Property Type

NAI Long Island Brokers Three Deals Totaling $15.5M for AT&T Locations on Long Island

by Amy Works July 31, 2017

LAKE GROVE, CARLE PLACE AND VALLEY STREAM, N.Y. — NAI Long Island has brokered deals for three new corporate locations for AT&T Mobility in Lake Grove, Carle Place and Valley Stream for a total transaction value of $15.5 million. Al Centrella of NAI Long Island brokered the three transactions on behalf of AT&T Mobility. The company acquired a 4,164-square-foot retail space located at 2093 Smith Haven Plaza in Lake Grove. Matthew O’Grady of C&B Realty represented the undisclosed seller. In Carle Place, AT&T leased a 5,000-square-foot retail space at 235 Old Country Road from Jim Dalta of Park East LLC. In the third transaction, AT&T leased 4,500 square feet of retail space within Plaza at Green Acres in Valley Stream from Jeremy Isaacs of Ripco Realty in conjunction with Macerich.

July 31, 2017

Multifamily Southeast Tennessee

Covenant Capital Sells Apartment Community in Downtown Nashville for $27.3M

by Camren Skelton July 31, 2017

NASHVILLE, TENN. — Covenant Capital Group LLC has sold 500 5th Avenue, a 170-unit apartment community located in downtown Nashville, for $27.3 million. 500 Fifth LLC, an entity controlled by JEM Holdings, purchased the property. Covenant originally acquired the asset, formerly known as Metro Manor Apartments, in 2015 for $15.8 million. The company invested nearly $8.2 million in the project, executing renovations including a new entrance, fitness center, business lounge, bike room, sky terrace and rooftop pool. Covenant also renovated apartment interiors and installed new appliances and cabinetry.

July 31, 2017

Florida Retail Southeast

The Shopping Center Group Arranges $20M Sale of Two Retail Centers in Metro Tampa

by Camren Skelton July 31, 2017

TAMPA AND DUNEDIN, FLA. — The Shopping Center Group has arranged the sale of two shopping centers in metro Tampa: Northbay Commerce Center in Tampa and Weathersfield Commons in Dunedin, roughly 25 miles west of Tampa. Anthony Blanco and Lynn De Marco of The Shopping Center Group represented the seller, a CMBS special servicer. An entity affiliated with Global Fund Investments purchased Northbay Commerce Center for $13.5 million, and an entity affiliated with Miami-based Jewell Capital acquired Weathersfield Commons for $5.8 million. Built in 2004, the 107,670-square-foot, Publix-anchored Northbay Commerce Center is located at the intersection of Race Track Road and West Hilllsborough Avenue. Shadow-anchored by Lowes Home Improvement, the 81 percent leased property is home to Youfit Health Club, Pizza Hut, Cracker Barrel and Leslie’s Pool Supplies. The 68,000-square-foot Weathersfield Commons is anchored by LA Fitness, which is backfilling the former Sweetbay Supermarket, and is situated at the intersection of Main and Virginia streets in Dunedin. Construction is underway on the property, with opening slated for January 2018.

July 31, 2017

Retail South Carolina Southeast

Preferred Apartment Communities Acquires 99,384 SF Shopping Center Near Columbia

by Camren Skelton July 31, 2017

IRMO, S.C. — Preferred Apartment Communities (PAC) has purchased Irmo Station, a 99,384-square-foot, Kroger-anchored shopping center in Irmo, roughly 12 miles northwest of Columbia. PAC acquired the asset through its wholly owned subsidiary New Market Properties LLC, and financed the acquisition using a $10.7 million, non-recourse loan from Nationwide Mutual Insurance Co. The loan features a fixed 3.9 percent interest rate and matures in 2030. Located approximately one mile off Interstate 26, Irmo Station is anchored by a 56,942-square-foot Kroger grocery store. The acquisition marks New Market Properties’ 34th grocery-anchored shopping center across seven states.

July 31, 2017

Loans Maryland Retail Southeast

Revere Capital Provides $17M Bridge Loan for Mall in Metro Baltimore

by Camren Skelton July 31, 2017

GLEN BURNIE, MD. — Revere Capital has provided a $17 million bridge loan for Marley Station Mall, an 800,000-square foot, Class B mall located at 7900 Ritchie Highway in Glen Burnie, roughly 11 miles south of Baltimore. Matt Turner of Revere Capital structured the loan. Constructed in 1987, Marley Station Mall is anchored by JC Penney, Sears and Macy’s, and is home to 120 stores including Gold’s Gym, Bath & Body Works, Men’s Wearhouse, Victoria’s Secret, Kay Jewelers, Justice and Marley Station Movies.

July 31, 2017

Georgia Multifamily Southeast Student Housing

FM Capital Purchases 528-Bed Student Housing Property Near Georgia Southern University

by Camren Skelton July 31, 2017

STATESBORO, GA. — FM Capital has acquired Campus Evolution Villages at Statesboro, a 528-bed student housing community near Georgia Southern University in Statesboro. FM Capital will rebrand the property as The Vault at Statesboro and install capital improvements including a new clubhouse and game room; new hot tub, cabanas, fire pits and grill stations by the pool; a dog park; new fitness center with video software; a computer room and two private study rooms. The sales price and seller were not disclosed.

July 31, 2017

Hospitality Texas

Valencia Group Breaks Ground on 136-Room Hotel in Irving

by Taylor Williams July 31, 2017

IRVING, TEXAS — Valencia Group, a Houston-based hospitality firm, has broken ground on the Valencia Texican Court Hotel, a 136-room hotel located at the corner of West Las Colinas Boulevard and West Northwest Highway in Irving. The property will feature approximately 5,000 square feet of meeting space. Dallas-based BOKA Powell LLC is the architect for the project and Arch-Con Corp. is the general contractor, according to the Dallas Business Journal.

July 31, 2017

California Retail Western

LBG Real Estate, Aviva Investors Acquire 1.1 MSF Regional Mall in Richmond, California

by Nellie Day July 31, 2017

RICHMOND, CALIF. — LBG Real Estate Cos. and Aviva Investors have purchased Hilltop Mall, a 1.1 million-square-foot regional mall located at 2200 Hilltop Mall Road in Richmond, for an undisclosed price. Originally developed in 1976 and renovated in 2007, a variety of tenants occupy the property, including Macy’s, Walmart, Sears and a 24-Hour Fitness. Glenn Wegener and Linda Simpson of NAI Global represented the undisclosed seller, while the buyer was self-represented in the transaction.

July 31, 2017

California Loans Multifamily Seniors Housing Western

Capital One Provides $77.7M Refinancing for Nine-Property Pacifica Seniors Housing Portfolio

by Nellie Day July 31, 2017

SAN DIEGO — Capital One has provided a $77.7 million loan to refinance a portfolio of nine seniors housing facilities in Arizona, California, Florida, Oregon and Utah. The mortgage consists of $67.7 million in initial funding and an earn-out as specific conditions are met. The borrower is Pacifica Cos., a San Diego-based real estate developer, owner, investor and investment management with properties in office, industrial, retail, net-leased single-tenant, multifamily, residential, seniors housing and hospitality, as well as land for development. Its seniors housing division is named Pacifica Senior Living. The specific names of the properties were not disclosed. Specializing in assisted living and memory care, Pacifica Senior Living manages dozens of communities in Arizona, California, Florida, Georgia, Idaho, Nevada, New Mexico, North Carolina, Oregon, Rhode Island, Texas, Utah and Virginia.

July 31, 2017

California Loans Multifamily Western

Bellwether Enterprise Closes $75M Refinancing for Vistara Apartments in Ontario

by Nellie Day July 31, 2017

ONTARIO, CALIF. — Bellwether Enterprise has closed two loans totaling $75 million that will be used to refinance the 298-unit Vistara Apartments in Ontario. The community is located at 3410 E. 4th St. Vistara was delivered this past September. Amenities include a clubhouse and leasing office, a 24-hour fitness and yoga center, a resort pool area with spa, three outdoor entertainment areas with televisions and barbeques, 575 parking spots, and a dog wash and grooming area. Bellwether Enterprise arranged a $59 million permanent loan for a 20-year term with interest-only payments for two years, followed by a 38-year amortization schedule and a fixed interest rate. The $16 million mezzanine loan was arranged for a five-year term with interest-only payments and a fixed interest rate.

July 31, 2017

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