Southeast

How to Reach the Right Retail Audience

by Jaime Lackey January 27, 2019

It’s no secret that pop-up and experiential retail are hot topics. But it can be hard to figure out how best to engage audiences with an individual activation before, during and after the event. To help marketers solve this conundrum, Brandon Chesnutt, vice president and director of digital & development at Identity, hosted a session titled “Six Winning Pop-Up Retail Marketing Ideas Property Managers Can’t Ignore” during the 2019 Ancillary Retail Expo, a two-day conference produced by InterFace Conference Group and Ancillary Retail magazine. At issue during the session, which took place in mid-January at the Hilton Daytona Beach hotel, were a host of key topics for retailers looking to decide which pop-up retail marketing strategies generate the most attention, excitement and foot traffic. Chesnutt introduced the property owners and managers in attendance to tactics and campaign ideas that have the attention of retail marketers, including targeted social media advertising and tailored group activations. The Detroit native acknowledged that it’s an exciting time for marketers of all stripes, but said that excitement and energy comes with a host of questions about best practices in a rapidly changing industry. “The expectations of what is considered marketing are shifting,” said Chesnutt. “If …

January 27, 2019

Development Mixed-Use Southeast Virginia

Summit Pointe Realty Begins Phase II of $300M Mixed-Use Project in Hampton Roads

by Alex Tostado January 25, 2019

CHESAPEAKE, VA. — Summit Pointe Realty LLC has begun Phase II of Summit Pointe, a $300 million mixed-use development in the Hampton Roads town of Chesapeake. The second phase will break ground in February and consist of Helix, a 133-unit multifamily complex; ground-floor retail space; and a six-story, 150,000-square-foot office building. The price to develop Phase II is estimated at between $150 million and $175 million. Helix is slated for completion in early 2020. The office building is slated for completion in early 2020 as well. Summit Pointe is currently zoned for 1,400 multifamily residences, 1 million square feet of office space, 500,000 square feet of retail space and about 250,000 square feet of hospitality and conference space. The project team includes apartment management firm Drucker + Falk, architect Saunders + Crouse Architects, general contractor Clancy & Theys and property management and leasing firm Colliers International. Phase I of Summit Pointe features the headquarters office tower for Dollar Tree Inc. With the consolidation of the Family Dollar employees from Matthews, N.C., in June 2019, the Dollar Tree campus will have the capacity for serving 2,300 employees.

January 25, 2019

Development Maryland Multifamily Seniors Housing Southeast

Erickson Living to Convert Former Marriott Corporate Office in Maryland to 775,000 SF Seniors Housing Community

by Alex Tostado January 25, 2019

BETHESDA, MD. — With Marriott International Inc. planning to relocate its Bethesda headquarters in 2022, Erickson Living has announced plans to redevelop the 775,000-square-foot office building into a continuing care retirement community (CCRC). The acquisition of the headquarters, located in Montgomery County’s Rock Spring area, was completed in December 2018. Terms of that acquisition were not disclosed. The Maryland-National Capital Parks and Planning Commission updated the master plan for the Rock Spring area of Montgomery County in 2018. While Rock Spring has been developed over the years as a suburban office park, the updated plan encourages more residential and retail uses, according to Erickson. Erickson Living owns and/or operates 20 communities in 11 states, serving more than 27,000 residents. The company specializes in CCRCs.

January 25, 2019

Acquisitions Georgia Retail Southeast

CityView Commercial, Jacobs REA Buy 1 MSF Southlake Mall in Metro Atlanta

by Alex Tostado January 25, 2019

MORROW, GA. — A partnership between two New York-based investment firms, CityView Commercial LLC (CVC) and Jacobs Real Estate Advisors (Jacobs REA), has purchased Southlake Mall in metro Atlanta. The two-story, 1 million-square-foot mall is located off Interstate 75 at 1000 Southlake Circle in Morrow, about 17 miles south of Atlanta in Clayton County. Anchored by Macy’s and an event venue known as Morrow Center, Southlake Mall’s tenant roster includes Carousel Kids, Champs Sports, Foot Locker, The Children’s Place, a food court, Bath & Body Works, Victoria’s Secret, Things Remembered, Zales Jewelry and Jimmy Jazz, an apparel retailer that is also the parent company of CVC. H&M, Forever 21 RED and Chime Solutions are newcomers to Southlake Mall, according to CVC. Last summer, Sears closed its Southlake Mall store. CVC is the real estate arm for the Jimmy Jazz retail chain that owns and operates more than 200 stores in 18 states. Led by Jimmy Khezrie and Jack Friedler, CVC focuses on acquiring and repositioning value-add retail assets. Led by Sholom Jacobs, Jacobs REA is a value-add investment firm based in Lawrence, N.Y., with a regional office at Dalton Outlet Shops in Dalton, Ga. The seller and sales price were undisclosed, but Los Angeles-based Vintage Real Estate …

January 25, 2019

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges Sale of Two Florida Apartment Communities Totaling $72.6M

by Alex Tostado January 25, 2019

LAKELAND AND PLANT CITY, FLA. — Cushman & Wakefield has arranged the sale of two Florida apartment communities in separate transactions totaling $72.6 million. Luis Elorza, Brad Capas and Robert Given of Cushman & Wakefield represented Highland City Garden LLC in selling Century Ariva Apartments, a 312-unit complex in Lakeland. Atlanta-based Centennial Holding Co. bought the property for $54.6 million, or $175,000 per unit. Built in 2017, Century Ariva Apartments offers one-, two- and three-bedroom floor plans, as well as a resort-style pool, mini movie theater, 24-hour package center, internet café, grilling areas and a 24-hour gym. Elzora, Capas and Given also represented Lakeside Garden of Plant City LLC in selling Lakehouse Luxury Apartment Homes, a 125-unit community in Plant City, for $18 million, or $144,000 per unit. The community was delivered in 2015 and offers one-two- and three-bedroom floor plans. Amenities include an access gate, lake frontage with fishing areas, grill and picnic areas, 24-hour fitness center, business center, dog park and a swimming pool.

January 25, 2019

Florida Loans Multifamily Southeast

KeyBank Provides $52.4M Refinancing Loan for Apartment Complex in Orlando

by Alex Tostado January 25, 2019

ORLANDO, FLA. — KeyBank Real Estate Capital has provided a $52.4 million Fannie Mae loan for the refinancing of Harbor Beach Apartment Homes in Orlando. Todd Linehan of KeyBank originated the non-recourse, fixed-rate loan with a 15-year term and 30-year amortization schedule on behalf of the undisclosed borrower. The 602-unit community was built between 1984 and 1987 and was renovated in 2013. Amenities include a fitness center, car wash, resident boat dock, sand volleyball court, picnic area, swimming pool and a tennis court.

January 25, 2019

Development Georgia Multifamily Seniors Housing Southeast

Caddis Plans to Build 18-Story Seniors Housing Tower in Atlanta’s Buckhead District

by Alex Tostado January 24, 2019

ATLANTA — Caddis Healthcare Real Estate has unveiled plans for Heartis Buckhead, an 18-story high-rise seniors housing property in Atlanta’s Buckhead district. The 278,000-square-foot community will offer 213 units of independent living, assisted living and memory care. Construction is slated for completion in late 2021. The architect for the project is Englewood, Colo.-based Lantz-Boggio, and the general contractor is the Atlanta office of Brasfield & Gorrie. Caddis currently has 19 Heartis-branded seniors housing communities either opened or under development in five states. Heartis Buckhead will be the largest and “most ambitious” of those projects to date, according to Jud Jacobs, the company’s executive vice president of development. The company will also upgrade an adjacent 10-story, 72,923-square-foot medical office building. The project will include a landscaped plaza and a two-level parking structure that will serve both facilities. Both Heartis Buckhead and the medical office building are situated across from Piedmont Atlanta Hospital.

January 24, 2019

Acquisitions Georgia Multifamily Southeast

TruAmerica, Tokyu Land Purchase Two Apartment Buildings in Atlanta for $127.4M

by Alex Tostado January 24, 2019

ATLANTA — TruAmerica Multifamily has partnered with Tokyu Land U.S. Corp. (TLUS) to purchase two apartment buildings in Atlanta for a total of $127.4 million. This is TruAmerica’s first joint venture with TLUS, a subsidiary of Tokyu Land Corp., one of the largest Japanese real estate firms that focuses on investments and developments in U.S. gateway markets. The joint venture acquired Vinings Corner, a 360-unit community in the Vinings/Cumberland submarket. Located at 2101 Paces Ferry Road in Smyrna, Vinings Corner will be rebranded as Junction at Vinings. Expected upgrades include new appliances, countertops, cabinets, flooring and upgraded plumbing and light fixtures. The other transaction was for The Prato at Midtown, a 342-unit complex located at 400 Central Park Place N.E. in the Old Fourth Ward. TruAmerica will upgrade The Prato similarly to Vinings Corner. Both acquisitions were financed with 10-year Freddie Mac loans. Brian Eisendrath of CBRE arranged the loan for the Vinings Corner acquisition, and Trevor Fase and Russell Dey of Walker & Dunlop arranged the acquisition loan for The Prato.

January 24, 2019

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $41.5M Sale of Apartment Community in Metro Savannah

by Alex Tostado January 24, 2019

RICHMOND HILL, GA. — Cushman & Wakefield has arranged the $41.5 million sale of Lullwater at Richmond Hill, a 280-unit apartment community in Richmond Hill. The asset is situated about 22 miles southwest of downtown Savannah. Amenities include a fitness center, clubroom, outdoor kitchen, dog park, car care center, walking trail and a swimming pool. Taylor Bird, Nelson Abels and Robert Stickel of Cushman & Wakefield represented the seller, Fickling & Co., in the transaction. PEM Real Estate Group acquired the property.

January 24, 2019

Development Hospitality Louisiana Southeast

Istrouma Hospitality Opens Courtyard by Marriott Baton Rouge Downtown

by Alex Tostado January 24, 2019

BATON ROUGE, LA. — Istrouma Hospitality LLC has opened the new Courtyard by Marriott Baton Rouge Downtown, a 135-room hotel located at 260 3rd St., about three miles north of Louisiana State University (LSU). The new hotel features Courtyard’s latest room design, an innovative lobby and 48 balcony rooms. Some features of rooms include a mobile working desk, as well as a shower nook in the bathroom. Greenville, S.C.-based Windsor Aughtry developed the hotel on behalf of the owner, and Brentwood, Tenn.-based Hospitality America LLC is managing the property.

January 24, 2019

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