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Market ReportsRetailSoutheastSoutheast Market ReportsTennessee

From Urban Core to the Suburbs, the Memphis Retail Market is Poised for Growth

by John Nelson

Memphis is a city with a soul and is internationally famous for music, food and entertainment. The city draws over 12 million tourists annually, but less publicized is that Memphis is home to six Fortune 1,000 companies (FedEx, International Paper, AutoZone, Terminix, First Horizon and Sylvamo). Additionally, the city’s employment base includes a robust healthcare community with St. Jude Children’s Research Hospital, the University of Tennessee Medical School and Regional One Health. Plus, Memphis is known as “America’s Aerotropolis” with the second busiest cargo airport in the world, Memphis International Airport. The Memphis metro statistical area (MSA) has jobs, low cost of living and a relatively young population with an average age of 34. There is a perception that the population is flocking to Nashville, but the latest Census Bureau statics show that between 2013 and 2017, slightly more Nashvillians moved to Memphis than the reverse. Memphis’ unique trade area encompasses parts of Arkansas and Mississippi, leveraging Interstates 40, 55 and 22 with the new Interstate 269 Corridor, a 60-mile half loop around southern Memphis and north Mississippi. The I-269 Corridor links to a web of seven converging highways, serving 152 metro areas and two-thirds of the nation’s population that …

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Sunny Lake
AcquisitionsFloridaMultifamilyTop StoriesWalker & Dunlop

Walker & Dunlop Arranges $79.3M Sale of Sunny Lake Apartments in South Florida

by Julia Sanders

LAUDERHILL, FLA. — Walker & Dunlop has arranged the $79.3 million sale of Sunny Lake Apartments, a 405-unit, garden-style community in Lauderhill. Still Hunter and Kaya Suarez of Walker & Dunlop represented the seller, Bar Invest Group. The buyer is a joint venture between East Hill Capital Partners, The Bascom Group and Leste Group, with Leste Group participating as the majority equity investor. Bridge Investment Group provided the debt financing for the acquisition, which Stuart Wernick of Walker & Dunlop arranged. Built in 1988, Sunny Lake Apartments offers one-, two- and three-bedroom units with an average of 719 to 1,129 square feet. Units feature double bathroom vanities; storage units; washers and dryers in unit; walk-in closets; patios and decks; and hardwood floors. Community amenities include a pet play area, car wash, fitness center, pool, clubhouse, business center, playground and tennis court. Located at 2360 NW 56th Ave. on nearly 27 acres, the apartment property is situated in the suburban Broward County area. The property is about 2.8 miles from Sunrise, approximately 7.9 miles from Fort Lauderdale and about 2.9 miles from Plantation. The property is less than two miles from Florida’s Turnpike, which provides fast connectivity to other areas of …

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Perimeter Center
AlabamaLoansOfficeSoutheast

Berkadia Secures $51M Refinancing Loan for Office Portfolio in Huntsville

by Julia Sanders

HUNTSVILLE, ALA. — Berkadia has secured a $51 million refinancing loan for a 670,890-square-foot office and flex portfolio in Huntsville. The three-property portfolio, which includes Perimeter Center, Progress Center and 110 Wynn, sits approximately six miles from downtown Huntsville and was 91 percent leased at the time of financing. Located at 1500 and 1525 Perimeter Parkway, Perimeter Center includes two mid-rise buildings built in 1987 and 1989. The buildings total 234,146 square feet and are 87 percent leased to 41 tenants. Situated at 6767 Old Madison Pike NW, Progress Center features five buildings totaling 221,259 square feet that were built in 1985, 1989 and 1992. The property is 86 percent leased to 34 tenants. Lastly, 110 Wynn, formerly known as the DRS Building, was built in 1967 and later renovated in 2003 and 2021. The property includes two buildings totaling 215,485 square feet, and is 100 percent occupied by one tenant. The properties are all located within Cummings Research Park, which is a science and technology park housing nearly 300 companies, 26,000 employees and 13,500 students. The property’s anchor tenants include Teledyne Brown Engineering, UAH, Lockheed Martin, Redstone Federal Credit Union and Calhoun Community College. The property is located about …

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Bridge Crossing
AcquisitionsOfficeSoutheastTennessee

Bridge Investment Sells Bridge Crossing Office Building in Metro Nashville for $46M

by Julia Sanders

BRENTWOOD, TENN. — Bridge Investment Group has sold Bridge Crossing, a three-story, 199,194-square-foot office building in Brentwood, about 10.3 miles south of Nashville. Pacific Oak Capital Advisors purchased the property for $46 million. Jay O’Meara, Morgan Hillenmeyer, Roscoe High and Ryan Reethof of CBRE represented Bridge Investment in the transaction. Originally built in 1989, Bridge Investment purchased the property in January 2018 and rebranded the building for multi-tenant use by adding new signage. Bridge Crossing recently underwent a $3 million renovation, including a $1.8 million parking lot expansion that added 147 additional parking spaces. The third floor was also updated, and enhancements were made to common areas, lobbies and elevators. Bridge Crossing is fully occupied with leases signed through May 2026. The building is anchored by Fleetcor Technologies Inc., an Atlanta-based business payment processing firm. The property also has tenants including information technology and services company Cognizant and Comdata, a payment processing company. Comdata, which has had its headquarters at Bridge Crossing since 1996, has recently expanded its lease to 50,690 square feet on the third floor. Located at 5301 Maryland Way, Bridge Crossing is situated within Maryland Farms, a 400-acre, mixed-use park with over 20,000 jobs. Brentwood overall has …

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Shoppes at Nona Place
AcquisitionsFloridaRetailSoutheast

JLL Arranges $35M Sale of Grocery-Anchored Shopping Center in Orlando

by Julia Sanders

ORLANDO, FLA. — JLL Capital Markets has arranged the $35 million sale of Shoppes at Nona Place, a 60,557-square-foot neighborhood shopping center in Orlando. Built in 2018 and 2019, Shoppes at Nona Place is anchored by Bravo Supermarkets, a Hispanic grocer, as well as Pet Supermarket, First Watch, Heartland Dental, BurgerFi, Aveda, Lime Fresh, F45 and Pig Tails. Located on 14.6 acres at 13000 Narcoossee Road, the center is situated about 11.2 miles from Orlando International Airport and approximately 23.4 miles from Walt Disney World Resort. The property is located within Lake Nona, a medical city market in southeast Orlando. Brad Peterson, Whitaker Leonhardt, Michael Brewster and Tommy Isola of JLL represented the seller, a joint venture between North American Development Group and Blackfin Partners Investments. Edward Romanov of Transitional Finance Partners LLC represented the buyer, a private investor group affiliated with Flocchini/Van Wagner Families.

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Bluebonnet Parc
AcquisitionsLouisianaMixed-UseRetailSoutheast

Cooper Commercial Brokers $17.2M Sale of Bluebonnet Parc Mixed-Use Center in Baton Rouge

by Julia Sanders

BATON ROUGE, LA. — Cooper Commercial Investment Group has brokered the sale of Bluebonnet Parc, a four-building mixed-use center in Baton Rouge. Dan Cooper of Cooper Commercial Investment Group represented the seller, Viking Partners Bluebonnet LLC. Brannon 230 LLC purchased the property for $17.2 million. Located at 5915 Bluebonnet Blvd., Bluebonnet Parc is located close to Interstate 10 and is about 9.8 miles from downtown Baton Rouge. Additionally, the property is about 7.7 miles from Louisiana State University. The 135,367-square-foot property is anchored by Best Buy, buybuy Baby and Havertys, with other tenants including Men’s Wearhouse, David’s Bridal and Richport Technical College.

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HealthcareLoansOfficeWashingtonWestern

Essex Financial Group Arranges $75M Refinancing for Medical Dental Building in Seattle

by Amy Works

SEATTLE — Essex Financial Group has arranged a $75 million permanent loan for Menashe Properties to refinance Medical Dental Building, an infill medical office building in downtown Seattle. The sponsor purchased the 297,470-square-foot historic building in 2019 and assumed existing debt on the property. The seven-year loan features a fixed interest rate with three years of interest-only payments followed by a 30-year amortization. Alex Riggs and Blaire Butler of Essex Capital Markets secured the financing for the borrower. Originally built in 1924, the 18-story office building has undergone several renovations with the most recent completed in 2014. At time of financing, the property was 91 percent occupied by 123 tenants. The property also features ground-floor retail space, which a coffee shop and local pharmacy occupy.

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DevelopmentLoansMontanaMultifamilyWestern

George Smith Partners Secures $46M Construction Loan for 400-Unit Multifamily Property in Bozeman, Montana

by Amy Works

BOZEMAN, MONT. — George Smith Partners has secured a $46 million construction loan for the phased development of 400 apartment units located within an Opportunity Zone in Bozeman. The borrower is Roundhouse Development. Jonathan Lee and Paul Monsen of George Smith Partners secured the financing for the borrower. For the first 268 units, the loan is priced at a sub 3 percent rate. Construction of the first phase is expected to finish in late 2023, at which time the construction on the remaining 132 units will begin.

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AcquisitionsIndustrialNevadaWestern

Nicola Wealth Acquires 175,818 SF Ampac Industrial Park in Henderson, Nevada

by Amy Works

HENDERSON, NEV. — Nicola Wealth Real Estate has purchased Ampac Industrial Park I and II in Henderson. Terms of the transaction were not released. The asset comprises seven small- to medium-bay modern industrial buildings totaling 175,818 square feet on 17 acres, inclusive of four acres of surplus land currently utilized as yard storage. The portfolio is located 12 miles southeast of Las Vegas, featuring close proximity to interstates 215 and 515. Rebecca Perlmutter Finkel of CBRE led the team that handled the deal.

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811-SE-Everett-Mall-Way-Everett-WA
AcquisitionsRetailWashingtonWestern

Marcus & Millichap Negotiates $5.8M Sale of Retail Property in Everett, Washington

by Amy Works

EVERETT, WASH. — Marcus & Millichap has arranged the sale of a retail center located at 811 S.E. Everett Mall Way in Everett. A limited liability company sold the asset to an undisclosed buyer for $5.8 million. Trader Joe’s, Dollar Tree, T-Mobile and Olympic Hot Tub occupy the 24,800-square retail property. Trader Joe’s has been at this location for more than 25 years and recently extended its lease. Clayton Brown and Ruthanne Romero of Brown Retail Group of Marcus & Millichap’s Seattle office represented the seller in the deal.

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