NEWS & NOTABLES

NASHVILLE—For the second year in a row, Vincent Lefler, senior vice president of JLL's Southeast Multifamily Capital Markets Group, has received the Broker of the Year award at the Nashville chapter of NAIOP, Commercial Real Estate Development Association's annual awards gala. “Nashville is experiencing an unprecedented level of growth and economic expansion, making it one of the most sought after markets in the country,” says JLL Nashville managing director Tom Hooper, “The level of success that Vince and the JLL Nashville team has achieved is a testament to Nashville's desirability and interest from developers and investors from all over the world.”

NASHVILLE—JLL Southeast Multifamily Capital Markets Group received the Multi-Family Sale of the Year award for One MetroCenter, a 287,000-square-foot, residential complex valued at $67.4 million. Led by Vincent Lefler, the JLL Southeast Multifamily Capital Markets Group is comprised of vice president Sean McGuire and analyst Peter Chacon.

NEW ORLEANS—Homewood Suites by Hilton, part of Hilton's All Suites portfolio opened its newest property, Homewood Suites by Hilton New Orleans French Quarter. The four-story, 207-suite hotel, located at 317 North Rampart, is the first Homewood Suites property based in the iconic French Quarter. The hotel's premier location provides easy access to New Orleans' BioDistrict and Central Business District, as well as the Mercedes-Benz Superdome, Bourbon Street, Jackson Square and Saenger Theatre. Managed by HRI Lodging, Homewood Suites by Hilton New Orleans French Quarter offers a combination of stylish studio and one bedroom suites.

DEAL TRACKER

ALPHARETTA, GA—Lincoln Property Company Southeast secured a 10-year lease agreement in Lakeview 400 office park, a two-building, single-story development in Alpharetta, part of metro Atlanta's North Fulton submarket. Jeff Henson and Matt Davis of Lincoln represented the landlord, Simpson Organization. Milan Eye Center will occupy 11,600 square feet of space and will be the first medical tenant in Lakeview 400. Milan is a full-service ophthalmology practice with several locations in the north Atlanta metro area.

HUNTSVILLE, AL—PPG announced start of a COLORFUL COMMUNITIES project in Huntsville, to help renovate and beautify Constitution Hall and the site at Alabama Constitution Village, which is considered to be the birthplace of Alabama. As part of the effort, about 50 volunteers served as volunteer painters, gardeners and landscapers on the Constitution Hall grounds. The volunteers include PPG employees and family members, team members of Toyota Motor Manufacturing Alabama, and employees of the EarlyWorks Family of Museums that operates Alabama Constitution Village.

GRAND CANE, LA—Boulder Group completed the sale of a single tenant new construction Dollar General located at 8212 Highway 171 in Grand Cane for $1.169 million. The 9,014-square-foot Dollar General building is located along Louisiana Highway 171 which is the primary north-south thoroughfare in the trade area. The property is located approximately 30 miles south of Shreveport. Shreveport is the third-largest city in the state of Louisiana. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller in the transaction, a local Louisiana based developer. The purchaser was a Southwest private partnership. “New construction properties with long term leases to investment grade tenants with rental escalations are the most sought after net lease product” says Blankstein, president of Boulder Group.

BUILDING BLOCKS

RUSTON, LA—Gov. John Bel Edwards and Monster Moto CEO Alexander Keechle dedicated the company's new headquarters and manufacturing facility in Ruston, where it assembles minibikes, go-carts and other youth-oriented vehicles. Originally based in the Dallas area, the company relocated its operations to the Ruston facility, which houses the company's headquarters, a product showroom, warehouse space and an assembly plant equipped to make all of the items in Monster Moto's product line. Over the next decade, the project will create 287 new direct jobs with an average annual salary of $46,800, plus benefits, and more than 50 of those jobs have been filled to date. Louisiana Economic Development estimates the project will result in an additional 292 new indirect jobs, for a total of more than 570 new jobs in North Louisiana.

LEXINGTON—Piramal Pharma Solutions introduced the new and expanded manufacturing capabilities at its facilities in Lexington. Piramal Pharma Solutions develops and manufactures sterile finished dosage forms at the Lexington Site using the state of the art Isolator technology. The $25 million investment, which increases Piramal's capacity and capabilities in manufacturing, is OPED being rolled out in phases. Phase-I, which is now complete, includes the installation of a new high-speed vial filling line, expansion of the state-of-the art laboratories, and associated utility support.

SANDY SPRINGS, GA—Duke Realty will soon begin developing a five-level, 420-car parking deck at Northside Hospital's Center Pointe I and II medical office buildings (MOBs) in Sandy Springs. The two MOBs, one which is 11 stories tall and the other six stories, total 363,174 square feet and are located on a 13.7-acre site at 1100 Johnson Ferry Road in Sandy Springs, on the north side of Atlanta. The two connected buildings currently share 1,284 on-site surface and deck parking spaces. The architect for the project will be Lyman Davidson Dooly Inc., which has offices in Marietta, GA and Tampa, FL.

This week in the Southeast saw plenty of honors and industry starts. From Nashville to New Orleans and from tertiary markets to big cities, there's plenty of action in the region.

BY THE NUMBERS

From 2017 through 2021, US lodging industry will achieve a RevPAR compound annual growth rate (CAGR) of 2.2%. During this period, the RevPAR CAGR is projected to be 2.8% for the economy chain-scale. (Source: CBRE Hotels' Americas Research)

“We recognize that economy properties still achieve the lowest levels of occupancy and ADR, but investors looking for a 'growth story' shouldn't overlook this segment of the industry while some of the other chain-scale categories begin to stall out.”– R. Mark Woodworth, senior managing director of CBRE Hotels' Americas Research.

NEWS & NOTABLES

NASHVILLE—For the second year in a row, Vincent Lefler, senior vice president of JLL's Southeast Multifamily Capital Markets Group, has received the Broker of the Year award at the Nashville chapter of NAIOP, Commercial Real Estate Development Association's annual awards gala. “Nashville is experiencing an unprecedented level of growth and economic expansion, making it one of the most sought after markets in the country,” says JLL Nashville managing director Tom Hooper, “The level of success that Vince and the JLL Nashville team has achieved is a testament to Nashville's desirability and interest from developers and investors from all over the world.”

NASHVILLE—JLL Southeast Multifamily Capital Markets Group received the Multi-Family Sale of the Year award for One MetroCenter, a 287,000-square-foot, residential complex valued at $67.4 million. Led by Vincent Lefler, the JLL Southeast Multifamily Capital Markets Group is comprised of vice president Sean McGuire and analyst Peter Chacon.

NEW ORLEANS—Homewood Suites by Hilton, part of Hilton's All Suites portfolio opened its newest property, Homewood Suites by Hilton New Orleans French Quarter. The four-story, 207-suite hotel, located at 317 North Rampart, is the first Homewood Suites property based in the iconic French Quarter. The hotel's premier location provides easy access to New Orleans' BioDistrict and Central Business District, as well as the Mercedes-Benz Superdome, Bourbon Street, Jackson Square and Saenger Theatre. Managed by HRI Lodging, Homewood Suites by Hilton New Orleans French Quarter offers a combination of stylish studio and one bedroom suites.

DEAL TRACKER

ALPHARETTA, GA—Lincoln Property Company Southeast secured a 10-year lease agreement in Lakeview 400 office park, a two-building, single-story development in Alpharetta, part of metro Atlanta's North Fulton submarket. Jeff Henson and Matt Davis of Lincoln represented the landlord, Simpson Organization. Milan Eye Center will occupy 11,600 square feet of space and will be the first medical tenant in Lakeview 400. Milan is a full-service ophthalmology practice with several locations in the north Atlanta metro area.

HUNTSVILLE, AL—PPG announced start of a COLORFUL COMMUNITIES project in Huntsville, to help renovate and beautify Constitution Hall and the site at Alabama Constitution Village, which is considered to be the birthplace of Alabama. As part of the effort, about 50 volunteers served as volunteer painters, gardeners and landscapers on the Constitution Hall grounds. The volunteers include PPG employees and family members, team members of Toyota Motor Manufacturing Alabama, and employees of the EarlyWorks Family of Museums that operates Alabama Constitution Village.

GRAND CANE, LA—Boulder Group completed the sale of a single tenant new construction Dollar General located at 8212 Highway 171 in Grand Cane for $1.169 million. The 9,014-square-foot Dollar General building is located along Louisiana Highway 171 which is the primary north-south thoroughfare in the trade area. The property is located approximately 30 miles south of Shreveport. Shreveport is the third-largest city in the state of Louisiana. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller in the transaction, a local Louisiana based developer. The purchaser was a Southwest private partnership. “New construction properties with long term leases to investment grade tenants with rental escalations are the most sought after net lease product” says Blankstein, president of Boulder Group.

BUILDING BLOCKS

RUSTON, LA—Gov. John Bel Edwards and Monster Moto CEO Alexander Keechle dedicated the company's new headquarters and manufacturing facility in Ruston, where it assembles minibikes, go-carts and other youth-oriented vehicles. Originally based in the Dallas area, the company relocated its operations to the Ruston facility, which houses the company's headquarters, a product showroom, warehouse space and an assembly plant equipped to make all of the items in Monster Moto's product line. Over the next decade, the project will create 287 new direct jobs with an average annual salary of $46,800, plus benefits, and more than 50 of those jobs have been filled to date. Louisiana Economic Development estimates the project will result in an additional 292 new indirect jobs, for a total of more than 570 new jobs in North Louisiana.

LEXINGTON—Piramal Pharma Solutions introduced the new and expanded manufacturing capabilities at its facilities in Lexington. Piramal Pharma Solutions develops and manufactures sterile finished dosage forms at the Lexington Site using the state of the art Isolator technology. The $25 million investment, which increases Piramal's capacity and capabilities in manufacturing, is OPED being rolled out in phases. Phase-I, which is now complete, includes the installation of a new high-speed vial filling line, expansion of the state-of-the art laboratories, and associated utility support.

SANDY SPRINGS, GA—Duke Realty will soon begin developing a five-level, 420-car parking deck at Northside Hospital's Center Pointe I and II medical office buildings (MOBs) in Sandy Springs. The two MOBs, one which is 11 stories tall and the other six stories, total 363,174 square feet and are located on a 13.7-acre site at 1100 Johnson Ferry Road in Sandy Springs, on the north side of Atlanta. The two connected buildings currently share 1,284 on-site surface and deck parking spaces. The architect for the project will be Lyman Davidson Dooly Inc., which has offices in Marietta, GA and Tampa, FL.