Southeast

Cushman & Wakefield Arranges $35M Sale of Seniors Housing Community Near Columbia

by Alex Tostado July 1, 2019

WILDEWOOD, S.C. — Cushman & Wakefield has arranged the $35 million sale of Wildewood Downs, a 248-unit seniors housing community in Wildewood. Wildewood Downs was developed between 2000 and 2014 and comprises 76 independent living homes, 60 independent living apartments, 40 assisted living units, eight memory care units and a 64-bed skilled nursing facility with an 80-bed licensed capacity. The property is located 13 miles north of downtown Columbia on 38 acres. David Kliewer, Paul Carr and Allen McMurtry of Cushman & Wakefield represented the seller, an affiliate of The Hollinger Group, in the transaction. Senior Living Communities (SLC) acquired the asset for $141,129 per unit using debt financing from a publicly traded REIT.

July 1, 2019

Alabama Market Reports Retail Southeast Southeast Market Reports

Birmingham Retail Market Sees Strong Backfilling Activity, Infill Developments

by Alex Tostado July 1, 2019

Birmingham’s retail market continued to see positive growth in 2018, and it’s safe to argue this is largely due to a significant amount of retail space being backfilled with entertainment, discount, medical and first-to-market tenants that otherwise may not have been able to enter the market. Dave & Buster’s backfilling a Forever 21 space at the Riverchase Galleria, Urban Air leasing a former hhgregg box in Trussville, Ollie’s acquiring the former Toys ‘R’ Us box in Hoover and Floor & Décor backfilling the former Kmart in Homewood are just a few recent examples of this in Birmingham. Two additional noteworthy deals that have been recently announced include REI opening its first Birmingham location in a portion of the former Toys ‘R’ Us box at The Summit and the Dick’s Sporting Goods/Golf Galaxy combo store moving into the soon-to-be former Academy Sports + Outdoors space at Lee Branch. The new combo store will be Golf Galaxy’s first location in Alabama. These two deals alone all but confirm this backfilling trend is going to continue for some time. More often than not, you will find these new tenants are paying higher rents, driving larger traffic volumes and generating more sales tax income …

July 1, 2019

Acquisitions Hospitality Multifamily South Carolina Southeast Top Stories

RLJ Lodging Trust Sells Two Hotel Resorts in Myrtle Beach for $156M

by Taylor Williams July 1, 2019

MYRTLE BEACH, S.C. — RLJ Lodging Trust (NYSE: RLJ), a Maryland-based hospitality REIT, has sold Kingston Resorts, comprising the Hilton Myrtle Beach Resort and Embassy Suites by Hilton Myrtle Beach Oceanfront Resort, for $156 million. The properties span 385 rooms and 255 rooms, respectively. The sales price equates to $244,000 per room at a capitalization rate of 6.7 percent, inclusive of $44.5 million in capital expenditures. The buyer was privately held real estate firm EOS Investors LLC, which describes the 160-acre property as “the largest and most comprehensive oceanfront conference venue between Atlantic City, New Jersey, and West Palm Beach, Florida.” The buyer notes that the acquisition includes over 1,600 residential condominiums and townhomes in addition to the hotels. The two Hilton-operated hotels offer an array of amenities, including pools, tennis courts, fitness centers, spas, business centers, bike rental services and onsite restaurants and bars. Guest rooms feature private balconies, and suites with kitchen and living areas are available. The properties also feature over 100,000 square feet of event space. Hilton will continue to operate the assets following the sale. “This transaction is a continuation of our strategic efforts to sell non-core hotels and recycle capital into more accretive opportunities …

July 1, 2019

Development Florida Hospitality Southeast

Urban Commons Completes $27.5M Renovation, Rebranding of Holiday Inn in Orlando

by Alex Tostado June 28, 2019

ORLANDO, FLA. — Urban Commons has completed the renovation and rebranding of the former Nickelodeon Suites Resort in Orlando into the Holiday Inn Resort Orlando Suites and Waterpark. The $27.5 million renovation took three years to complete. Urban Commons updated the 777 guest rooms, the lobby, café, lounge, meeting rooms and restrooms, which included renovations with new finishes, fixtures, furniture and other interiors, along with enhancing the waterpark with new pool surfacing, cabanas, outdoor furniture and a designated yoga area. Club Candy, a colorful sweet escape featuring treats and drinks; The Hideaway Lounge, a full-service bar offering appetizers and snacks; Hershey’s Ice Cream, a parlor serving hand-dipped ice cream and fresh-brewed coffee; and a Subway were added, bringing the total of food and beverage outlets within the hotel to eight. The Lagoon Waterpark is in the center of the resort and offers a splash zone, kids’ play area, a four-story water tower, a 400-gallon water dump tank, interactive water toys, climbing nets and water jets, two whirlpools, a basketball court and a nine-hole miniature golf course.

June 28, 2019

Alabama Development Industrial Southeast

Ben E. Keith Foods to Develop 425,000 SF Distribution Center in Southern Alabama

by Alex Tostado June 28, 2019

NEW BROCKTON, ALA. — Ben E. Keith Foods will develop a new 425,000-square-foot distribution center in New Brockton. The facility will be designed to accommodate future expansion up to 1 million square feet. The project will create 80 jobs for the next five years in addition to the more than 230 individuals the company already employs through its distribution center and manufacturing facility in neighboring Elba, Ala. Construction for the project is expected to begin by December 2019 with a completion date by December 2021.

June 28, 2019

Kentucky Loans Multifamily Southeast

Greystone Provides $125.2M Fannie Mae Loan for Multifamily Portfolio in Kentucky, Pennsylvania

by Alex Tostado June 28, 2019

NEW YORK CITY — New York City-based Greystone has provided a $125.2 million refinancing loan for a four-property multifamily portfolio in Kentucky and Pennsylvania. The Fannie Mae financing features a 12-year term, 30-year amortization and six years of interest-only payments. The loan also includes a new ownership structure, with Nick Kozul of Bayshore Properties taking a 50 percent stake in the portfolio from current owner, Angie Djurin of North Street Properties. The four properties are the 470-unit Ventana Hills Apartments in Corapolis, Pa.; the 252-unit Berkeley Manor Apartments in Cranberry Township, Pa.; the 409-unit WoodSpring Apartments in Florence, Ky.; and the 252-unit Colts Run Apartments in Lexington, Ky.

June 28, 2019

Acquisitions Multifamily North Carolina Southeast

HFF Arranges $46.5M Sale of Apartment Complex in Raleigh-Durham

by Alex Tostado June 28, 2019

MORRISVILLE, N.C. — HFF has arranged the $46.5 million sale of Bainbridge Lake Crabtree, a 200-unit apartment community in Morrisville. Bainbridge Lake Crabtree is located at 2599 Evans Road, about 15 miles from both Raleigh and Durham. The asset was delivered in 2018 and offers units averaging 1,015 square feet. Communal amenities include a swimming pool, sun deck, interior courtyard with fire pits, grilling station, pet spa, bark park, clubroom and a fitness center with yoga studio. Justin Good, Jeff Glenn, Allan Lynch and Caylor Mark of HFF represented the seller, The Banbridge Cos. LLC and Amzak Capital Management, in the transaction. The team also procured the buyer, RK Properties.

June 28, 2019

Acquisitions Mixed-Use Office Retail Southeast Virginia

Divaris Real Estate Acquires Six Properties Totaling 232,057 SF in Hampton Roads

by Alex Tostado June 28, 2019

VIRGINIA BEACH, VA. — Divaris Real Estate Inc. has acquired six properties totaling 232,057 square feet in Hampton Roads. The acquisitions include shopping centers Las Gaviotas Shopping Center, a 90,505-square-foot, Food Lion-anchored property in Chesapeake; and Cypress Run, a 25,000-square-foot, Kroger shadow-anchored property in Smithfield. The two office buildings are the 76,024-square-foot Northampton Executive Center and the 10,000-square-foot 2125 McComas Way, both in Virginia Beach. The medical office building and two-building mixed-use properties are also in Virginia Beach. The seller(s) and sales prices were not disclosed.

June 28, 2019

Development Office South Carolina Southeast Top Stories

Lowe’s to Anchor Planned 23-Story Office Tower Development in Charlotte

by Jeff Shaw June 28, 2019

CHARLOTTE, N.C. — Home improvement retail giant Lowe’s (NYSE: LOW) has unveiled plans for Design Center Tower, a 23-story office tower in Charlotte. Development costs are estimated at $153 million, according to theCharlotte Observer. The 357,000-square-foot building, which Lowe’s is referring to as a global technology center, will fill a vacant parking lot in Charlotte’s bustling South End, about 1.5 miles southwest of the city center. The plot is adjacent to a Lynx light rail station as well as the city’s Rail Trail system of walking/biking paths. The developer, a joint venture between Childress Klein and RAM Realty Advisors, plans to break ground on the Design Center Tower this August, with Lowe’s moving in by late 2021. Lowe’s will occupy the top 15 floors of the building. The ground floor will feature 20,000 square feet of retail and restaurants. North Carolina is contributing $54 million in state incentives for the project, to be paid over 12 years based on Lowe’s meeting job creation and investment requirements, reports the Observer. Lowe’s expects to bring 2,000 high-paying tech jobs to the building, 1,600 of which will be new and 400 of which will relocate from the company’s headquarters in nearby Mooresville, the …

June 28, 2019

Development Georgia Hospitality Southeast

Columbia Ventures to Convert Municipal Building in Savannah into $19M Boutique Hotel

by Alex Tostado June 27, 2019

SAVANNAH, GA. — Columbia Ventures has acquired Broughton Municipal Building from the City of Savannah with plans to convert the property into a 43-room boutique hotel. The developer plans to put a restaurant on the ground floor, a bar on the rooftop and an entertainment space in the basement. Columbia Ventures expects to break ground on the hotel in the first quarter of 2020. Construction, which is expected to cost $19 million, will last one year. The developer will restore key exterior and interior elements during the renovation. The design team is led by Lynch & Associates. The sales price of the building was not disclosed.

June 27, 2019

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