Property Type

Walnut-Plaza-2000-FM-157-Mansfield-texas

California-Based Investor Sells 19,724 SF Walnut Plaza in Metro Dallas

by Haisten Willis June 8, 2016

MANSFIELD, TEXAS — A California investor has sold the 19,724-square-foot Walnut Plaza to a local limited liability company in an all-cash transaction. The property is 81 percent leased to tenants including H&R Block and Rent-A-Center and was developed in 1985. Walnut Plaza is situated on a 1.3-acre tract with frontage along FM 157 in Mansfield. Joe Hamilton of Coldwell Banker Commercial Alliance represented the seller, Stanley Fong, who has owned the property at 2000 FM 157 since 2005. The new owner, 2000 Walnut Plaza LLC, plans to renovate the property as part of its investment strategy. In the past decade, the population has more than doubled to 77,000 residents in the three-mile trade area. The average household income tops $101,100 in a one-mile trade area. Bob Kent of Kent Realty in Addison represented the buyer.

June 8, 2016

Franklin Street Secures $1.5M Refinance Loan for Cushing Plaza in Oklahoma

by Haisten Willis June 8, 2016

CUSHING, OKLA. — Franklin Street Capital Advisors (FSCA) has closed a $1.5 million refinance loan for Cushing Plaza, a 66,454-square-foot shopping center located in Cushing. Ben Miller and Casey Siggins of FSCA secured the loan on behalf of the owner, Lone Star Equities Inc. The 10-year loan includes a 4.5 percent fixed interest rate and a 20-year amortization schedule. Anchored by Cost Cutter, the 7.6-acre property is located at 2220 E. Main St. and is fully leased to tenants including Hibbett Sporting Goods, Stage Stores, Stanley’s Rent to Own and Compliance Advantage.

June 8, 2016

Retail Texas

Coldwell Banker Commercial Negotiates Pair of Retail Sales

by Haisten Willis June 8, 2016

SAN ANTONIO and MIDLAND, TEXAS — The Net Leased Investment Group for Coldwell Banker Commercial has negotiated retail sales in San Antonio and Midland. In the first transaction, the group arranged the sale of a Red Lobster in San Antonio. Parker Carroll of Coldwell Banker Commercial represented the buyer in the acquisition of the property, which was under a 25-year net lease. In the second transaction, Coldwell Banker Commercial negotiated the sale of Scotsdale Square in Midland. The three-tenant strip center is 100 percent leased. Carroll represented the seller in the transaction.

June 8, 2016

River Chase Apartments Temple Terrace The Park at Valenza

Florida Multifamily Southeast

Blue Rock Premier Purchases Apartment Community in Metro Tampa for $70M

by John Nelson June 8, 2016

TEMPLE TERRACE, FLA. — Tampa-based Blue Rock Premier Properties LLC has purchased the 776-unit River Chase Apartments in Temple Terrace, a city within Tampa’s metropolitan area. Blue Rock Premier bought the property from CNLKOR River Chase LLC for $70 million. River Chase was roughly 97 percent occupied at the time of sale. The new buyer plans to invest $6.7 million in capital improvements to the exterior and interior of the asset, which will be rebranded as The Park at Valenza. The improvements will include gated entry, clubhouse, fitness center, coffee shop, wood flooring, cabinets, counters, new appliances and washer/dryer units in every residence. Grandbridge Real Estate Capital provided acquisition financing for Blue Rock Premier, a multifamily investment firm led by Randy Ferreira in partnership with Deerfield Beach, Fla.-based Konover South LLC. Jamie May, Edward Yang and Jonathan Barclay of JMB Tampa brokered the transaction.

June 8, 2016

Maryland Retail Southeast

Black Oak Associates Completes $60M Redevelopment of Eldersburg Commons in Maryland

by John Nelson June 8, 2016

ELDERSBURG, MD. — Black Oak Associates has completed the $60 million redevelopment of Eldersburg Commons, a 300,000-square-foot shopping center formerly known as Carrolltown Mall. The retail development is located at 6400 Ridge Road in Eldersburg in Carrolltown County. The official grand opening and ribbon cutting ceremony is set for June 16. The project is anchored by a 190,000-square-foot Walmart Supercenter, which opened last fall. The redevelopment has attracted 17 new retailers, including AT&T, Chipotle Mexican Grill, Dental Care at Eldersburg Commons, Jimmy John’s, MOD Pizza, Noodles & Co., Olympia Sports, Petco, Sleepy’s, T.J. Maxx, Ulta Beauty and The Vitamin Shoppe. Other tenants opening later this year include Hair Cuttery, Luxury Nails & Spa, Menchie’s Frozen Yogurt and Sunny’s Fine Wines & Liquors. Eagle Realty served as Black Oak’s lending partner for the redevelopment. The project team includes leasing broker KLNB Retail, civil engineer Development Design Consultants, general contractor Glen Arm Building Co., traffic engineer The Traffic Group, traffic consultant Lenhart Traffic Consulting, architect Banta Campbell Architects and civil engineer Kimley-Horn.

June 8, 2016

Retail Southeast Virginia

Simon Breaks Ground on Norfolk Premium Outlets

by John Nelson June 8, 2016

NORFOLK, VA. — Simon Property Group has begun construction on Norfolk Premium Outlets, a 332,000-square-foot outlet mall located at I-64 and Northampton Boulevard in Norfolk. Set to open in summer 2017, the property will feature 85 designer and name-brand retailers, as well as a Market Hall with multiple dining options. Simon expects the new outlet mall to create 500 full-time construction jobs and 800 full- and part-time jobs upon completion. Norfolk Premium Outlets will serve the Norfolk, Virginia Beach, Chesapeake and Hampton Roads markets in Virginia.

June 8, 2016

Georgia Office Southeast

Hines, Cousins Sign Microsoft to Lease Office Space in Avalon Development

by John Nelson June 8, 2016

ALPHARETTA, GA. — Hines and Cousins Properties have signed Microsoft Corp. to a 43,000-square-foot office lease at 8000 Avalon, a 224,000-square-foot, Class A office development under construction in Alpharetta. With the Microsoft lease, 8000 Avalon is now 19 percent pre-leased with initial occupancy slated for the second quarter of 2017. Hines and Cousins are co-developing the $72 million project, which is the only office building in Phase II of Avalon. Pete Shelton and Drew Levine of Colliers International’s Atlanta office represented Microsoft in the lease transaction.

June 8, 2016

Loans Maryland Multifamily Southeast

Walker & Dunlop to Purchase HUD Servicing Portfolio for $45M

by John Nelson June 8, 2016

BETHESDA, MD. — Walker & Dunlop Inc. has agreed to purchase the commercial mortgage servicing rights associated with a $3.8 billion servicing portfolio from Oppenheimer Multifamily Housing & Healthcare Finance Inc., a subsidiary of Oppenheimer Holdings Inc. Walker & Dunlop will use available capital to fund the approximately $45 million purchase price. The portfolio comprises more than 480 multifamily and healthcare loans insured by the U.S. Department of Housing and Urban Development (HUD). The acquisition will make Walker & Dunlop the largest HUD multifamily and healthcare servicer in the U.S.

June 8, 2016

Connecticut Massachusetts Northeast Retail

Phillips Edison Grocery Center REIT II Acquires Retail Properties in Massachusetts, Connecticut

by Amy Works June 8, 2016

RAYNHAM, MASS., AND MONTVILLE, CONN. — Phillips Edison Grocery Center REIT II has acquired two grocery-anchored shopping centers in Massachusetts and Connecticut. The REIT purchased Shaw’s Plaza, a 175,842-square-foot retail center in Raynham, a suburb 30 miles south of Boston. The property is occupied by national and regional tenants, including Jo-Ann Fabrics, Marshalls, CVS/pharmacy, Sovereign Bank, Dress Barn, Gamestop, Panera Bread, Bank of America, PetSmart, SuperCuts, GNC, Spring and Cardi’s Furniture. The acquisition adds the first Shaw’s grocery-anchored shopping center to the company’s portfolio. Additionally, the REIT acquired Montville Commons, a 117,916-square-foot shopping center in Montville. The property is occupied by Stop & Shop, Anytime Fitness, Subway, Sweet Frog, Sleep’s, Hair Cuttery, Gamestop, GNC, Chili’s Bar & Grill and AT&T. Terms of the sales, including the sellers’ names and acquisition prices, were not released.

June 8, 2016

New Jersey Northeast Office

Bergman Real Estate Group Buys 120,000 SF Office Building in New Jersey

by Amy Works June 8, 2016

LYNDHURST, N.J. — Bergman Real Estate Group has acquired 1099 Wall Street West, an office building located in Lyndhurst’s Meadowlands submarket. A private equity fund sold the property for an undisclosed price. Situated on 7.5 acres, the three-story building comprises 120,000 square feet of office space. At the time of sale, the property was 50 percent leased to more than 30 companies. M&T Bank provided a flexible acquisition loan for the purchase. Rick Steel and Mark Zurlini with M&T Bank arranged the loan. Patrick Arangio and Christopher McGlone of CBRE’s National Loan & Portfolio Advisory Group, in collaboration with Jeffrey Dunne, Kevin Welsh and Brian Schultz of CBRE Institutional Properties, represented the seller in the deal.

June 8, 2016

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