May 20, 2014 | Issue 232
Southeast Real Estate Business
Top Story

KDC Breaks Ground on Park Center
in Atlanta's Central Perimeter Submarket

State Farm Insurance will lease 585,000 square feet in Park Center's first office building.

ATLANTA -- KDC has commenced construction on Park Center, a new 17-acre master-planned project in Atlanta's Central Perimeter submarket. State Farm Insurance will lease 585,000 square feet in Park Center's first office building, a 13-story property at Hammond Drive and Perimeter Center Parkway, adjacent to the Dunwoody MARTA station. The office building will feature a seven-level parking structure and ground-level retail space. KDC plans to achieve LEED Silver certification. The office building is the first step in Phase I of Park Center, which will also include 17,000 square feet of retail and restaurants and a 175-room hotel. 

 

Occupancy for the first office building is slated for late 2016. At full build-out, the transit-oriented development will feature 2.2 million square feet of office space; 100,000 square feet of retail, restaurant and entertainment space; and the previously mentioned hotel. The project team includes architect Cooper Carry & Associates and general contractor Holder Construction Co.



Bass Pro Shops to Open 13th
Florida Store in Gainesville

Bass Pro Shops Sportsman's Center in Gainesville, Fla., will be the outdoor retailer's 13th store in Florida.

 

GAINESVILLE, FLA. -- Bass Pro Shops plans to open a new store on the northwest corner of Interstate 75 and Archer Road in Gainesville. It will be the primary anchor for Celebration Pointe, a 1 million-square-foot mixed-use development that will include retail, restaurants, entertainment, a hotel and residential units. The development will be Alachua County's first green, transit-oriented project.

 

The outdoor retailer's news came just a few days before ICSC RECon 2014, the annual networking and information conference in Las Vegas featuring more than 33,000 retail and shopping center professionals from across the globe. The largest convention of its kind in the industry, RECon also features 1,000 exhibitors.

 

The new 80,000-square-foot Bass Pro Shops Sportsman's Center store will be the company's 13th store in Florida. The company currently operates nine stores in the state, and other locations have been announced for Brandon/Tampa, St. John's County/Jacksonville and Daytona.

 

-- John Nelson

 

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Lubert-Adler, Laramar Buy Tampa Apartments for $50.5M at Auction
Built in 1980, The Cove is situated on Tampa Bay's waterfront with access to historic Bayshore Boulevard.

 

TAMPA, FLA. -- A joint venture between Lubert-Adler and The Laramar Group has acquired The Cove, a 689-unit apartment community in Tampa, for $50.5 million at auction. LNR Property LLC sold the community following a 2011 foreclosure. Built in 1980, The Cove is situated on Tampa Bay's waterfront with access to historic Bayshore Boulevard. The Laramar Group will continue to manage the apartment community, which will undergo a $3 million renovation that includes a revamped clubhouse and the addition of an outdoor recreation area with a dog park.

Peak Financial, Misuma Holdings Acquire Myrtle Beach Mall for $45M
Aerial image of Myrtle Beach Mall in Myrtle Beach, S.C.

 

MYRTLE BEACH, S.C. -- A joint venture between Peak Financial Partners Inc. and Misuma Holdings has acquired the 521,000-square-foot Myrtle Beach Mall in Myrtle Beach for $45 million. Peak and Misuma will jointly own and manage the mall, which features anchor tenants such as Bass Pro Shops, Belk and a 12-screen Carmike Theater. The mall is located along the North Kings Highway business corridor in Myrtle Beach. The partnership between Peak and Misuma, which began in 1995, identifies turnaround projects in the retail sector. Plans for the mall were not revealed at this time.

Office Building Leased to Walt Disney
in Metro Orlando Sells for $25.7M

200 Celebration Place in Celebration, Fla., is fully leased to Walt Disney Parks and Resorts U.S. Inc.

 

CELEBRATION, FLA. -- Marcus & Millichap has brokered the $25.7 million sale of 200 Celebration Place, a nine-story, 166,131-square-foot office building in Celebration, about 20 miles southwest of Orlando. The asset is fully leased to Walt Disney Parks and Resorts U.S. Inc. The property is within five minutes of the entrance to Walt Disney World Resort. Douglas Mandel and Ray Turchi of Marcus & Millichap represented both the buyer and seller, which are both institutional investors, in the transaction. Disney's triple-net lease runs through June 2017.



JLL: The Global Retail Market Presents Opportunities for Ambitious Retailers
Click on the image above to view the video.

LAS VEGAS -- The way retailers use real estate around the globe is fundamentally changing in response to shifts in consumer preferences, spending patterns and robust growth in e-commerce. International retailers are focused on acquiring high-quality retail space in markets with healthy fundamentals. London, New York, Miami, Houston, San Francisco, Hong Kong and Shanghai continue to attract top retailers and are outperforming their regional peers. Yet, these markets aren't the only pockets of opportunity, according to global retail experts at JLL. The international retail market is taking center stage at this year's ICSC RECon show in Las Vegas, which has drawn more than 33,000 retail and shopping center professionals, as well as 1,000 exhibitors.
RECon Takeaway: Retail is Inextricably Linked to Technology, Social Media
Macy's may be "the world's largest store," but it also has superb social media presence, according to RECon panelists. Above is perhaps its most famous outpost, on 34th Street in New York's Herald Square.

LAS VEGAS -- Some of the nation's largest shopping center owners and managers took a break early this week from discussing the physical attributes of their properties to focus on their technological infrastructure during RECon 2014 at the Las Vegas Convention Center. 

While the shopping center is still the priority, much of the conference's talk so far has focused on the properties' unseen attributes -- its Wifi capabilities, omni-channel presence, appreciation for social media, data analysis, sophisticated information technology systems -- in the quest to get more shoppers in the store and ring up more sales. 

"It takes a huge shift in thinking to say that we as a property, or we as an owner, value technology enough that we're going to make an investment because we believe that investment is going to keep bringing customers to our shopping centers," said Corbett Guest, CEO of Dallas-based Imaginuity, a digital marketing agency that works with business-to-business and business-to-consumer companies. 

"If you just throw a bunch of money at different things and hope they stick, you're going to spend a whole bunch of money," said Guest. 

Therein lies the problem that panelists addressed during an educational session, titled The New Math: 1 + 1 = 3: Leveraging the Omni-Channel Shopper, on Sunday, May 18.

-- Nellie Day

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ICSC RECon 2014 Kicked Off
with VIVA Best-of-the-Best Award Show
City Creek Center in Salt Lake City is this year's VIVA Best-of-the-Best Award winner in the design/development category.

LAS VEGAS -- City Creek Center, a mixed-use development in the heart of Salt Lake City, is this year's VIVA Best-of-the-Best Award winner in the sustainable design/development category, the International Council of Shopping Centers (ICSC) announced this week. 

The VIVA Best-of-the-Best Awards presentation at the Las Vegas Convention Center capped the opening day of RECon on Sunday, May 18. More than 33,000 retail and shopping center professionals from across the globe are gathered here this week to network, do deals and partake in educational sessions. The largest convention of its kind in the industry, RECon also features 1,000 exhibitors. 

The VIVA Best-of-the-Best Awards recognized the most outstanding examples of shopping center design and development, sustainability, marketing and community service worldwide. VIVA stands for "vision, innovation, value and achievement."

-- Matt Valley

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AvalonBay to Build Upscale Apartments at Hunt Valley Towne Centre
Avalon at Hunt Valley Towne Centre in metro Baltimore will feature 332 residential units and 30,000 square feet of retail space.

 

COCKEYSVILLE, MD. -- Developer Greenberg Gibbons has contracted with AvalonBay Communities Inc. to develop Avalon at Hunt Valley Towne Centre, a five-story, 332-unit multifamily property. The community will be located in Hunt Valley Towne Centre, a mixed-use development in Cockeysville, about 17 miles north of Baltimore. The property will be situated adjacent to a Pier 1 Imports store. Greenberg Gibbons will develop Avalon at Hunt Valley Towne Centre's 30,000-square-foot retail component. AvalonBay and Greenberg Gibbons plan to break ground this fall and wrap up construction as early as spring 2016.

 


Elan Westside in Atlanta's West Midtown Neighborhood Welcomes First Tenants
Units at Elan Westside range from 611 to 1,600 square feet, with rents starting at $1,100 per month.

 

ATLANTA -- Elan Westside, a 197-unit multifamily development at the corner of Howell Mill Road and 14th Street in Atlanta's West Midtown neighborhood, has welcomed its first tenants. Elan Westside's developer Greystar Real Estate Partners developed the property within walking distance of the Westside Provision's District, which features retailers and restaurants such as Ann Mashburn, Anthropologie, Billy Reid, Calypso St. Barth, Everything But Water, Free People, G. Gilbert, J. Crew, Jack Spade, Kayce Hughes, lululemon athletica, Seed Factory, Sid Mashburn, Steve Allan, Abattoir, Bacchanalia, JCT. Kitchen & Bar, Jeni's Splendid Ice Cream, Ormsby's, Osteria del FIGO, Preserving Place, Quinones at Bacchanalia, Star Provisions, Taqueria del Sol, West Egg Caf�, Yeah! Burger and Yoforia. Elan Westside features a saltwater pool, fitness center, clubhouse, entertainment lounge, cyber cafe and courtyard. Units range from 611 to 1,600 square feet, with rents starting at $1,100 per month.

$28M Seniors Apartment Community Opens in Washington, D.C.
Hodge on 7th in the City Market at O project is available for senior citizens older than 55 years old and earning 60 percent or less of the area median income. (Photo courtesy of Roadside Development LLC)

 

WASHINGTON, D.C. -- Roadside Development LLC and Dantes Partners have opened Hodge on 7th, a 90-unit, $28 million seniors housing apartment community located in the City Market at O project in Washington, D.C.'s Shaw neighborhood. The City Market at O is a 1 million-square-foot urban infill project that features 90,000 square feet of retail, 650 multifamily units, a 182-room Cambria Suites Hotel that opened last week and a 500-car parking garage. The new LEED Silver-certified Hodge on 7th is available for senior citizens older than 55 years old and earning 60 percent or less of the area median income. The project is one of four residential buildings coming to the Shaw neighborhood. According to Roadside Development, the new seniors housing community employs more than 100 people.

 


Outlet Center Specialists Wagner, Hinkle Join Avison Young
From left, David Hinkle and Lisa Q. Wagner

 

ATLANTA -- Outlet center specialists Lisa Quier Wagner and David Hinkle have joined Avison Young as principals. In their new roles, the two will focus on outlet center strategic direction, marketing and management, as well as leasing guidance and tenant advisory expertise. Wagner and Hinkle bring 50 years of combined commercial real estate experience to Avison Young. The two most recently served as partners of the Outlet Resource Group, a specialty retail consultancy firm which they co-owned and co-founded. Additionally, Jacquelin Young has joined Avison Young as a marketing implementer working with Wagner. Young has 20 years of experience in shopping center and outlet marketing and management and will apply that marketing expertise to the team's outlet center clients.

 


InterFace Carolinas 2014
When: June 11, 2014
Where: Hilton Charlotte City Center
222 E. 3rd St.
Charlotte, NC 28202
InterFace Carolinas Healthcare Real Estate 2014
When: June 11, 2014
Where: Hilton Charlotte City Center
222 E. 3rd St.
Charlotte, NC 28202

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