Property Type

Arrow Retail Sells 454,843 SF Eastgate Shopping Center in Memphis

by John Nelson January 4, 2023

MEMPHIS, TENN. — Arrow Retail, a Dallas-based investment firm, has sold Eastgate Shopping Center, a 454,843-square-foot mixed-use property located at 835 S. White Station Road in Memphis. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller in the transaction. An affiliate of Gulf Coast Commercial Group purchased the property for an undisclosed price. Situated between downtown Memphis and Germantown, Eastgate comprises 388,489 square feet of retail space and 66,354 square feet of office space. Tenants include The Fresh Market, T.J. Maxx, buybuy Baby, Dollar Tree, Ross Dress for Less, Burlington, Five Below, Michaels, Rack Room Shoes, Tuesday Morning, Plato’s Closet, DXL Men’s Apparel, Firestone, Firehouse Subs and Mellow Mushroom Pizza Bakers. Eastgate’s office component was about 50 percent leased at the time of sale to a diverse mix of tenants.

January 4, 2023

Acquisitions Alabama Retail Southeast

First National Realty Partners Buys 304,935 SF Shopping Center in Cullman, Alabama

by John Nelson January 4, 2023

CULLMAN, ALA. — First National Realty Partners (FNRP) has purchased Cullman Shopping Center, a 304,935-square-foot retail development located in Cullman, an east Alabama city equidistant between Huntsville and Birmingham. Kyle Stonis of SRS Real Estate Partners represented the undisclosed seller in the transaction. The sales price was also not disclosed. Cullman Shopping Center’s tenant roster includes Publix, Belk, Dick’s Sporting Goods, Ross Dress for Less, Ulta Beauty, Five Below and PetSmart, among others. Red Bank, N.J.-based FNRP entered the Alabama market in 2022 and now owns four shopping centers in the Yellowhammer State, including Brook Highland Plaza and Inverness Corners in Birmingham and Tannehill Promenade in Bessemer.

January 4, 2023

Development Georgia Leasing Activity Mixed-Use Office Southeast

MARTA Signs 130,000 SF Office Lease at Uptown Atlanta’s East Tower

by John Nelson January 4, 2023

ATLANTA — The Metropolitan Atlanta Rapid Transit Authority (MARTA) has signed a 130,000-square-foot office lease at Uptown Atlanta, a 47-acre mixed-use development in Atlanta’s Lindbergh neighborhood. Rubenstein Partners is redeveloping Uptown Atlanta, which is anchored by the Lindbergh Center MARTA Station and home to MARTA’s headquarters. MARTA is moving its Capital Programs, Expansion and Innovation (CPEI) Group to the project’s East Tower. About 540 MARTA employees are relocating to occupy four floors at Uptown Atlanta from 2400 Piedmont Road. Uptown Atlanta features 100,000 square feet of street-level retail space, greenspace and art, as well as 1 million square feet of Class A office space. Rubenstein recently completed the reimagination of the 35,000-square-foot office atrium to include modern amenities and collaborative spaces. Skillshot Media, an esports provider, recently relocated its headquarters to the project and regularly activates the high-tech atrium with global esports events. Rubenstein plans to complete the redevelopment this fall.

January 4, 2023

Florida Loans Retail Southeast

MMCC Arranges $10M Refinancing for Carolina Springs Plaza Shopping Center in South Florida

by John Nelson January 4, 2023

MARGATE, FLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10 million loan for the refinancing of Carolina Springs Plaza, a grocery-anchored, 125,500-square-foot shopping center located at 7804-8092 W. Sample Road in Margate. El Bodegon Supermarket has anchored the 13.4-acre property since 2011. Robert Bhat of MMCC’s Miami office arranged the 10-year, fixed-rate loan, which features a 25-year amortization schedule and 70 percent loan-to-value ratio. The borrower and direct lender were not disclosed.

January 4, 2023

Affordable Housing Development Indiana Midwest Missouri Multifamily Top Stories

Flaherty & Collins Unveils Plans for Four Affordable Housing Construction Projects in Indiana, Missouri

by Kristin Harlow January 4, 2023

INDIANA AND MISSOURI — Flaherty & Collins Properties has unveiled plans for four affordable housing construction projects in Indiana and Missouri. Representing a total of $80 million in costs, the projects all involve renovations or adaptive reuse. Jazz Hill is a $35 million project that will preserve 11 buildings along The Paseo, a historic boulevard in Kansas City. The 197-unit affordable housing community will feature new appliances, HVAC, roofs, flooring, bathrooms, cabinets, lighting and elevators. A partnership with Twelfth Street Heritage Development Corp., the project was financed with 4 percent tax credits from the Missouri Housing Development Commission (MHDC) as well as federal and state historic tax credits and tax-exempt bonds from the Planned Industrial Expansion Authority (PIEA). Merchants Capital is the Low-Income Housing Tax Credits (LIHTC) investor, federal historic tax credit investor and construction lender, and provided Freddie Mac permanent financing. Monarch Capital is the state historic tax credit investor. The city provided $4.2 million in Central City Economic Development (CCED) funds. Parkside at Tarkington is a $16.2 million affordable seniors housing project in downtown Indianapolis. The 60-unit development is an adaptive reuse of the former United Way headquarters building. Flaherty & Collins is partnering with Midtown Indianapolis on …

January 4, 2023

Market Reports Retail Texas Texas Market Reports

Is Your Mall or Shopping Center Ready for Redevelopment or Rehabilitation?

by Taylor Williams January 4, 2023

By Taylor Williams From small-scale refreshes of neighborhood shopping centers to massive conversions of regional malls, retail redevelopment has become a budding business as seismic forces like e-commerce and COVID-19 have fundamentally altered the ways in which Americans shop, dine and seek entertainment. Yet empirical and anecdotal evidence shows that people still love to frequent brick-and-mortar stores, restaurants and entertainment centers. According to data from Transwestern, at the end of the third quarter, Dallas-Fort Worth, Houston, Austin and San Antonio all had marketwide retail vacancy rates under 6 percent. Year-over-year vacancy contracted by anywhere from 80 to 130 basis points across the four major markets, all of which also experienced positive net absorption in the third quarter. While these Texas-specific numbers reflect a steady, sustained rebound for brick-and-mortar retail in the post-COVID era, preliminary data on holiday shopping indicates that e-commerce’s foothold on the market is getting stronger. According to Adobe Analytics, online sales during Black Friday topped $9.1 billion, a 2.3 percent increase over 2021. While that number should be judged against the fact that this year, the public health risk of shopping in physical stores was substantially reduced, it also represents a 21.7 percent increase over pre-pandemic online …

January 4, 2023

Acquisitions Affordable Housing District of Columbia Multifamily Southeast

WHC, Amazon, JBG SMITH Acquire Apartment Community in D.C. for $71.5M

by John Nelson January 3, 2023

WASHINGTON, D.C. — Nonprofit organization Washington Housing Conservancy (WHC) has acquired Loree Grand, a 212-unit apartment community in Washington, D.C. In partnership with Amazon’s Housing Equity Fund and the Impact Pool, an investment vehicle managed by local developer JBG SMITH, WHC purchased the 10-story community for $71.5 million. JBG SMITH will manage the 195,000-square-foot property on behalf of WHC, which will preserve affordability for moderate- and low-income families and individuals. Bordered by D.C.’s NoMA, Union Market and H Street neighborhoods, the community features units averaging 900 square feet in size. WHC will preserve Loree Grand’s existing 30 inclusionary zoning units for 99 years, create an additional 129 affordable units for residents earning 80 percent of AMI or less and set aside the remaining 53 units for residents earning 120 percent of AMI or less. Eagle Bank provided acquisition financing for the transaction, Amazon Housing Equity Fund provided subordinate financing and Impact Pool provided mezzanine financing. Arnold & Porter provided pro bono legal counsel to WHC.

January 3, 2023

Acquisitions Florida Retail Southeast

Limestone, Orion Purchase Colonial Palms Plaza Shopping Center in Metro Miami for $70.5M

by John Nelson January 3, 2023

PINECREST, FLA. — Limestone Asset Management and Orion Real Estate Group have purchased Colonial Palms Plaza, a 188,389-square-foot retail center located in Pinecrest, roughly 20 miles southwest of Miami. The joint venture, doing business as Orion Colonial Plaza LLC, acquired the property for $70.5 million. The property comprises seven buildings and 29 tenants, including Marshalls, HomeGoods, PetSmart, Old Navy, Party City, Five Below, Visionworks, CycleBar, Panera Bread and Miller’s Ale House. Kevin Sanz of Orion represented the buyers, and Eric Williams of JLL represented the seller, MetLife Investment Management, in the transaction. Goldman Sachs provided an undisclosed amount of acquisition financing to the joint venture.

January 3, 2023

Acquisitions Multifamily Southeast Tennessee

Matthews Brokers $7.8M Sale of Nashville Edge Apartments in La Vergne, Tennessee

by John Nelson January 3, 2023

LA VERGNE, TENN — Matthews Real Estate Investment Services has arranged the sale of a 50-unit apartment community located at 126 Kingsridge Drive in La Vergne, a southeast suburb of Nashville. Nashville Edge Apartments was acquired by a private, Southern California-based multifamily investor for $7.8 million. Austin Graham and Austin Tomaiko of Matthews represented the undisclosed seller in the 1031 exchange. The community, which was 95 percent occupied at the time of sale, features units in one- and two-bedroom layouts.

January 3, 2023

Acquisitions Florida Office Southeast

CBRE Arranges Sale of 59,530 SF Office Building in Tampa

by John Nelson January 3, 2023

TAMPA, FLA. — CBRE has brokered the sale of Palm Court at Hidden River, a 59,530-square-foot, single-story office building located at 8600 Hidden River Parkway in Tampa. Dale Peterson, Joe Chick, Kristen McFarland Hagen, Courtney Snell and Nick Sharpe of CBRE represented the seller, Continental Capital Partners, in the transcation. Built in 1989, the property is located within Hidden River Corporate Park, a 513-acre master-planned development. A private, Orlando-based real estate investment company purchased the building for an undisclosed price.

January 3, 2023

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