Property Type

U.S. Properties Completes Makeover of 485,685 SF Retail Center in Metro Atlanta

by John Nelson April 27, 2016

MORROW, GA. — U.S. Properties Group has completed an extensive makeover of the former Southlake Pavilion in Morrow, a suburb of south Atlanta roughly 10 miles down I-75 from Hartsfield-Jackson Atlanta International Airport. Now known as The Shoppes at Morrow Station, the 485,685-square-foot retail center will feature a Nam Dae Mun Farmers Market that will replace a vacant 100,000-square-foot Target this summer. Other tenants include a newly renovated Ashley Furniture store, Ross Dress for Less, Party City and Barnes & Noble.

April 27, 2016

Multifamily North Carolina Southeast

TWO Capital Partners, Patterson Break Ground on Multifamily Community in Charlotte

by John Nelson April 27, 2016

CHARLOTTE, N.C. — Atlanta-based TWO Capital Partners and its capital advisor Patterson Real Estate Advisory Group have begun construction on Capital Crossing at Whitehall, a 271-unit apartment community in Charlotte’s Whitehall submarket. The community will be located adjacent to the 700-acre Whitehall Corporate Center and a planned Topgolf. Construction is anticipated to take approximately 18 months with lease-up commencing in the spring of 2017. Patterson arranged a roughly $25 million construction loan with Texas Capital Bank NA for the development, according to sources familiar with the transaction.

April 27, 2016

Florida Retail Southeast

Ram Realty Services Sells Publix-Anchored Center in Metro Fort Lauderdale for $29.3M

by John Nelson April 27, 2016

PLANTATION, FLA. — Ram Realty Services has sold Jacaranda Plaza, a 173,044-square-foot, Publix-anchored shopping center, for $29.3 million. Epic Real Estate Partners purchased the property, which is located on 16.2 acres at 8249 W. Sunrise Blvd. in Plantation, a suburb of Fort Lauderdale. Jacaranda Plaza was 86 percent leased at the time of sale to tenants such as Planet Fitness, Dollar Tree, Stein Mart, Regions Bank, T-Mobile, GNC and Game Stop. Daniel Finkle, Luis Castillo and Nat Scarmazzi of HFF represented Ram Realty Services in the transaction. Additionally, Paul Stasaitis and Adam Herrin of HFF arranged a five-year, $19.9 million acquisition loan with a fixed interest rate through BankUnited on behalf of Epic Real Estate Partners.

April 27, 2016

Florida Loans Multifamily Southeast

KeyBank Provides $24.4M Freddie Mac Loan for Apartment Complex in Central Florida

by John Nelson April 27, 2016

KISSIMMEE, FLA. — KeyBank Real Estate Capital has provided a $24.4 million Freddie Mac loan for Arrow Ridge Apartments, a 320-unit multifamily community located at 4100 Arrow Ridge Place in Kissimmee. Built in 1999, the property features a fitness center, swimming pool and a playground. The loan was used to refinance an existing KeyBank bridge loan, which allowed the sponsor to purchase the property in February 2016. Charlie Williams of KeyBank’s commercial mortgage group arranged the financing.

April 27, 2016

Georgia Mixed-Use Southeast

Stratford Land Sells Two Tracts in Metro Atlanta to Main Event, Children’s Learning Adventure

by John Nelson April 27, 2016

SUWANEE, GA. ¬— Stratford Land, a land investment company based in Dallas, has sold two tracts of land at the Terraces at Suwanee Gateway in Suwanee, a northeast suburb of Atlanta in Gwinnett County. The lots were purchased by Main Event Entertainment, a bowling-anchored entertainment retailer, and Children’s Learning Adventure, an early childhood education provider. Main Event operates 25 entertainment centers that feature bowling lanes, laser tag, gravity ropes courses and interactive games, as well as a full bar for adults and dining areas. Operating in 11 states, Children’s Learning Adventure locations typically include a planetarium, multimedia room with a mock TV studio, library, technology center, art studio, indoor basketball court, bowling lanes, cooking stations, dance studio, ballet studio, outdoor playground and outdoor basketball and tennis courts. Terraces at Suwanee Gateway is bounded by I-85, Satellite Boulevard, Lawrenceville-Suwanee Highway and McGinnis Ferry Road. McDonald’s and Starbucks Coffee have recently opened stores at the mixed-use development after purchasing lots from Stratford Land in 2015. Since purchasing 113 acres at Suwanee Gateway in 2010 and 2011, Stratford Land has sold tracts for a 345-unit apartment community; Salude, a 64-bed skilled nursing facility; and a site for a future data center.

April 27, 2016

California Loans Multifamily Seniors Housing Western

CBRE Arranges $21.9M Construction Loan for 84-Bed Assisted Living Community in California

by Nellie Day April 27, 2016

GOLETA, CALIF. — CBRE Capital Markets’ Debt & Structured Finance Team has arranged a $21.9 million FHA loan for the construction of Mariposa at Ellwood Shores, an 84-unit assisted living and memory care community in Goleta, located on the coast approximately 100 miles west of Los Angeles. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office, along with Noah Reischmann of CBRE’s FHA lending platform, arranged the 40-year, non-recourse, fixed-rate loan with two years interest-only payments. Mariposa at Ellwood Shores will be a 60,909-square-foot, two-story community with 64 assisted living beds and a 20-bed memory care extension. Oliver Dixon and Westmont Living principals Andrew Plant and Michael O’Rourke will own the project. Westmont Living will operate the community once complete.

April 27, 2016

Loans Michigan Midwest Retail

Bernard Financial Group Closes $12.4M Loan for Retail Property in Rochester Hills, Mich.

by Christina Cannon April 27, 2016

ROCHESTER HILLS, MICH. — Bernard Financial Group has closed a $12.4 million refinancing loan for Hampton Plaza Shopping Center, a 122,484-square-foot retail property in Rochester Hills, approximately 27 miles north of Detroit. Hampton Plaza LLC was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan through OneAmerica. Bernard Financial will service the loan and is a mortgage banking firm representing life insurance companies, CMBS lenders and Strategic Alliance Mortgage.

April 27, 2016

Retail Utah Western

Eight of Sears Holdings’ 78 Store Closings Are in Western States

by Nellie Day April 27, 2016

DRAPER, UTAH — Sears Holdings will close 68 Kmart and 10 Sears stores nationwide this summer. Among the affected stores are eight Kmarts based in Utah, California and Arizona. In February, the company, which is based in the Chicago suburb of Hoffman Estates, announced it would accelerate the closing of unprofitable stores. The majority of the store closings will take place in July. The closing Kmart and Sears stores will start their liquidation sales on May 12 and April 29, respectively. Associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at other area Kmart or Sears stores. Sears Holdings expects the store closures to generate a meaningful level of cash from the liquidation of store inventory and from the sale or sublease of some of the related real estate. The following is a complete list of the Western-based impacted stores: Kmart: 300 W. Mariposa Road, Nogales, Ariz. Kmart: 2270 E. El Monte Way, Dinuba, Calif. Kmart: 520 S. Cherokee Lane, Lodi, Calif. Kmart: 1475 Hillman St., Tulare, Calif. Kmart: 2785 Highway 46, Wasco, Calif. Kmart: 1055 E. Draper Parkway, Draper, Utah Kmart: 610 W. Price River Drive, Price, Utah Kmart: …

April 27, 2016

Illinois Midwest Retail

Sedgwick Properties Completes 43,000 SF LA Fitness in Chicago’s Gage Park

by Christina Cannon April 27, 2016

CHICAGO — Sedgwick Properties has completed the development of a 43,000-square-foot LA Fitness in Chicago’s Gage Park neighborhood. The building is located at 55th Street and Kedzie Avenue. Other retailers in the surrounding area include Walgreens, Wendy’s, Marquette Bank, Pete’s Fresh Market, T-Mobile, McDonald’s and a Bank of America branch. This LA Fitness facility features free weights, a cardio center, swimming pool, basketball court, fitness studios, indoor cycling, a childcare service and locker rooms with saunas and whirlpool spas. The project is located near the Chicago Transit Authority’s Orange Line and is the retailer’s 13th location in Chicago. Sedgwick served as the designer, developer and general contractor for the facility.

April 27, 2016

Illinois Industrial Midwest

Transwestern Brokers Acquisition of 52,962 SF Industrial Building in Chicago Suburb

by Christina Cannon April 27, 2016

HODGKINS, ILL. — Transwestern has brokered the acquisition of a 52,962-square-foot industrial building in Hodgkins, approximately 20 miles southwest of Chicago. Bear Real Estate LLC acquired the property, which is located at 7515 Santa Fe Drive, from Shamrock Real Estate LLC for an undisclosed amount. Event Equipment Sales, an affiliate of Bear Real Estate, will occupy the building. Built in 1998, the facility features 18-foot ceilings, four drive-in doors, two loading docks and parking for over 25 vehicles. Improvements to the facility are underway and include a new concrete floor, improved lighting system and updates to 8,100 square feet of office space. Jeff Locascio and Scott Mueller of Transwestern represented Bear Real Estate in the transaction.

April 27, 2016

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