Retail

CBL, JV Partners Receive $155M CMBS Loan to Refinance CoolSprings Galleria Mall in Metro Nashville

by Camren Skelton May 2, 2018

FRANKLIN, TENN. — CBL Properties, along with its 50/50 joint venture partners TIAA and APG, has received a $155 million, non-recourse loan for CoolSprings Galleria, a 1.1 million-square-foot mall in Franklin, roughly 20 miles south of Nashville. Wells Fargo Bank NA provided the 10-year, CMBS loan with a fixed 4.8 percent interest rate. Proceeds of the loan were used to retire an existing $97.7 million loan, which was scheduled to mature in June. CBL’s share of $29 million in excess proceeds will be used to reduce outstanding balances on its unsecured lines of credit. The Chattanooga-based company owns and manages a portfolio of 117 retail properties totaling 73.4 million square feet, located across 26 states.

May 2, 2018

Acquisitions Alabama Retail Southeast

Matthews Arranges $13.8M Sale of Shopping Center in Huntsville

by Camren Skelton May 2, 2018

HUNTSVILLE, ALA. — Matthews Real Estate Investment Services has arranged the $13.8 million sale of The Gallery Shopping Center, a 101,498-square-foot retail center located near the $350 million Mid-City mall redevelopment in Huntsville. A Florida-based private family office acquired the asset from Plaza Properties via a 1031 exchange. Jordan Powell and Scott Henard of Matthews arranged the transaction on behalf of both parties. The Gallery Shopping Center was 95 percent leased at the time of sale.

May 2, 2018

Acquisitions Georgia Retail Southeast

HFF Brokers Sale of 103,711 SF Kroger-Anchored Center in Metro Atlanta

by Camren Skelton May 2, 2018

ACWORTH, GA. — HFF has brokered the sale of Cherokee Commons, a 103,711-square-foot shopping center in Acworth, roughly 30 miles northwest of Atlanta. Jim Hamilton, Brad Buchanan, Michael Allison and Ryan Stoffer of HFF arranged the transaction on behalf of the seller, PMAT Cos. Collett Capital acquired the asset for an undisclosed price. Kroger anchors Cherokee Commons, which was 89 percent leased at the time of sale.

May 2, 2018

Loans New York Northeast Retail

Meridian Capital Arranges $28M in Refinancing for Commercial Portfolio in Brooklyn

by David Cohen May 1, 2018

NEW YORK CITY — Meridian Capital Group has arranged $28 million in cash-out refinancing for seven commercial properties in Brooklyn. The seven-year loan, which was provided by New York Community Bank, features a rate of 3.85 percent and a 30-year amortization schedule. Bryan Geffen of Meridian represented the undisclosed borrower in the transaction. The properties are located at 1010-1032 Nostrand Ave., 330 Empire Blvd., 1500-1506 Fulton St., and 1917-1921, 2819 and 2828 Church Ave. The tenant roster includes Rite Aid, Subway, and H&R Block. All seven buildings are located throughout Brooklyn’s Crown Heights, Flatbush and East Flatbush neighborhoods.

May 1, 2018

Acquisitions Georgia Retail Southeast Tennessee

PAC Acquires Two Publix-Anchored Centers in Atlanta, Nashville Metros

by Camren Skelton May 1, 2018

ACWORTH, GA. AND GALLATIN, TENN. — Preferred Apartment Communities (PAC) has acquired two Publix-anchored shopping centers totaling 139,000 square feet in Acworth and Gallatin. Atlanta-based PAC acquired the portfolio through its wholly owned subsidiary, New Market Properties. The name of the seller and sales price were not disclosed. In Acworth, PAC acquired Governors Towne Square, which is located roughly 32 miles northwest of Atlanta. In Gallatin, a suburb located 30 miles northeast of Nashville, PAC acquired Greensboro Village.

May 1, 2018

Leasing Activity Midwest Missouri Retail

Fitness Center F45 to Open First Missouri Location in Kansas City’s Corrigan Station

by Kristin Harlow May 1, 2018

KANSAS CITY, MO. — Functional 45 (F45) is opening its first Missouri location at Corrigan Station in Kansas City. The new fitness center will be located in the Corrigan Station Garage and occupy 2,319 square feet of street-level space. Set to open this summer, the center will offer F45 Training, a method of group circuit exercises that focuses on variety, high intensity and functionality. The name stands for Functional 45-minute class durations, according to F45. Molly Crawford Munninghoff and Erin Johnston of Copaken Brooks brokered the lease transaction. Corrigan Station is a mixed-use development owned by Copaken Brooks and located within the Crossroads Arts District.

May 1, 2018

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers $1.2M Sale of Verizon Wireless Store in Oxford, Ohio

by Jeff Shaw May 1, 2018

OXFORD, OHIO — Marcus & Millichap has brokered the $1.2 million sale of a Verizon Wireless store located at 4965 College Corner Pike in Oxford. The 1,800-square-foot property, constructed in 2016, is leased to Verizon for 10 years. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap arranged the transaction on behalf of the seller, an Arizona-based merchant developer, and secured the buyer, an Ohio-based 1031 exchange investor.

May 1, 2018

Acquisitions Nevada Retail Western

Colliers Brokers $12.4M Sale of Retail Property in Las Vegas

by Amy Works May 1, 2018

LAS VEGAS — Colliers International has arranged the sale of a retail property located at 2827 Paradise Road in Las Vegas. Stirling Club LLC acquired the property from JDLB LLC for $12.4 million. Stirling Club occupies the 73,576-square-foot property. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the deal.

May 1, 2018

Acquisitions Arizona Retail Western

NAI Horizon Facilitates $6.3M Sale of Flex Building in Scottsdale, Arizona

by Amy Works May 1, 2018

SCOTTSDALE, ARIZ. — NAI Horizon has arranged the sale of a flex building located at 8445 E. Hartford Drive in Scottsdale’s Airpark submarket. C.R.C Investments LLC sold the property to Proverbs 3:5 LLC for $6.3 million. The buyer plans to convert the 30,000-square-foot property into a music venue. Troy Giammarco and Tyler Smith of NAI Horizon represented the seller, while Steve Burger of CRE Property Advisors represented the buyer in the transaction.

May 1, 2018

Loans Retail Texas

MCA Arranges $4.3M Construction Loan for Retail Conversion Project in Waco

by Taylor Williams April 30, 2018

WACO, TEXAS — Metropolitan Capital Advisors Ltd. (MCA) has arranged a $4.3 million construction loan for The Containery, a retail conversion project in Waco. Private developer Bill Wetterman plans to convert an existing warehouse situated on 24,750 square feet of land into a shopping destination with boutique retail and restaurant spaces. Brandon Wilhite of MCA arranged the loan through McGregor, Texas-based TFNB Bank.

April 30, 2018

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