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Town Center of Virginia Beach
Mixed-UseSoutheastVirginia

Armada Hoffler to Develop $32M Mixed-Use Project in Town Center of Virginia Beach

by John Nelson

VIRGINA BEACH, VA. — Armada Hoffler Properties Inc. plans to develop a $32 million mixed-use project within the 17-block Town Center of Virginia Beach. The project is part of an ongoing public-private partnership with Armada Hoffler and the city of Virginia Beach. The development will include 33,000 square feet of street-level retail space, 5,000 square feet of restaurant space and 120 luxury apartment homes. In addition, Zeiders American Dream Theater will invest roughly $8 million in a 17,000-square-foot performing arts theater, and the city of Virginia Beach will invest roughly $3 million in public infrastructure including an open-air public plaza on the second level and a pedestrian bridge connecting the development to an adjacent parking garage. Armada Hoffler Construction Co., a division of Armada Hoffler Properties, will serve as general contractor of the project. Armada Hoffler expects to break ground in the second half of the year.

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MississippiRetailSoutheast

CBL & Associates Sells Bonita Lakes Mall, Bonita Lakes Crossing in Mississippi for $27.9M

by John Nelson

MERIDIAN, MISS. — CBL & Associates Properties Inc. has sold Bonita Lakes Mall and Bonita Lakes Crossing in Meridian for $27.9 million. RockStep Capital, a Houston-based shopping center investor, purchased both properties from the Chattanooga, Tenn.-based retail owner and developer. Bonita Lakes Mall’s tenant roster includes Ashley Furniture HomeStore, Belk, Bath & Body Works, Dillard’s, Foot Locker, JC Penney, Victoria’s Secret, Sears and Ollie’s Bargain Outlet. The 147,518-square-foot Bonita Lakes Crossing is leased to tenants such as Ashley Furniture HomeStore, Jo-Ann Fabric & Crafts and OfficeMax. CBL & Associates owns and manages 145 properties, including 91 regional malls and open-air centers.

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Fire-Station-Milton-NH
CivicNew HampshireNortheastOffice

Eckman Construction to Build 9,000 SF Fire, Rescue Station in New Hampshire

by Amy Works

MILTON, N.H. — Bedford, N.H.-based Eckman Construction Co. has begun site work and will soon commence construction on a new 9,000-square-foot fire and rescue station in Milton. Designed by Cowan-Goudreau Architects, the facility will include four apparatus bays and will be designed to accommodate a full-time staff with living quarters. Situated on a plot of land donated by the Downs family, the property will replace the 65-year-old current station.

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CivicMixed-UseSoutheastTennessee

City of Lebanon Approves Extension of Legends Drive Near Cumberland Center

by John Nelson

LEBANON, TENN. — The city of Lebanon has approved the extension of Legends Drive near Cumberland Center, a 165-acre mixed-use project situated along I-40 East. Upon completion, Cumberland Center will feature retail shops, Class A offices, restaurants, hotels and possibly apartments. Phase I of Cumberland Center includes a Logan’s Steakhouse and a Boot Barn. The extension of Legends Drive is estimated to last roughly 18 months and cost about $4.6 million. Legends Drive will be extended about three-fourths of a mile and will connect Highway 231 and Highway 70. The road will also connect to Briskin Lane, which is scheduled for improvements.

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Market ReportsRetailTexasTexas Market Reports

Developers Bullish as Retail Confidence Grows in Houston

by Haisten Willis

Houston will be among the nation’s leaders in retail property deliveries in 2016 as nearly 3 million square feet of space is scheduled for completion this year. The new construction will increase retail property supply by 1 percent, the fifth-largest rate of growth for retail space for major markets in the nation. Historically, Houston has had several growth spurts — and some economic recessions — related to the energy industry. The Houston metro area, known as a world capital in the oil and gas industry, has some obstacles to overcome as the upstream oil sector is losing a significant number of jobs. Yet other area employers have gained momentum, keeping job growth positive. Since the Great Recession, Houston’s annual job growth of 2.9 percent has outpaced the national rate of expansion by approximately 130 basis points. However, energy-related layoffs have caused the market to trail national employment growth by the same spread in the last year. Similar to 2015, between 15,000 to 20,000 jobs are forecast to be created this year, maintaining the metro’s positive job outlook. Growth in other sectors of the Houston area’s economy, like health care and downstream oil-and-gas operations, is positively influencing the market and keeping …

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MultifamilyNew YorkNortheastTop Stories

Meridian Capital Arranges $104M Acquisition Financing for The Hamilton in New York City

by Christina Cannon

NEW YORK CITY — Meridian Capital Group has arranged a $104 million loan for the acquisition of The Hamilton, a 265-unit multifamily property on the Upper East Side of New York City. Bonjour Capital purchased the 38-story building, which is located at 1735 York Ave. A balance sheet lender provided the seven-year loan, which features a fixed rate of 3.6 percent and three years of interest-only payments. Shaya Ackerman and Shaya Sonnenschein of Meridian Capital Group arranged the financing. “Meridian was able to obtain uniquely favorable terms, including three years of interest-only payments, based on the high quality of the asset and its potential for value-add upside, the strength and reputation of the sponsor and Meridian’s active relationship with the lender,” says Shaya Ackerman, a managing director for Meridian Capital. Apartments at The Hamilton feature granite kitchen countertops, marble bathrooms and individually controlled air-conditioning in each room. Building amenities include a 24-hour uniformed doorman, fitness center with locker rooms and saunas, landscaped roof deck, a children’s playroom, furnished lounge with kitchen, billiards lounge, laundry facility, attached garage and a complimentary shuttle bus service. Residents are also in close proximity to the 4 and 6 subway lines and the Metropolitan Museum of …

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LoansNew YorkNortheastOffice

SL Green, Vornado Complete $900M Refinancing of 280 Park Avenue

by Amy Works

NEW YORK CITY — SL Green Realty Corp. and Vornado Realty Trust have closed on the $900 million refinancing of 280 Park Avenue, a 1.2 million-square-foot office building in Manhattan that is jointly held by the companies. The new three-year loan features four one-year extension options and a floating interest rate of LIBOR plus 2 percent. The loan replaces the previous $721 million indebtedness that carried an interest rate of 6.35 percent. The office building recently under went a $150 million redesign and renovation of the building’s façade and interior. Renovations included the creation of an expansion world-class lobby, an extensive program to enhance environmental sustainability, a complete redesign of the building’s adjacent plaza and building-wide infrastructure upgrades, including new elevator cabs and bathrooms, new thin line perimeter induction units, new electrical distribution and state-of-the-art security.

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Vantage-at-Shavano-Park-san-antonio-texas
MultifamilyTexas

IPA Arranges Sale of Multifamily Property in San Antonio

by Haisten Willis

SAN ANTONIO — Institutional Property Advisors (IPA) has arranged the sale of Vantage at Shavano Park, a 288-unit multifamily asset in northwest San Antonio. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller and procured the buyer. The community is located on 16.4 acres at 17203 Northwest Highway near The Rim, a 3 million-square-foot outdoor retail center. Built in 2014, Vantage at Shavano Park includes amenities such as a clubhouse, business center, fitness center, three dog parks and a swimming pool. Apartments feature nine-foot ceilings, black appliances, dark oak wood cabinetry and washers and dryers.

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Pure-Development-Regal-Beloit-mcallen-Texas
IndustrialTexas

Pure Development Begins Construction on Border Facility for Regal-Beloit

by Haisten Willis

MCALLEN, TEXAS — Pure Development has begun construction on a distribution and light-manufacturing center for Regal-Beloit, a manufacturer of electric motors, in McAllen. Pure Development expects to complete and deliver the 208,000-square-foot facility before the end of 2016. The facility is expandable to 288,000 square feet and will provide logistics support to Regal-Beloit’s manufacturing plants just across the border in Mexico. Josh Aguilar of CBRE’s industrial and logistics division represented Regal Beloit Corp. in the site search and lease negotiations.

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