Property Type

Terwilliger Pappas Starts Construction on Apartment Community in Charlotte

by John Nelson September 8, 2016

CHARLOTTE, N.C. — Terwilliger Pappas Multifamily Partners has broken ground on Solis Berewick, a 275-unit apartment community in Berewick, a mixed-use development in southwest Charlotte’s Steele Creek area. The new multifamily community will be built adjacent to the Berewick Town Center’s village green close to the Harris Teeter slated to open in October. Amenities will include a clubhouse, poolside pavilion with a firepit, fitness center and a pet park. Each of Solis Berewick’s four buildings will include elevators. Terwilliger Pappas is partnering with Cigna Realty Investors on the development, and Citizens Bank is providing construction financing. The development team includes architect Cline Design Associates, interior designer Rule Joy Trammell Rubio, landscape architect and civil engineer LandDesign and general contractor Fortune Johnson. Solis Berewick will deliver its first homes and amenities for occupancy by mid-2017 with the entire community slated for completion by early 2018.

September 8, 2016

Florida Retail Southeast

CBRE Brokers $37.8M Sale of Shopping Center in Central Florida

by John Nelson September 8, 2016

LADY LAKE, FLA. — CBRE has brokered the $37.8 million sale of Rolling Acres, a 189,390-square-foot shopping center located along U.S. Highway 441 in Lady Lake. The property is anchored by TJ Maxx, Ross Dress for Less, Petco, Staples, Beall’s Outlet and Michaels. Outparcel tenants include Chick-fil-A, Outback Steakhouse and Carrabba’s Italian Grill. Cole Credit Property Trust IV Inc. purchased Rolling Acres from an affiliate of Sterling Global Financial Ltd. Dennis Carson and Casey Rosen of CBRE’s national retail investment group’s Florida team represented the seller in the transaction.

September 8, 2016

Loans Multifamily North Carolina Southeast

Bellwether Enterprise Arranges $19.9M Refinancing of Apartment Community in Asheville

by John Nelson September 8, 2016

ASHEVILLE, N.C. — Bellwether Enterprise Real Estate Capital LLC, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., has closed a $19.9 million loan for the refinancing of Retreat at Hunt Hill, a multifamily complex located in downtown Asheville. The newly completed, Class A apartment complex contains 180 units. Vic Agusta and Jim Barber of Bellwether Enterprise arranged the loan through Aegon on behalf of the borrower, Hunt Hill Apartments LLC. Retreat at Hunt Hill is the borrower’s third apartment community in the metro Asheville area. Bellwether Enterprise closed 34 deals totaling $267 million in loans during August alone.

September 8, 2016

New York Northeast Retail Top Stories

Two Non-Traded Retail REITs Merge in $1.4B Transaction

by John Nelson September 8, 2016

NEW YORK CITY — American Finance Trust Inc. (AFIN) has acquired all of the outstanding common stock of American Realty Capital – Retail Centers of America Inc. (RCA) for approximately $1.4 billion, including the assumption or repayment of $432 million in debt. The merger of the two New York-based, non-traded REITs creates a retail REIT with an enterprise value of approximately $3.9 billion. The combined company will retain the AFIN name and continue to be led by AFIN’s management team, with the addition of Kase Abusharkh from RCA, who will serve as AFIN’s chief investment officer of the multi-tenant portfolio. Members of both boards of directors will continue to serve on the board of the combined company. “The combination of AFIN and RCA will help the company achieve critical scale, afford improved access to capital markets, result in significant cost savings for shareholders and increase coverage of our distributions,” said Michael Weil, CEO of AFIN. “For AFIN, today’s announcement is a key step forward in our plan to grow earnings.” AFIN, formerly known as American Realty Capital Trust V Inc., was formed in January 2013 to acquire mostly freestanding, single-tenant retail properties leased to investment grade or other creditworthy tenants. …

September 8, 2016

Tomball Four Corners Shopping Center in Tomball, Texas

Features Retail Top Stories

Finding the Right Tactics is Key for Repositioning Retail

by Jeff Shaw September 8, 2016

For real estate developers and investors, a time of transition and evolution within the retail world presents abundant opportunities to capitalize by acquiring and investing in underperforming spaces. With an infusion of capital, some strategic restructuring and re-tenanting with regional and national brands, a moribund center or underwhelming site can be transformed. Understanding the strategies deployed to effectively identify, acquire, reposition and re-tenant retail is an essential prerequisite for any commercial real estate professional looking to get involved in the process. The big picture The most critical step in the process is selecting the right opportunities to pursue in the first place. Identifying existing retail assets that are underperforming is one thing. Finding those that can be successfully reinvigorated and repositioned through an infusion of capital and the application of some expertise is a little trickier. It is a best practice to confine your search to well-established trade areas because you generally do not want a project on the fringe. The overall goal is to identify markets and trade areas where there is more demand than quality supply, and then work to find a creative and cost-effective way to deliver that supply. Once you identify those areas, familiarize yourself with …

September 8, 2016

Market Reports Midwest Midwest Market Reports Office Ohio Uncategorized

Spec Office Development Gains Steam in Ohio’s Suburbs for First Time in Years

by Christina Cannon September 8, 2016

From Cleveland to Cincinnati, speculative Class A office development is on the rise in Ohio for the first time in at least five years. Primarily occurring in the suburbs, 3 to 4 million square feet of spec development is driven by a lack of office space as well as pent-up demand for new space with an urban feel that contains retail and multifamily components. Most spec office development reflects the demands of both Millennials and Baby Boomers. These significant population groups seek to locate in live-work-play neighborhoods that offer cool office and residential spaces, walkability and common green spaces. Because these components are important to Millennials — now the largest share of the American workforce — they have become important for companies in their efforts to recruit the best and the brightest. Quality talent is more of a factor than cost. In competing for talent, these companies must look for and include such office amenities as game rooms, outdoor patios and walking trails. Not only are the retail and residential components to an office project important, but companies are also expressing genuine interest in branding, signage opportunities, naming rights and modern amenities. Cost of financing guides developers in Cleveland While downtown …

September 8, 2016

Multifamily Oregon Seniors Housing Western

NHI Buys Three Seniors Housing Communities Near Portland for $36.6M

by Nellie Day September 7, 2016

MCMINNVILLE, ORE. — National Health Investors (NYSE: NHI) has purchased the entire portfolio of FirCrest Community Living for $36.6 million. The transaction included three seniors housing communities, all located in McMinnville, approximately 35 miles southwest of Portland. The three facilities are located within four miles of each other and feature a total of 134 units and 181 beds. The facilities were constructed in 2008, 2014 and 2015, and offer memory care, assisted living and independent living care services. Evans Senior Investments represented the seller the transaction, which included FirCrest Community, Maple Valley and Cherrywood Memory Care. The purchase price equates to $272,388 per unit. NHI immediately leased all three communities to Chancellor Health Care. The lease term is for 15 years with an annual lease rate of 7.5 percent plus annual fixed escalators. With the three new communities, NHI now leases seven seniors housing communities to Chancellor. NHI, a publicly traded healthcare REIT based in Tennessee, funded the acquisition with its revolving credit facility.

September 7, 2016

California Office Western

Marcus & Millichap Brokers $7M Acquisition of Retail/Office Property in North Hollywood

by Nellie Day September 7, 2016

NORTH HOLLYWOOD, CALIF. — Marcus & Millichap has arranged the acquisition of a four-building retail/office property located at 11305-11335 Magnolia Blvd. and 5215 Bakman Ave. in North Hollywood. Elijah 27 LLC acquired the 20,139-square-foot property from a family trust for $7 million. Martin Agnew, Jessica Kelley and Ryan Rothstein-Serling of Marcus & Millichap represented the buyer, while Scott McCauley of Corporate Realty Services represented the seller in the 1031 exchange.

September 7, 2016

California Retail Western

CBC Advisors Arranges $3.5M Sale of Retail Strip Center in Long Beach

by Nellie Day September 7, 2016

LONG BEACH, CALIF. — CBC Advisors Orange County has arranged the $3.5 million sale of Orange Plaza, a 19,840-square-foot retail strip center located in Long Beach. Daniel Tyner and Scott Hook of CBC represented the undisclosed seller in the sale of the property to a private, all-cash buyer. Tenants at the center include Subway and Domino’s Pizza.

September 7, 2016

California Retail Western

Lee & Associates Completes $2M Sale of Gas Station Site in Escondido

by Nellie Day September 7, 2016

ESCONDIDO, CALIF. — Lee & Associates has arranged the purchase of a gas station station site located at 2825 Auto Parkway in Escondido. ASAP Investments acquired the 28,750-square-foot lot, which includes a 1,050-square-foot retail/service station, for $2 million. The buyer plans to rebrand the site, which was formerly a Valero, as an independent gas station. Trent France of Lee & Associates – North San Diego and Kent Moore of Palomar Commercial represented the buyer, while Mack Langston and Kris Boehmer of Pacific Coast Commercial represented the seller, KGD Enterprises, in the deal.

September 7, 2016

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