SUMMERVILLE, S.C. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a single-tenant retail property in Summerville leased to Walmart Neighborhood Market. Richard Dorfman of SRS represented the 1031 exchange buyer, a private investor from California. The seller, an undisclosed investor based in Florida, sold the property for $14.5 million. Cushman & Wakefield represented the seller in the transaction. Built in 2016 on nearly seven acres at 1616 Central Ave., the store is situated at the signalized intersection of Orangeburg Road and Central Avenue. The property is located 22.6 miles from North Charleston and 26.7 miles from Charleston.
The end of 2021 in Raleigh-Durham was marked by robust retail leasing and an increased level of investment sales in our suburbs and infill trade areas. Downtown Raleigh, Durham and Chapel Hill have lagged in activity, although each urban environment started to see a resurgence by mid-year, and notably Downtown Raleigh ended 2021 with record retail leasing activity. Population growth and major economic development announcements are driving these positive trends. Apple, Google, FujiFilm, several life sciences companies and most recently Toyota (just east of the Raleigh-Durham region) have highlighted economic expansion. Strong demand and a healthy retail construction pipeline have held retail vacancy to 7.1 percent despite headwinds from the COVID-19 pandemic. The healthy retail development pipeline includes several new mixed-use projects. Cary will see one of the largest active mixed-use projects in the Southeast deliver this year when Fenton opens in the spring. Hines and Columbia Development are currently finalizing the first phases of the project. Spread over 92 acres, Fenton will initially include retailers such as Pottery Barn, Williams-Sonoma and Superica, as well as apartments and office space. Over in Research Triangle Park (RTP), the Research Triangle Foundation and White Point Partners have announced Horseshoe at Hub RTP. …
DILLON, S.C. — Equus Capital Partners has sold 95 Inland Port Logistics Center, a 373,100-square-foot warehouse logistics facility in Dillon, about 62.8 miles from Myrtle Beach. An entity doing business as IPD South LLC purchased the property for $47.5 million. Frank Fallon and Bob Barrineau of CBRE represented Equus in the sale of 95 Inland Port Logistics Center, which was fully leased to Calabasas, Calif.-based retailer Harbor Freight Tools at the time of sale. Developed by Equus Development LP on a 30-acre site, 95 Inland Port Logistics Center is a 410-foot deep, single-side loaded building with a 180-foot deep, all-concrete truck court that includes excess trailer parking away from the loading docks. The warehouse was constructed with precast concrete panels and features 32-foot clear heights, LED interior lighting, 50-foot by 50-foot column spacing, an ESFR sprinkler system and air conditioning. The property is located near Interstate 95 and is 3.5 miles from South Carolina Ports Authority’s Inland Port Dillon.
JEKYLL ISLAND, GA. — New Castle Hotels & Resorts, a Ridgefield, Conn.-based resort hotel owner and operator, has acquired the Holiday Inn Resort Jekyll Island, a 158-room hotel in Jekyll Island. Georgia Coast Holdings LLC and NorthPointe Hospitality sold the property for $41 million. Rich Lillis of Colliers represented the buyer in the transaction. The Holiday Inn Resort Jekyll Island is a full-service hotel situated on more than seven acres of oceanfront property, including a quarter-mile of beachfront. The hotel features oversized rooms and suites, as well as a playground and lawn area, fire pits and cabanas, kid programming and activities, bike rentals, fitness center, pool and a hot hub. Located at 701 N Beachview Drive, the hotel is located near Driftwood Beach and the Georgia Sea Turtle Center. The hotel also is situated near numerous bike trails and 18 miles from Saint Simons Island.
MIAMI — Fifield Cos. has broken ground on Avida Aventura, a 266-unit apartment project in Miami. The construction timeline and development costs were not disclosed. The eight-story property will offer studio, one-, two- and three-bedroom floorplans ranging from 470 to 1,400 square feet. Each unit will include a balcony. Community amenities will include a 20,000-square-foot rooftop entertaining deck with a heated pool, shaded cabanas, dining areas, grills, sauna and a spa; dog spa; fitness center; two resident lounges with dining and coworking and hosting areas; and a dedicated coworking space. Located at 19401 W. Dixie Highway, the development is situated near the new Aventura Brightline rail station and Aventura Mall. The property is also 16.7 miles from downtown Miami and 14.8 miles from Fort Lauderdale. Fifield Cos. has partnered with CrowdStreet, Sencorp and Bank OZK for the project. MSA Architects designed the building, ID & Design International is handling interior design and Current Builders is the general contractor.
GREENSBORO, N.C. — Ready Capital has closed a $3.1 million loan for the renovation and stabilization of an unnamed, 56-unit multifamily property in Greensboro. The “bridge-to-Freddie-Mac loan” will be used to repatriate equity to the sponsor and fund capital improvements to unit interiors and property exteriors. The non-recourse, interest-only, floating-rate loan features a 24-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls. Additionally, the unnamed borrower will have the ability to execute a refinancing for the property via Ready Capital’s Freddie Mac SBL Loan program.
WASHINGTON, D.C. — Total nonfarm payroll employment rose by 467,000 jobs in January, while the unemployment rate changed little from 3.9 percent in December to 4 percent in last month, according to the U.S. Bureau of Labor Statistics. The latest job figures released Friday morning by BLS were significantly higher than Dow Jones’ estimate of nonfarm payroll employment of 150,000, according to CNBC. In addition, BLS revised the job gains for November and December upward by a combined 709,000. In January, job gains increased in leisure and hospitality (+151,000), professional and business services (+86,000), retail trade (+61,000) and in transportation and warehousing (+54,000). Additionally, employment in local government education increased by 29,000 last month but is still down by 359,000 from February 2020, a 4.4 percent difference. Jobs in healthcare increased by 18,000, and there was little change in employment for mining, construction, manufacturing, information, financial activities and other services. Additionally, the amount of employed people who worked from home due to the pandemic increased to 15.4 percent. This follows news of the spread of the Omicron variant of COVID-19 and a high number of cases during the holidays in December. The labor force participation rate increased to 62.2 percent, …
ADAIRSVILLE AND CARTERSVILLE, GA. — Panattoni has sold a two-property, Class A industrial portfolio totaling 949,211 square feet in metro Atlanta. Dennis Mitchell, Matt Wirth, Britton Burdette and Jim Freeman of JLL represented Panattoni in the transaction. Affiliates of LXP Industrial Trust acquired the property for $112 million. The portfolio comprises Georgia North Industrial Park Building 100 and Bartow Commerce Center Buildings 1 and 2. Tenants at the properties include Wellmade, Airman USA Corp. and Textron. Both properties have easy access to Interstate 285, Hartsfield-Jackson Atlanta International Airport and the Appalachian Regional Port. Built in 2020, the rear-load Georgia North Industrial Park Building 100 provides 225,211 square feet of multi-tenant space and features tilt-wall construction, 32-foot clear heights, 36 loading positions, 50 trailer parking stalls, ESFR fire protection and LED lighting. Located at 95 International Parkway in Adairsville, the property is situated within one mile of Interstate 75. Constructed in 2021, Bartow Commerce Center Buildings 1 and 2 feature rear-load configurations, clear heights ranging from 32 to 36 feet, 84 dock-high doors, eight grade-level doors with ramps, ESFR fire protection, LED lighting and 161 trailer parking stalls. The buildings are situated at 41 and 51 Busch Drive NE in Cartersville, …
TAMPA, FLA. — JLL Capital Markets has secured a $72.5 million construction loan for the development of Altura Bayshore, a 73-unit high-rise condominium project in Tampa. Steve Klein, Brian Gaswirth, Reid Carleton and Drew Jennewein of JLL worked on behalf of the developer and borrower, Naples, Fla.-based The Ronto Group, to secure the loan from MSD Partners LP. Slated to be complete by 2024, Altura Bayshore will stand 22 stories high. Community amenities will include a sky deck and pool, fitness center, club and entertainment room, guest suites, multiple sports courts, a synthetic turf putting green, dog park and barbecue grills. Unit features will include private elevator foyers, designer-selected finishes throughout, open terraces and energy-efficient sliding glass windows and doors. Located at 2910 W. Barcelona St. directly off Bayshore Boulevard, the property is situated near SOHO District, Hyde Park Village and the Downtown Tampa Arts District. The property is also located 8.2 miles from the Tampa International Airport.
CONYERS, GA. — Chicago-based Dayton Street Partners has broken ground on a 212,232-square-foot speculative distribution center in Conyers. Construction is slated for completion by July. The distribution center will feature 32-foot clear heights, 41 trailer and 203 auto stalls with separate access for cars and trucks and a 185-foot truck court. Located at 2020 East Park Road, the property is situated 28.6 miles east of downtown Atlanta and 31.3 miles from Hartsfield-Jackson Atlanta International airport. Dayton Street most recently completed the development of DSP Rock Hill, a 188,000-square-foot distribution center near Atlanta’s airport. Brookfield acquired the asset in December 2021.