Southeast

Cronheim Mortgage Secures Financing for Condo Conversion Project in Downtown New Orleans

by John Nelson December 15, 2022

NEW ORLEANS — Cronheim Mortgage has secured an undisclosed amount of acquisition financing for The California Building in downtown New Orleans. Originally an office building, the property has been converted to Class A multifamily, with units leased as a combination of both multifamily and short-term rentals due to the building’s advantage of holding a hotel license. The sponsor, Servio Capital, plans to convert the building to condos and sell units to both short-term rental investors and owner-occupants. An undisclosed lender provided the loan, which was underwritten at 75 percent loan-to-cost. The California Building is located adjacent to the French Quarter, Superdome and Tulane Medical Center.

December 15, 2022

Acquisitions Florida Net Lease Restaurant Retail Southeast

SRS Brokers $3.8M Sale of Starbucks-Leased Retail Building in Tampa

by John Nelson December 15, 2022

TAMPA, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $3.8 million sale of a 2,500-square-foot, single-tenant retail property in Tampa that is occupied by Starbucks Coffee. Located at 4418 W. Gandy Blvd., the property was recently developed and is under a 10-year corporate-guaranteed lease. The store is situated on a one-acre site and features a drive-thru. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, Alliant Partners LLC, in the transaction. The buyer was a South Florida-based private investor that was in a 1031 exchange and paid all-cash for the asset.

December 15, 2022

Development Florida Mixed-Use Southeast Top Stories

Chetrit Group to Build 4 MSF Waterfront Development in Miami

by John Nelson December 15, 2022

MIAMI — The Chetrit Group, a privately held New York City-based developer, plans to develop The River District, a 4 million-square-foot mixed-use destination in Miami. The project will span more than six acres along the Miami River waterfront. Total development costs will exceed $1 billion, according to Bloomberg. The Chetrit Group previously secured a $310 million loan from Madison Realty Group to fund the project’s first two phases of construction. Occupying the delta between I-95, Southwest Second Avenue and Jose Marti Park, The River District will feature four ground-up skyscrapers — a condominium tower, office tower and two high-rise apartment buildings — as well as a pair of two-story waterfront retail buildings, a marina and new streetscapes. Overall the project will comprise 1,600 residences, an undisclosed amount of Class A office space, 30,000 square feet of retail space, a boat marina that can accommodate 60-foot vessels, 2,000 covered parking spots and restaurants and nightlife venues. “The River District is going to create a riverwalk experience for the first time in the city, and we expect to completely transform how people in the area live, work and play,” says Michael Chetrit, principal of Chetrit Group. The first building to come to …

December 15, 2022

Content Partner Development Features Hospitality Midwest NAI Northeast Southeast Texas Western

Economic Headwinds Slow Post-Pandemic Recovery for Select-Service Hotels

by Sarah Daniels December 15, 2022

For a little more than a year now, Americans have gone on a collective road trip, making up for time stolen during the lockdowns. In turn, that has fueled a rebound in the hotel industry, which was decimated in 2020 and much of 2021. Revenue per available room (RevPAR), a key measure of hotel profitability, is expected to end 2022 at an average of $93, up nearly 8 percent versus 2019, according to a hotel forecast update in late November by STR, a hospitality research organization based in Hendersonville, Kentucky. Meanwhile, the projected average occupancy of 62.7 percent will mark an increase of 5.1 percentage points over 2021, and the estimated average daily rate (ADR) of $148 will best last year’s number by $23, STR reports. Select service lodging properties in particular are helping to lead the recovery, says Steven J. Martens, chairman of NAI Martens, a Wichita-based commercial real estate brokerage that is one of five brands under the Martens Companies umbrella. “The majority of the midscale and upper midscale assets are very dependent upon leisure travel, and they are seeing a rebound throughout the country,” he adds. “Most good operators with strong hotel brands have seen very healthy …

December 15, 2022

Acquisitions Alabama Industrial Southeast

Phoenix Investors Acquires 3 MSF Former Goodyear Industrial Campus in Gadsden, Alabama

by John Nelson December 14, 2022

GADSDEN, ALA. — An affiliate of Phoenix Investors has purchased an approximately 3 million-square-foot industrial campus located at 1000 Goodyear Ave. in Gadsden, which is roughly midway between Birmingham and Chattanooga along I-59. Global tire manufacturer Goodyear was the former occupant of the property, which is currently vacant. Adam Wolinetz of CBRE arranged an undisclosed amount of acquisition financing through International Bank of Commerce on behalf of Phoenix Investors. The seller and sales price were not disclosed. Renovated in 2015, the 156-acre park features 30 dock doors and clear heights of up to 30 feet, as well as ample car and trailer parking, rail access and proximity to I-759 and I-59. Phoenix Investors plans to make numerous capital and cosmetic improvements to repurpose the park and boost tenancy. The Milwaukee-based owner says the available space is easily divisible for multi-tenant occupancy and will be marketed in the near future for lease.

December 14, 2022

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $78.4M Sale of Two Apartment Communities in Myrtle Beach, South Carolina

by John Nelson December 14, 2022

MYRTLE BEACH, S.C. — Cushman & Wakefield has arranged the $78.4 million sale of two adjacent multifamily communities in Myrtle Beach’s Little River submarket. The assets include The Banks at Bridgewater, a new 252-unit multifamily community, and Stepping Stone at Bridgewater, a 44-unit build-to-rent community. Tai Cohen, John Phoenix and Louis Smart of Cushman & Wakefield represented the seller, Wakefield Residential, in the transaction. PassiveInvesting.com, a private equity real estate investment firm based in the Carolinas, was the buyer. Craig Davis Properties developed Banks at Bridgewater earlier this year. The property’s amenities include a coffee bar, on-demand yoga, saltwater pool, walking trails and units featuring built-in workspaces. Built in 2020, Stepping Stone at Bridgewater comprises two-bedroom/two-bath duplexes with attached garages in a neighborhood, cul-de-sac-style setting.

December 14, 2022

Development Kentucky Retail Southeast

Publix Buys Land in Louisville, Plans to Develop Market’s Third Grocery Store

by John Nelson December 14, 2022

LOUISVILLE, KY. — Publix Super Markets has purchased land at the northwest corner of Flat Rock and Shelbyville roads in Louisville with plans to develop the market’s third Publix location. The Courier-Journal reports that the grocer purchased the site from an entity doing business as Shoppes at Gardiner Park LLC for more than $5.5 million. Plans call for a 48,387-square-foot store with a pharmacy and an adjacent Publix Liquors store that will offer beer, wine and spirits. The stores are anticipated to open in the second quarter of 2024. In addition to the three Louisville locations, the company has previously announced another location in Lexington, Ky. The Lakeland, Fla.-based grocer currently operates 1,315 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia. Kentucky is the eighth state of operation for Publix.

December 14, 2022

Acquisitions Georgia Retail Southeast

Franklin Street Brokers $13M Sale of Shopping Center in Kennesaw, Georgia

by John Nelson December 14, 2022

KENNESAW, GA. — Franklin Street has brokered the $13 million sale of Town Center Commons, a 72,168-square-foot shopping center located at 725 Ernest W. Barrett Parkway in Kennesaw, a northwest suburb of Atlanta. Nashville-based 615 Ventures purchased the retail center from Ardent Cos. Bryan Belk and John Tennant of Franklin Street represented the seller in the transaction. Town Center Commons is anchored by Public Lands, the first Southeast location of a new outdoors and sporting goods retail concept from Dick’s Sporting Goods. Other tenants include Five Below, which recently renewed its lease, as well as The Original Mattress Factory, Affordable Dentures & Implants, Town Center Nails, K-Town Vapor Lounge, Automation Personnel Services and Pinch of Spice. The center, which is shadow-anchored by Dick’s Sporting Goods and Costco, was 96 percent leased at the time of sale.

December 14, 2022

Acquisitions Florida Loans Multifamily Southeast

Colliers Mortgage Provides Agency Acquisition Loan for French Quarter Apartments in Tampa

by John Nelson December 14, 2022

TAMPA, FLA. — Colliers Mortgage has provided a Fannie Mae loan for the acquisition of French Quarter Apartments, a 57-unit multifamily community in Tampa. Built in 1968, the market-rate property features one- and two-bedroom units, as well as laundry facilities, a picnic area, barbecue grills, Spanish-speaking staff and a pool. Fritz Waldvogel of Colliers Mortgage’s Minneapolis office originated the seven-year loan on behalf of the undisclosed borrower.

December 14, 2022

Acquisitions Hospitality Midwest Southeast Wisconsin

Marcus & Millichap Brokers Sale of 75-Room Hotel in Black River Falls, Wisconsin

by Jeff Shaw December 13, 2022

BLACK RIVER FALLS, WIS. — Marcus & Millichap has arranged the sale of Comfort Inn and Suites Black River Falls I-94, a 75-room hotel property located in Black River Falls, approximately 45 miles northeast of La Crosse. Ebrahim Valliani and Michael Gantman of Marcus & Millichap represented the seller, a private investor, in the transaction. Valliani and Gantman, with Todd Lindblom of Marcus & Millichap, also represented the buyer, an undisclosed private investor. Chris Gomes and Allan Miller of Marcus & Millichap also assisted the deal as brokers. The property, located on 6.8 acres at N6295 Holiday Drive, was originally built in 1997. The sales price was not disclosed.

December 13, 2022

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