Property Type

Tanger Outlet Centers Buys Out Ben Carter Enterprises’ Ownership Stake in Tanger Outlets Savannah

by John Nelson August 16, 2016

POOLER, GA. — Tanger Outlet Centers Inc. has bought out partner Ben Carter Enterprises’ (BCE) ownership stake in Tanger Outlets Savannah, a 420,000-square-foot upscale outlet mall adjacent to the Savannah International Airport in Pooler. The property was 99 percent leased at the time of the transaction. As the sole owner, Tanger Outlets, a Greensboro, N.C.-based REIT, will continue the outlet mall’s Phase III expansion, which will include Texas Roadhouse, Rise Pies and Metro Diner. As part of the transaction, BCE acquired full ownership of the 56 acres of outparcels surrounding Tanger Outlets Savannah, including the existing Applebee’s and Panda Express sites. Tanger Outlet Centers contributed the outparcel land and $15 million in cash in exchange for BCE’s ownership stake in the outlet center. BCE will develop more than 500,000 square feet of commercial space around the outlet mall, including a Holiday Inn and Suites hotel and Vaden Chevrolet of Pooler dealership, both of which are set to open in 2017. BCE also plans to develop a 151,000-square-foot shopping center leased to Dick’s Sporting Goods, Hobby Lobby, Home Goods and Ulta Beauty.

August 16, 2016

Florida Seniors Housing Southeast

Big Rock Starts Construction of $82M CCRC in Metro Orlando

by John Nelson August 16, 2016

CELEBRATION, FLA. — Big Rock Partners has started construction of a luxury continuing care retirement community (CCRC) in the Orlando suburb of Celebration. The project, which doesn’t yet have a name, has increased in size since it was announced last year. The $60 million development costs have increased to $82 million, and the 225 planned units have increased to 239. The six-story community will sit on a nine-acre site, and is the only planned seniors housing development in Celebration, according to Big Rock. Balfour Beatty is the construction manager on the project, which is scheduled for completion in spring 2018. Gensler designed the community. Once complete, Life Care Services will operate. Big Rock Partners is a private real estate investment management firm with three seniors housing projects in Florida under development worth approximately $200 million.

August 16, 2016

Loans North Carolina Southeast Student Housing

Capstone Capital Closes $42M Loan for Student Housing Project Near East Carolina University

by John Nelson August 16, 2016

GREENVILLE, N.C. — Capstone Capital has closed the $42 million refinancing of The Boundary at West End, a four- and five-story mixed-use development adjacent to East Carolina University in downtown Greenville. The project features 550 student housing beds, 9,500 square feet of ground-level retail space and a 453-space parking garage. Retail tenants include a regional pizza restaurant, convenience store, cafe and coffee shop, Smoothie King and an Asian restaurant. The borrower, Tom Taft Family of Greenville NC, finished The Boundary’s development in August 2015 and used the financing to take out the existing construction loan and all the developer equity. Jackson Howard of Capstone Capital arranged the 10-year Fannie Mae loan with a fixed 4.21 percent interest rate and two years of interest-only payments followed by a 30-year amortization schedule.

August 16, 2016

Florida Multifamily Southeast

Berkadia Brokers $36.4M Sale of Apartment Community in West Palm Beach

by John Nelson August 16, 2016

WEST PALM BEACH, FLA. — Berkadia has brokered the $36.4 million sale of Viera of the Palm Beaches, a 300-unit apartment community located at 4860 Sandstone Lane in West Palm Beach. Nashville, Tenn.-based Palm Beach Multifamily Partners LLC sold the asset to a partnership between two unnamed companies based in San Francisco and New York. Built in 1987, the pet-friendly property features one- and two-bedroom units with balconies or patios, in-unit washers and dryers, stainless steel appliances and wood laminate flooring. Community amenities include a clubhouse, fitness center, business center, swimming pool, tennis courts, barbecue area and trails for running, hiking and biking. Tal Frydman, Yoav Yuhjtman and Fernando Polanco of Berkadia’s Boca Raton office, along with Cole Whitaker of the firm’s Orlando office, brokered the sale. Viera of the Palm Beaches was 93 percent occupied at the time of sale.

August 16, 2016

Georgia Loans Multifamily Southeast

Pillar Provides $18M Loan for The Flats at Atlantic Station Near Georgia Tech

by John Nelson August 16, 2016

ATLANTA — Pillar has originated an $18 million Freddie Mac loan to refinance The Flats at Atlantic Station, an 86-unit multifamily property located adjacent to the Georgia Tech campus in Atlanta. The community offers a mix of two-, three- and four-bedroom, fully furnished apartments. Amenities at the complex include a swimming pool, rooftop lounge and a fitness center. Colin Whittier of Pillar originated the floating rate, 7-year term loan with a 30-year amortization schedule. IPA Capital Markets presented the financing opportunity to Pillar.

August 16, 2016

Hospitality Illinois Midwest

Laurus Corp. Completes $7.6M Renovation of Chicago Renaissance O’Hare Suites Hotel

by Christina Cannon August 16, 2016

CHICAGO — Laurus Corp. has completed a $7.6 million renovation of the 362-room Chicago Renaissance O’Hare Suites Hotel. The 15-story building features a restaurant and bar, Starbucks coffee shop, business center, fitness center, indoor heated pool, whirlpool spa, 13 conference suites, a 5,000-square-foot ballroom and approximately 21,500 square feet of meeting and event space. The hotel is located at 8500 W. Bryn Mawr Ave.

August 16, 2016

Illinois Midwest Retail

Baum Realty Brokers $7.2M Sale of 24,000 SF Retail Space in Chicago’s West Loop

by Christina Cannon August 16, 2016

CHICAGO — Baum Realty Group LLC has brokered the sale of 24,000 square feet of ground-floor retail space at 1000 W. Washington Blvd. in Chicago’s West Loop neighborhood for $7.2 million. A partnership between R2 and Marc Realty Capital acquired the property from a local developer. Existing tenants include French restaurant La Sardine and Subway. The property, which includes 10 parking spaces, has 18,000 square feet available for lease. Danny Spitz and Greg Dietz of Baum Realty represented the seller in the transaction, and Doug Renner and Trevor Jack of Baum Realty have been retained to market the property.

August 16, 2016

Michigan Midwest Restaurant Retail

Wahlburgers Opens New Location in Detroit’s Greektown Neighborhood

by Christina Cannon August 16, 2016

DETROIT — Wahlburgers has opened a new restaurant at 569 Monroe St. in Detroit’s Greektown neighborhood. The two-story, 4,200-square-foot burger joint includes a full bar and will serve lunch and dinner daily. This is the chain’s first location in Michigan, but there are plans for six more. Wahlburgers also has locations in Florida, Massachusetts, Nevada, New York, Pennsylvania and Canada. Wahlburgers was founded by chef Paul Wahlburg, brother of celebrities Mark and Donnie Wahlburg, who are actors and singers. The trio star in the A&E reality TV show “Wahlburgers”.

August 16, 2016

Midwest Retail Wisconsin

Mid-America Arranges Sale of 69,749 SF Shopping Center Near Milwaukee

by Christina Cannon August 16, 2016

WAUWATOSA, WIS. — Mid-America Real Estate Corp. has brokered the sale of a 69,749-square-foot shopping center in Wauwatosa, a western suburb of Milwaukee, for an undisclosed price. Newport Capital Partners purchased the Pick ’n Save Center from a joint venture between DRA Advisors LLC and RCG Ventures. The center is anchored by Pick ’n Save, and other tenants include Mattress Firm, Supercuts and Firehouse Subs. Ben Wineman and Dan Rosenfeld of Mid-America represented the seller in the transaction.

August 16, 2016

Georgia Multifamily Southeast Top Stories

Simpson Housing Acquires 370-Unit Luxury Apartment Complex in Atlanta for $136.5M

by Katie Sloan August 16, 2016

ATLANTA — Simpson Housing LLLP has acquired The Residence Buckhead Atlanta, a 370-unit, high-rise apartment complex located in the Buckhead neighborhood of Atlanta, for $136.5 million. OliverMcMillan developed the property in conjunction with the company’s 300,000-square-foot mixed-use project, Buckhead Atlanta. The Residence encompasses two 20-story towers featuring a resort-style pool, fitness center, theater, study, conference room, demonstration kitchen and concierge service. The Buckhead Atlanta mixed-use development, located just around the corner, is largely focused on high-end fashion. Tenants include Hermès, Christian Louboutin, Tom Ford, Jimmy Choo, Warby Parker, Diptyque, Brunello Cucinelli, Flywheel, Doraku Sushi, Gypsy Kitchen, Le Bilboquet, The Southern Gentleman and Shake Shack. The project also contains 100,000 square feet of boutique office space serving as the corporate headquarters for Spanx Inc. Jason Nettles, Trey Morsbach and Megan Thompson of HFF represented the seller, OliverMcMillan, in the transaction. HFF previously worked on behalf of the developer to arrange construction financing for the project in 2013. OliverMcMillan has designed and developed more than 8 million square feet of projects, and currently has approximately $3 billion under development. Simpson Housing LLLP is a privately held developer and manager of residential properties throughout the U.S. — Katie Sloan

August 16, 2016

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