Property Type

Avison Young Brokers $6.8M Sale of The Mall at Waycross in Georgia

by John Nelson August 1, 2016

WAYCROSS, GA. — Avison Young’s Atlanta office has brokered the $6.8 million sale of The Mall at Waycross, a 380,982-square-foot regional mall located on Memorial Drive in Waycross. Built in 1973, The Mall at Waycross was 90.6 percent leased at the time of sale to tenants including JC Penney, Belk, T.J. Maxx, Hibbett Sports, Staples and Georgia Theatre Co. The single-story regional mall is the only anchored shopping mall within a 50-mile radius of Waycross. The shopping center is located on a 37-acre parcel situated between Brunswick and Jacksonville highways near downtown Waycross. Theresa Johnson of Avison Young represented the seller, Torchlight Investors, in the transaction. The buyer was RCG Ventures.

August 1, 2016

Florida Loans Multifamily Southeast

NorthMarq Arranges $3.5M Loan for Apartment Community in Lakeland

by John Nelson August 1, 2016

LAKELAND, FLA. — NorthMarq Capital has arranged the $3.5 million refinancing of Meadowood Apartments, a 40-unit multifamily property located on Brook Meadow and Pogonia drives in Lakeland. The property comprises duplex townhomes on contiguous individual parcels. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through its Fannie Mae DUS program.

August 1, 2016

California Healthcare Office Top Stories Western

Marin County Breaks Ground on $535M Marin General Hospital Replacement Near San Francisco

by Nellie Day August 1, 2016

SAN RAFAEL, CALIF. — Marin County officials have broken ground on MGH 2.0, the $535 million replacement for Marin General Hospital in the Greenbrae submarket of San Rafael, just across the Golden Gate Bridge from San Francisco. The original hospital opened in 1952. It will continue to operate throughout the construction process. Phase I of MGH 2.0 will include two new towers that house 114 private rooms, an expanded emergency department and six new operating/procedural suites. The buildings will feature rooftop gardens, balconies and natural light in every patient room to support a healing environment for patients and families. The new facilities are scheduled to open to patients in mid-2020. Once Phase I is complete, work will commence on a five-story, 100,000-square-foot ambulatory services building and a second parking structure. The project team has already completed MGH 2.0’s first parking facility, a five-level structure with rooftop solar panels that will be functional for both the current and future hospitals. McCarthy Building Cos. is building the hospital, which Perkins Eastman designed. The hospital is represented by Vertran Associates, which specializes in healthcare capital projects and provides project management. — Nellie Day

August 1, 2016

Georgia Market Reports Retail Southeast Southeast Market Reports

Atlanta Retail Market Experiences Demand in Hottest Submarkets

by John Nelson August 1, 2016

The Atlanta retail market continues to be robust, with vacancy tightening in key submarkets and rents trending upward. Overall vacancy fell slightly from 7.1 percent during the fourth quarter of 2015 to 7 percent in the first quarter of 2016, according to CoStar. However, the decline is greater in hot submarkets such as Buckhead and Central Perimeter that boasted vacancy rates as low as 2.8 percent and 3.2 percent, respectively, in the first quarter. Demand Up, Supply Tightens There is still a disconnect between supply and demand, especially in strong trade areas, and many retailers that wish to enter or expand in the market are finding it difficult to do so. Rents are escalating by 10 percent to 15 percent because of the increased competition for space and the high cost to build new developments is attributable to escalating land costs. During the first quarter, 21 buildings totaling 300,174 square feet were delivered, according to CoStar, and at the end of the first quarter, 1.73 million square feet of retail space was under development. As Atlanta can deliver more of the space that’s under construction and open up availability, rent is expected to continue to climb. Health and Fitness Food …

August 1, 2016

California Retail Western

Regency Centers, Target Sell 49.2-Acre Land Parcel in Murrieta

by Nellie Day July 29, 2016

MURRIETA, CALIF. — Regency Centers and Target Corp. have completed the disposition of The Murrieta Marketplace, a 49.2-acre land parcel located at the northwest corner of Clinton Keith and Winchester roads in Murrieta. The two-parcel site includes a 38.2-acre site and a 11-acre site, owned by Regency and Target, respectively. Murrieta Marketplace Holdings acquired the parcels for an undisclosed price. The buyer plans to develop a 500,000-square-foot retail center on the site. Brian Bielatowicz of Lee & Associates represented the buyer in the deal. Regency Center and Target Corp. represented themselves in the transaction.

July 29, 2016

California Multifamily Western

Stos Partners Acquires 22,000 SF Mixed-Use Property in San Diego for $6M

by Nellie Day July 29, 2016

SAN DIEGO — Stos Partners has acquired a 22,000-square-foot mixed-use property located at 560 Carlsbad Village Drive and 2975 Roosevelt St. in Carlsbad Village section of San Diego. At the time of sale, the three-story property was 90 percent leased to PAON, a local restaurant and wine bar, and a variety of retail and office tenants. The property also features two residential penthouses. Barry Hendler of Cushman & Wakefield represented the buyer and the seller, a private company, in the deal.

July 29, 2016

California Retail Western

Coldwell Banker Brokers $4.7M Sale of Rite Aid Property in Murrieta

by Nellie Day July 29, 2016

MURRIETA, CALIF. — Coldwell Banker Commercial Advisors has arranged the sale of a Rite Aid property located in Murietta. An undisclosed buyer acquired the 16,708-square-foot property for $4.7 million in a 1031 exchange. Daniel Tyner and Scott Hook of Coldwell Banker represented the undisclosed sellers in the transaction.

July 29, 2016

California Retail Western

Citivest Realty Services Arranges Two Leases for Beach Hut Deli

by Nellie Day July 29, 2016

SAN DIEGO AND OCEANSIDE, CALIF. — Newport Beach, Calif.-based Citivest Realty Services represented Beach Hut Deli in two new leases in San Diego and Oceanside. The gourmet deli sandwich restaurant has partnered with Ryan Brothers Coffee to open a 2,690-square-foot concept at Lane Field in San Diego. Beach Hut Deli signed a 10-year lease with LFN Developers for the space. Bill Shrader of Colliers International San Diego represented the landlord. Additionally, Beach Hut Deli signed a lease for 1,800 square feet at One Mission Ave. in Oceanside. Spencer Kerrigan of Voit Commercial Services represented the landlord, GFP Oceanside Block 18 LLC, in the transaction.

July 29, 2016

California Retail Western

Marcus & Millichap Brokers $1.2M Sale of 17,749 SF Retail Property in San Bernardino

by Nellie Day July 29, 2016

SAN BERNARDINO, CALIF. — Marcus & Millichap has arranged the sale of Inland Auto Service Center, a retail property located at 1680 S. Camino Road in San Bernardino. A partnership sold the 17,749-square-foot property to a personal trust for $1.2 million. The property was constructed in 1975 and renovated in 1990. Chuck Shillington of Marcus & Millichap represented the seller and buyer in the deal.

July 29, 2016

Office Texas

NAI Partners, NAI Robert Lynn Represent Geico in Sale of Former Headquarters

by Haisten Willis July 29, 2016

FARMERS BRANCH, TEXAS — NAI Partners and NAI Robert Lynn represented Geico in the sale of its former regional headquarters, a 240,000-square-foot office building located at 4201 Spring Valley Road in the Dallas suburb of Farmers Branch. Griff Bandy of NAI Partners, along with Tom Lynn and Nick Lee of NAI Robert Lynn, represented Geico during the negotiations. Kent Smith of NAI Robert Lynn represented the buyer, JP Partners. The same NAI team represented Geico in the relocation and leasing of the company’s regional office in August 2015.

July 29, 2016

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