Property Type

Continental Realty Purchases Open-Air Shopping Center Near Charleston for $147M

by Alex Tostado February 18, 2020

MOUNT PLEASANT, S.C. — Continental Realty Corp. has purchased Mount Pleasant Towne Centre, a 510,000-square-foot, open-air shopping center in Mt. Pleasant, for $147 million. Anchor tenants at the property include Belk, Regal Cinemas, Bed Bath & Beyond, Barnes & Noble, Arhaus Furniture and Old Navy. Other tenants include Peloton, lululemon athletica, Bluemercury, Athleta, Ulta Beauty, Southern Tide, Francesca’s, Ann Taylor Loft, Bath & Body Works, Savi Cucina, Copper Penny, Palmetto Moon, Lizard Thicket, Reed’s Jewelers and Hustle Smoothie Bar. The center was 96 percent leased to nearly 70 tenants at the time of sale. The buyer funded the acquisition through its Continental Realty Fund V LP, a $210.8 million private fund focused on retail and multifamily properties in the Southeast. The asset is situated at 1218 Belk Drive, nine miles northeast of downtown Charleston. A joint venture between Miller Capital Advisory and California Public Employees’ Retirement System (CalPERS) sold the center. Stephen Livaditis, Eric Zimmermann, Michael Pagliari, and Conor Lalor of Eastdil Secured represented the seller in the transaction.

February 18, 2020

Alabama Development Multifamily Southeast Student Housing

Holder Properties Breaks Ground on 719-Bed Student Housing Community Near Auburn University

by Alex Tostado February 18, 2020

AUBURN, ALA. — Holder Properties has broken ground on 320 West Mag, a 719-bed student housing development located near Auburn University in Alabama. The community will offer a mix of one-, two-, three-, four- and five-bedroom, fully furnished units along West Magnolia Avenue, directly across from Auburn University’s College of Business and College of Engineering Schools. Communal amenities will include 11,500 square feet of retail space, three outdoor courtyards, grilling areas, a swimming pool, hot tub, outdoor movie screen, two-story fitness center, clubroom, gaming lounge and private and group study areas. Chick-fil-A will anchor the retail component and will feature a drive-thru, walk-up order window and outdoor dining terrace. The development will also include a locally owned coffee shop. Niles Bolton & Associates is 320 West Mag’s design architect, and Juneau Construction Co. is the general contractor. Development is scheduled for completion in fall 2021.

February 18, 2020

Acquisitions Florida Office Southeast

Crocker Partners Sells Office Building in Metro Orlando for $28M

by Alex Tostado February 18, 2020

MAITLAND, FLA. — Crocker Partners has sold Maitland Lakes, a 174,048-square-foot office building in Maitland, for $28 million. Crocker Partners acquired the Central Florida property in 2014 for $14.8 million. The firm upgraded the lobby, elevators, restrooms, corridors and redesigned the café. The building was 91 percent leased at the time of sale to tenants including Wiley Education Services and Sprint Nextel Corp., with an average lease term exceeding five years. Maitland Lakes is situated at 851 Trafalgar Court, eight miles north of downtown Orlando. Brightman-Gil Real Estate Investments acquired the asset. Ron Rogg of CBRE represented Crocker Partners in the transaction.

February 18, 2020

Alabama Loans Retail Southeast

JLL Arranges $14.6M Refinancing Loan for Retail Property in Dothan, Alabama

by Alex Tostado February 18, 2020

DOTHAN, ALA. — JLL has arranged a $14.6 million refinancing loan for Shops on the Circle, a 182,547-square-foot retail property in Dothan. The property was 96 percent leased to tenants including T.J. Maxx, PetSmart, Big Lots, Old Navy, OfficeMax, Five Below and Shoe Carnival. Shops on the Circle is situated on 17 acres at 3500 Ross Clark Circle, about 20 miles from both the Georgia and Florida borders. Synovus Bank provided the non-recourse loan, which features a 35-month term, floating interest rate and two one-year extension options. The borrowers, RCG Ventures LLC and DRA Advisors LLC, will use the proceeds to refinance an existing loan taken out to improve the property, which the companies bought jointly in 2014.

February 18, 2020

Acquisitions Florida Retail Southeast

SRS Brokers $8.3M Sale of Publix-Anchored Shopping Center in Southwest Florida

by Alex Tostado February 18, 2020

NORTH FORT MYERS, FLA. — SRS Investment Property Group has brokered the $8.3 million sale of Publix at Eagle Landing, a 57,840-square-foot, Publix-anchored shopping center in North Fort Myers. The center was built in 2012 and was 88 percent leased at the time of sale to tenants including Shoreline Vapor, China King, Boutique Nails & Spa and The Fat Apple. The property is situated at 6694-6704 Bayshore Road, seven miles north of downtown Fort Myers. Steve Miskew, Kyle Stonis and Pierce Mayson of SRS represented the seller, VAL Eagle Landing LLC, in the transaction. The buyer was an undisclosed private investor based in Alabama.

February 18, 2020

Finance Insight Midwest Multifamily Northeast ORIX Southeast Texas Thought Leadership Video Western

Hunt Real Estate Capital: Growth Opportunities and Concerns in 2020

by Sarah Daniels February 18, 2020

Chad Thomas Hagwood of Hunt Real Estate Capital discusses growth opportunities in 2020 and the different drivers that make for a positive atmosphere, especially in secondary and tertiary markets around the country. Previously overlooked areas offer more opportunity to develop and less competition. Many secondary and tertiary markets are seeing corporate growth and increasing populations, which is driving more demand for multifamily housing. Limits on development include construction cost, scarcity of labor and shortages of materials, but uncertainty over the upcoming election is also keeping investors wary of planning too far in advance. People are waiting on the sidelines to see what happens, with some investors waiting until after November to create their four-year plans. Watch the video to hear more about what Hagwood expects to see in 2020. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.

February 18, 2020

Acquisitions Mixed-Use Texas

JLL Negotiates Sale of 866,273 SF The Union Mixed-Use Development in Uptown Dallas

by Taylor Williams February 18, 2020

DALLAS — JLL has negotiated the sale of The Union, an 866,273-square-foot mixed-use development in the Uptown neighborhood of Dallas. According to The Dallas Morning News, the property sold for $370 million. Completed by RED Development in 2018, the office tower at The Union was 94.2 percent leased at the time of sale to tenants including Salesforce, Akin Group and Weaver. Office amenities include a tenant lounge, fitness center and outdoor green space. The Union Dallas also features 85,000 square feet of retail and restaurant space anchored by a Tom Thumb grocery store and a 309-unit apartment building that was developed by StreetLights Residential. JLL represented RED Development, which will retain minority stake in the property, in the transaction. JLL also procured KB Asset Management, the investment arm of Korean conglomerate KB Financial Group, as the buyer and secured a five-year, fixed-rate acquisition loan through Goldman Sachs on behalf of the new ownership.

February 18, 2020

Acquisitions Office Texas

Benderson Development Buys $218M Interest in Pioneer Headquarters Campus in Irving

by Taylor Williams February 18, 2020

IRVING, TEXAS — Florida-based Benderson Development has purchased a ground-lease interest in the Pioneer Natural Resources headquarters campus in Irving for $218 million. The 1.1 million-square-foot, 10-story campus, which was developed by KDC, is located within Hidden Ridge, a public transit-served mixed-use development in the Las Colinas district. Additional terms of the deal were not disclosed.

February 18, 2020

Company News Retail Texas

Pier 1 Imports Files for Chapter 11 Bankruptcy

by Taylor Williams February 18, 2020

FORT WORTH, TEXAS — Home furnishing retailer Pier 1 Imports has filed for Chapter 11 bankruptcy in federal court in Richmond, Va., according to a report from The Wall Street Journal. The filing comes about six weeks after the Fort Worth-based retailer announced that it would close some 450 stores, about half of its total store count. The company is also closing two distribution centers. Pier 1 has entered into a plan support agreement with its term loan lenders, which include Bank of America and Wells Fargo, and is pursuing a sale of the company.

February 18, 2020

Loans Office Texas

NorthMarq Arranges $64.5M Refinancing of SXSW Center Office Building in Downtown Austin

by Taylor Williams February 18, 2020

AUSTIN, TEXAS — NorthMarq has arranged a $64.5 million loan for the refinancing of SXSW Center, a 13-story office building located at 1400 Lavaca St. in downtown Austin. Designed by Pei Cobb Freed, the Class A property spans 143,998 square feet and features a fitness center, bike storage and electric car charging stations. WeWork occupies three stories at the building. Jim Lemos of NorthMarq arranged the loan, which carries a fixed interest rate and a 26-year term, through Pacific Life Insurance Co. The borrower was not disclosed.

February 18, 2020

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