Southeast

First Inning: South Florida Retail Market Resets as COVID-19 Throws a Curveball, Says SCB Webinar

by John Nelson July 23, 2020

The outbreak of COVID-19 has had an outsized impact on South Florida. According to Johns Hopkins University School of Medicine, the region’s three primary counties rank in the top 20 of confirmed COVID-19 cases as of Wednesday, July 22. At 92,345 cases, Miami-Dade County is No. 4 on the list. Broward County comes in at No. 9 with 43,747 cases, and Palm Beach County is No. 20 with 27,506 cases. The surge in cases has had a pronounced effect on the area’s retailers as citizens have resumed their caution in public settings for fear of contracting the virus. “There is a tremendous amount of distress across South Florida’s economy, and especially in retail,” said Philip Rosen, shareholder and real estate chair of law firm Becker. Rosen’s comments came during South Florida Retail Outlook, a webinar hosted by Shopping Center Business that discussed the impact of COVID-19 on South Florida’s retail sector. Rosen moderated the panel discussion, which had 337 registrants. The pandemic’s effect is not all negative as grocers, drugstores and hardware stores have enjoyed increased sales activity amid the crisis. However, the bulk of retail categories are suffering from extended closures and operating at limited capacities. Restaurants in particular …

July 23, 2020

Development Florida Industrial Southeast

Sansone Group to Construct 3.2 MSF Distribution Center in South Florida

by Alex Tostado July 23, 2020

PORT ST. LUCIE, FLA. — Sansone Group plans to develop Tradition Commerce Park, a 3.2 million-square-foot light industrial and distribution center in Port St. Lucie. The St. Louis-based developer entered into an agreement with the Port St. Lucie City Council to acquire 300 acres for the property, which is situated at the northwest corner of Southwest Becker Street and Interstate 95. Sansone expects to break ground by the end of 2020 and deliver Phase I by the third quarter of 2021. Development of Phases II and III will depend on market conditions, according to Peter Crane, regional director of Sansone Florida. Sansone paid the City of Port St. Lucie $5 million for the 63 acres needed for Phase I and will pay $82,764 and $87,120 per acre for the land needed for Phases II and III, respectively. Crane and Alex Pappas of Sansone, along with Lee & Associates, represented the developer in the land transaction.

July 23, 2020

District of Columbia Southeast

Weekly First-Time Unemployment Claims Increase for First Time Since March as 1.4M Americans File for Assistance

by Alex Tostado July 23, 2020

WASHINGTON, D.C. — For the first time since March, the number of Americans filing first-time unemployment claims increased on a week-over-week basis. The U.S. Department of Labor reported Thursday morning that more than 1.4 million people filed for assistance during the week ending July 18, an increase of 109,000 from the previous week. It is the first weekly increase in 15 weeks. Economists surveyed by Dow Jones expected an increase of 1.3 million claims. The four-week moving average stood at 1.4 million, a decrease of 16,500 from the previous four-week average.

July 23, 2020

Alabama Development Industrial Southeast

Aldi to Develop 564,000 SF Distribution Center in Loxley, Alabama

by Alex Tostado July 23, 2020

LOXLEY, ALA. — Aldi will develop a regional office and distribution center in Loxley. The facility will serve Aldi grocery stores in southern Alabama, the Florida Panhandle and Louisiana. Details of the building were not disclosed, but multiple media outlets report the property will span 564,000 square feet upon completion. Aldi operates 180 stores in Florida and Alabama. The German-based grocer plans to break ground on the distribution center in 2021. The exact location of the facility was not disclosed. but Loxley is located 22 miles east of Mobile and 40 miles west of Pensacola, Fla. Aldi plans to open 70 stores nationwide by the end of 2020.

July 23, 2020

Development Florida Industrial Office Southeast

North American Properties Acquires 21 Acres in Florida’s Space Coast for Industrial, Office Development

by Alex Tostado July 23, 2020

TITUSVILLE, FLA. — North American Properties (NAP) has acquired 21 acres in Titusville to develop industrial and office space. Phase I of the project will include 135,000 square feet of commercial space spread across multiple buildings. DAG Architects is the designer, NAI Talcor is handling sales and leasing, The Taproot Agency is serving as an advisor, Collins Brown Barkett Chartered is providing legal counsel and Atkins is the civil engineer. NAP expects to have Phase I ready to lease in the next 12 months, according to Shawn McIntyre, NAP Florida managing partner. A timeline for construction was not disclosed. The land is situated on the southeast corner of U.S. Highway 1 and NASA Causeway, seven miles west of the Kennedy Space Center. This is the first project in Florida’s Space Coast for the Cincinnati-based developer, which was attracted to the area’s concentration of global aerospace giants such as SpaceX, Blue Origin, Boeing, Lockheed Martin and United Launch Alliance.

July 23, 2020

NAI Retail South Carolina Southeast

Rents Begin to Bounce Back for Retail Sector in Upstate South Carolina as Vacancy Ticks Up, NAI Earle Furman Finds

by Alex Tostado July 23, 2020

GREENVILLE, S.C. — Asking rents for the retail market in Upstate South Carolina are beginning to bounce back from the COVID-19 hit the sector took in the first quarter, NAI Earle Furman research has found. The Greenville-based brokerage firm reports that second-quarter rents were up nearly 10 cents to just shy of $10.90 across the region and $1.10 higher in the Greenville central business district (CBD) and West End. For the region, asking rates were around $11 per square foot at year-end 2019, showing the market still has some recovering to do, though. Additionally, the vacancy rate has climbed to nearly 5 percent in the second quarter, up from 4.5 percent the previous quarter and just over 4 percent at the end of 2019. Vacancy in the Greenville CBD was relatively flat, coming in at 5.3 percent in the second quarter, compared with 5 percent in the first quarter. Absorption fell slightly in Upstate, too, from 8,000 square feet to 1,000 square feet of positive absorption.

July 23, 2020

Development Florida Multifamily Southeast

Wood Partners Opens 288-Unit Multifamily Community in Metro Tampa

by Alex Tostado July 22, 2020

PINELLAS PARK, FLA. — Wood Partners has opened Alta Gateway, a 288-unit multifamily community in Pinellas Park. The property offers studio through three-bedroom floor plans. Unit interiors include wood-style plank flooring, stainless steel appliances, under-cabinet lighting and kitchen tile backsplashes. Communal amenities include a pool, sundeck, grilling areas, fitness center with virtual training classes, game lounge and a dog park. Alta Gateway is located at 9401 49th St. N., 19 miles west of downtown Tampa.

July 22, 2020

Affordable Housing Development Georgia Multifamily Southeast

Cabretta Capital Provides $28M in Equity for Affordable Housing Project Underway in Atlanta

by Alex Tostado July 22, 2020

ATLANTA — Cabretta Capital has teamed with Wendover Housing Partners to develop Hartland Station, a 131-unit affordable housing community in Atlanta’s Sylvan Hills neighborhood, four miles south of downtown Atlanta. Savannah, Ga.-based Cabretta Capital provided the developer with $28 million to develop the property. Forty units will be reserved for those earning 50 percent of the area median income (AMI) or below, and 70 units will be for those making 60 percent of the AMI or below. Communal amenities at the garden-style community will include a business center, picnic area, fitness center and a playground. A timeline for construction was not disclosed.

July 22, 2020

Development Florida Leasing Activity Office Retail Southeast

Parkway, KKR Complete $10M Renovation of Brickell Miami Office Tower, Sign Three Retail Tenants

by Alex Tostado July 22, 2020

MIAMI — Parkway Real Estate Services LLC and joint venture partner KKR have completed their $10 million renovation of Sabadell Financial Center, a 30-story, 524,000-square-foot office tower in Miami’s Brickell district. The waterfront property overlooks Biscayne Bay. Parkway Real Estate and KKR acquired the property for $250 million in 2018 and immediately commenced renovation plans. Upgrades included redesigning the entrance and renovating the lobby, as well as adding enhanced cellphone signal technology, meeting and entertainment spaces and a rooftop deck with space for fitness classes. The landlords also signed three retail tenants — Vice City Bean, Carrot Express and Fitbox Method — to occupy space on the ground level. This marks the third location for the locally owned Vice City Bean coffeehouse; the eighth location for Carrot Express, a healthy, fast-casual restaurant; and the second location for Fitbox Method, a fitness studio offering a mix of cardio and boxing training. Jonathan Carter and Jenny Gefen of Colliers International represented the landlords in all three retail transactions. Sabadell Financial Center was built in 2000 and is located at 1111 Brickell Ave., one mile south of downtown Miami. The asset features 8,000 square feet of ground-level retail space, a 26,000-square-foot amenity deck …

July 22, 2020

Development Multifamily North Carolina Southeast

Alliance Residential Delivers 260-Unit Apartment Complex in Charlotte’s South End

by Alex Tostado July 22, 2020

CHARLOTTE, N.C. — Alliance Residential has delivered Broadstone Queen City, a 260-unit apartment complex in Charlotte’s South End neighborhood. The property offers studio, one- and two-bedroom floor plans. Units include electronic locks, wood plank-style flooring, quartz countertops, GE appliances and floor-to-ceiling windows. Communal amenities include a saltwater pool, rooftop bar and lounge, courtyard, fitness center, dog park, office suites and ground-level retail space that will soon welcome Queen City Grounds coffee. Broadstone Queen City is situated at 101 W. Morehead St., less than one mile from downtown Charlotte and half a mile from the LYNX Blue Line light rail station.

July 22, 2020

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