TAMPA, FLA. — Bromley Cos. has signed Joffrey’s Coffee & Tea Co. to a 1,500-square-foot lease within Midtown Tampa. The coffeehouse, which has been headquartered in Tampa since 1984, will open the flagship location near Midtown Commons, a central greenspace within the mixed-use project. Joffrey’s will serve a wide variety of coffee and tea beverage options including espresso, lattes, cold brew, nitro cold brew, ready-to-drink offerings, as well as premium iced and hot teas. Additionally, customers will be able to “create” latte art from pre-selected images, selfies and uploaded designs of their choosing with a Ripple machine. Bromley Cos. is developing Midtown Tampa, a planned $500 million mixed-use development. The Whole Foods Market-anchored project is 75 percent preleased and is expected to open in early 2021, which is slightly ahead of schedule even in the midst of the COVID-19 crisis.
ATLANTA AND CALABASAS HILLS, CALIF. — Roark Capital Group, a private equity firm based in Atlanta, has invested $200 million in The Cheesecake Factory Inc. (Nasdaq: CAKE), owner and operator of the chain of restaurants of the same name. The Calabasas Hills-based company also owns and operates the North Italia chain, as well as a collection of restaurants within the Fox Restaurant Concepts subsidiary. The funds will be used to immediately help The Cheesecake Factory navigate the COVID-19 pandemic, in which its dine-in service has been closed. The company, which has been handling takeout orders and deliveries through the DoorDash app, preliminarily reported its off-premise sales in first-quarter 2020 increased by 85 percent from the previous quarter. Specific details of Roark Capital’s capital infusion were not disclosed, but David Overton, chairman and CEO of The Cheesecake Factory, says the investment will improve the company’s liquidity. “This transaction not only gets our affected staff members back to work as soon as practicable, but also importantly solidifies our ability to manage the business for the long-term for all of our stakeholders once we emerge on the other side of this crisis,” says Overton. “Moreover, Roark’s investment underscores the strength of our brands, …
Since the end of the Great Recession, Orlando has been among the country’s fastest-growing economies and strongest multifamily markets. After 2014, metro payroll employment increased at a 3.7 percent compound annual rate, 120 percent faster than the national average. Only Austin surpassed Orlando for payroll growth among the peer group of 50 large metropolitan markets, according to The RED 50, a proprietary econometric model developed by RED Capital Research. Personal income grew about 6.8 percent annually, 45 percent faster than the national average. Apropos of the apartment sector, effective rents advanced at a 5.9 percent annual rate, according to Reis data, surpassed only by Atlanta (6.9 percent), Dallas (6.0 percent) and Nashville (6.2 percent) among growth markets — and not by much. All the while, the sources of Orlando’s prosperity grew more diverse and its labor force more highly skilled. In the past five years, the fastest growing segments of the metro economy were professional, technical and scientific services, air transportation, manufacturing and construction. Indeed, employment growth in the sectors most popularly associated with Orlando — arts and entertainment plus food services and lodging — was outpaced by the finance and insurance industry. Nonetheless, theme parks, resort hotels, leisure service and …
JACKSONVILLE, FLA. — International Management Co. LLC will develop Northpoint Village Shopping Center, a planned 88,000-square-foot shopping center in Jacksonville’s Northside submarket. A 48,387-square-foot Publix will anchor the property, which will be built in phases. Phase I will comprise the Publix and 16,600 square feet of inline space adjacent to the grocer, as well as five outparcels. Completion of Phase I is slated for summer 2022. Depending on demand, Phase II may be developed in conjunction with Phase I or at a future date with entitlements to develop up to 64,000 square feet of retail, medical and/or office uses. At completion, Northpoint Village will consist of approximately 142,000 square feet spanning 27 acres. The property is situated at the intersection of New Berlin and Yellow Bluff roads, 15 miles north of downtown Jacksonville.
BENTONVILLE, ARK. — Amid the COVID-19 crisis sweeping the nation, Walmart set a goal in mid-March of hiring 150,000 associates before May 1. Since then, the Bentonville-based retailer has hired an average of 5,000 people per day, surpassing its goal. Now Walmart has its sights set on hiring another 50,000 people. In a statement, the company said most of the new hires will be temporary who will support current associates and customers in locations with specific needs. Additionally, 85 percent of the 150,000 new associates are temporary or part-time workers. Walmart said it worked with more than 70 companies that furloughed workers to hire the associates. In stores, Walmart will hire cashiers, stockers and personal shoppers. In distribution centers and fulfillment centers, it will hire additional fillers and pickers. Walmart also plans to add more drivers to its fleet. Walmart is considered an essential business, so its doors remain open and its e-commerce operations are still running as well.
IRMO, S.C. — Capstone Apartment Partners has arranged the $37.6 million sale of Ardmore Ballentine, a 315-unit multifamily community in Irmo. The property offers one-, two and three-bedroom floor plans that were 94 percent occupied at the time of sale. Communal amenities at the gated community include a pool, clubhouse, fitness center, picnic/grilling area, pet park, car care center and laundry facilities. Ardmore Ballentine was built in 2012 and is situated at 114 Ballentine Crossing Lane, 17 miles northwest of downtown Columbia. Austin Green, Caleb Troop and Alex McDermott of Capstone represented the seller, Greensboro, N.C.-based Ardmore Residential, in the transaction. Triangle Real Estate of Gastonia Inc. acquired the community.
STUARTS DRAFT, VA. — Hunt Real Estate Capital has provided a $12.7 million Fannie Mae refinancing loan for Brittany Knoll Apartments in Stuarts Draft. The 153-unit property comprises 14 three-story buildings that were built between 1998 and 2000. The borrower, Brittany Knoll LLC, built the property and has self-managed it since. The loan has a 10-year term with a 30-year amortization schedule. The interest rate was not disclosed, although Maria Zubillaga of Hunt Real Estate said the new rate is 170 basis points lower than the borrower’s previous rate. Brittany Knoll offers two- and three-bedroom floor plans and a playground. The community is located 35 miles west of downtown Charlottesville.
OPA-LOCKA, FLA. — Lee & Associates has arranged the $2.3 million sale of a 32,897-square-foot industrial and office building in Opa-Locka. The property is situated at 4600 NW 128th St., two miles from the 850,000-square-foot Amazon Mega Distribution Center and nine miles north of Miami International Airport. The building comprises 22,620 square feet of warehouse space and 10,277 square feet of office space and the option to build out an additional 3,462 square feet of office space. The facility offers front and rear loading, six dock height doors, one drive-in door, a truck court, 21-foot clear ceiling heights and two freight elevators. The buyer, Blue Ring Plastics LLC, plans to expand its avionics operations at the site. Avionics is the electronic systems used on aircraft, artificial satellites and spacecraft. Matthew Rotolante and Conner Milford of Lee & Associates represented the seller, Brain Power Investments LLC, and the buyer in the transaction.
BOCA RATON, FLA. — Mill Creek Residential, a Florida-based multifamily development firm, has launched a joint venture with Canadian global investment firm Quadreal Property Group. The two companies have partnered on an initiative to invest up to $421 million in the development and operation of apartment communities in targeted U.S. markets over the next two to three years. Specific target markets were not identified. The joint venture has already acquired land for its first development. Modera Six Pines will be a 429-unit multifamily project in The Woodlands, Texas, located about 30 miles north of Houston. “QuadReal is a well-respected firm with a depth of experience in the multifamily sector,” says William MacDonald, CEO, president and chief investment officer for Mill Creek. “This venture serves as an important step in further developing our investment management business.” Hodes Weill Securities acted as financial advisor and global placement agent for Mill Creek in connection with the formation and capitalization of the joint venture. Mill Creek Residential, which has 16 offices across the United States, owns and operates a portfolio of roughly 80 communities totaling 21,300 apartments. Headquartered in Vancouver, Canada, QuadReal Property Group manages a $37.6 billion portfolio spanning 23 cities and 17 countries. …
WASHINGTON, D.C. — Freddie Mac has changed its previously announced Multifamily COVID-19 forbearance program in three ways to better align with the federally enacted Coronavirus Aid, Relief and Economic Security (CARES) Act. The program allows Freddie Mac’s multifamily borrowers to defer their loan payments for 90 days if they can show hardship as a consequence of the COVID-19 outbreak and if they receive approval from their lenders, which are part of Freddie Mac’s Optigo network. The first change to the program is an extended deadline for multifamily owners to enter forbearance due to COVID-related hardships. The new deadline is until the end of the year or the end of the federally declared emergency period, whichever occurs first. The previous end of the program was set for Aug. 1. The agency also revised its eviction policy pertaining to borrowers that enter forbearance, saying none of the borrowers’ residents can be evicted, whether or not they can prove their nonpayment stems from COVID-19-related hardships. The third change is participating owners are required to waive late fees, penalties or other charges related to tenant nonpayment of rent during the forbearance period. “The program has already proved to be an important source of relief …