Property Type

Wood Partners to Break Ground on Apartment Community in Maryland

by John Nelson October 19, 2015

LAUREL, MD. — Wood Partners plans to break ground on a new 340-unit apartment community in Laurel, a city situated halfway between Baltimore and Washington, D.C. The property, known as The Residences Towne Centre at Laurel, will be located on a 5.2-acre site adjacent to the Towne Centre at Laurel, a 400,000-square-foot mixed-use development that features an Old Navy, Outback Steakhouse, Mission BBQ and Panera Bread. Designed by JDavis Architects, the new community will comprise a 640,000-square-foot, four-story building wrapping a 555-space parking garage. The units will feature quartz countertops, stainless steel appliances, tile backsplashes, oversize tubs, vinyl plank flooring, upgraded lighting and hardware packages and full-size washers and dryers. Community amenities will include lounge spaces, a game room, café, business center, fitness facility with a yoga studio, additional storage space, bicycle storage and a pet spa. CBRE represented the seller, Greenberg Gibbons, in the land sale. Leasing is anticipated to begin in early 2017, with construction scheduled for completion by the summer of 2017.

October 19, 2015

Industrial Southeast Tennessee

Marcus & Millichap Brokers $21.2M Sale of Coca-Cola Warehouse Portfolio in Chattanooga

by John Nelson October 19, 2015

CHATTANOOGA, TENN. — Marcus & Millichap has brokered the $21.2 million sale of a Coca-Cola industrial warehouse portfolio comprising three properties in Chattanooga. The three buildings span roughly 645,000 square feet and are leased by Coca-Cola Refreshments, a wholly owned subsidiary of The Coca-Cola Co. Coca-Cola Refreshments recently leased the properties for five-year terms with the option to renew for additional five-year terms. Sam Hanna of Marcus & Millichap’s San Diego office, along with Anne Williams of the firm’s Memphis office, brokered the transaction. Williams is Marcus & Millichap’s broker of record in Tennessee. The unnamed buyer is a publicly traded REIT.

October 19, 2015

Georgia Retail Southeast

Crossman & Co. Brokers $5.5M Sale of Retail Center in Metro Atlanta

by John Nelson October 19, 2015

AUSTELL, GA. — Crossman & Co. has brokered the $5.5 million sale of the East West Shoppes, an 85,565-square-foot neighborhood retail center in Austell, a northwest suburb of Atlanta in Cobb County. The five-building property is situated on a 15.7-acre parcel at 1025 East-West Connector. The property was 75 percent leased at the time of sale to tenants such as Starbucks Coffee, Discount Tires, American Family Insurance and Apex Animal Hospital. Brian Carolan, Bruce Lyons and John Zielinski of Crossman & Co. represented the seller, a Miami-based special servicer, in the transaction. The buyer, a private investor based in Boca Raton, Fla., has retained Crossman & Co. to lease and manage East West Shoppes.

October 19, 2015

Illinois Midwest Retail

SVN | Chicago Commercial Brokers $1.5M Sale of Retail Property in Winnetka, Ill.

by Christina Cannon October 19, 2015

WINNETKA, ILL. — SVN | Chicago Commercial has brokered the $1.5 million sale of a 7,800-square-foot retail building in downtown Winnetka, a northern Chicago suburb. Bertha Turner TN4 LLC sold the property, located at 563-571 Lincoln Ave., to Edgewood Real Estate Investment II LLC. Wayne Caplan of SVN | Chicago Commercial represented the seller and was the sole broker in the transaction. The building features six storefronts and includes tenants such as apparel retailers J. McLaughlin and Sara Campbell, a local real estate office and two local antique dealers. One storefront is currently vacant. This transaction is the first time the property has traded hands since its construction nearly 90 years ago.

October 19, 2015

Healthcare South Carolina Southeast

Ferncroft Capital Purchases Medical Office Building in Charleston for $5.3M

by John Nelson October 19, 2015

CHARLESTON, S.C. — Charlotte-based Ferncroft Capital has acquired a 14,000-square-foot, Class A medical office building located at 163 Rutledge Ave. in Charleston, for $5.3 million. The Medical University of South Carolina anchors the fully leased property. Bank of North Carolina provided the acquisition loan on behalf of Ferncroft Capital. Ferncroft has tapped CBRE to manage the medical office building. Colliers International’s Charleston office represented the undisclosed seller in the transaction.

October 19, 2015

Florida Market Reports Retail Southeast Southeast Market Reports

Tourism Industry Has Orlando Retail Market Firing on All Cylinders

by John Nelson October 19, 2015

Underpinned by a $50 billion tourism industry that drew a record-breaking 62.3 million visitors in 2014 in addition to strong job, population and residential growth, there is no question that Orlando’s retail real estate market is stronger than ever. According to 2014 U.S. census data, Orlando outpaced 99 of America’s 100 most populous MSAs in year-over-year population growth. The City Beautiful also recently ranked as the No. 1 U.S. city for job growth by Fortune Magazine following a 3.7 percent increase in its employment base in the same year. The Orlando retail market has also benefited heavily from healthy gains in the housing sector, powered by Central Florida’s tourism and construction industries, which stimulate economic development in the region. Orange County Property Appraiser, Rick Singh, reported that average home sale prices were up more than 10.5 percent in 2014, while residential construction rose 79 percent in the same period. With this type of growth, Orlando is experiencing strong consumer spending and an increase in demand for retail space. The Orlando region’s Index of Retail Activity rose 8.5 percent year-over-year in the second quarter of 2015, while the metro-wide retail vacancy rate decreased to 6.5 percent, down from 8.2 percent at …

October 19, 2015

California Multifamily Western

AvalonBay Buys Hollywood Land Parcel for New Mixed-Use Development

by Nellie Day October 16, 2015

LOS ANGELES — AvalonBay has purchased a 5.8-acre land parcel in Hollywood for more than $100 million. The parcel is located at 6677 Santa Monica Blvd. AvalonBay plans to demolish the existing site where it will build a mixed-use multifamily and retail development. The proposed development will include 24,900 square feet of retail space and 695 apartment units, including 56 affordable housing units. The project is currently in the pre-development stage. CBRE’s Curtis Palmer, Anthony Muhlstein and Peter Sherman represented the buyer. The seller was Calico and Tinseltown.

October 16, 2015

Loans Office Washington Western

Kemper Development Refinances Eddie Bauer Building in Bellevue for $220M

by Nellie Day October 16, 2015

BELLEVUE, WASH. — Kemper Development Company has received $220 million to refinance the Eddie Bauer Building in Bellevue. The 538,705-square-foot office building is situated within the Bellevue Collection on the corner of NE 8th and Bellevue Way NE. The Class A building is fully leased to Eddie Bauer and Microsoft Corp. The Bellevue Collection contains retail, office, hotel and residential properties. It features more than 250 retail brands, dozens of restaurants, more than 1 million square feet of Class A office space and more than 1,000 hotel rooms. TIAA-CREF provided the financing. Dave Karson, Alex Hernandez and Chris Moyer of Cushman & Wakefield Equity represented Kemper Development.

October 16, 2015

Arizona Multifamily Western

TruAmerica Multifamily Buys Trevi Apartments in Chandler for $47.5M

by Nellie Day October 16, 2015

CHANDLER, ARIZ. — TruAmerica Multifamily has purchased the 290-unit Trevi apartments in Chandler for $47.5 million. The Class A community is located at 635 S. Ellis Street. Trevi was built in 2005. It is currently 97 percent occupied. TruAmerica leveraged the acquisition with $34.2 million in agency debt financing secured through Berkeley Point Capital. Mitch Clarfield originated the loan. This is TruAmerica’s second acquisition in the Greater Phoenix area. The purchase was made in partnership with an institutional investor. The seller was Alliance Residential Company.

October 16, 2015

California Loans Retail Western

PCCP Provides $48.5M Loan for Sprouts @ Brokaw in San Jose

by Nellie Day October 16, 2015

SAN JOSE, CALIF. — PCCP LLC has provided a $48.5 million senior loan to Dollinger Properties for the development of Sprouts @ Brokaw, a 143,000-square-foot shopping center to be anchored by Sprouts Farmers Market in San Jose. Construction has begun on the project, which is set to open in summer 2016.

October 16, 2015

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