Property Type

HFF Arranges Joint Venture Equity, Construction Financing for 470,000 SF Shopping Center in Orlando

by Camren Skelton March 1, 2018

ORLANDO, FLA. — HFF has arranged joint venture equity and construction financing for the development of Vineland Pointe, a 470,000-square-foot shopping center under construction in Orlando. Danny Finkle and Brian Gaswirth of HFF arranged the joint venture equity partnership with LaSalle Investment Management on behalf of the developer, O’Connor Capital Partners. The HFF team subsequently arranged a construction loan through Wells Fargo Bank on behalf of the LaSalle-O’Connor partnership. The three-phase Vineland Pointe will be home to tenants such as Lucky’s Market, Ross Dress for Less, Marshalls and Burlington. Site work at the property is underway, and the project is slated for completion by mid-2019.

March 1, 2018

Mixed-Use Retail South Carolina Southeast

Topgolf to Open First South Carolina Venue at 77-Acre Garlington North Project in Greenville

by Camren Skelton March 1, 2018

GREENVILLE, S.C. — Entertainment concept Topgolf plans to open a new location at Garlington North, a 77-acre mixed-use project under development at Interstate 85 and Pelham Road in Greenville. Andy Misiaveg and Darrell Palasciano of The Shopping Center Group represented both Topgolf and owner/developer RealtyLink LLC in the lease negotiations. TSCG is the exclusive leasing advisor for the development. The three-story Topgolf venue will be situated on 13.5 acres in the northwest corner of the site, and will include 72 climate-controlled hitting bays that can host up to six players at a time. The facility will be the first Topgolf in South Carolina and is expected to open in summer 2019. Additional plans for the first phase of Garlington North include 24 acres of green space and preserved wetlands. There are three additional parcels available for sale or ground lease, and TSCG is pursuing restaurants, hotel chains, entertainment venues, retail and office tenants to round out Phase I. RealtyLink is considering retail, office, industrial and/or flex space for the second phase of the project. Site work is currently underway, but an additional construction timeline was not disclosed.

March 1, 2018

Loans Multifamily North Carolina Seniors Housing Southeast

KeyBank Provides $15.5M Refinancing for Seniors Housing Asset in Mebane, North Carolina

by Camren Skelton March 1, 2018

MEBANE, N.C. — KeyBank Real Estate Capital has provided a $15.5 million Fannie Mae loan for the refinancing of Mebane Ridge Assisted Living, a 65-unit seniors housing property in Mebane, roughly 25 miles northwest of Durham. Charlie Shoop of KeyBank arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. The name of the borrower was not disclosed, but the property website lists Ridge Care Inc. as the owner/operator. The one-story Mebane Ridge Assisted Living was constructed in 2014 and includes assisted living and memory care units.

March 1, 2018

Multifamily Southeast Tennessee

Capstone Negotiates $10M Sale of Multifamily Redevelopment in Downtown Chattanooga

by Camren Skelton March 1, 2018

CHATTANOOGA, TENN. — Capstone Apartment Partners has arranged the $10 million sale of The Clemons Lofts, a 54-unit multifamily community in downtown Chattanooga. The six-story building was originally constructed in 1918 as an office headquarters, but was renovated into an apartment community with 7,922 square feet of ground-floor retail space in 2016. Adam Klenk, Michael Sohr and A.J. Klenk of Capstone arranged the transaction on behalf of the buyer, California-based TMC Group, as well as the seller, Chattanooga-based Via Nova Development. Clemons Lofts features a rooftop terrace with a dog park, Nest thermostats, fingerprint security access, bike storage, fitness center and an on-site grocer — Street Corner Deli/Market.

March 1, 2018

Office Southeast Top Stories Virginia

Harbor Group Buys Amazon-Anchored Office Tower in Northern Virginia from FCP for $226M

by John Nelson March 1, 2018

HERNDON, VA. — Harbor Group International LLC (HGI) has purchased One Dulles Tower, a 13-story office building located in Herndon, a northern Virginia suburb roughly 24 miles west of Washington, D.C. Federal Capital Partners (FCP) sold the 403,622-square-foot asset to HGI for $226 million. Following the departure of its anchor tenant, FCP landed another company in early 2017, Amazon Web Services (AWS). The cloud-computing services provider is the sole occupant of One Dulles Tower, according to FCP. “This is a Class A property with a top-tier tenant in an irreplaceable location in the Dulles Technology Corridor,” says Richard Litton Jr., president of HGI. Last summer, former Virginia Gov. Terry McAuliffe announced that the Amazon.com (NASDAQ: AMZN) subsidiary chose the office tower for its East Coast corporate hub, a move that could ultimately bring up to 1,500 jobs to the Fairfax County area. One Dulles Tower is located within the Woodland Park master-planned development, giving AWS staffers convenient access to more than 140,000 square feet of retail and restaurants. Other walkable attractions include a hotel and five-acre park. The property is also situated within a half-mile of both the future Herndon and Innovation Center Silver Line Metro stations, as well as …

March 1, 2018

Arizona Office Western

PayPal Office in Scottsdale Sells for $30.5M

by Nellie Day February 28, 2018

SCOTTSDALE, ARIZ. — A Colorado-based, family-owned real estate company has acquired a 92,562-square-foot office building in Scottsdale that is net leased to PayPal. The sale price was $30.5 million. The single-tenant building is located at 9999 N. 90th St. The Class A building serves as one of PayPal’s four global, mission-critical network operations centers. The other three network operations centers are located in Silicon Valley, India and Malaysia. The corporately guaranteed lease has about 10 years remaining and features annual rent escalations. Rob Edwards and Tom Ethington of Pinnacle Real Estate Advisors represented the buyer. The seller was a Los Angeles-based private real estate company.

February 28, 2018

California Retail Western

CBRE Arranges $17.5M Sale of Shopping Center in Los Angeles

by Nellie Day February 28, 2018

LOS ANGELES — CBRE has arranged the $17.5 million sale of Triangle Center, a 16,128-square-foot strip retail center. The property, which cuts across the Los Angeles and Culver City boundaries, is home to four single-unit tenants and a freestanding 99 Cents Only store. Alex Kozakov, Patrick Wade and Neal Golub of CBRE arranged the transaction on behalf of the seller, private investor Triangle Center LLC. Mary Cronin of Urban Real Estate Investment represented the buyer, Bastion Development Corp.

February 28, 2018

Arizona Industrial Western

Pristine Auction Completes 37,000 SF Industrial Facility in Phoenix

by Nellie Day February 28, 2018

PHOENIX — Pristine Auction has completed construction on a 37,000-square-foot industrial facility at Spectrum Ridge Business Park in Phoenix. The facility is situated at the southeast corner of 7th Street and Deer Valley Road. The new space will provide Pristine Auction with room for expansion and increased efficiency. The project includes increased areas for inventory and product input. It was designed with a large executive balcony overlooking the surrounding mountain landscapes. The total project cost more than $4 million, which Chase Bank financed. Eric Bell and Mike Ciosek of Kidder Mathews handled the site selection and building transaction for the online sports memorabilia company. Wes Balmer Architects designed the property, which Sun State Builders constructed.

February 28, 2018

Nevada Office Western

NS8 Leases 12,890 SF Office Space in Downtown Las Vegas

by Nellie Day February 28, 2018

LAS VEGAS — NS8 has leased 12,890 square feet of office space at the Holsum Design Center (Lofts) in downtown Las Vegas. The online abuse, fraud and user experience protection platform will be the anchor tenant at the 46,000-square-foot center, which was formerly a bread factory. NS8 took occupancy of the space on March 1. The center is located at 241 W. Charleston Blvd. LaPour redeveloped the site in 2004. In addition to NS8, the building is home to architects, designers, real estate firms and financial firms, as well as other professional and creative users. Holsum is also home to Lola’s, A Louisiana Kitchen restaurant.

February 28, 2018

Colorado Restaurant Retail Western

Quiznos Reveals New Store Design Prototype

by Nellie Day February 28, 2018

DENVER — Quiznos has debuted its newest restaurant prototype, which will include a redesigned interior layout. The new layout includes a dedicated spot for online-order pick-up and orders made through the Toasty Points loyalty mobile app, as well as seating with power outlets to keep devices charged throughout a customer’s visit. Founded in 1981, Denver-based Quiznos is a quick-service restaurant chain serving toasted sandwiches in 35 countries.

February 28, 2018

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