Property Type

GBT Realty to Develop $45M Mixed-Use Project in Nashville

by John Nelson September 28, 2015

NASHVILLE, TENN. — GBT Realty Corp. has acquired a one-acre site in Hillsboro Village, a historic Nashville neighborhood, from Regions Bank with plans to develop a $45 million mixed-use project. The site is located at the corner of 21st Avenue South and Wedgewood Avenue. The plans for the development, known as Village 21 at Regions Park, include 22,000 square feet of retail space and 101 Class A apartment residences. Regions Bank will operate a 3,800-square-foot bank branch in the retail portion, which will also include a two-story, 6,000-square-foot restaurant. Regions will occupy a temporary, on-site facility during construction, which is scheduled to wrap up in spring 2017. The multifamily portion of Village 21 will feature a courtyard deck that includes a pool, outdoor grilling area and fire pit. Other amenities will include a fitness center, yoga lawn, clubroom and surface and below-grade parking totaling 250 spaces. The development team includes EOA Architects, Yates Construction, Littlejohn Engineering and Waller Law Firm.

September 28, 2015

Georgia Multifamily Southeast

Emma Capital Purchases Apartment Community in Metro Atlanta for $21.5M

by John Nelson September 28, 2015

DULUTH, GA. — Emma Capital Investments Inc. has acquired Berkeley Landing Apartments, a 240-unit, garden-style apartment community located at 3700 Peachtree Industrial Blvd. in Duluth, a northeast suburb of Atlanta in Gwinnett County. Emma Capital purchased the asset for $21.5 million, bringing the Toronto-based investor’s total acquisitions to date over $150 million and more than 2,500 apartment units. This is Emma Capital’s 11th purchase in the United States and fifth in the metro Atlanta area. Berkeley Landing features terraced pools with a waterfall, two lighted tennis courts and a media room. The apartment units feature washer and dryer connections, large closets, wood-burning fireplaces (in some units) and fully equipped kitchens, as well as private sunrooms. Emma Capital plans to upgrade the property’s unit interiors, as all of the units feature original finishes.

September 28, 2015

Retail Southeast Virginia

CBRE|Richmond Brokers $12M Sale of Walgreens in Virginia Beach

by John Nelson September 28, 2015

VIRGINIA BEACH, VA. — CBRE|Richmond has arranged the $12 million sale of a Walgreens Pharmacy at 645 First Colonial Road in Virginia Beach. Sequoia Frankford Springs purchased the newly constructed property from Old Brandon First Colonial Associates LLC. Built in June 2015, the 14,200-square-foot, freestanding store is located at the intersection of Laskin and First Colonial roads. Craige Pelouze of CBRE|Richmond represented the seller, Old Brandon First Colonial Associates LLC, in the transaction.

September 28, 2015

Georgia Retail Southeast

Marcus & Millichap Brokers $4.2M Sale of CVS-Anchored Strip Center in Georgia

by John Nelson September 28, 2015

DALLAS, GA. — Marcus & Millichap has brokered the $4.2 million sale of a 17,930-square-foot strip retail center located at the intersection of Seven Hills Boulevard and Cedarcrest Road in Dallas. CVS Health occupies roughly 70 percent of the center and has a 15-year corporate-guaranteed double-net lease for the store. Zach Taylor and Don McMinn of Marcus & Millichap’s Atlanta office represented the seller and procured the buyer, an all-cash 1031 investor, in the transaction. Taylor and McMinn are principals of Marcus & Millichap’s Taylor McMinn Team.

September 28, 2015

Georgia Retail Southeast

Conn’s Opens First Store in Georgia with New Augusta Location

by John Nelson September 28, 2015

AUGUSTA, GA. — Furniture and specialty home goods retailer Conn’s Inc. has opened its first Georgia store at 270 Bobby Jones Expressway in Augusta. The 50,000-square-foot store has created roughly 30 local jobs. The new location is part of Conn’s national growth strategy to open nearly 20 stores during a 12-month period (February 2015 to February 2016). Conn’s, which has stores in 12 states, will open its 100th location next month. “Augusta is a great community and we are proud that it is the home of our first Georgia store,” said David Trahan, president of Conn’s retail division.

September 28, 2015

Market Reports Maryland Multifamily Southeast Southeast Market Reports

Baltimore’s Resurgence as a City Supports Burgeoning Apartment Market

by John Nelson September 28, 2015

The transformation of downtown Baltimore into a contemporary world-class city began nearly two decades ago, but over the past few years it has irrefutably evolved into a true 24/7 city and a top-tier housing market that is nationally recognized by the investment community. An influx of commercial investment drove job growth, which inevitably boosted downtown Baltimore’s daytime population. But what is remarkable is how many of these individuals also decided to become city residents. The number of degree-holding young people living in downtown Baltimore increased by 92 percent between 2000 and 2010, exceeding the pace of 20-something magnet cities like New York and Boston. Whether it was the chicken or the egg, this new group of residents favored a rental urban lifestyle, and downtown Baltimore delivered nearly 4,700 new apartments between 2000 and 2010. Ambitious developers John Paterakis and Michael S. Beatty paved the way in the late 1990s with the development of Harbor East, which congregates upscale retailers, Class A office space and luxury rental apartments. Its immediate success filled a niche in the market and spurred growth in other communities around the Inner Harbor, including the Ritz-Carlton. As this wave of development continued throughout the 2000s, slowly but …

September 28, 2015

Mixed-Use Retail Texas

Construction Begins on Gateway to Falconhead Mixed-Use Project in Austin Suburbs

by Haisten Willis September 25, 2015

BEE CAVE, TEXAS — Work has begun on a 126,000-square-foot, mixed-used project in the Austin suburb of Bee Cave. The first phase of the project will consist of 46,000 square feet of retail space. Construction on the first phase is expected to last 10 months. Immediately following, a second phase will begin consisting of an 80,000-square-foot office condo concept available to buy or lease. Pathfinder PFP Retail LLC is developing the project, while Austin-based brokerage firm St. Croix Capital Advisors is handling the marketing and leasing. Jay Macliver with Construction Strategies Management Group, a sister company to the brokerage house, is overseeing construction of the development. Two retailers have signed on board; Pioneer Bank will have a 3,000-square-foot branch, pending regulatory approval. Also Serasana, a day spa, will occupy 3,500 square feet. Southstar Bank is the lender for Gateway to Falconhead, IE2 is the construction firm, Land Strategies is the land planner, Gary Shaw is the architect and Garrett Ihnen is the engineer.

September 25, 2015

Mixed-Use Retail Texas

New Retailer Signs on at Mixed-Use Development in Dallas

by Haisten Willis September 25, 2015

DALLAS — Café Victoria will join a 75-acre mixed-use development in downtown Dallas as its first coffee shop. Owned and operated by Victory Park resident Luciana Gómez, Café Victoria will serve coffee and pastries. The shop is scheduled to open in January 2016 and will be located on Victory Park Lane next to Buda Juice. Victory Park features more than 165,000 square feet of retail, restaurant and entertainment space, including Buda Juice, Chad Rookstool Salon, Classic Pilates, Cook Hall, Hard Rock Café, The Hangar, Havana Social Club, House of Blues, Jimmy John’s, Kenichi, Medina Oven & Bar and Metro Tickets.

September 25, 2015

Loans Multifamily Texas

CBRE Arranges Refinancing for Gables Park 17 Apartments in Dallas

by Haisten Willis September 25, 2015

DALLAS — CBRE Capital Markets’ debt and structured finance team has arranged a loan for the refinancing of Gables Park 17, a 25-story, 292-unit apartment building in Dallas. CBRE worked on behalf of Clarion Gables Multifamily Trust to secure a 10-year, fixed-rate, non-recourse loan. The amount was not disclosed. The MetLife Inc. provided financing. The loan includes a four-year interest-only period and is open to prepayment without penalty during the last three years. Mark Fisher of CBRE’s Midtown Manhattan office, along with Jay Wagley of CBRE’s Dallas office, facilitated the financing on behalf of the borrower. Located at 1700 Cedar Springs Road, Gables Park 17 is in Dallas’ Uptown neighborhood. Unit features include wood floors, granite counters, stainless steel appliances, dishwashers, in-unit washer and dryer and large bathrooms with granite vanities and stand-alone showers. Building amenities include a pool, fitness center, business center, game room and 24-hour concierge. The property apartment tower is part of a mixed-use complex that contains an office tower and parking garage.

September 25, 2015

Retail Texas

Moviehouse & Eatery Announces First Location In Houston

by Haisten Willis September 25, 2015

HOUSTON — Moviehouse & Eatery, a dine-in cinema company, plans to open its first location in the Houston market. M&E Texas Moviehouse LP has contracted to purchase a 5.9-acre tract in the Cypress Creek Lakes master planned development near the intersection of Fry and Tuckerton roads. Plans are underway for a 10-screen Moviehouse & Eatery, which features reserved seating in recliners and wall-to-wall screens. Construction is expected to start in early 2016 for a spring 2017 opening. The Austin-based dine-in theater company also operates three theaters in the Dallas-Fort Worth area, with more Texas locations in works.

September 25, 2015

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