Property Type

Broadshore Capital Acquires Multifamily Property in Metro Jacksonville for $37.1M

by Alex Tostado March 31, 2020

ORANGE PARK, FLA. — Los Angeles-based Broadshore Capital Partners has led a joint venture including an investment client in the $37.1 million acquisition of Victoria at Orange Park in metro Jacksonville. The 280-unit apartment community offers one- and two-bedroom floor plans spanning 13 buildings. Communal amenities include a pool, fitness center and a clubhouse. The buyers will upgrade the amenity space as well as open a new business center. The property was originally built in 1986 and is situated at 1710 Wells Road in Orange Park, 14 miles south of downtown Jacksonville. The seller was not disclosed.

March 31, 2020

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Brokers $20.5M Sale of Apartment Complex in Mobile

by Alex Tostado March 31, 2020

MOBILE, ALA. — Cushman & Wakefield has arranged the $20.5 million sale of Park West, a 278-unit apartment complex in Mobile. The property was originally built in 1977 and includes communal amenities such as two pools with sundecks, a 24-hour fitness center, courtyard picnic and barbecue pavilion and a playground. Park West offers one- and two-bedroom floor plans with rents ranging from $607 to $1,011 per month, according to Apartments.com. Craig Hey and Andrew Brown of Cushman & Wakefield represented the Lyndhurst, Ohio-based seller, Legacy Capital Partners, in the transaction. Alpharetta, Ga.-based Two Waters Capital Management acquired the property.

March 31, 2020

Acquisitions Florida Retail Southeast

Marcus & Millichap Negotiates Sale of 20,922 SF Retail Property in Sarasota

by Alex Tostado March 31, 2020

SARASOTA, FLA. — Marcus & Millichap has negotiated the sale of Sixth Street Plaza a 20,922-square-foot retail property in Sarasota. The buyer, an undisclosed limited liability company, paid $1.4 million for the asset, which is situated at 601A N. Washington Blvd., less than one mile north of downtown Sarasota. Jim Shiebler, James Garner and James Medefind of Marcus & Millichap represented the seller, an undisclosed individual trust, in the transaction. The team also procured the buyer.

March 31, 2020

Georgia Leasing Activity Retail Southeast

TSCG Arranges Retail Leases for Publix, Five Guys in Metro Atlanta

by Alex Tostado March 31, 2020

MARIETTA, GA. — TSCG has secured two leases for Publix and Five Guys Burger and Fries to join the retail lineup at East Cobb Crossing in Marietta. The new Publix store will span 37,395 square feet. and Five Guys will occupy an outparcel previously leased to Del Taco. The fast-casual hamburger chain is renovating the 2,478-square-foot building and expects to open later this year. Other tenants at East Cobb Crossing include Dick’s Sporting Goods, Party City, Ashley Furniture Homestore, Arby’s, Dog City Bakery and Capozzi’s NY Pizza. TSCG represented the landlord, East Cobb Crossing LLC, in the negotiations.

March 31, 2020

Company News Florida Retail Southeast

Publix Offers Rent Relief for Tenants Affected by Coronavirus Outbreak at its Owned Shopping Centers

by Alex Tostado March 31, 2020

LAKELAND, FLA. — Publix Super Markets is offering two months of rent relief to businesses that operate within Publix-owned shopping centers that have closed due to the coronavirus outbreak. The Lakeland-based grocer is also waiving payments for common area maintenance fees and taxes, regardless of the tenant’s access to other relief or assistance. Publix operates 1,243 stores in seven Southeastern states, including Florida, Georgia, South Carolina, North Carolina, Tennessee and Alabama. A total number of businesses that have closed within Publix-owned centers was not disclosed. Publix owns more than 330 shopping centers.

March 31, 2020

Company News Retail Texas

7-Eleven Donates 1 Million Masks to FEMA in Response to COVID-19

by Taylor Williams March 31, 2020

IRVING, TEXAS — 7-Eleven Inc. has donated 1 million masks to the Federal Emergency Management Agency (FEMA) to be distributed among healthcare workers and patients who are battling COVID-19. The Irving-based convenience store giant has provided all franchisees with masks to be used by employees in their stores, which remain open as essential services. The chain operates approximately 11,800 stores in North America and more than 70,000 worldwide. 7-Eleven is also offering free delivery services for all products through its 7NOW app until April 30.

March 31, 2020

Development Office Restaurant Retail Texas

Gordon Partners Nears Completion of 40,000 SF Office, Retail Expansion Project at Lake Conroe

by Taylor Williams March 31, 2020

CONROE, TEXAS — Houston-based developer Gordon Partners is nearing completion of its expansion of Waterpoint Center, a lifestyle center that fronts Lake Conroe, about 40 miles north of Houston. The project will add roughly 40,000 square feet of retail, restaurant and office space, as well as 60 new boat slips. Restaurants that have signed new leases at the property include Akashi Asian Bistro and Kenz Mediterranean. Several office users, Gary Greene Realtors and Optimus Med Spa have also signed leases. Construction is scheduled to be complete in August.

March 31, 2020

Development Midwest Minnesota Multifamily

26-Story Luxury Apartment Tower Opens in Minneapolis

by Kristin Harlow March 31, 2020

MINNEAPOLIS — Rafter, a 26-story, 283-unit luxury apartment tower in northeast Minneapolis, has opened. Cuningham Group designed the 407,530-square-foot project. Mortenson Development was the developer. The tower’s exterior is a blend of white and textured charcoal concrete that creates a look reminiscent of modern ceramic arts, according to Cuningham. Photographs, paintings and sculptures by local artists can be found throughout Rafter’s shared spaces. Located at 333 Hennepin Ave., the development also features 6,000 square feet of retail space and a seven-story, 279-space parking garage. Monthly rents start at $1,425. The property name comes from the fact that a group of turkeys is called a “rafter.” Many wild turkeys call this part of Minneapolis home.

March 31, 2020

Development Midwest Missouri Multifamily

CBKC to Develop $12.6M Multifamily Project in Kansas City

by Kristin Harlow March 31, 2020

KANSAS CITY, MO. — Community Builders of Kansas City (CBKC) has unveiled plans to develop The Rochester on Blue Parkway, a $12.6 million multifamily project within an Opportunity Zone in Kansas City. The 81,400-square-foot, four-story development will house 64 units. Amenities will include a rooftop deck, fitness center, package room and community meeting space. Monthly rents will range from $985 to $1,275. The property was named after Rochester Gatson, the founder of CBKC. Straub Construction and Hufft Projects make up the project team. A timeline for completion was not disclosed. CBKC says it is working with several partners to finalize the project’s capital stack.

March 31, 2020

Michigan Midwest Retail

The State Bank Unveils Relief Measures for Consumers, Businesses Affected by COVID-19

by Kristin Harlow March 31, 2020

FENTON, MICH. — The State Bank has unveiled a set of initiatives to support its consumer and business customers as well as local communities as they face mounting financial challenges as a result of the COVID-19 pandemic. Key components of the relief measures include: access to an interest-free emergency loan of up to $1,000 with no payments due for 90 days and a 12-month repayment period; a community support program where people in financial need can be nominated by family or neighbors to receive one of 10 checks of $250 paid daily between April 6 and May 1; payment deferrals of up to 90 days or interest-only payments up to 180 days for all small business association and commercial loans; relief from everyday banking and credit card fees; payment deferrals on mortgages and consumer loans; and appointments to discuss assistance available through federal and state relief programs. Fenton-based The State Bank has assets of $950 million and currently operates 15 full-service offices in Genesee, Livingston, Oakland, Saginaw and Shiawassee counties as well as loan production offices in Washtenaw and Saginaw counties.

March 31, 2020

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