SPOKANE VALLEY, WASH. — Enlivant has opened the doors on the recently renovated Ridgeview Place, an assisted living and memory care community in Spokane Valley, near the border between Washington and Idaho. Enlivant and its subsidiaries operate nearly 230 senior living communities, representing 11,000 units across 27 states.
CLEVELAND — Bellwether Enterprise Real Estate Capital LLC has arranged $80 million in refinancing for the Flats at East Bank Apartments, a 241-unit multifamily asset in Cleveland. Jim Doyle of Bellwether arranged the loan through Deutsche Bank, AG, on behalf of an undisclosed borrower. Built in 2016, the rental property offers penthouses, in addition to one-, two- and three-bedroom units. Amenities include a business center, 24-hour fitness center, 40,000-square-foot outdoor terrace and 24/7 concierge and room services. According to the property’s website, one-bedroom units range from about 700 to 1,200 square feet per unit and rent for $1,700 to $2,200 per month, depending on size. Two-bedroom units average approximately 1,400 square feet per unit and three-bedroom units average about 1,600 square feet per unit. Average rents for these apartments vary based on size. The building also houses 61,016 square feet of retail space primarily leased to food and beverage establishments. Current tenants include Punch Bowl Social, Beerhead Bar and Eatery and Big Bang Dueling Piano Bar. Several other food and beverage companies, including Thirsty Dog Brewing Co. and Dante’s Inferno, were recently added to the tenant roster. The complex is located at 1055 Old River Road on the city’s waterfront district. …
MORRISTOWN AND MARYVILLE, TENN. — Chattanooga, Tenn.-based CBL & Associates Properties Inc. has sold College Square and Foothills Mall in Tennessee to New York-based Time Equities Inc. for a combined $53.5 million. Located at 2550 E. Morris Blvd. in Morristown, College Square’s tenant roster includes Belk, Kohl’s, T.J. Maxx, AMC Theatres, Dick’s Sporting Goods, AT&T, GameStop, GNC, Kay Jewelers, Longhorn Steakhouse, McDonald’s, Planet Fitness, Sprint, Subway and Verizon Wireless. Located in Maryville, Foothills Mall’s tenants include Belk, JC Penney, Sears, T.J. Maxx, Air Bounce!, Hallmark, Carmike Cinemas, Chick-fil-A, Finish Line, T-Mobile, Verizon Wireless and Vitamin World. CBL owns, holds interest in or manages 124 properties spanning 76.9 million square feet, including 81 regional malls/retail power centers.
PALM BEACH GARDENS, FLA. — CIT Group Inc. has provided a $46 million loan to Menin Development for the refinancing of PGA Plaza Shopping Center, an open-air retail lifestyle center in Palm Beach Gardens. Menin will use the loan to refinance a $41 million permanent loan that CIT provided to Menin in May 2015 after the completion of its two-year renovation and remerchandising program. PGA Plaza is home to retailers including Trader Joe’s, Ulta Beauty, Marshalls, Flamingo Café and PurePoint Financial.
ASHBURN, VA. — Corporate Office Properties Trust (COPT) has executed two long-term leases with a subsidiary of an unnamed Fortune 500 company for two build-to-suit industrial facilities totaling nearly 300,000 square feet. The buildings will be situated within Paragon Park in Ashburn, roughly 33 miles west of Washington, D.C. COPT plans to deliver one of the facilities by the end of the year and the second in the first quarter of 2018.
ATLANTA — Coro Realty Advisors has executed a 42,361-square-foot lease with Aldi for a new grocery store at Buckhead Pavilion in Atlanta. The German-based discount grocer will replace the former Sports Authority space. Aldi, which operates 50 grocery stores in Georgia and 1,600 total across the country, plans to sublease a portion of its space, according to Coro. Situated at the intersection of Peachtree Road and Maple Drive, Buckhead Pavilion’s existing tenants include PetSmart, CVS/pharmacy, Modani Furniture and Berkshire Hathaway HomeServices. Kirk Buttle of CBRE represented Aldi in the lease deal, while Andrea Kenney represented Coro in-house.
In 2015, the Memphis industrial sector reached a record-breaking 8.4 million square feet net absorption. Achieving absorption in 2015 at a level that was higher than before the recession would have seemingly set 2016 up for a downturn. However, industrial growth, with Memphis at the epicenter of world distribution, allowed the positive trajectory to continue. The Memphis MSA absorbed approximately 6 million square feet in 2016. Given ideal geographical positioning, Memphis is known as America’s Distribution Center, boasting unparalleled expertise in distribution and logistics. The Memphis International Airport houses the second-busiest cargo airport in the world. Companies recognize that Memphis offers reliable, cost-effective distribution, with the ability to reach 70 percent of the U.S. population within 24 hours. Moreover, Memphis is one of only three cities with five Class I Rail Systems and has the fifth largest inland port, as well as 10 major trucking companies utilizing interstates I-40 and I-55. It’s no wonder that FedEx World Hub makes Memphis its home, and UPS chose it as a major hub. With those constants in place, the most notable recent change is the expansion of the submarkets, and how they compete for the warehouse and distribution business. In the past, when …
DALLAS — Marcus & Millichap has brokered the sale of five multifamily communities in the Dallas-Fort Worth area for $45.6 million. The company’s Dallas-based Fluellen|Hoover Multifamily investment sales team, led by Nick Fluellen and Bard Hoover, arranged the transaction. The portfolio totals 705 units and includes West Wind, 160 units, Irving; La Jolla Terrace, 340 units, Fort Worth; Castle Glen, 48 units, Garland; Northridge Court, 85 units, Cleburne; and Social House, 72 units, Nacogdoches.
TULSA, OKLA. — KeyBank Real Estate Capital has provided a $9.1 million HUD loan to LEDIC Realty Co. for the rehabilitation of Quail Creek Villa, an affordable seniors housing community in Tulsa. The community is restricted to residents over 62 years of age and those with disabilities. All 120 units of the property are reserved for those making 60 percent or less of the area median income. Jeff Rodman of Key’s Commercial Mortgage Group and Kelly Frank of Key’s Community Development Lending and Investment (CDLI) group arranged the financing.
HOUSTON — Unilev Capital Corp. is underway on a $3 million renovation program for Three Riverway, a 395,637-square-foot office tower in Houston’s Uptown/Galleria submarket. Plans include improvements to the lobby, plaza and parking garage. Unilev expects to wrap up the renovations by the end of the summer. Steve Rocher, Kristen Rabel and Parker Duffie of CBRE’s Houston office handle the leasing assignment for Three Riverway, which is currently 80 percent leased. Existing amenities at Three Riverway include an executive conference center, fitness center and 24/7 security. Unilev’s corporate offices are located in the Riverway office complex.
