Southeast

SRS Arranges Sale-Leaseback of Chuck E. Cheese in Central Florida

by Alex Tostado March 23, 2020

ALTAMONTE SPRINGS, FLA. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a freestanding retail property in Altamonte Springs leased to Chuck E. Cheese. The seller, Irving, Texas-based CEC Entertainment, will lease back the property on a newly signed, 20-year lease. The property is situated at 541 W. State Road 436, 10 miles north of downtown Orlando. Michael Walseth of SRS represented the seller and buyer, a private Florida-based investor, in the sale-leaseback transaction. Further details were not disclosed.

March 23, 2020

Market Reports Maryland Retail Southeast Southeast Market Reports

Baltimore Retail Market Stands Tall, Poised for Another Solid Year Ahead

by Alex Tostado March 23, 2020

It’s gearing up to be another solid year for Baltimore’s retail industry. Thus far, the first quarter has shown few surprises and has largely been a continuation of the success the sector saw in fourth-quarter 2019. Rent has remained relatively flat the past two years, outside of a few developments that have delivered, and we’re expecting more of the same this year. After a small bump in the road five years ago, the market has stabilized and retail vacancy in the Baltimore metro region remains tight. With limited new supply coming to market, landlords are focused on backfilling existing space. Class A and B properties continue to show healthy leasing trends, while Class C properties continue to be the value options for mostly local retailers. Baltimore metro’s primary retail corridors — York Road, Reisterstown Road, the core of downtown Baltimore, Columbia, White Marsh and Annapolis — continue to thrive. We’re also seeing strong growth along Ritchie Highway from Pasadena to Glen Burnie, buoyed by a string of new store openings at the Pasadena Crossroads Shopping Center, which is anchored by Sprouts Farmers Market, Ulta Beauty, T.J. Maxx, DSW, LA Fitness, Party City, Hobby Lobby, HomeGoods and Gardiner Wolf Furniture. In …

March 23, 2020

Acquisitions Multifamily Southeast Tennessee

GBT Realty Sells Two Multifamily Communities in Nashville for $52.2M

by Alex Tostado March 20, 2020

NASHVILLE, TENN. — GBT Realty Corp. has sold Village 21 and Belcourt Park, two multifamily communities in Nashville, for a total of $52.2 million. Atlanta-based TriBridge Residential acquired both properties. The 101-unit Village 21 sold for $31.7 million. The property is situated at 1620 21st Ave. S., two miles southwest of downtown Nashville. The community offers studio, one- and two-bedroom floor plans and communal amenities including a pool, fitness center, business center, pet washing station, car charging stations and a clubhouse. Village 21 features ground-floor retail space that was not included in the sale. Brentwood, Tenn.-based GBT Realty also sold Belcourt Park, a 76-unit community, for $20.5 million. Belcourt Park is situated at 1710 Belcourt Ave., three blocks from Village 21. The community also offers studio to two-bedroom floor plans. Communal amenities include a clubhouse, fitness center and a lounge.

March 20, 2020

Florida Loans Retail Southeast

Terra Receives $45M Refinancing Loan for Phase II of Shopping Center in South Florida

by Alex Tostado March 20, 2020

PEMBROKE PINES, FLA. — Terra City Center Investments II LLC, an entity sponsored by development firm Terra, has received a $45 million refinancing loan for Phase II of Pines City Center in Pembroke Pines. First Bank of Florida provided the loan. Terra broke ground on Phase II last year and expects to complete the 150,000-square-foot project by the end of this year. Some of Phase II is complete, with 98 percent of the space leased to tenants including anchors Hobby Lobby and UFC Gym, as well as CoreLife Eatery, AT&T, Space Coast Credit Union, Walk-On’s Bistreaux, Chuy’s Tex Mex and McAlister’s Deli. Terra completed the145,000-square-foot first phase of Pines City Center before selling it to TA Realty in December 2018. Pines City Center spans 47 acres.

March 20, 2020

Company News Retail South Carolina Southeast

United Development to Close Myrtle Beach Mall Today Until Further Notice Due to COVID-19 Outbreak

by Alex Tostado March 20, 2020

MYRTLE BEACH, S.C. — United Development Co. will close Myrtle Beach Mall at 7 p.m. local time today indefinitely due to growing concerns of the worldwide COVID-19 outbreak. The owner said the exterior entrances to Belk, Bass Pro Shops, Books-A-Million and JC Penney will remain open as long as those retailers continue to be open to the public. The owner also said that a deep cleaning will be initiated immediately following the closing, then again prior to the reopening. Myrtle Beach Mall is situated at 10177 N. Kings Highway, 11 miles north of downtown Myrtle Beach.

March 20, 2020

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Arranges $5.5M Sale of Travelodge Hotel in Orlando

by Alex Tostado March 20, 2020

ORLANDO, FLA. — Marcus & Millichap has arranged the $5.5 million sale of Travelodge by Wyndham Orlando Near Florida Mall, a 132-room hotel in Orlando. The property is situated at 1850 W. Landstreet Road, eight miles south of downtown Orlando and two miles from The Florida Mall. The hotel offers free parking, a pool, business center and laundry facilities. Ahmed Kabani of Marcus & Millichap represented the seller, an undisclosed limited liability company, and the buyer, a private investor, in the transaction.

March 20, 2020

Company News District of Columbia Southeast

SIOR Launches Nationwide Outreach Program to Aid Nonprofits Impacted by Coronavirus

by Alex Tostado March 20, 2020

WASHINGTON, D.C. — The Society of Industrial and Office Realtors (SIOR) has launched a nationwide program to help nonprofit organizations remain open and operating in the midst of the worldwide COVID-19 outbreak. The Community Assistance and Relief in Emergencies (CARE) program will help get charities and nonprofits in touch with local SIOR members to share the organization’s contact information, circumstances and needs. The SIOR member can then provide real estate advice, contacts and, if applicable, direct the organization to a property owner(s) that can help accommodate the group’s needs. Through this initiative, SIOR hopes that organizations searching for a commercial real estate space can quickly get up and running. “Our organization was founded during World War II with the goal of assisting the United States government in fulfilling critical space needs,” says Mark Duclos, SIOR global president. “Today, we are in a new global crisis, one that calls upon all of us to do our part. There has never been a more important time to use our knowledge, resources and network to help our nation get through this together.” Organizations interested in getting in contact with CARE can do so at www.sior.com/care.

March 20, 2020

Development Maryland Southeast Student Housing Top Stories

Balfour Beatty Starts Construction of 557-Bed Student Housing, Innovation Center Development in Bowie, Maryland

by Alex Patton March 20, 2020

BOWIE, MD. — Developer Balfour Beatty Campus Solutions is underway on a 557-bed student housing and mixed-use development in Bowie, a northeastern suburb of Washington, D.C. The 170,000-square-foot development will house students of Bowie State University and will also be the site of the Bowie Business Innovation Center, a program for business acceleration in collaboration with the U.S. Small Business Administration. The development is slated to open in fall 2021. The project cost will be approximately $42 million. “This partnership allows the university to support its growing student body with much-needed modern housing options and provides a dedicated place for the creative leaders of tomorrow to develop their knowledge and skills as they prepare to enter the business world upon graduation,” says Bob Shepko, president of Balfour Beatty. The development will also house the university’s Entrepreneurship Academy, which will help students develop their own business opportunities and better navigate the greater business world. Other project features include a variety of amenities, including a fitness center, laundry facilities, community kitchens, parking and flexible classroom space. The project is primarily funded with tax-exempt bonds through the Maryland Economic Development Corp. Balfour Beatty Construction is and Smoot Construction are serving as contractors for …

March 20, 2020

Charlotte Rent and Occupancy, RED Capital

Content Partner Features Lument Multifamily North Carolina RED Capital Group Southeast

Charlotte Surges into the First Rank of U.S. Growth Markets

by Sarah Daniels March 20, 2020

Charlotte is America’s second-largest commercial banking center, home to one of the country’s biggest financial institutions, Bank of America; soon the headquarters site of another when BB&T and SunTrust merge; and host to more employees of Wells Fargo than call its San Francisco base home. It would be hard to exaggerate the economic benefits the local market secures from this status. One growing but not widely appreciated benefit is the Queen City’s emergence as one of the world’s hotbeds of innovation in fintech, the space in which digital technology and financial services intersect. With support from local financial services giants, well-funded fintech incubators (like Queen City Fintech, hired by IBM to build and run their Hyper Protect accelerators) and a burgeoning start-up community, Charlotte has hatched a small army of successful fintech firms capitalized with more than $2 billion to date. Lately, entrepreneurs in other disciplines have come to appreciate Charlotte’s virtues. Nascent disruptors in the healthcare and electric power sectors are setting down roots in the city, attracted by its low operating and living costs, quality of life, deep well of talent and uniquely collaborative style. The injection of start-up energy into Charlotte’s thriving Fortune 500 business foundation catalyzed …

March 20, 2020

Development Loans North Carolina Office Southeast

PCCP Provides $95.6M Construction Loan for 16-Story Office Building in Charlotte

by Alex Tostado March 19, 2020

CHARLOTTE, N.C. — PCCP LLC has provided a $95.6 million construction loan to a joint venture for a 16-story office building in Charlotte’s South End. Atlanta-based Portman Holdings and Washington, D.C.-based National Real Estate Advisors LLC are developing 2151 Hawkins, which will feature multiple rooftop terraces, a six-story parking structure, ground-level retail anchored by Sycamore Brewing and access to the LYNX Light Rail Blue Line. In addition to Sycamore, the developers plan to incorporate a food hall concept on the ground floor. Gensler designed the building, which, according to media reports, is expected to come on line in March 2021.

March 19, 2020

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