Property Type

Avison Young Brokers $35M Sale of Four-Property Shopping Center Portfolio in Metro Atlanta

by Camren Skelton February 7, 2018

ATLANTA — Avison Young has brokered the $35 million sale of a four-property retail portfolio in metro Atlanta. Theresa Johnson, David Krasnoff and Grant Linderman of Avison Young’s Atlanta office arranged the transaction on behalf of the seller, Ginsburg Development Cos. Harbour Retail Partners acquired the portfolio. The transaction included Dacula Village, a 69,300-square-foot shopping center in Dacula, roughly 25 miles northeast of Atlanta in Gwinnett County; Publix at Mt. Zion, a 79,000-square-foot center in Morrow, roughly 15 miles south of Atlanta in Clayton County; and Stockbridge Lanes, a 78,600-square-foot retail center in Stockbridge, roughly 20 miles south of Atlanta in Henry County. Publix anchors all three of the centers. In addition, Harbour Retail Partners acquired an 80,700-square-foot, Planet Fitness-anchored center — McDonough West — in the south Atlanta metro of McDonough in Henry County. At the time of sale, the four properties had a combined occupancy of 92.5 percent.

February 7, 2018

Retail Southeast Tennessee

HFF Arranges $28.2M Sale of Publix-Anchored Retail Center in Metro Nashville

by Camren Skelton February 7, 2018

MOUNT JULIET, TENN. — HFF has arranged the $28.2 million sale of Providence Commons, a 110,137-square-foot shopping center located at 631 S. Mt. Juliet Road in Mount Juliet, an eastern suburb of Nashville. Jim Hamilton and Richard Reid of HFF arranged the transaction on behalf of the seller, Boyle Investment Co. Boyle will continue to provide development, leasing and management services for the property. The name of the buyer was not disclosed. Publix anchors Providence Commons, which was fully leased at the time of sale to additional tenants including Tuesday Morning, Anytime Fitness, Pizza Hut, Subway, Edible Arrangements, Moe’s Southwest Grill, Salons by JC, Precision Eye Care and PostalAnnex, an authorized UPS shipping outlet. The property also includes seven acres of developable land.

February 7, 2018

Georgia Industrial Southeast

Crow Holdings Breaks Ground on Two Industrial Buildings in Atlanta, Northeast Georgia

by Camren Skelton February 7, 2018

ATLANTA AND JEFFERSON, GA. — Crow Holdings Industrial (CHI), the industrial development affiliate of Dallas-based Crow Holdings, has broken ground on two industrial buildings in Atlanta and northeast Georgia. In Atlanta, the firm is constructing Southside Logistics Center, a 135,000-square-foot building located roughly three miles from Hartsfield-Jackson Atlanta International Airport. The building features 30-foot clear heights, 52-by-52-foot column spacing, 224 parking spaces and an ESFR sprinkler system. Mike Sutter and Rick Tumlin of Lee & Associates are handling the building’s leasing assignment. In Jefferson, roughly 60 miles northeast of Atlanta in Jackson County, CHI is underway on New Salem 85 Logistics Center. The cross-dock building totals 636,000 square feet and will feature up to 239 trailer spaces. Located less than a mile from Interstate 85, the building is suited for distribution and fulfillment users. Wit Truitt and Bob Currie of JLL are handling the property’s leasing assignment. In addition to the two new developments, CHI is also underway on Royal 85 Business Center in Union City, roughly eight miles from the Atlanta airport, and Braselton Point Logistics Center in the northeast Georgia city of Braselton. Once completed, CHI will have developed more than 1.5 million square feet of industrial space across …

February 7, 2018

Midwest Ohio Retail Top Stories

UK-based EG Group to Buy Kroger’s Convenience Store Business for $2.1B

by Nellie Day February 7, 2018

CINCINNATI — United Kingdom-based EG Group has agreed to acquire Kroger’s (NYSE: KR) convenience store business for $2.1 billion. Kroger’s convenience store arm employs 11,000 workers in 18 states across 66 franchise operations. The stores operate under the brands Turkey Hill, Loaf ‘N Jug, Kwik Shop, Tom Thumb and Quik Stop. Kroger’s convenience store business generated $4 billion in revenue, including the sale of 1.2 billion gallons of fuel, in 2016. EG Group will establish its North American headquarters in Cincinnati and continue to operate the stores under their established brand names. It is the company’s first venture in the United States. Kroger’s supermarket fuel centers and its Turkey Hill Dairy are not included in the sale. Kroger plans to use net proceeds from the sale to repurchase shares and to lower its ratio of net total debt to adjusted EBITDA. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Kroger, with Weil, Gotshal & Manges LLP acting as legal advisor. Morgan Stanley, Bank of America Merrill Lynch and Barclays are acting as financial advisors to EG Group, while Allen & Overy is acting as legal advisor. EG Group was founded in 2001 by brothers Zuber and …

February 7, 2018

Market Reports Multifamily Northeast Market Reports Pennsylvania

Philadelphia Suburbs Attract Apartment Construction, City Draws Investors

by Taylor Williams February 7, 2018

Suburban Philadelphia Update The suburban Philadelphia apartment market had a very successful 2017, with no slow down anticipated for 2018. Fundamentals remain strong with low interest rates and increased demand from outside buyers, which is compressing cap rates even further than historical lows. Some highlighted sales include Willowyck Apartments in Montgomery County, which sold at a sub-5 percent cap rate on trailing 12-month numbers, and Declan House in Ardmore, which recently sold at a pro forma cap rate of 5 percent. These are two of numerous transactions that have sold at historically low cap rates over the last 12 months in suburban Philadelphia. We are also seeing more newly constructed Class A, highly amenitized properties in suburban Philadelphia that are targeting rents at north of $2.75 per square foot. Some successes have included the Maybrook, a 250-unit newly constructed property in Narberth/Wynnewood, Pennsylvania. The complex opened for leasing in late 2017 and they have been achieving rents in the $2.75- to $3-per-square-foot range. Another new construction success story is the influx of more than 800 apartments located in close proximity to Towne Center in King of Prussia. The properties include Indigo 301 and Hanover Valley Forge, among others. Both properties …

February 7, 2018

Colorado Office Western

M & J Wilkow, DRA Advisors Buy 238,302 SF Office Tower in Glendale, Colorado

by Nellie Day February 6, 2018

GLENDALE, COLO. — A joint venture between M & J Wilkow and a fund managed by DRA Advisors LLC has acquired Cherry Creek Corporate Center, a 238,302-square-foot office tower in Glendale, for an undisclosed sum. The 12-story tower is located at 4500 Cherry Creek Drive South. Cherry Creek Corporate Center was built in 1978 southeast of Denver. It recently underwent a $15 million renovation. Amenities include a newly renovated lobby and updated common areas, as well as a fitness center. The property is 85 percent occupied. M & J Wilkow Properties will manage the asset and carry out additional building improvements and amenity enhancements.

February 6, 2018

Colorado Multifamily Western

Fitzsimons Junction Apartments in Colorado Sells for $13.2M

by Nellie Day February 6, 2018

AURORA, COLO. — A local private investor has acquired the 126-unit Fitzsimons Junction apartment complex in Aurora for $13.2 million. The community is located at 14155 Montview Blvd. It was built in 1974. Fitzsimons Junction is made up of one-, two- and three-bedroom units, all with decks or patios. Amenities include numerous laundry rooms, covered parking and an outdoor swimming pool. Greg Price and Jason Hornik of Marcus & Millichap represented both the buyer and seller, another private investor, in this transaction.

February 6, 2018

California Restaurant Retail Western

Cracker Barrel Old Country Store Opens First California Location

by Nellie Day February 6, 2018

VICTORVILLE, CALIF. — Cracker Barrel Old Country Store has opened its newest location in Victorville, which is the first Cracker Barrel store to open in the Golden State. The restaurant combines dining and shopping. Each Cracker Barrel location is decorated with authentic artifacts, memorabilia and signage collected by a team of Americana experts. In Victorville, Cracker Barrel’s new store celebrates the history and culture of the local area through decorative walls that pay homage to the famous Route 66, the area’s contributions to the film industry and to California’s Gold Rush era. Guests can also shop in the old country store for toys, games, food items, apparel, accessories and other items. Cracker Barrel Old Country Store Inc. was established in 1969 in Lebanon, Tenn. Cracker Barrel and its affiliates operate 649 company-owned Cracker Barrel Old Country Store locations in 45 states and own the fast-casual Holler and Dash restaurants.

February 6, 2018

Florida Mixed-Use Retail Southeast

Encore Signs First Tenants to Retail Portion of $750M Mixed-Use Project in Orlando

by Camren Skelton February 6, 2018

ORLANDO, FLA. — Encore Capital Management has unveiled the first retailers to join the 200,000-square-foot SunsetWalk at Margaritaville Resort Orlando. SunsetWalk will anchor the $750 million, 300-acre Margaritaville Resort development. At full build-out, the project will feature a 187-room Margaritaville hotel, 900 resort rental homes, 300 timeshare units and a 12-acre waterpark. The project is currently under construction near U.S. Highway 192 and State Road 429, across the street from Disney’s Animal Kingdom. The largest tenant to join SunsetWalk is Studio Movie Grill, a 40,000-square-foot theater that will feature 12 screens and more than 1,000 recliners. GameTime will also join the development, opening a 24,000-square-foot entertainment center that will include a restaurant, sports bar, video arcade games, prize machines and more than 60 TVs. Country band Rascal Flatts will open a themed restaurant at the development that will feature a full-service bar, live entertainment and retail space. In addition, Rock & Brews — a restaurant associated with musicians Gene Simmons and Paul Stanley — will join SunsetWalk. Other confirmed tenants at the development include Skechers, Bahama Bucks, Avalon Day Spa, Café Rio, Cold Stone Creamery, Paradise Spirits and Wine and BugerFi. The first phase of SunsetWalk is expected to open in November.

February 6, 2018

Affordable Housing Loans Louisiana Multifamily Southeast

Capital One Provides $34.9M Financing for New Affordable Housing Community in Baton Rouge

by Camren Skelton February 6, 2018

BATON ROUGE, LA. — Capital One’s Community Finance and Multifamily Finance groups have provided $34.9 million in debt and equity financing for the development of Meadows at Nicholson, a 204-unit affordable housing community in Baton Rouge. Capital One Community Finance purchased $15 million of 4 percent low income housing tax credits (LIHTC) through syndicator Enterprise Community Investment, while Capital One Multifamily Finance closed a $19.9 million HUD 221(d) loan. The financing was arranged on behalf of developer, Louisville, Ky.-based LDG Development. The remainder of the financing included a $2 million HOME loan from the Louisiana Housing Corp. (LHC) and a $1 million letter of credit from LDG. The development will include 12 HOME units, required to be affordable for at least 20 years under LHC’s HOME program. Meadows at Nicholson will feature a clubhouse with meeting room, fitness center, business center with computers, playground and a library.

February 6, 2018

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