Southeast

Tricera Capital Breaks Ground on 265,000 SF Office, Retail Redevelopment Project in South Florida

by Taylor Williams October 7, 2019

WEST PALM BEACH, FLA. — Miami-based Tricera Capital has broken ground on the redevelopment of the Palm Beach Post newspaper office campus in West Palm Beach. The project, named The Press, will add 125,000 square feet of new retail space and 140,000 square feet of refurbished office space to the market. The project began with the demolition of a two-story office building and bridge. The development team, which acquired the 11-acre site in February 2019, will preserve most of the remaining structures, including those that housed the Post’s original office building and printing press. The retail component will be branded as Shops at the Press, and the office component will be branded as Workspaces at the Press. As part of the project, Tricera will renovate the existing four-story office building, and the newspaper will continue to operate within 35,000 square feet at the property. The building that housed the printing press will be converted into a space for retail, lifestyle and entertainment uses. The entire project is scheduled for completion during the first quarter of 2021. Tricera is close to finalizing a lease agreement with a national organic grocer to open a new store at the property, the developer says. …

October 7, 2019

Development Market Reports Multifamily Southeast Southeast Market Reports Virginia

Apartment Developments Have Reached a New Peak in Richmond

by Alex Tostado October 7, 2019

With easy access to the James River, hiking trails and a burgeoning culinary scene, the Richmond region has won numerous accolades for its quality of life. The city remains a top destination for college graduates and young professionals, as well as families and retirees. Apartment demand is fueled by both a growing millennial population and increasing number of empty-nesters who are downsizing. Renters continue to seek accessible apartment communities that are highly walkable with comfortable amenities. As a result, both urban and suburban markets are experiencing an influx of rental demand. The Richmond apartment market continues to experience rising rental rates and interest from out-of-town investors. Apartment rents in Richmond have increased every year since 2012 but remain relatively affordable. The average effective rent reached $1,113 per unit after increasing approximately 3.8 percent over the past 12 months. Accordingly, developers and investors have responded to the steady demand and continue to be bullish on the Richmond market, especially for apartments. There are currently more than 4,000 apartment units under construction, marking a post-recession peak for construction activity. Apartment sales have accounted for more than 50 percent of all commercial real estate transactions during the first half of 2019. Additionally, institutional …

October 7, 2019

Development Florida Hospitality Mixed-Use Southeast Top Stories

Hard Rock International Completes $700M Casino Expansion in Tampa

by Alex Patton October 4, 2019

TAMPA, FLA. — Hard Rock International has completed a $700 million expansion of Seminole Hard Rock Hotel & Casino Tampa. The development added a new 223,900-square-foot casino to the property, which includes an additional 1,000 slot machines and 41 table games throughout its new gaming spaces. The new casino brings the roster of gaming attractions up to nearly 5,000 slot machines, 179 tables and 46 poker tables.The casino now comprises 245,000 square feet of dedicated casino space, according to the Tampa Bay Times. The renovation also included construction of a 14-story hotel with 562 rooms and suites. Amenities of the new hotel include a 26,000-square-foot spa, three pools, two VIP suites, a hair and nail salon, barbershop and lounge. The top floor also features a private gaming parlor for VIP guests. Additionally, the construction included a 1,500-seat Hard Rock Event Center, where completion celebrations were held including performances from Atlanta-based rapper Big Boi and DJ Jazzy Jeff. New food and beverage options at the property include coffee café Constant Grind, the Pool Bar & Grill and Italian restaurant Cipresso. “Seminole Hard Rock Hotel & Casino Tampa is already one of the largest and most profitable casinos in the United States,” says Jim Allen, …

October 4, 2019

Development Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Provides $35.4M Construction Loan for Retail-to-Multifamily Project in Florida Panhandle

by Alex Tostado October 4, 2019

MARY ESTHER, FLA. — Walker & Dunlop has provided a $35.4 million Department of Housing and Urban Development (HUD) loan for the construction of Renaissance Santa Rosa in Mary Esther, located on the Florida Panhandle. The borrowers and developers of Renaissance Santa Rosa, Rea Ventures Group LLC and Radiant Partners, will transform a former department store site connected to Santa Rosa Mall into a four-building, 229-unit multifamily community. The property will offer one-, two- and three-bedroom floor plans. Community amenities will include a two-story clubhouse, swimming pool, business center, game room, exercise facility, picnic areas, playground and a dog park. Frank Baldasare, Heather Olson, Al Rex and Marty McGrogan of Walker & Dunlop originated the 40-year loan on behalf of the borrowers.

October 4, 2019

Acquisitions Retail South Carolina Southeast

Stan Johnson Arranges $22.2M Sale of Oakbrook Station Shopping Center in Metro Charleston

by Alex Tostado October 4, 2019

SUMMERVILLE, S.C. — Stan Johnson Co. has arranged the $22.2 million sale of Oakbrook Station Shopping Center, a 138,166-square-foot, Lowes Food-anchored retail center in Summerville. The property was fully occupied at the time of sale to tenants including Lowes Food, Dollar Tree, OneMain Financial, State Farm Insurance and ATI Physical Therapy. Oakbrook Station is located at 10070 Dorchester Road, 21 miles northwest of downtown Charleston. Maggie Holmes, Joey Odom, Mike Sladich, and Mollie Alteri exclusively represented the seller, Charleston-based developer RealtyLink, in the transaction. Los Angeles-based LBX Investments acquired the center.

October 4, 2019

Acquisitions Office Southeast Virginia

Generation Income Acquires Two Office Buildings in Norfolk for $18.9M

by Alex Tostado October 4, 2019

NORFOLK, VA. — Generation Income Properties Inc. has acquired two office buildings totaling 106,621 square feet in Norfolk for $18.9 million. The portfolio included a 71,774-square-foot building occupied by a general services administration and international shipping company Maersk. The other property is a 34,847-square-foot office building fully leased to PRA Group. Scott Adams, Pat Mugler, Gray Randolph and Will Bradley of Colliers represented the seller, Virginia Beach-based Robinson Development Group, in the transaction.

October 4, 2019

Acquisitions Georgia Multifamily Southeast

Fogelman Properties, Thackeray Partners Buy 246-Unit Apartment Complex in Metro Atlanta

by Alex Tostado October 4, 2019

DOUGLASVILLE, GA. — Fogelman Properties and Thackeray Partners have acquired Lakeside at Arbor Place, a 246-unit apartment complex in Douglasville. The property offers one-, two- and three-bedroom floor plans and was 96 percent occupied at the time of sale. Communal amenities include a clubhouse, fitness center, swimming pool, dog park and a tennis court. The buyers plan to upgrade unit interiors and upgrade amenities, including making improvements to the fitness center and clubhouse, as well as adding a sports court and outdoor kitchen. The community was built in two phases in 1988 and 1996, and rents range from $904 to $1,385. Lakeside at Arbor Place is located at 3000 Georgia 5, 24 miles west of downtown Atlanta. The seller and price were not disclosed.

October 4, 2019

District of Columbia Southeast

U.S. Economy Adds 136,000 Jobs in September, Slightly Missing Forecast Mark

by Alex Tostado October 4, 2019

WASHINGTON, D.C. — The U.S. economy added 136,000 nonfarm payroll jobs in September, falling just shy of economists’ forecast of 145,000 jobs, according to the Bureau of Labor Statistics (BLS). In addition, the BLS revised job growth upward in July by 7,000 to 166,000, and by 38,000 in August to 168,000. The healthcare industry led the way in September, adding 39,000 jobs, which was in line with its average monthly gain over the prior 12 months. Meanwhile, the unemployment rate declined 20 basis points from August to 3.5 percent. In September, average hourly earnings for all employees on private, nonfarm payrolls was $28.09, which was down by 1 cent from August. Over the past 12 months, average hourly earnings have increased by 2.9 percent.

October 4, 2019

Acquisitions Georgia Mixed-Use Southeast

JLL Arranges Sale of Alpharetta City Center in Georgia

by Alex Tostado October 3, 2019

ALPHARETTA, GA. — JLL has arranged the sale of Alpharetta City Center, a mixed-use development featuring 168 residential units, a town green and 82,700 square feet of retail and restaurant space. Amorance, the multifamily community on-site, spans two buildings, offering one- and two-bedroom floor plans averaging 1,067 square feet. The property, which South City Partners and Morris & Fellows delivered in 2018, features communal amenities such as a clubroom with outdoor patio, catering kitchen, communal living room with a fireplace and TV, swimming pool courtyard, grilling area, fire pit, lounge seating areas, and a fitness center with yoga and spin rooms. The District, a 41,650-square-foot collection of local boutiques and service providers, sits at street level below the apartments. The Gardens, developed by Morris & Fellows, houses 41,050 square feet of chef-driven restaurants spanning two acres of parks and green spaces across three city blocks of Main Street. The retail and restaurants were fully leased at the time of sale. David Gutting, Margaret Caldwell (now with Arden Capital Advisors), Derrick Bloom and Margaret Jones of JLL represented the sellers, South City Partners and Morris & Fellows, in the transaction. CBRE Global Investors purchased the property on behalf of a separate account client …

October 3, 2019

Development Industrial South Carolina Southeast

Crescent Communities to Develop 104,000 SF Flex Building Near Charlotte

by Alex Tostado October 3, 2019

FORT MILL, S.C. — Crescent Communities has acquired 15 acres within Lakemont Business Park in Fort Mill to develop Stateline Logistics Center, a 104,000-square-foot flex industrial building less than two miles from the South Carolina-North Carolina state border and 18 miles south of downtown Charlotte. The new building will feature 24-foot clear heights, 26 trailer parking spaces and surface parking. Crescent Communities expects to deliver the building in second-quarter 2020.

October 3, 2019

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