TAMPA, FLA. — Tampa-based Plaza Advisors has brokered the $51 million sale of three Publix-anchored shopping centers totaling nearly 300,000 square feet in Florida and Alabama. The assets include Magnolia Plaza in Panama City Beach, Fla.; Palmer Ranch in Sarasota, Fla.; and Magnolia Place in Daphne, a suburb of Mobile, Ala. The shopping centers had an average occupancy rate of 98 percent at the time of sale. Jim Michalak and Mike Cvetetic of Plaza Advisors were the sole brokers involved and represented the seller, which developed all three shopping centers. The buyer was undisclosed.
BIRMINGHAM, ALA. — Bank of America has funded the refinancing of The Summit, a 1 million-square-foot trophy retail development in Birmingham. Built in phases in 1997 and 2009, The Summit’s retail tenant roster includes Apple, Trader Joe’s, Restoration Hardware, Carmike Cinemas, Bed Bath & Beyond, lululemon athletica, Anthropologie and West Elm. Restaurant tenants include P.F. Chang’s, Seasons 52, Cheesecake Factory, Macaroni Grill and California Pizza Kitchen. Situated on 102 acres at 125 Summit Blvd., The Summit is bordered by U.S. 280, I-459 and Cahaba Heights Road and was 99 percent leased at the time of financing. Jim Curtin led HFF’s debt placement team to place the 10-year, fixed-rate loan through Bank of America. The loan amount was not disclosed. The borrowing entity, a partnership between The Summit’s developer Bayer Properties LLC and Institutional Mall Investors LLC, which is a co-investment venture between Miller Capital Advisory Inc. and CalPERS, will use the loan proceeds to refinance an existing loan.
HUNTSVILLE, ALA. — Berkadia Real Estate Advisors has brokered the $9.9 million sale of two apartment communities in Huntsville totaling 375 units. The properties include the 223-unit Hillside Village at 4515 Bonnell Drive and the 152-unit Twickenham Village at 5001 Galaxy Way. David Oakley, David Etchison and David Wilson of Berkadia’s Birmingham office represented the sellers, Huntsville-based Hillside Village LLC and Twickenham Village LLC, in the transaction. The buyer, Huntsville-based VCP Twickenham LLC, plans to upgrade the interior and exterior of the communities, which were both built in 1985.
NASHVILLE, TENN. AND HUNTSVILLE, ALA. — Andrew Agee of the SVN Multifamily group has brokered the $19.8 million sale of a three-property multifamily portfolio in Nashville and Huntsville. The communities include the 200-unit Millwood Manor in Nashville, the 110-unit Hartford House in Nashville and the 169-unit Summertree Apartments in Huntsville. A private buyer based in Nashville purchased the portfolio from Athens, Ala.-based J&J Properties for roughly $41,231 per unit. Agee represented both the buyer and seller in the transaction.
MONTGOMERY, ALA. — Montgomery-based Jim Wilson & Associates LLC (JWA) plans to develop Eastchase Central, a shopping center in Montgomery that will be anchored by a roughly 40,000-square-foot Marshalls/HomeGoods store. The shopping center will also feature an 8,500-square-foot Five Below store, as well as other retailers that have yet to be announced. Eastchase Central will be situated on 6.7 acres at the midway point of Eastchase Parkway and directly across from a Hampton Inn & Suites. JWA plans to deliver Eastchase Central in late fall 2017.
Commonly referred to as the River Region, Montgomery is the second largest city in Alabama and the state capital. The Montgomery metropolitan area consists of Autauga, Elmore, Lowndes and Montgomery counties. With a population approaching 374,000, the River Region’s diverse economy, skilled workforce, business-friendly climate and Southern charm continue to attract new residents and commercial development. Key industries in the Montgomery metro area include automotive, manufacturing, fabricated metals, plastics, warehousing/distribution and state/regional government. As of June 30, total unit count in the Montgomery market is 6,588 with an average year built of 1997. According to the Axiometrics second-quarter 2016 report for Montgomery, annual effective rent growth has averaged 1.2 percent since the fourth quarter of 1996 with annual effective rent growth forecast to be 0.1 percent for 2016, 1.7 percent in 2017 and an average of 2.6 percent from 2018 to 2020. The Axiometrics report also states the market’s occupancy rate has averaged 92.2 percent since the fourth quarter of 1995. Currently, occupancy in the Montgomery market is 89.6 percent as of second-quarter 2016, which is a slight decrease from 91.1 percent in the first quarter of 2016 and 90.7 percent in second-quarter 2015. Axiometrics projects the market’s occupancy rate …
FLORENCE, ALA. — Mission Capital Advisors has arranged a $15.3 million, non-recourse loan for Florence Square, a 226,886-square-foot shopping center located in Florence. Gregg Applefield, Alex Draganiuk, and Jamie Matheny of Mission Capital Advisors secured the three-year loan on behalf of the sponsor, a joint venture between Triangle Capital Group and Arcadian Cap Group LLC, which acquired the property in 2014. The loan features two one-year extension options. The financing will cover capital improvements to Florence Square, including the demolition of a building that was vacated by Kmart in April. The demolition will make way for a new Academy Sports + Outdoors and PetSmart, as well as two new outparcels that will add another 8,000 square feet of retail space. The loan will also enable the sponsor to pay off the property’s existing low-leverage CMBS loan.
SPANISH FORT, ALA. — NorthMarq Capital has arranged a $24 million acquisition loan for Eastern Shore Plaza, a 270,105-square-foot shopping center located at 10200 Eastern Shore Blvd. in Spanish Fort. Chad Owens of NorthMarq Capital’s Houston office arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. Owens arranged the loan through an undisclosed CMBS lender on behalf of the borrower, Eastern Shore Plaza LLC, an entity controlled by Azad Commercial Realty Services.
TRUSSVILLE, ALA. — Senior Living Investment Brokerage (SLIB) has arranged the $4.5 million sale of Sunrise Ridge, a 45-unit assisted living community in the Birmingham suburb of Trussville. Atlas Senior Living, based in Birmingham, bought the property from a local partnership. The community was built in 2009 and features additional land for expansion. Bradley Clousing of SLIB arranged the transaction.
MOBILE, ALA. — Marcus & Millichap’s Chetek Group has arranged the $32.5 million sale of Eastern Shore Plaza, a 270,105-square-foot retail power center located at 10200 Eastern Shore Blvd. in Mobile. Built in 2004, the property was 96 percent leased at the time of sale to tenants such as Ross Dress for Less, Old Navy, Michael’s, PetSmart, Cost Plus World Market, Dollar Tree and Ashley Furniture. Brett Chetek and Alex Perez of the Chetek Group, along with Andrew Chason of Marcus & Millichap, represented the seller, a private Alabama-based development group. Michael Fasano is Marcus & Millichap’s broker of record in Alabama. The buyer was undisclosed.