Southeast

Alston Construction Delivers 646,380 SF Industrial Facility for Loloi Rugs Near Atlanta

by Alex Tostado May 6, 2020

CARTERSVILLE, GA. — Alston Construction has delivered a 646,380-square-foot distribution center and showroom for Loloi Rugs in Cartersville. Ware Malcomb provided architecture and interior design for the build-to-suit facility, which is located at 840 Cassville White Road, less than one mile from Interstate 75 and 50 miles northwest of downtown Atlanta. The single-story building features tilt-wall construction, 32-foot clear heights, 10,000 square feet of office space and 5,000 square feet of showroom space. Dallas-based Loloi Rugs is family-owned and -led and has been in operation since 2004. The textile company produces rugs, pillows and throws.

May 6, 2020

District of Columbia Hospitality Southeast

AHLA Releases Hotel Cleaning Standards Initiative in Response to Pandemic

by Alex Tostado May 6, 2020

WASHINGTON, D.C. — The American Hotel & Lodging Association (AHLA) has released its “Stay Safe” cleaning standards initiative. AHLA rolled out the guidelines to aid hotel chains that are reopening during the COVID-19 pandemic. The Washington, D.C.-based organization created the standards with help from an advisory council comprising industry leaders and public health experts. The initiative encourages the use of cleaning products that have a concentration of bacteria-killing ingredients, in accordance with the Centers for Disease Control and Prevention (CDC). Participating hotel chains will also train staff on safety and sanitation in regard to COVID-19. “Safe Stay was developed specifically to ensure enhanced safety for hotels guests and employees,” says Chip Rogers, president and CEO of AHLA. “While hotels have always employed demanding cleaning standards, this new initiative will ensure greater transparency and confidence throughout the entire hotel experience.” In April, Hilton Hotels and Marriott International unveiled their own protocols for enhancing guest and employee safety.

May 6, 2020

Acquisitions Georgia Multifamily Southeast

Capstone Arranges $21M Sale of Multifamily Community in LaGrange, Georgia

by Alex Tostado May 6, 2020

LAGRANGE, GA. — Capstone Apartment Partners has arranged the $21 million sale of SunRidge Apartment Homes, a 192-unit multifamily community in LaGrange. The property comprises 11 buildings offering one-, two- and three-bedroom floor plans there were 96 percent occupied at the time of sale. Communal amenities include a pool, playground, tennis courts, volleyball court, putting greens, grilling area, fitness center, a car washing station and laundry facilities. The property, which was built in 2001, is situated at 1235 Hogansville Road, three miles east of downtown LaGrange. Alex McDermott, Bryse Toothaker, Austin Green, Sean Henry and Dan McBurney of Capstone represented the seller, Sunny Pak, in the transaction. The buyer was Southwood Realty Group.

May 6, 2020

Acquisitions Healthcare Office Southeast Virginia

IPA Brokers $19.3M Sale of Medical Office Building in Northern Virginia

by Alex Tostado May 6, 2020

DUMFRIES, VA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $19.3 million sale of Dumfries Health Center, a 99,718-square-foot, single-tenant medical office building in Dumfries. The property is fully leased to Spectrum Healthcare Resources. The building was delivered in 2009 at 3700 Fettler Park Drive, two miles north of downtown Dumfries and adjacent to Interstate 95. The previous owner, known as 3700 Fettler Park LLC, recently implemented upgrades that included adding urgent care, immunizations, sports medicine with wading pools and expanding the onsite pharmacy. Robert Filley, Randall Heilig, Chandler Pace and Chris Dale of IPA represented the seller in the transaction and procured the buyer, Bethesda, Md.-based Global Medical REIT.

May 6, 2020

Georgia Industrial Leasing Activity Southeast

GE Current Signs 150,000 SF Lease for Distribution Center in Metro Atlanta

by Alex Tostado May 6, 2020

FAIRBURN, GA. — GE Current has signed a 150,000-square-foot lease for a distribution center in Fairburn. GE Current, which specializes in energy-efficient lighting for commercial real estate space, will use the facility to deliver same- and next-day delivery to its customers in the region. GE Current will employ 40 people at the center. The property is situated at 5150 Oakley Industrial Blvd., 10 miles south of Hartsfield-Jackson Atlanta International Airport. Another tenant occupies the other half of the building. Further details of the lease were not disclosed.

May 6, 2020

Georgia Market Reports Restaurant Retail Southeast Southeast Market Reports

Landlords, Retailers in Metro Atlanta Impacted by COVID-19 Seek Middle Ground in Lease Negotiations

by John Nelson May 6, 2020

The financial impact the COVID-19 economic shutdown is having on tenants and landlords is a difficult mix of immediate drastic reduction (or elimination) of revenue, along with little or no ability to forecast when the end will come. This combination of severity and unclear duration makes finding potential win-win compromises a real challenge for tenants and landlords in the metro Atlanta area. While deal pipelines across the industry have ground to a halt, companies, teams and individuals are using this sudden influx of time as an opportunity to take up important tasks that, while not producing revenue, will set up future opportunities. They are catching up on conversations, expanding their networks, engaging with social media, doing industry research, continuing their professional educations and learning new skills. Landlords, on the other hand, are having to take this challenge head on and are testing the waters with solutions like pause agreements, rent deferrals (in many cases, equivalent term is added at the end of these leases) and other creative ways to provide relief to their tenants while not endangering their own interests or those of their lenders. There’s no certainty that these issues won’t have to be addressed again, periodically, as the …

May 6, 2020

Florida Loans Multifamily Southeast Top Stories

Fortune International, Château Receive $119M Refinancing for Oceanfront Condo Development Site Near Miami

by Kristin Harlow May 6, 2020

SUNNY ISLES BEACH, FLA. — Fortune International Group and Château Group have received a $119 million loan for the refinancing of La Playa de Varadero, an oceanfront condominium development site in Sunny Isles Beach, a barrier island about 20 miles north of Miami. Located at 18801 Collins Ave., the 4.7-acre site boasts beach frontage of 435 feet directly on the Atlantic Ocean. Plans call for 490 residential units across two condominium towers. Construction of the 1.2 million-square-foot project will be completed in two phases. In 2015, the developers received site plan approval from the City of Sunny Isles Beach. The team recently secured final approval for the last set of modifications to the original design. To date, a portion of the predevelopment work has been completed, including the demolition of an existing structure and a structural build-out of the sales center. Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Dominick Calisto of Newmark Knight Frank (NKF) arranged the refinancing, with Bank OZK as the lender. The loan covers some predevelopment costs and land carry costs, according to NKF. Fortune International Group is a real estate development firm located in Miami that is known for its luxury condo projects. Fortune’s …

May 6, 2020

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $52M Sale of Multifamily Community Near Atlanta

by Alex Tostado May 5, 2020

DULUTH, GA. — Cushman & Wakefield has arranged the $52 million sale of The Hills on Breckinridge, a 400-unit multifamily community in Duluth. The property was built in 1986 and offers one- and two-bedroom floor plans. The seller, Wilkinson Corp., has implemented recent renovations, including a new clubhouse, pool, sports court, dog park and playground, as well as interior upgrades. The property is situated at 3450 Breckinridge Blvd., 24 miles northeast of downtown Atlanta. Nathan Swenson and Travis Presnell of Cushman & Wakefield represented the seller in the transaction. The buyer was not disclosed.

May 5, 2020

Development Hospitality Southeast Virginia

Extended Stay America Opens 92-Room Hotel Near Richmond

by Alex Tostado May 5, 2020

COLONIAL HEIGHTS, VA. — Extended Stay America Inc. has opened Extended Stay America-Colonial Heights, a 92-room hotel in Colonial Heights. Each room features kitchens with full-size refrigerators, microwave ovens, cooktops, platform beds with storage space beneath, recliners and high-speed Wi-Fi. Amenities include a fitness center, laundry room and a lobby. Kara Hospitality is managing the property. The new building is located at 441 Charles H Dimmock Parkway, 23 miles south of downtown Richmond.

May 5, 2020

Development Florida Multifamily Seniors Housing Southeast

Atlantic Housing Partners Delivers $14.8M Affordable Seniors Housing Facility in Palm Coast, Florida

by Alex Tostado May 5, 2020

PALM COAST, FLA. — Atlantic Housing Partners LLLP has opened Central Landings Senior Living, a $14.8 million affordable seniors housing community in Palm Coast. The 83-unit facility is reserved for those 62 years of age and older earning between 40 and 80 percent of the area median income. The property offers one- to three-bedroom floor plans. Each unit features granite countertops, CleanSteel appliances and screened-in patios. Communal amenities include a clubhouse with a dedicated senior resident activities center, pool table, business center, Amazon HUB package center, fitness center, walking trails and a dog park. The community is situated within the Palm Coast Town Center, a master-planned development that will include up to 2,500 multifamily units, 1.4 million square feet of office space and 3.4 million square feet of commercial space, including a movie theater and a hotel. The developer received $7.4 million in tax-exempt bonds through the Housing Finance Authority of Volusia County and $5.2 million in equity from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corp. ConcordRents is managing the property.

May 5, 2020

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