Property Type

GCP Secures $60M Refinancing from MetLife for Seven-Property Industrial Portfolio in Southeast

by Camren Skelton February 2, 2018

BIRMINGHAM, ALA. — Birmingham-based GCP has secured a $60 million loan from MetLife for the refinancing of a seven-property industrial portfolio located throughout Atlanta, Charlotte, Alabama and Florida. Speake Financial advised GCP on the 10-year, fixed-rate loan. The properties comprise nearly 1.8 million square feet of GCP’s 7.2 million square foot inventory across the Southeast. The refinanced portfolio includes Progress Center and Troon Circle in Atlanta, which total 611,200 square feet; the 465,0000-square-foot Twin Lakes in Charlotte; and four properties across Alabama and Florida totaling 707,834 square feet.

February 2, 2018

Georgia Multifamily Southeast

Cushman & Wakefield Brokers $51M Sale of Apartment Community in Metro Atlanta

by Camren Skelton February 2, 2018

NORCROSS, GA. — Cushman & Wakefield has arranged the $51 million sale of The Reserve at Gwinnett, a 370-unit apartment community in the northeast Atlanta metro of Norcross in Gwinnett County. Mike Kemether, Josh Goldfarb and Travis Presnell of Cushman & Wakefield arranged the transaction on behalf of the seller, Duck Pond Realty Management LLC. Broadtree Residential Inc. acquired the property. Constructed in 1999, The Reserve at Gwinnett features a new fitness center, attached and detached garages, car care center, dog park, swimming pool and two lighted tennis courts.

February 2, 2018

Affordable Housing Florida Multifamily Southeast

Pinnacle Housing Group Opens $31.5M Affordable Housing Community in Miami

by Camren Skelton February 2, 2018

MIAMI — Pinnacle Housing Group has opened Pinnacle Heights, a 109-unit affordable housing community located at 3530 N.W. 36th St. in Miami. The $31.5 million project includes one-, two- and three-bedroom units, the bulk of which are reserved for residents earning 60 percent or less of the area median income (AMI). Four units will be leased at market-rate rents. Monthly rents for affordable units at Pinnacle Heights range from $797 for a one-bedroom apartment to $1,112 for a three-bedroom unit. Market-rate rents begin at $1,450 per month. The 13-story building features a cyber lounge, media room, computer lab, fitness center and a covered playground. In addition, the property includes a four-story parking garage with 173 spaces.

February 2, 2018

Industrial North Carolina Southeast

CBRE Brokers Sale of 491,025 SF Distribution Center in Charlotte

by Camren Skelton February 2, 2018

CHARLOTTE, N.C. — CBRE Capital Markets has arranged the sale of a 491,025-square-foot distribution center located at 10701 Nations Ford Road in Charlotte. The building is situated at the intersection of Interstates 77 and 485, roughly 13 miles south of Charlotte Douglas International Airport. Patrick Gildea, Anne Johnson, Bryan Crutcher and Matt Smith of CBRE arranged the transaction on behalf of the seller, an affiliate of Boston-based STAG Industrial Inc. Other terms of the deal and the buyer were not disclosed. Constructed in 1975 and renovated in 1999, the facility features 20- and 30-foot clear heights, 74 dock-high doors, three drive-in doors, trailer parking, office space and an ESFR sprinkler system.

February 2, 2018

Georgia Hospitality Loans Southeast

PMZ Realty Capital Arranges $17.5M Refinancing for Marriott Hotel in Augusta

by Camren Skelton February 2, 2018

AUGUSTA, GA. — PMZ Realty Capital LLC has arranged a $17.5 million loan for the refinancing of the Residence Inn by Marriott Augusta located at 1116 Marks Church Road in Augusta. Other terms of the deal and the borrower were not disclosed. The 124-room hotel is located roughly five miles south of Augusta National Golf Club, home of the Masters golf tournament. The hotel features a 483-square-foot meeting room, complimentary breakfast, fitness center and an indoor pool.

February 2, 2018

Midwest Retail Top Stories Wisconsin

Bon-Ton Unveils Locations of 42 Store Closures, Largely Across Midwest

by Kristin Harlow February 2, 2018

MILWAUKEE — The Bon-Ton Stores Inc. has unveiled the 42 store locations that will be closing as part of a previously announced “store rationalization program.” The closing locations are in addition to five other recently announced store closures, four of which the company completed at the end of January. The affected stores include locations under all of the company’s nameplates — Herberger’s, Carson’s, Bergner’s, Younkers, Elder-Beerman and Boston Store. “As part of the comprehensive turnaround plan we announced in November, we are taking the next steps in our efforts to move forward with a more productive store footprint,” says Bill Tracy, president and CEO. Third-party liquidator Hilco Merchant Resources is managing the store-closing sales, which were slated to begin Feb. 1 and run for approximately 10 to 12 weeks. Bon-Ton has dual headquarters in Milwaukee and York, Pa., and operates 260 stores across the Northeast, Midwest and upper Great Plains. For a full list of store closings, click here. Bon-Ton’s announcement comes on the heels of other large retail closings unveiled in January, including Sears, Sam’s Club and Toys ‘R’ Us. — Kristin Hiller

February 2, 2018

Market Reports Retail Texas Texas Market Reports

A Retail Recalibration in Houston

by Taylor Williams February 2, 2018

For retail tenants and developers alike, Houston’s Space City moniker could easily be interpreted as a kind of tongue-in-cheek double meaning, mainly because space is one thing Houston always has plenty of. Commercial developers have taken full advantage of that space in recent years, adding an eye-opening 16.3 million square feet of retail product over the last 36 months, according to a report from Colliers International. Houston added somewhere between 4 million and 4.5 million square feet of new retail during last year alone. That pedal-to-the-metal pace has been the clear headline for so long now that it almost feels odd to talk about a change of pace. But that’s exactly what seems to be taking place in Houston, as the commercial development marketplace is in the midst of transitioning from the explosive growth of recent years into a more demand-based dynamic. This is not a slowdown so much as a stabilization or a recalibration — a sprinter taking a breath between laps. This is an interesting and perhaps even necessary turn of events. Houston is a development-friendly city with a relative abundance of available and affordable land and a streamlined and generally permissive regulatory environment that makes permits, zoning …

February 2, 2018

Arizona Office Western

McCarthy Cook, Morgan Stanley Sell 485,687 SF Office Tower in Phoenix for $80.7M

by Nellie Day February 1, 2018

PHOENIX — A joint venture between McCarthy Cook & Co. and Morgan Stanley Real Estate Investing has sold BMO Tower at Central Arts Plaza, a 485,687-square-foot office tower in Phoenix, for $80.7 million. The Class A building is located at 1850 and 1884 N. Central Ave. in the Central Arts District. The transaction included an adjacent 1.9-acre parcel. BMO Tower was built in 1991 and designed for the Dial Corp. international headquarters. The building is currently 77 percent leased. Notable tenants include Dickinson Wright, The Cavanaugh Law Firm, PwC, Viad Corp. and BMO Harris Bank. Amenities include a fitness center, conference center, café with indoor/outdoor dining areas, a 200-seat theater, sundry shop and 24/7 security. The property also offers 360-degree views of Phoenix’s skyline and Camelback Mountain, a main lobby with 20-foot high ceilings, and a rotating art gallery. CBRE will serve as property manager, while JLL will lease the asset. CBRE also secured the financing and represented both parties in this transaction.

February 1, 2018

Multifamily Utah Western

Kennedy Wilson Buys 492-Unit Apartment Community in Utah for $79.5M

by Nellie Day February 1, 2018

SANDY, UTAH — Kennedy Wilson (KW) has acquired the 492-unit Santa Fe Apartments in Cottonwood Heights for $79.5 million. The community is located at 1550 Fort Union Blvd. Santa Fe offers market-rate and affordable units with one- and two-bedroom layouts at an average of 790 square feet. KW plans to initiate its value-add asset management plan to execute interior unit renovations, as well as upgrades to the fitness center, sport court, leasing center and other common areas.

February 1, 2018

California Loans Office Western

NorthMarq Secures $57.1M in Construction Financing for 158,000 SF Office Building in San Diego

by Nellie Day February 1, 2018

SAN DIEGO — NorthMarq Capital has secured $57.1 million in construction financing for Watermark II, a 158,000-square-foot office building in San Diego. The loan was structured with a five-year term, the first three of which feature interest-only payments followed by a 25-year amortization schedule. NorthMarq arranged the financing through a regional bank. The borrower is an owner-user who previously developed a neighboring Class A office building that it currently occupies.

February 1, 2018

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