Property Type

Kiser Group Brokers $4.5M Condo Deconversion Sale in Chicago

by Kristin Harlow November 7, 2018

CHICAGO — Kiser Group has brokered the $4.5 million condo deconversion sale of a 20-unit property in Chicago’s East Lincoln Park neighborhood. Originally built in the late 1950s as a condominium development, the property features four studio, 14 one- and two two-bedroom units. The units range from 550 to 1,200 square feet. The property is located at 512 W. Wrightwood Ave. An affiliate of Horizon Realty Group purchased the property from 512 Wrightwood Condominium Association. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.

November 7, 2018

Acquisitions Industrial Michigan Midwest

Friedman Arranges Sale of 33,077 SF Industrial Building in Dearborn, Michigan

by Kristin Harlow November 7, 2018

DEARBORN, MICH. — Friedman Real Estate has arranged the sale of a 33,077-square-foot industrial building in Dearborn for an undisclosed price. The property is located at 13250 Rotunda Drive. Bob Dabrowski, Greg Hornby and Todd Hawley of Friedman represented the seller, Restaurant Leasing LLC. Rotunda Ventures LLC purchased the property.

November 7, 2018

Market Reports Northeast Northeast Market Reports Office Pennsylvania

Lehigh Valley Office Market Continues to Grow

by David Cohen November 7, 2018

From large publicly traded companies to mid-size tech companies and small professional services firms, companies are taking notice of the office development and vibrant live-work communities being built in the Lehigh Valley. Located one hour north of Philadelphia and 90 minutes west of New York City, the Lehigh Valley is a two-county region in eastern Pennsylvania consisting of 62 municipalities and the cities of Allentown, Bethlehem, and Easton. It is the 69th largest metropolitan region in the United States, with a $39.1 billion GDP larger than that of both Wyoming and Vermont. The Lehigh Valley’s total office market inventory currently stands at 26.8 million square feet. There have been 281,250 square feet of office market deliveries in 2018 so far, and another 329,000 are currently under construction. A total of 669,832 square feet of office space was under construction in the Lehigh Valley as of the first quarter of 2018, with the majority of that development in the region’s urban centers. Ninety-six percent of the office buildings constructed in the Lehigh Valley so far this year have been built in either Allentown, Bethlehem, or Easton and all of the 329,000 square feet of office space currently under construction are in …

November 7, 2018

Company News North Carolina Retail Southeast Top Stories

Private Equity JV Agrees to Acquire Fast-Food Chain Bojangles’ for $593.7M

by David Cohen November 7, 2018

CHARLOTTE, N.C. — A joint venture between private equity firms Durational Capital Management LP and The Jordan Company LP has agreed to acquire chicken-and-biscuits chain Bojangles’ Inc. for $593.7 million in an all-cash transaction. Bojangles’ (NASDAQ: BOJA) stockholders will receive $16.10 in cash for each share held, representing a 15 percent premium to the closing share price of Sept. 27, a day prior to a published report by Reuters that the company was exploring alternatives including a sale. The deal is expected to close in the first quarter of 2019 and is subject to shareholder approval. Once the transaction closes, Bojangles’ will operate as an independent, privately held company based in Charlotte. “For the Bojangles’ family of employees, franchisees, and our customers, today’s announcement represents an exciting next phase for this great brand,” says Randy Kibler, Bojangles’ interim president and CEO. “The new ownership group is committed to maintaining the qualities of this brand that have sustained it for over four decades.” Jack Fulk and Richard Thomas founded Bojangles’ in Charlotte in 1977. As of July 1, 2018, the company had 766 locations, of which 325 were company operated and 441 were franchised. The locations are primarily located in the Southeastern United States. “Bojangles’ is …

November 7, 2018

Company News North Carolina Retail Southeast Top Stories

Lowe’s to Close 20 Underperforming Stores in U.S., 31 in Canada

by John Nelson November 6, 2018

MOORESVILLE, N.C. — Lowe’s Cos. Inc. (NYSE: LOW) has unveiled its plans to close 20 underperforming stores in the United States as part of its ongoing strategic reassessment. Additionally, the company will close 31 Canadian stores. The Mooresville-based home improvement retailer stated that most associates at these stores will be extended opportunities to transition to a similar role at a nearby Lowe’s store. The majority of affected stores are located within 10 miles of another Lowe’s store. Lowe’s expects to close the impacted stores by Feb. 1, 2019, which is the end of the company’s 2018 fiscal year. The list of the closed stores can be found here. The company intends to conduct store-closing sales for most of the impacted locations, with the exception of select stores in the U.S. that will close immediately. “The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business,” says Marvin Ellison, president and CEO of Lowe’s. Previously the CEO of J.C. Penney, Ellison was appointed over the summer to lead Lowe’s, taking over for Robert Niblock. Shortly after the hire, Lowe’s announced plans to close all 99 Orchard Supply Hardware stores, as well as a …

November 6, 2018

Acquisitions Alabama Retail Southeast

Boyle Investment Sells Whole Foods-Anchored Retail Center in Metro Birmingham

by Amy Works November 6, 2018

HOOVER, ALA. — Boyle Investment Co.’s Midsouth Capital Fund has completed the sale of Whole Foods Market Plaza, a retail property situated on 18.9 acres at 3780 Riverchase Village in Hoover, a suburb of Birmingham. TH Real Estate, an affiliate of Nuveen, purchased the assets for an undisclosed price. Originally developed in 1980 and renovated in 2016, the 175,673-square-foot property is occupied by Whole Foods Market, PetSmart, Best Buy, Bella’s Bridal and Formal and Newk’s Eatery. Jim Hamilton and Shea Patrick of HFF represented the seller in the deal.

November 6, 2018

Hopkinsville-Town-Center-Hopkinsville-KY

Kentucky Loans Retail Southeast

Cohen Financial Secures $18.2M Acquisition Loan for New Retail Center in Hopkinsville, Kentucky

by Amy Works November 6, 2018

HOPKINSVILLE, KY. — Cohen Financial has arranged $18.2 million for the acquisition of the newly constructed Hopkinsville Town Center, a neighborhood retail center in Hopkinsville near the Kentucky-Tennessee border. Hobby Lobby, T.J. Maxx, Ross Dress for Less and Five Below are tenants at the 184,761-square-foot retail center. Dan Rosenberg and Matt Terpstra of Cohen Financial’s Chicago office secured the loan for the undisclosed borrower.

November 6, 2018

Miami-Industrial-Logistics-Center-Hialeah-Gardens-FL

Florida Industrial Leasing Activity Southeast

State Street Realty Arranges 90,103 SF Warehouse Lease in South Florida

by Amy Works November 6, 2018

HIALEAH GARDENS, FLA. — Miami-based State Street Realty has arranged the lease of industrial space at Miami Industrial Logistics Center, a Class A industrial park located at 14802 N.W. 107th Ave. in Hialeah Gardens, part of Miami’s Medley Industrial submarket. Tricorbraun Inc., a rigid packaging designer and distributor, will occupy 90,103 square feet at the 676,835-square-foot park. The property features built-to-suit offices, a shared 180-foot truck court, approximately 32-foot clear heights, four overhead doors per bay, 54-foot column spacing, a 60-foot staging bay, an ESFR fire safety system, LED energy-efficient lighting and ample vehicle parking and trailer parking/spotting areas. Frank Trelles and Brian Cabielles of State Street Realty represented the landlord, Duke Realty, while W. Stevens Schmid, Jeff Hartsook and Patrick Willis of CRESA South Florida represented the tenant.

November 6, 2018

Loans Multifamily Seniors Housing Southeast Tennessee

Dwight Capital Provides $13.2M Acquisition Financing for Three Skilled Nursing Facilities in Tennessee

by Amy Works November 6, 2018

KINGSPORT, LAWRENCEBURG AND HUNTSVILLE, TENN. — Dwight Capital has provided $13.2 million in financing for the acquisition of three skilled nursing facilities in Tennessee. The portfolio includes Brookhaven Manor in Kingsport, Countryside Healthcare and Rehabilitation in Lawrenceburg and Huntsville Manor in Huntsville. The properties feature a combined 270 beds. Dwight Capital provided $12.3 million in bridge-to-HUD acquisition financing, as well as $855,000 in mezzanine financing, representing a combined total of more than 90 percent of the purchase price. The borrower was not disclosed.

November 6, 2018

Company News Office Washington Western

Amazon Reportedly Plans to Split HQ2 Evenly Between Two Cities

by Amy Works November 6, 2018

SEATTLE — Amazon has decided to split its second headquarters (HQ2) location between two cities, instead of creating one HQ2 facility, according a source who spoke to The Wall Street Journal. According a person familiar with the company’s plans, the driving factor behind the new decision to create two equal offices is the ability to recruit the best tech talent from various geographical regions. Additionally, the decision will ease the potential community issues regarding housing and transit for potentially thousands of new employees in one specific city. Under the new plan, Amazon will create two equal HQ2 facilities, each with approximately 25,000 employees. While Amazon has not announced its final decision, it is in late-stage discussions with several cities — Crystal City in Northern Virginia, Dallas and New York City as front runners — according to The Wall Street Journal, and a decision may be announced as early as this week. Amazon plans to view all three of its main U.S offices as headquarters with similar executive and back-office functions, notes a person familiar with the decision. However, the split means the company is creating two smaller offices than its 45,000-employee Seattle headquarters.

November 6, 2018

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