Southeast

Three Retailers Return to Miami Beach’s Lincoln Road, Two Food Halls Debut

by Alex Tostado June 18, 2019

MIAMI BEACH, FLA. — Lincoln Road Business Improvement District (BID) has announced three retailers are returning to Lincoln Road, Miami Beach’s high street for upscale retail, restaurants and entertainment. The three retailers — Fritz’s Skate, Bike & Surf Shop; Dog Bar; and Lulu Laboratorium — all had original locations on Lincoln Road. Fritz’s originally opened on Lincoln Road in 1989. Dog Bar, a full-service pet boutique, moved back into its original location on Lincoln Road. Lulu Laboratorium is situated on the corridor’s 1100 block. Two food halls also opened earlier this year on Lincoln Road. Time Out Market features 17 eateries, a demo kitchen and three bars serving craft cocktails. Lincoln Eatery spans 9,600 square feet and includes 16 fast-casual, artisan and grab-and-go concepts. In addition to food and retail, the Lincoln Road BID sponsors free events that range from farmers markets to concerts to fitness classes.

June 18, 2019

Company News Georgia Southeast

State Farm Arena in Downtown Atlanta Earns LEED Gold Certification

by Alex Tostado June 18, 2019

ATLANTA — State Farm Arena, home of the NBA’s Atlanta Hawks, has received a Leadership in Energy and Environmental Design (LEED) Gold Certification from the U.S. Green Buildings Council (USGBC). Situated in downtown Atlanta, State Farm Arena was certified due to efforts that include a partnership with Rubicon Global to recycle 12,500 seats in 2018 following its $192 million makeover; the arena and surrounding area becoming a smoke-free campus; upgrading the lighting fixtures to LED lighting, which led to 41 percent lighting power reduction; installing more efficient plumbing fixtures that will save 540,000 gallons of potable water per year; and more than 900 tons of waste was sent to Atlanta’s Lifecycle Building for resale, instead of going to the dump. There are four levels of LEED certification, according to the USGBC: Certified, Silver, Gold and Platinum. State Farm Arena, previously known as Philips Arena, is owned by the Atlanta-Fulton County Recreation Authority and operated by the Atlanta Hawks Basketball Club, which is owned by Tony Ressler along with a group of investors including Naismith Memorial Basketball Hall of Famer Grant Hill.

June 18, 2019

Company News Georgia Southeast

Atlanta’s Choate Construction Celebrates 30 Years of Business

by Alex Tostado June 18, 2019

ATLANTA — Choate Construction will celebrate its 30th anniversary this month. In its 30 years, the Atlanta-based general contractor has completed more than 5,200 projects, ranging from student housing to automotive plants to manufacturing facilities. Choate has also expanded to Nashville and has almost 500 employees. The company is 100 percent employee-owned. “While we have grown a lot, there are some things that haven’t changed: The core values that have guided us from the start. Safety, integrity, innovation, operational excellence, relationships, stewardship,” says Millard Choate, chairman and CEO. “They are the framework that will continue to shape us each and every day.”

June 18, 2019

Affordable Housing Development Multifamily Southeast Virginia

AHC to Break Ground on $48.3M Affordable Housing Development in Alexandria

by Alex Tostado June 17, 2019

ALEXANDRIA, VA. — AHC Inc. will break ground on The Spire, a 113-unit affordable housing development situated on a two-acre plot in Alexandria owned by Episcopal Church of the Resurrection. The Spire will include one-, two- and three-bedroom apartments, including 12 fully accessible homes, that will serve households with incomes ranging from 40 percent to 60 percent of the area median income (AMI). The Spire will cost $48.3 million to develop and has received funds from a number of local state and national sources, including $23 million in tax credit equity from the Virginia Housing Development Authority (VHDA), a $9.9 million loan from the City of Alexandria, a $1.3 million loan from Virginia/National Housing Trust Funds, a $500,000 loan from the Federal Home Loan Bank of Atlanta, a $11.5 million first trust loan from Capital One/Freddie Mac and $500,000 funding from NeighborWorks America. The City of Alexandria also provided a $350,000 rental assistance grant to make 12 apartments deeply affordable, which targets households making 25 percent to 35 percent of the AMI. The ground breaking is slated to take place Tuesday, June 18 at 3:30 p.m.

June 17, 2019

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Negotiates Sale of 314-Unit Apartment Complex in Orlando

by Alex Tostado June 17, 2019

ORLANDO, FLA. — Cushman & Wakefield has arranged the sale of Alta Grande, a 314-unit apartment complex in Orlando that opened in May 2018. Lantower Residential acquired the property and will rebrand it as Lantower Grande Flats. The property was 98.4 percent occupied at the time of sale and offers one-, two- and three-bedroom floor plans spread across 10 three-story buildings. Community amenities include a fitness center with separate yoga studio, dog park, saltwater swimming pool, cabanas, media center/game room and an outdoor hammock garden. Jay Ballard, Ken Delvillar, Michael Mulkern and Robert Given of Cushman & Wakefield represented the seller and developer, Atlanta-based Wood Partners, in the transaction. The sales price was not disclosed.

June 17, 2019

Acquisitions Florida Retail Southeast

Forge Capital Sells Two Publix-Anchored Shopping Centers in Florida

by Alex Tostado June 17, 2019

ST. PETERSBURG AND WEST PALM BEACH, FLA. — Forge Capital Partners has sold Disston Plaza, a 129,150-square-foot shopping center in St. Petersburg, and Polo Grounds Mall, a 130,015-square-foot shopping center in West Palm Beach. New Market Properties LLC, a subsidiary of Atlanta-based Preferred Apartment Communities, acquired both properties, which are both anchored by Publix. Disston Plaza was built in 1954 and renovated in 2018. The property was 97 percent leased at the time of sale to tenants including Bealls Outlet, Dollar Tree, Suncoast Resale Shoppe, Anytime Fitness, Subway, Little Italy, Great Clips and Greenberg Dental. The property is situated at 3501 49th St. N., 20 miles southwest of downtown Tampa. Completed in 1966 and renovated in 2007, Polo Grounds Mall’s tenant roster includes Bealls Outlet, Rainbow, Medical Consultants of Florida, United States Postal Service, Chase Bank, Wing Stop and Papa Johns. Luis Castillo, Daniel Finkle and Eric Williams of HFF represented the seller in both sale transactions. Ed Coco, Matt Casey, Greg Gaughan, Libby Malloy and Maxx Carney of HFF arranged acquisition financing for each property through Thrivent Financial on behalf of the buyer. Both acquisition loans are structured with fixed interest rates and 15-year terms. The sales prices were not …

June 17, 2019

Acquisitions Georgia Multifamily Southeast

Beach Investment Acquires Multifamily Community in Metro Atlanta for $19M

by Alex Tostado June 17, 2019

AUSTELL, GA. — Beach Investment Management, an affiliate of The Beach Co., has acquired Reserve at Sweetwater Creek, a 156-unit multifamily community in Austell, for $19 million. Reserve at Sweetwater Creek is located 15 miles west of downtown Atlanta and was built in 1988. The property offers one- and two-bedroom floor plans ranging from 650 to 1,000 square feet. Communal amenities include a swimming pool, outdoor kitchen, fitness center, tennis court, laundry facility and a cyber lounge. Beach plans to upgrade unit interiors, including installing stainless steel appliances, granite countertops and modern fixtures. Community upgrades will include new roofs throughout the property, conversion of the tennis court into an outdoor fitness center and a new gazebo with a grilling area. Darby Parker of The Beach Co. represented the buyer internally in the transaction. Nate Swenson and Travis Presnell of Cushman & Wakefield represented the seller, Arcan Capital. Berkadia provided arranged acquisition financing on behalf of the buyer.

June 17, 2019

Acquisitions Georgia Retail Southeast

Newmark Knight Frank Arranges Sale of 106,485 SF Shopping Center Near Atlanta

by Alex Tostado June 17, 2019

ALPHARETTA, GA. — Newmark Knight Frank (NKF) has arranged the sale of Stonewood Village, a 106,485-square-foot shopping center in Alpharetta. Stonewood Village was 70 percent leased at the time of sale to tenants including Dover Saddlery, Anytime Fitness, Queen of Hearts Antiques and Pure Spa. A vacant big box also sits on the site. Orkin & Associates acquired the property, which is situated at 670 N. Main St., 30 miles north of downtown Atlanta. Mark Joines and Drew Fleming of NKF represented the seller, Nightingale Properties, in the transaction. The sales price was not disclosed.

June 17, 2019

Alabama Market Reports Multifamily Southeast Southeast Market Reports

Central Birmingham’s Multifamily Development Pipeline Set to Expand Significantly

by Alex Tostado June 17, 2019

Contrary to some Southeast markets’ recent shift in focus to the suburbs, construction in Central Birmingham continues to boom with activity. The Central Birmingham cluster — encompassing the CBD, Southside, Parkside District, University of Alabama Birmingham (UAB) and Lakeview neighborhoods — has established itself as a strong-performing submarket with 3,800 multifamily units total, according to CoStar. The growing number of desirable amenities such as parks, restaurants, museums and trails has helped foster rent growth and additional projects. Birmingham’s overall multifamily construction activity has been consistent with 12,000 units added from 2009 to 2018 (approximately 1,300 units per year). Within the Birmingham metro itself, multifamily construction is highly concentrated in Central Birmingham, which experienced a 225 percent hike in multifamily construction from a low in second-quarter 2017 to 850 units currently under construction and 1,400 units planned or proposed. Suburban supply has been tempered compared to similar metros given the lack of zoned land available. There are a number of planned suburban projects, including projects by Dobbins Group and Davis Development, but none under construction. Drivers of this trend Rents achieved in Central Birmingham enable multifamily development to ensue despite higher construction costs. The Pizitz and Thomas Jefferson Tower (TJ) are …

June 17, 2019

Development Office Southeast Tennessee

KDC to Develop 750,000 SF Office Building Within Aureum Mixed-Use Project in Nashville’s Cool Springs

by Alex Tostado June 14, 2019

FRANKLIN, TENN. — Dallas-based KDC has partnered with SouthStar and Chartwell Hospitality to develop a 750,000-square-foot office building within Aureum, a mixed-use development in Franklin. KDC will develop Aureum’s office component, SouthStar will develop 100,000 square feet of retail space, Chartwell Hospitality is developing three hotels totaling 700 rooms and SouthStar and Chartwell will co-develop a 480-unit residential community. Aureum, which is Latin for “golden,” will span 22 acres in Franklin’s Cool Springs area, about 18 miles south of downtown Nashville. KDC is expected to break ground on the office building in early 2020.

June 14, 2019

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