NEWS & NOTABLES

NEW ORLEANS—Total Quality Logistics is building an 8,125-square-foot facility in New Orleans on Gravier Street. A third-party freight brokerage firm, Total Quality Logistics will create 97 new direct jobs at the facility over the next 10 years, with an average annual salary of $50,000, plus benefits. Louisiana Economic Development estimates the project will result in 39 indirect jobs, for a total of more than 135 new jobs in Louisiana's Southeast Region. The new TQL office is the company's first location in Louisiana and 59th office overall.

BOWLING GREEN, KY—Kurtz Auction & Realty opened its newest office at 2530 Scottsville Road in Bowling Green. David Chelf, auctioneer and broker, has delivered real estate services to thousands of clients and customers in Kentucky and surrounding states over the last 27 years. Now coupled with 71 years of experience, $61 million dollars in sales last year, Chelf is setting out with strategies to offer a strong auction experience for the consumers throughout the region.

NASHVILLE—Simon Property Group's Opry Mills property is now the home of the nation's first in-mall Madame Tussauds wax attraction. Madame Tussauds Nashville is the brand's only music-themed attraction, giving locals and tourists the chance to walk through the history of American music. Visitors can see, touch and hear the lifelike figures of 45 musical icons such as Carrie Underwood, Taylor Swift, Stevie Wonder, Johnny Cash, Elvis Presley and many others.

DEAL TRACKER

BIRMINGHAM, AL—Reven Housing REIT closed on the acquisition of 68 properties in the Birmingham MSA in an all-cash deal. The price: $5.241 million. Chad M. Carpenter, chairman and CEO of Reven, commented, “We believe Birmingham is a solid market for our investment strategy and we're impressed with Birmingham's sophistication and southern charm. Downtown Birmingham is going through a renaissance with more than $800 million worth of construction projects in the works. even now owns 749 homes in the southeast US, primarily in Houston, Jacksonville, Memphis, Birmingham and Atlanta.

BRUNSWICK, GA—Dunkin' Donuts signed a multi-unit store development agreement with existing franchise group FLMS Foods to develop five new restaurants in Jacksonville and Fernandina Beach, Florida, and Brunswick. The first restaurant is planned to open in Fall 2017. The brand is continuing to recruit franchisees throughout the South in Memphis, Tennessee, and in Greenwood, Jackson, Meridian, and Tupelo, Mississippi. There are currently 85 Dunkin' Donuts restaurants located throughout Tennessee and Mississippi.

LEXINGTON, KY—Virtua High Growth Fund completed the sale of its interest in Patchen Oaks Apartments, a 192-unit apartment complex located in Lexington. In March 2016, VHGF purchased a minority interest in the Patchen Oaks property based on an equity valuation of $1,066,428. The apartment project was sold on April 20th with net proceeds of $4.812 million, which represents a fund level return of 317% IRR, or approximately 4.5X multiple. “This is a strong return for our investors, even after adjusting for risk,” says Virtua principal Quinn Palomino. “The Patchen Oaks investment is part of our high growth series of funds and syndications, which are designed to produce capital gains for our investors.”

FAYETTEVILLE, GA—Care Investment Trust LLC, a real estate investment company focused exclusively on the seniors housing sector, has partnered with affiliates of Phoenix Senior Living to acquire Hope Center Memory Care in Fayetteville. Hope Center, which was built in 2013 and has 64 units, was specifically designed for residents needing specialized memory care. Phoenix intends to grow census and to enhance the living experience of current and future residents through improved programming.

MEMPHIS—Jernigan Capital closed $29.5 million of new self-storage development investment commitments during April 2017. The investment commitments include: $8.5 million in a proposed multi-story climate-controlled 642-unit facility in Louisville, KY. The proposed 66,000 net rentable square foot facility will be a ground-up project at 2801 North Hurstbourne Parkway, a main north/south thoroughfare in a dense, high income, underserved area of Louisville. Construction is expected to begin next week and be completed in the second quarter 2018. Storage Development Partners is the developer of the proposed project. This is the second self-storage development in which the company and Storage Development Partners have co-invested.

BUILDING BLOCKS

NASHVILLE—GBT Realty Corporation announced its second multifamily development now under construction in Hillsboro Village, one of Nashville's fastest growing neighborhoods. The $20 million Belcourt Park is set to deliver dozens of rental homes with a modern, “urban feel” to resemble this intown neighborhood that is attracting young professionals seeking a live-play environment. The developer secured an $11.4 million construction loan from Trustmark Corp. Sitting on .68 acres on Belcourt Avenue, Belcourt Park includes 76 rental units with an onsite leasing and management office. Pre-Leasing is expected to start this winter with the first residents moving in no later than next Spring.

This week in the Southeast saw plenty of action in Kentucky and Tennessee. New development is rising, innovative retail concepts are being established and more in urban cores and beyond.

BY THE NUMBERS

Nashville, Phoenix, Oakland, San Diego and Seattle are the top markets in which investors should consider buying industrial assets. Notably, the western region lays claim to four out of the top five “Buy” markets, with Southern California benefiting in particular from trade flows with China, as Trans-Pacific commerce is driving absorption in the region. The report cautions, however, that the current political environment casts some uncertainty over the region's recent trade benefits. (Source: Ten-X)

Houston, San Antonio, Indianapolis, Dallas and Fort Worth are five markets where conditions are most likely to motivate investors to sell industrial properties. Four of the country's top five “sell” markets are situated in Texas, where depressed oil prices are weighing down absorption, while a steady stream of supply additions puts upward pressure on vacancy rates. (Source: Ten-X)

NEWS & NOTABLES

NEW ORLEANS—Total Quality Logistics is building an 8,125-square-foot facility in New Orleans on Gravier Street. A third-party freight brokerage firm, Total Quality Logistics will create 97 new direct jobs at the facility over the next 10 years, with an average annual salary of $50,000, plus benefits. Louisiana Economic Development estimates the project will result in 39 indirect jobs, for a total of more than 135 new jobs in Louisiana's Southeast Region. The new TQL office is the company's first location in Louisiana and 59th office overall.

BOWLING GREEN, KY—Kurtz Auction & Realty opened its newest office at 2530 Scottsville Road in Bowling Green. David Chelf, auctioneer and broker, has delivered real estate services to thousands of clients and customers in Kentucky and surrounding states over the last 27 years. Now coupled with 71 years of experience, $61 million dollars in sales last year, Chelf is setting out with strategies to offer a strong auction experience for the consumers throughout the region.

NASHVILLE—Simon Property Group's Opry Mills property is now the home of the nation's first in-mall Madame Tussauds wax attraction. Madame Tussauds Nashville is the brand's only music-themed attraction, giving locals and tourists the chance to walk through the history of American music. Visitors can see, touch and hear the lifelike figures of 45 musical icons such as Carrie Underwood, Taylor Swift, Stevie Wonder, Johnny Cash, Elvis Presley and many others.

DEAL TRACKER

BIRMINGHAM, AL—Reven Housing REIT closed on the acquisition of 68 properties in the Birmingham MSA in an all-cash deal. The price: $5.241 million. Chad M. Carpenter, chairman and CEO of Reven, commented, “We believe Birmingham is a solid market for our investment strategy and we're impressed with Birmingham's sophistication and southern charm. Downtown Birmingham is going through a renaissance with more than $800 million worth of construction projects in the works. even now owns 749 homes in the southeast US, primarily in Houston, Jacksonville, Memphis, Birmingham and Atlanta.

BRUNSWICK, GA—Dunkin' Donuts signed a multi-unit store development agreement with existing franchise group FLMS Foods to develop five new restaurants in Jacksonville and Fernandina Beach, Florida, and Brunswick. The first restaurant is planned to open in Fall 2017. The brand is continuing to recruit franchisees throughout the South in Memphis, Tennessee, and in Greenwood, Jackson, Meridian, and Tupelo, Mississippi. There are currently 85 Dunkin' Donuts restaurants located throughout Tennessee and Mississippi.

LEXINGTON, KY—Virtua High Growth Fund completed the sale of its interest in Patchen Oaks Apartments, a 192-unit apartment complex located in Lexington. In March 2016, VHGF purchased a minority interest in the Patchen Oaks property based on an equity valuation of $1,066,428. The apartment project was sold on April 20th with net proceeds of $4.812 million, which represents a fund level return of 317% IRR, or approximately 4.5X multiple. “This is a strong return for our investors, even after adjusting for risk,” says Virtua principal Quinn Palomino. “The Patchen Oaks investment is part of our high growth series of funds and syndications, which are designed to produce capital gains for our investors.”

FAYETTEVILLE, GA—Care Investment Trust LLC, a real estate investment company focused exclusively on the seniors housing sector, has partnered with affiliates of Phoenix Senior Living to acquire Hope Center Memory Care in Fayetteville. Hope Center, which was built in 2013 and has 64 units, was specifically designed for residents needing specialized memory care. Phoenix intends to grow census and to enhance the living experience of current and future residents through improved programming.

MEMPHIS—Jernigan Capital closed $29.5 million of new self-storage development investment commitments during April 2017. The investment commitments include: $8.5 million in a proposed multi-story climate-controlled 642-unit facility in Louisville, KY. The proposed 66,000 net rentable square foot facility will be a ground-up project at 2801 North Hurstbourne Parkway, a main north/south thoroughfare in a dense, high income, underserved area of Louisville. Construction is expected to begin next week and be completed in the second quarter 2018. Storage Development Partners is the developer of the proposed project. This is the second self-storage development in which the company and Storage Development Partners have co-invested.

BUILDING BLOCKS

NASHVILLE—GBT Realty Corporation announced its second multifamily development now under construction in Hillsboro Village, one of Nashville's fastest growing neighborhoods. The $20 million Belcourt Park is set to deliver dozens of rental homes with a modern, “urban feel” to resemble this intown neighborhood that is attracting young professionals seeking a live-play environment. The developer secured an $11.4 million construction loan from Trustmark Corp. Sitting on .68 acres on Belcourt Avenue, Belcourt Park includes 76 rental units with an onsite leasing and management office. Pre-Leasing is expected to start this winter with the first residents moving in no later than next Spring.