pottery Barn, a 12-screen Regal theater, West Elm and Williams Sonoma, among others.

September 24, 2020

District of Columbia Southeast

Additional 870,000 Americans File for First-Time Unemployment Assistance

by Alex Tostado September 24, 2020

WASHINGTON, D.C. — An additional 870,000 Americans have filed for first-time unemployment assistance during the week ending Sept. 19, the U.S. Department of Labor reported Thursday. The most recent figure is a slight increase from the previous week, when initial claims totaled 866,000. Economists surveyed by Dow Jones were surprised by the rise in claims, as they were expecting claims to total 850,000. The four-week moving average, however, decreased by 35,250 to 878,250 claims. Continuing claims, for which data is a week behind, totaled nearly 12.6 million for the week ending Sept. 12. The most recent number available is a decrease of 167,000 claims.

September 24, 2020

Development Georgia Industrial Southeast

PCCP, Panattoni to Develop 2.4 MSF Industrial Campus Near Port of Savannah

by Alex Tostado September 24, 2020

BLOOMINGDALE, GA. — PCCP LLC and Panattoni Development Co. Inc. have formed a joint venture to develop a 2.4 million-square-foot industrial campus within Savannah Portside International Park in Bloomingdale. The spec project will be built in phases, with Phase I comprising a 518,400-square-foot facility. The building will feature 40-foot clear heights and can be expanded to 1.1 million square feet. A timeline for completion was not disclosed. The developers are targeting tenants seeking anywhere from 200,000 square feet to 2.4 million square feet. Savannah Portside International Park is situated near Interstate 16, 19 miles from the Port of Savannah.

September 24, 2020

Company News Florida Restaurant Retail Southeast

Darden Restaurants Reports 28.4 Percent Slide in Fiscal First-Quarter Sales

by Alex Tostado September 24, 2020

ORLANDO, FLA. — Darden Restaurants Inc. (NYSE: DRI) has reported its sales fell 28.4 percent in its fiscal first quarter, which ended Aug. 30. The Orlando-based company owns restaurant brands including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden reported that sales in its fine dining restaurants fell 38.9 percent year-over-year. Sales at Olive Garden slid 27.7 percent, while LongHorn saw a decrease of 16.3 percent. At the beginning of its first quarter, Darden had 68 percent of restaurants in its portfolio open, compared with 91 percent on Sept. 1. Despite the fall in sales, Darden is still progressing with its full-year outlook, which includes the addition of 35 to 40 new restaurants and total capital spending of $250 million to $300 million. As of Aug. 30, Darden operated 1,807 restaurants.

September 24, 2020

Development Florida Industrial Southeast

Seefried, Clarion Partners Deliver 1.1 MSF Industrial Facility in Central Florida

by Alex Tostado September 23, 2020

DELTONA, FLA. — Seefried Industrial Properties and Clarion Partners LLC have delivered a 1.1 million-square-foot industrial facility in Deltona. The building features 34,275 square feet of office space, 1,034 auto parking spaces and 350 trailer parking spaces. The property is situated on North Normandy Boulevard along Interstate 4, about 30 miles north of downtown Orlando. The tenant, an undisclosed e-commerce company, expects to house 500 employees at the facility. The joint venture began construction nine months ago with the design team, which includes general contractor The Conlan Co., architect Ford & Associates and civil engineer Kimley-Horn.

September 23, 2020

Development Florida Multifamily Southeast Student Housing

BCDC, 908 Group Break Ground on 294-Bed Student Housing Community Near University of Florida

by Alex Tostado September 23, 2020

GAINESVILLE, FLA. — A joint venture between Batson-Cook Development Co. (BCDC) and 908 Group has broken ground on Gator Walk, a 294-bed student housing development located near the University of Florida campus in Gainesville. The community will comprise a six-story residential tower offering one-, two-, three-, four- and five-bedroom units; and three three-story townhomes offering six-bedroom units. All units will be fully furnished and will feature bed-to-bath parity. Communal amenities will include a rooftop deck with a pool, fitness center, private study spaces, computer room and a social lounge with a kitchen, TVs and gaming areas. Cadence Bank provided construction financing. The project’s development team includes general contractor ARCO/Murray and architect Design Styles Architecture. The community is scheduled for completion in fall 2022.

September 23, 2020

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