Property Type

Newk’s Eatery Signs 15-Location Development Agreement in Indiana

by John Nelson September 16, 2016

JACKSON, MISS. — Newk’s Eatery, the Jackson-based fast casual restaurant chain, has signed a development agreement with Indy Eatery LLC to open 15 locations in metro Indianapolis and southern Indiana over the next several years. Co-owned by Stephen Mabe and Mitas Garrett Investments LLC, Indy Eatery is the fourth multi-unit franchisee to sign a development agreement with Newk’s Eatery this year. Combined, the new franchisees will open almost 40 new restaurants in the next five years, consistent with Newk’s goal to reach 200 locations by 2019. Indy Eatery plans to open Indiana’s first Newk’s restaurant in 2017.

September 16, 2016

Illinois Midwest Student Housing

Bluffstone Opens Student Housing Project Near University of Illinois at Springfield

by John Nelson September 16, 2016

SPRINGFIELD, ILL. — Bluffstone Student Housing has opened The Villas Downtown Springfield, a 79-unit student housing development located near the University of Illinois at Springfield campus in Springfield. The development features 4,000 square feet of retail space. The residential portion of the community offers studio, one- and two-bedroom units with bed-to-bath parity. Common amenities at The Villas include a 24-hour recreational area, laundry facilities, community meeting areas, responsive concierge and a TV lounge. Town and Country Bank financed the $8.8 million development, which opened for occupancy on August 13.

September 16, 2016

Florida Loans Seniors Housing Southeast

KeyBank Provides $116.6M in Financing to Recapitalize Sentio Seniors Housing Portfolio

by John Nelson September 16, 2016

ORLANDO, FLA. — KeyBank Real Estate Capital has provided $116.6 million in loans to Sentio Healthcare Properties, a REIT based in Orlando. Sentio will use the money to recapitalize its portfolio of eight seniors housing properties throughout the United States. The financing was structured as a $62 million in direct (balance sheet) loan and a series of Fannie Mae loans totaling $54.6 million. The specific eight properties involved in the financing were not disclosed. Grant Saunders and Sarah Belmont of KeyBank Real Estate Capital’s Healthcare Group originated the bank term loan, while Charlie Shoop of Key’s Healthcare Mortgage Banking Group arranged the Fannie Mae financing. Sentio is a public, non-traded REIT established in 2006. The company primarily invests in seniors housing and healthcare communities with investments in 34 properties across 16 states.

September 16, 2016

Florida Multifamily Southeast

Alexander Investments Breaks Ground on $102M Multifamily Portfolio in Central Florida

by John Nelson September 16, 2016

CLEARWATER AND LONGWOOD, FLA. — Alexander Investments International has begun construction on The Alexander at Countryside in Clearwater and The Alexander at Sabal Point in Longwood. The $102 million investment will total 616 apartment units featuring one-, two- and three-bedroom layouts with nine-foot ceilings, 42-inch cabinets, quartz or granite countertops, wood-style plank flooring and screened verandas. Both projects will feature clubhouses with fitness centers, game rooms, bar areas, resort-style pools with gazebos, fire pits and grilling stations. The 330-unit Alexander at Countryside will rent from $1,100 to $2,000 per month, and the 286-unit Alexander at Sabal Point will rent from $980 to $1,800 per month. Alexander Investments plans to deliver both assets by the end of 2017.

September 16, 2016

Loans Louisiana Multifamily Southeast

G.S. Wilcox Arranges $44.2M Financing for Two Multifamily Assets in Louisiana

by John Nelson September 16, 2016

HARVEY AND ALGIERS, LA. — G.S. Wilcox & Co. has arranged two loans totaling $44.2 million for apartment communities in Harvey and Algiers. David Fryer of G.S. Wilcox arranged the two loans through Legacy Texas Bank on behalf of an unnamed, repeat client of G.S. Wilcox. The financing includes a $24.2 million loan for the refinancing of a 408-unit garden-style community in Harvey and a $20 million acquisition loan for a 442-unit garden-style community in Algiers.

September 16, 2016

Florida Office Southeast

Gladstone Commercial Buys Five-Story Office Building in Fort Lauderdale for $23.9M

by John Nelson September 16, 2016

FORT LAUDERDALE, FLA. — Gladstone Commercial Corp. has purchased Park Center, a five-story, 119,224-square-foot office building located at 6363 N.W. 6th Way in Fort Lauderdale’s Cypress Creek submarket. Gladstone Commercial purchased the office building from RFP Mainstreet Park/Cypress LLC, a joint venture between Mainstreet Capital Partners and Realty Financial Partners, for $23.9 million free and clear of debt. The asset is fully leased to Citrix Systems, a digital app and data systems solutions provider with annual revenue exceeding $3 billion. Hermen Rodriguez, Jorge Portela and Ike Ojala of HFF represented the seller and procured the buyer in the transaction.

September 16, 2016

Maryland Retail Southeast

Wegmans to Open 109,000 SF Store at Foundry Row in Metro Baltimore

by John Nelson September 16, 2016

OWINGS MILLS, MD. — Wegmans, a supermarket chain, plans to open a 109,000-square-foot store at Foundry Row in Owings Mills on Sunday. Greenberg Gibbons and Vanguard are co-developing Foundry Row, a $140 million, 50-acre redevelopment of the site of the former Solo Cup factory on Reisterstown Road. The store will be Wegmans’ eighth location in Maryland and the second in Baltimore County. One of the first stores to open at Foundry Row, the new Wegmans will feature a Market Café with a seating area and The Burger Bar restaurant. A La-Z-Boy Home Furnishings and Décor store is also opening at Foundry Row this weekend.

September 16, 2016

Hospitality Mixed-Use Multifamily Texas

Kor Group Breaks Ground on Austin Proper Hotel & Residences

by Haisten Willis September 16, 2016

AUSTIN, TEXAS — Kor Group has begun construction on Austin Proper Hotel & Residences, a mixed-use hotel and residential tower in downtown Austin. The merchant banking division of Goldman, Sachs & Co. is the capital partner for the development, which is slated to open in 2018. The 33-story, 500,000-square-foot project will be managed and branded by Proper Hospitality, a lifestyle hotel operator. The tower will feature 244 hotel rooms with interior design by Kelly Wearstler; dining options by McGuire Moorman Hospitality; and over 12,000 square feet of indoor and outdoor meeting and event space. Atop the hotel are 99 condominiums available for purchase. Property amenities will include full hotel services for both residents and guests, two roof decks with swimming pools, a full spa and fitness center, lobby restaurant and lounge, coffee shop and an elevated poolside restaurant.

September 16, 2016

Office Texas

Inventure Design Expands into Metro Dallas, Tulsa

by Haisten Willis September 16, 2016

FRISCO, TEXAS, and TULSA, OKLA. — Inventure Design, a Houston-based architecture and interior design firm, has opened two new office locations serving Dallas and Tulsa. The metro Dallas office will be located in Frisco. Inventure Design Tulsa will be the first office located outside of Texas for the firm. The new location will bridge design programs for oil and gas, office, healthcare, retail and multifamily clients with offices in both markets. The new office is located just outside of downtown Tulsa. Inventure Design was established in 1997.

September 16, 2016

Restaurant Retail Texas

Weitzman Brokers Sale of Stonehue Center in San Antonio

by Haisten Willis September 16, 2016

SAN ANTONIO — The Weitzman Group, representing a Florida-based investment partnership, has brokered the sale of Stonehue Shopping Center in San Antonio. The 21,004-square-foot retail center is located at 20323 Huebner Road. A local investment group was the buyer. Daniel Mitchell and Marcus Shaffer of The Weitzman Group handled negotiations. The tenant mix includes Jersey Mike’s, India Tai Palace, Guero’s Taco Diner, Austin Driving School and Pizza Hut. The Weitzman Group will continue to handle leasing of the center under the new ownership.

September 16, 2016

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