ATLANTA — Third & Urban and Trillium Management plan to redevelop the former Western Electric Building at 820 Ralph McGill Blvd. in Atlanta. The 85,000-square-foot asset is situated along the Atlanta BeltLine’s Eastside Trail and currently houses Two Urban Licks. Third & Urban and Trillium have signed a lease with a partnership between Mitch Steele, Carey Falcone and Bob Powers for a 20,000-square-foot brewery and restaurant that will include a BeltLine-facing biergarten and a rooftop bar. Steele is the former brewmaster at Stone Brewing, a brewery headquartered in Southern California. The co-developers have also signed a 7,000-square-foot lease with The Diligence Co., a hospitality concept that will be opening a Latin-inspired brasserie, or informal restaurant, at the project. Third & Urban and Trillium are marketing the remaining 23,000 square feet for office, retail or entertainment uses. The project features 600 linear feet of frontage on the BeltLine and is situated across from Fourth Ward Park. Architect ai3 is leading the design of the redevelopment, which will feature a BeltLine-facing façade and park space. The co-developers will break ground on the redevelopment in February with completion scheduled for next summer.
Property Type
RALEIGH, N.C. — CBRE | Raleigh has arranged the sale of Marketplace at Lake Boone, a 76,253-square-foot mixed-use development located at the intersection of Lake Boone Trail and Gateway Access Road in Raleigh. The LEED Gold- and Platinum-certified property consists of office and retail space. Tenants at the fully leased center include Ashton Woods, AT Allen Co., Sirius Computer Solutions, Greystone, Saracare, Buffalo Brothers, Guasaca, Bottle Revolution, Traditions Bridal and The Oaks. Ben Kilgore, Jim McMillan, Elliott Brewer, and Leslie Holmes of CBRE | Raleigh represented the seller, Singerman Real Estate Partners, in the disposition of the property to Houston-based Griffin Partners.
Ready Capital Structured Finance Closes $7.9M Loan for Multifamily Conversion in Buckhead
by John Nelson
ATLANTA — Ready Capital Structured Finance, a commercial real estate bridge and mezzanine lender, has closed on a $7.9 million, interest-only loan for Pharr Manor Residences, a Class B, 48-unit condominium property in Atlanta’s Buckhead district. The undisclosed borrower will use the financing to acquire Pharr Manor and convert the asset into a rental property. Ready Capital Structured Finance closed the non-recourse loan that features a two-year term with one extension option, flexible pre-payment and a facility to provide future funding for capital expenditures, interest and carry reserves.
LEXINGTON, S.C. — BC Wood Properties has purchased Town Square, a Food Lion-anchored shopping center located on the corner of West Main Street and Ellis Avenue in Lexington, a suburb of Columbia. Other tenants of the 75,763-square-foot shopping center include H&R Block, Badcock Furniture, Musician’s Supply, Terry’s Barber Shop, USA Nails, U.S. Tae Kwon Do and Liquor Depot. Town Square is BC Wood’s second shopping center acquisition in South Carolina. The sales price and seller were undisclosed.
BEAVER DAM AND WAUPUN, WIS. — KeyBank Real Estate Capital has provided $12.8 million in refinancing for a two-property assisted living portfolio in Wisconsin. Prairie Ridge at Beaver Dam consists of 27 assisted living units and is located in Beaver Dam, about 40 miles northeast of Madison. The property was built in 1998 and renovated in 2010. Prairie Ridge at Waupun consists of 47 assisted living units and is located in Waupun, 20 miles north of Beaver Dam. The property was built in 1999 with an addition constructed in 2008. The FHA loan was used to pay off existing debt on the property. Michael Eisenga, owner of Prairie Ridge Facilities, was the borrower. John Randolph of KeyBank arranged the loan.
CALUMET, MICH. — Dougherty Funding LLC has provided a $9.2 million bridge loan for the refinancing of Gardenview Assisted Living and Memory Care in Calumet in the Upper Peninsula. The 39-unit senior living facility is located at 26096 Elm St. Calumet Facility LLC and Calumet Operating LLC was the borrower. Dougherty Funding served as lead lender and servicer for the loan.
SHEFFIELD LAKE, OHIO — SkyView Advisors has arranged the sale of Lake Road Self Storage in Sheffield Lake, about 25 miles west of Cleveland. The 57,000-square-foot facility includes 418 non-climate controlled units. The property sits on 8.6 acres at 5360 Lake Road. Public Storage was the buyer. Ryan Clark of SkyView Advisors led the transaction.
Marcus & Millichap Brokers Sale of 7,368 SF Property Net Leased to Texas Roadhouse in Chicago Suburb
TINLEY PARK, ILL. — Marcus & Millichap has brokered the sale of a 7,368-square-foot property net leased to Texas Roadhouse in Tinley Park, a southern suburb of Chicago. The property is located at 18345 LaGrange Road and was built in 2004. Bruce Bentley III of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Joseph Sigal of Marcus & Millichap represented the buyer, a REIT. Steven Weinstock assisted in closing the transaction. Texas Roadhouse is a steakhouse restaurant.
CARTERVILLE, ILL. — The Boulder Group has arranged the sale of a single-tenant property net leased to First Mid-Illinois Bank & Trust in Carterville in southern Illinois. The 2,602-square-foot building is located at 300 S. Division St. There are approximately six years remaining on the lease, which expires in October 2022. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private investment trust. The buyer was a Midwest-based 1031 exchange investor.
TOMBALL, TEXAS — Santikos Entertainment is developing Northpointe Shopping Center, an entertainment-anchored retail center located at the northeast corner of Windsor Pointe Drive and State Highway 249 in Tomball. Anchored by the existing Santikos Silverado 19, a multi-screen cinema, the center will feature 90,000 square feet of junior anchor and shop space, as well as pad sites. In addition to the cinema, the site currently includes two restaurants on pad sites: Texas Roadhouse and Bahama Bucks. Randy Hopper and Edward Heap of The Weitzman Group are handling leasing for the project, which is scheduled for delivery in 2018.