Property Type

David’s Bridal Files for Chapter 11, Says Its More Than 300 Stores Will Remain Open

by John Nelson November 20, 2018

CONSHOHOCKEN, PA. — Wedding dress retailer David’s Bridal has filed for Chapter 11 bankruptcy protection. The Conshohocken-based company says it plans to keep its more than 300 David’s Bridal stores and online platform open and operating without disruption. According to Monday’s announcement, “orders will arrive on time and bridal appointments will not be impacted” as the company says it has sufficient liquidity to operate during the court-supervised restructuring process. David’s Bridal announced on Nov. 15 its restructuring support agreement (RSA) with the vast majority of its term loan lenders, senior noteholders and equity holders. The filing of Chapter 11 is the next step in the RSA, which David’s Bridal says will reduce the company’s debt by more than $400 million. “The plan will allow us to reduce our debt significantly while continuing to run our business as usual,” says Scott Key, CEO of David’s Bridal. “We will be able to move through the court process very quickly. And in the end, we will be able to allocate even more of our resources toward making strategic investments in digital technologies and talent that will drive long-term growth and operational excellence at David’s Bridal.” Real Estate Implications While David’s Bridal says it …

November 20, 2018

Acquisitions Florida Multifamily Southeast

Jefferson Apartment Group Sells Orlando Multifamily Community for $43.3M

by Alex Tostado November 19, 2018

ORLANDO, FLA. — Jefferson Apartment Group has sold Azul Baldwin Park, a 178-unit multifamily community in Orlando, to Palm Heights LLC for $43.3 million. Built in 2004, Azul Baldwin Park features a clubhouse, business center, pool, fitness center and an outdoor kitchen/grilling area. The community is located next to Baldwin Park and Lake Baldwin. Peter Sherman and Rosendo Caviero of Avison Young represented Palm Heights, and Walker & Dunlop represented Jefferson Apartment Group in the sale.

November 19, 2018

Development Multifamily Seniors Housing Southeast Tennessee

Harbor Retirement, Confluent to Break Ground on 144-Unit Seniors Housing Community Near Memphis

by Alex Tostado November 19, 2018

CORDOVA, TENN. — Harbor Retirement Associates (HRA) and Confluent Senior Living are set to begin construction on HarborChase of Cordova, a 158,083-square-foot, 144-unit senior living community in Cordova, about 20 miles east of Memphis. The project is expected to be completed in early 2020. The community will include 60 independent living, 50 assisted living and 34 memory care apartments in studio, one- and two-bedroom options. The community will feature 24-hour staff, a full-service bistro, multiple dining areas, clubroom, arts and crafts space, barber and beauty salon, library, pool, fitness and wellness center, putting green, fully enclosed memory support courtyard and community-wide Wi-Fi. Vero Beach, Fla.-based HRA will manage HarborChase of Cordova, while Denver-based Confluent Senior Living serves as the project’s owner. This is the second living center for the partnership in metro Memphis, with HarborChase Germantown expected to open in the summer.

November 19, 2018

Acquisitions Office South Carolina Southeast

LRC Properties Acquires 104,610 SF Charleston Office Building

by Alex Tostado November 19, 2018

CHARLESTON, S.C. — LRC Properties LLC has acquired Ashley Overlook, a 104,610-square-foot office building located at 4390 Belle Oaks Drive in Charleston that serves as Select Health of South Carolina’s headquarters. Stan Johnson Co. brokered the deal between New York-based LRC and the seller, a group of individual investors based in San Jose, Calif. The property was 81 percent leased at the time of the October sale. The sales price was undisclosed.

November 19, 2018

Acquisitions Kentucky Multifamily Southeast

Kirkland Brokers $8.4M Sale of Apartment Community in Louisville, Kentucky

by Alex Tostado November 19, 2018

LOUISVILLE, KY. — The Kirkland Co. (TKC) has brokered the sale of Amherst Place, an 84-unit apartment complex in Louisville, for $8.4 million. TKC’s Brian Devlin and Brandon Wilson brokered the deal between the undisclosed seller and buyer. Amherst Place was built in 1984 and features two-bedroom townhomes.

November 19, 2018

Development Georgia Retail Southeast

Five New Retailers to Open in Alpharetta City Center by Black Friday

by Alex Tostado November 19, 2018

ALPHARETTA, GA. — Magnolia Moon, Mountain High Outfitters, Perched, The Red Hound and Spirited Boutique have all either opened or plan to open new stores in Alpharetta City Center (ACC) by Black Friday. ACC is a 26-acre, mixed-use property located in Alpharetta, about 26 miles north of downtown Atlanta. The development opened in January 2015 in a public-private partnership between South City Partners, Morris & Fellows and the City of Alpharetta to expand the existing downtown area by six blocks. ACC features Alpharetta’s new City Hall, a Fulton County library, Brook Street Park, Town Green, a 445-car parking deck and single-family homes under development by Hedgewood Homes. Magnolia Moon is a women’s boutique that offers apparel and accessories. Mountain High Outfitters, which plans to open on Black Friday, offers products for outdoor activities, including backpacking, camping, fly fishing and biking. Perched is a women’s boutique that also carries some girl’s clothing and baby shower, wedding and birthday gifts. The Red Hound offers a variety of gifts for babies, kids, graduates and brides. Spirited Boutique has several locations around metro Atlanta and features boho-chic fashion and handmade jewelry. With the five newest retailers, ACC will have 17 retailers and restaurants.

November 19, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers $10.5M Sale of Mixed-Use Property in Long Island City

by David Cohen November 19, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the $10.5 million sale of a three-story, mixed-use property in Long Island City. Located at 44-61 11th St., the 18,500-square-foot property includes retail and office space and is fully leased to four separate tenants. Stephen Preuss of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed.

November 19, 2018

Acquisitions New Jersey Northeast Retail

GSAM Real Estate, Madison Marquette Acquire Retail Center in Newark

by David Cohen November 19, 2018

NEWARK, N.J. — Goldman Sachs Asset Management Private Real Estate and Madison Marquette have acquired Springfield Avenue Marketplace, a newly constructed, 112,000-square-foot retail center in Newark. The sales price was not disclosed. The fully occupied property is anchored by a ShopRite grocery store and includes a mix of restaurant, retail and medical tenants. The seller was not disclosed. Springfield Avenue Marketplace is located at the intersection of Springfield Avenue and Jones Street, approximately one mile from Newark Penn Station.

November 19, 2018

Loans Multifamily Northeast Pennsylvania Student Housing

HJ Sims Arranges $17.5M Financing for Senior Housing Community in Central Pennsylvania

by David Cohen November 19, 2018

PITTSTON, PA. — HJ Sims has arranged $17.5 million in financing for United Methodist Homes. The funds will finance an expansion project at the organization’s Wesley Village continuing care retirement community in Pittston, located between Scranton and Wilkes-Barre in Central Pennsylvania. The project will add an undisclosed number of independent living units to the property, through a series of cottages named Brooks Estates. Citizens Bank provided the funds.

November 19, 2018

Industrial Leasing Activity Massachusetts Northeast

Quiet Logistics Signs 355,000 SF Industrial Lease in Suburban Boston

by David Cohen November 19, 2018

DEVENS, MASS. — Quiet Logistics has signed a 355,000-square-foot, full-building industrial lease in Devens. Located at 64 Jackson Road, the warehouse and distribution facility was built in 2000 and is set on more than 34 acres. The property features 26 foot clear heights, full air conditioning and humidity control and a full-service cafeteria. Rick Schuhwerk, Ed Jarosz Tony Coskren, Brian Pinch and Lizzie Kusbit of NKF represented the owner, GFI Partners, in the transaction. Quiet Logistics is a fulfillment provider specializing in e-commerce solutions.

November 19, 2018

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