Southeast

SRS Brokers $11.4M Sale of Cherokee Commons Shopping Center in Suburban Atlanta

by Julia Sanders May 12, 2021

ACWORTH, GA. — SRS Real Estate Partners’ Investment Properties Group has brokered the $11.4 million sale of Cherokee Commons Shopping Center, a 103,719-square-foot, Kroger-anchored retail property located 33 miles north of Atlanta in Acworth. Built in 1986, the center was 91 percent leased to tenants including Pet Supplies Plus and CosmoProf at the time of sale. Kyle Stonis and Pierce Mayson of SRS represented the seller, Collett Capital, in the disposition of the property to Bandera Ventures. The buyer was self-represented in the transaction.

May 12, 2021

Affordable Housing Development Florida Multifamily Southeast

Redwood, Winston Capital Nearing Completion of Workforce Housing Community in Miami-Dade County

by Julia Sanders May 12, 2021

OPA LOCKA, FLA. — Redwood National Properties LLC and Winston Capital Partners LLC are co-developing The Mirage at Sailboat Cove, a new workforce housing community in Opa Locka. Upon completion, the property will offer 112 townhome units featuring four-bedroom and 2.5-bathroom floorplans available to low- and middle-income residents. The Mirage at Sailboat Cove runs alongside Mitchell Lake in northern Miami-Dade County, and is located within 1.5 miles of Interstate 95. The property currently stands at 60 percent completed, and all units are projected to be delivered within the third quarter of 2021, which is two months ahead of schedule. Redwood and Winston Capital’s partners on the project include the City of Opa-locka, Coastland Construction, LB Construction and BAS Holdings Investments LLC. Brian Sidman of BAS Holdings is leading Redwood National Properties LLC, and David Burstyn is leading Winston Capital Partners.

May 12, 2021

Content Partner Data Centers Features Industrial Midwest NAI Northeast Southeast Texas Western

NAI Global: Industrial Demand Rooted in Long-Term Changes to Distribution, Manufacturing

by Sarah Daniels May 12, 2021

Shifting behaviors and expectations for consumers, manufacturers and distributors have made industrial space central to the commercial real estate landscape. “This is an asset class that for 25 years of my 39 years in the commercial real estate business was a boring, middle-of-the-road class. But this steady investment has just exploded,” says Jay Olshonsky, president and CEO of NAI Global. Much of the most recent change has been driven by the particulars of the COVID-19 pandemic. Delivery became a way of life for those socially distancing, creating an instant need for more distribution and warehousing centers. Olshonsky explains that the behavioral changes starting in March of 2020 accelerated trends (online shopping, delivery/pickup services and working from home) that might otherwise have taken five or more years to come to fruition. Olshonsky explains that there are still hurdles for this ascendant product type to overcome, but the changes we’ve seen over the last year will remain. Industrial Not a Bubble “Industrial is here to stay,” says Olshonsky. “COVID accelerated trends that already existed, but those trends were already in motion. We’re seeing some changes that are fundamental.” The need for delivery and warehouses is fed by new expectations: “Ecommerce is the …

May 12, 2021

Acquisitions Florida Office Southeast

KBS Sells Office Campus in South Florida to Banyan Street Capital for $52.3M

by Julia Sanders May 11, 2021

WESTON, FLA. — KBS has sold a two-building, 149,103-square-foot office campus in Weston, a suburb of Fort Lauderdale in Broward County. The Class A property, Weston Corporate Center, was sold to an affiliate of Banyan Street Capital for $52.3 million. Christian Lee and José Lobón of CBRE represented KBS in the sale transaction. KBS acquired Weston Corporate Center in 2015 and implemented upgrades to the center, including updated atrium lobbies with new furniture and a coffee bar, as well as a full renovation of all the multi-tenant restrooms in both buildings. In addition, the KBS previously implemented significant structural enhancements, including a new roof section on Weston Corporate Center I, substantial HVAC and LED lighting upgrades, a resealed and restriped parking lot and an updated exterior sitting area. Weston Corporate Center is located at 2500 Weston Road and 2700 S. Commerce Parkway, and is located close to Interstates 75, 595 and 95 and the Florida Turnpike. Built in 1997 and 1998, Weston Corporate Center comprises two four-story buildings that were a combined 94 percent leased at the time of sale.

May 11, 2021

Development Florida Loans Multifamily Southeast

Berkadia Arranges $50.3M Construction Financing for Belmont Tampa Apartments Near Tampa

by Julia Sanders May 11, 2021

BELMONT, FLA. — Berkadia has arranged $50.3 million in debt and equity financing for the construction of Belmont Tampa Apartments, a planned 300-unit, garden-style community to be built in Belmont, a master-planned development located south of Tampa. Scott Wadler of Berkadia’s Miami office and Wyatt Krapf of the firm’s Tampa office structured the financing on behalf of the sponsor, a joint venture between New York City-based Cross Lake Partners and Jacksonville-based GreenPointe Holdings. Synovus Bank provided a $33.1 million senior loan, and Federal Capital Partners provided $17.2 million in preferred equity. Located at 14323 S US Highway 301, Belmont Tampa Apartments will consist of 12 three-story residential buildings on 15.5 acres, along with one central leasing building and clubhouse. The community will offer one-, two- and three-bedroom floor plans averaging 1,107 square feet. Community amenities will include a resort-style pool, dog park and 24-hour gym, as well as trails and active open spaces. It will also be located close to a new Publix grocery store and Belmont Elementary School. The apartment community is expected to deliver in the spring of 2023.

May 11, 2021

Acquisitions Kentucky Loans Retail Southeast

NorthMarq Secures $10.5M Acquisition Financing for Freys Hill Retail Center in Louisville

by Julia Sanders May 11, 2021

LOUISVILLE, KY. — NorthMarq has secured $10.5 million in acquisition financing for Freys Hill Retail Center, a 58,726-square-foot retail property located at 10220 Westport Road in Louisville. The fully occupied center is anchored by PetSmart and home to tenants including Half Price Books, Party City and Starbucks. The fixed-rate loan was structured with a 10-year term and a 25-year amortization schedule with two years of interest-only payments. Randall Waddell of NorthMarq arranged financing for the buyer, Lexington, Ky.-based Compass Capital LLC, through its relationship with a local bank.

May 11, 2021

Acquisitions Development Multifamily North Carolina Restaurant Retail Southeast

Capstone Brokers $5.6M Sale of Multifamily Development Site in Leland, North Carolina

by Julia Sanders May 11, 2021

LELAND, N.C. — Capstone Land Sales has brokered the $5.8 million sale of a 22.5-acre multifamily development site in Leland. The buyer, Atlanta-based Hathaway Development, will break ground later this year at the site for Exchange at Westgate, a 312-unit luxury apartment community. Caleb Troop and Eric Liebich of Capstone Land Sales led the transaction. Exchange at Westgate will be part of the greater 550-acre Westgate community, which includes retail and dining, apartment communities, single-family homes and the 146-acre Westgate Nature Park.

May 11, 2021

Company News Maryland Southeast

Marriott Posts Net Loss in First Quarter, But CEO Forecasts Room Demand to Strengthen

by Julia Sanders May 11, 2021

BETHESDA, MD. — Marriott International Inc. (Nasdaq: MAR) posted a net loss of $11 million in first-quarter 2021, a notable shift from last year when the firm generated $31 million in earnings, though that quarter did not experience the full shock of the COVID-19 pandemic. Marriott’s earnings were adjusted to 10 cents a share, which was higher than what Wall Street estimated at 3 cents per share, according to The Wall Street Journal. Marriott’s revenue decreased from $4.7 billion in first-quarter 2020 to $2.3 billion in first-quarter 2021 as worldwide RevPAR (revenue per available room) dipped 46.3 percent year-over-year. Additionally, the company saw an adjusted net income of $34 million, which is roughly 79 percent lower than the first quarter of last year ($160 million). Marriott’s CEO Tony Capuano predicts the company’s earnings to bounce back due to a higher demand for travel in the United States and Canada following the widespread implementation of the three COVID-19 vaccines. “As vaccines roll out around the world and government restrictions ease, I am optimistic that demand will continue to strengthen,” says Capuano. According to Capuano, who took over a few months ago from the late Arne Sorenson, the company saw an uptick …

May 11, 2021

Development Industrial Louisiana Southeast Top Stories

Amazon to Open 650,000 SF Fulfillment Center in Northwestern Louisiana, Create 1,000 Jobs

by Taylor Williams May 10, 2021

SHREVEPORT, LA. — Amazon Inc. (NASDAQ: AMZ) has planned a 650,000-square-foot fulfillment center in the northwestern Louisiana city of Shreveport. The Louisiana Economic Development (LED) organization claims the development will generate $200 million in capital investment and add more than 1,000 jobs to the local economy. The site of the multi-level building, which will feature automated inventory management and shipping technology, is located within Hunter Industrial Park, a 135-acre development situated within three miles of interstates 20,49 and 220. The property will also be LEED certified. The Shreveport Times reports that the fulfillment center will be Amazon’s first in northern Louisiana. The Seattle-based e-commerce giant announced a fulfillment center in Carencro, located outside of Lafayette in the southern part of the state, in December, and is also planning to convert the Cortana Mall in Baton Rouge into a fulfillment center, according to the local newspaper. Of the seven Amazon facilities that have been announced or are under construction in Louisiana, the Shreveport fulfillment center will be the largest. Construction is set to begin immediately with completion expected in September 2022. In addition to the 1,000 full-time jobs at the facility, development of the new fulfillment center is expected to create …

May 10, 2021

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers $77M Sale of Lakeshore Club Apartment Community in Tampa

by Julia Sanders May 10, 2021

TAMPA, FLA. — Cushman & Wakefield has brokered the $77 million sale of Lakeshore Club, a 638-unit apartment community located at 6900 Concord Drive in Tampa. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, Neil Sazant of Harbour Realty Advisors Inc., in the transaction. The buyer, an entity doing business as Lakeshore Multifamily Partners LLC, purchased the asset for $120,689 per unit. Lakeshore Club historically averages 99 percent occupancy. The property sits on nearly 66 acres on Egypt Lake. Community amenities include two swimming pools, two tennis courts, a lakefront sand volleyball court, recreation deck, playground and fitness center. After capital improvements, the buyer expects rental rates at Lakeshore Club to increase by over $325 per unit on average.

May 10, 2021

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