Property Type

Eight Stores to Open at Danville Hotel Redevelopment

by Nellie Day August 26, 2015

DANVILLE, CALIF. —Eight stores are set to open at a mixed-use redevelopment of the historic Danville Hotel in downtown Danville, a project by joint developers Castle Cos. and Nearon Enterprises. Retail tenants will receive space in late August through September. New openings will include a 1,200-square-foot Papyrus; a 2,000-square-foot Heavenly Couture; a 1,100-square-foot Sole Desire Shoes; a 1,000-square-foot Look + See Luxury Optical; a 400-square-foot BoBen Designs jeweler; a 3,700-square-foot Danville Brewing Co.; a 2,800-square-foot Pizza Antica; and a 1,600-square-foot Basque Boulangerie Café. Adria Giacomelli and Gary Riele of Newmark Cornish & Carey led the leasing efforts.

August 26, 2015

California Office Western

Tony Morales to Head Up JLL’s LA-Area Brokerage Houses

by Nellie Day August 26, 2015

LOS ANGELES — JLL has named Tony Morales as brokerage lead in the Los Angeles region. This area contains about 80 brokers across six offices. Morales’ expanded role will allow him to set the strategic direction for the Los Angeles-area brokerage business and oversee these offices. Morales, a 25-year commercial real estate veteran, will also continue in his role as JLL Los Angeles’ managing director, where he specializes in office properties. Prior to JLL, Morales worked with several high-profile companies, including Yahoo!, DIRECTV, Boston Consulting Group, Electronic Arts, William Morris Endeavor and Morrison & Foerster.

August 26, 2015

District of Columbia Loans Mixed-Use Southeast

Douglas Development Secures $93.5M Loan for Mixed-Use Development in D.C.

by John Nelson August 26, 2015

WASHINGTON, D.C. — Douglas Development Corp. (DDC) has secured $93.5 million in construction financing for Uline, DDC’s mixed-use development in Washington, D.C. The development will be located at 1140 3rd St. N.E. directly across from the NoMa-Gallaudet U Metro station. Upon completion in the fall of 2016, Uline will feature 174,000 square feet of loft office space with rooftop decks and 70,000 square feet of retail space, including a 51,000-square-foot REI. The $93.5 million financing includes a $75.5 million construction loan from Natixis Real Estate Capital and $18 million in preferred equity from EB5 Capital. The financing represents roughly 75 percent of the Uline’s total construction cost, and DDC will provide the remaining balance with sponsor equity. For EB5 Capital’s portion, 36 immigrant investors each contributed $500,000, making them eligible to apply for permanent U.S. residency through the EB-5 Immigrant Investor Program. Phillips Realty Capital is EB5 Capital’s joint venture partner. The Uline project is expected to create roughly 450 jobs.

August 26, 2015

Retail Washington Western

Corner Bakery Café to Open at Heritage Square in Seattle

by Nellie Day August 26, 2015

SEATTLE — Retail Properties of America Inc. has signed a lease with Corner Bakery Café to open a 4,200-square-foot restaurant at Heritage Square in the Seattle Metropolitan Statistical Area. This restaurant, set to open in spring 2016, will be the first Corner Bakery location in Washington.

August 26, 2015

North Carolina Seniors Housing Southeast

Ziegler Closes $42.6M Bond Financing for CCRC in Winston-Salem

by John Nelson August 26, 2015

WINSTON-SALEM, N.C. — Ziegler, a specialty investment bank, has closed $42.6 million in bond financing for Moravian Home, which owns and operates Salemtowne, a nonprofit continuing care retirement community (CCRC) in Winston-Salem. Salemtowne opened in 1972 and consists of 171 independent living units (98 apartments and 73 cottages); 46 assisted living beds; and 84 skilled nursing beds (18 of which are memory care) on 115 acres. The bonds will be used to fund Phase I of Salemtowne’s strategic plan, which includes the construction of a new skilled nursing facility that will initially contain 100 skilled nursing beds (40 of which will be rehabilitation beds) and 20 assisted living memory care beds. The total building size will be approximately 126,780 square feet, with 14,950 square feet devoted to the assisted living memory care beds. The project is a replacement and expansion of existing facilities. The tax-exempt, fixed-rate bonds have a 2045 final maturity (30-years). Davenport & Co. LLC served as a 15 percent co-manager and PFM served as financial advisor on the transaction.

August 26, 2015

Florida Mixed-Use Southeast

HFF Arranges $35.5M Sale of Mixed-Use Development Site in Miami

by John Nelson August 26, 2015

MIAMI — HFF has brokered the $35.5 million sale of Miami International Centre, a 20.9-acre former yacht manufacturing facility and existing 90-slip marina with access to the Miami River in Miami. Located immediately east of the Miami International Airport, the site will be home to a mixed-use development that will feature retail, hotel, residential, office and marina uses. The site is part of the recently-created 220-acre Palmer Lake Metropolitan Urban Center zoning district established by Miami-Dade County to foster the creation of a modern urban center. Manuel De Zárraga, Maurice Habif, Jaret Turkell and Marty Busekrus of HFF represented the seller, Alecta Real Estate Investment, in the transaction. The buyer was Interterra Investments Group.

August 26, 2015

Florida Retail Southeast

Colliers Brokers $5.9M Sale of Shopping Center in Central Florida

by John Nelson August 26, 2015

EUSTIS, FLA. — Colliers International has brokered the $5.9 million sale of Eustis Shopping Center, a 191,000-square-foot shopping center located in Eustis, roughly 36 miles outside of Orlando. The property’s tenant roster includes Tractor Supply Co., Beall’s Outlet, Aaron’s, Family Dollar and Save-A-Lot. The buyer, Spigal Properties, plans to upgrade the shopping center. Joe Montgomery and Tony D’Ambrosio of Colliers’ Atlanta office and Cynthia Shelton and Kane Morris-Webster of the firm’s Orlando office represented the seller, EquiTrust Life Insurance Co., in the transaction. EquiTrust foreclosed on the property in September 2014 and hired Colliers International to provide property management, leasing and investment sales services.

August 26, 2015

Loans Multifamily North Carolina South Carolina Southeast

Federal Capital Partners Secures $10M to Recapitalize Two Apartment Communities

by John Nelson August 26, 2015

CHARLESTON, S.C. AND CHARLOTTE, N.C. — Federal Capital Partners (FCP), through a $10 million loan provided by Capital One Bank, has recapitalized two apartment communities in the Carolinas. The properties include the 264-unit Plantation Oaks in Charleston and the 240-unit York Ridge in Charlotte. Plantation Oaks is FCP’s fourth investment in Charleston, and York Ridge is the firm’s third investment in Charlotte. FCP is partnering with High Real Estate Group LLC, which will retain an ownership interest in the portfolio and continue to provide property management services. Common area and individual apartment upgrades are planned for both communities.

August 26, 2015

Massachusetts Northeast Retail

Wayland Town Center in Massachusetts Sells for $68M

by Amy Works August 26, 2015

WAYLAND, MASS. — Zurich Asset Management has acquired Wayland Town Center, a mixed-use retail center in Wayland, from a joint venture between KGI Properties and J.P. Morgan Asset Management for $68 million. Anchored by Stop & Shop Supermarket, the 182,000-square-foot center also includes 17,000 square feet of medical office space occupied by Beth Israel DMC, Joint Ventures and a dental practice, and 12 apartment units, totaling 14,250 square feet. Additional retail tenants at the property include Boston Sports Club, Ace Hardware, Panera Bread and The Local. Bill Moylan, formerly of CBRE, negotiated the transaction.

August 26, 2015

Loans Mixed-Use Multifamily New York Northeast Retail

Meridian Capital Arranges $18.5M in Financing for Two Contiguous Mixed-Use Properties

by Amy Works August 26, 2015

NEW YORK CITY — Meridian Capital Group has arranged an $18.5 million refinance loan for two contiguous mixed-use properties located in East Harlem for principals Shawn Vahdat and Saba Vahdat on behalf of K&V Realty Corp. and 2109 First Avenue Realty Corp. The five-year loan, provided by Suffolk County National Bank, features a 3.1 percent fixed rate and a five-year extension option. Located at 2105 and 2109 First Ave., the two properties feature a total of 66 apartment units and 7,500 square feet of retail space. Isaac Filler of Meridian’s New York City headquarters negotiated the financing.

August 26, 2015

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