Southeast

HFF Arranges $28.2M Sale of Publix-Anchored Retail Center in Metro Nashville

by Camren Skelton February 7, 2018

MOUNT JULIET, TENN. — HFF has arranged the $28.2 million sale of Providence Commons, a 110,137-square-foot shopping center located at 631 S. Mt. Juliet Road in Mount Juliet, an eastern suburb of Nashville. Jim Hamilton and Richard Reid of HFF arranged the transaction on behalf of the seller, Boyle Investment Co. Boyle will continue to provide development, leasing and management services for the property. The name of the buyer was not disclosed. Publix anchors Providence Commons, which was fully leased at the time of sale to additional tenants including Tuesday Morning, Anytime Fitness, Pizza Hut, Subway, Edible Arrangements, Moe’s Southwest Grill, Salons by JC, Precision Eye Care and PostalAnnex, an authorized UPS shipping outlet. The property also includes seven acres of developable land.

February 7, 2018

Georgia Industrial Southeast

Crow Holdings Breaks Ground on Two Industrial Buildings in Atlanta, Northeast Georgia

by Camren Skelton February 7, 2018

ATLANTA AND JEFFERSON, GA. — Crow Holdings Industrial (CHI), the industrial development affiliate of Dallas-based Crow Holdings, has broken ground on two industrial buildings in Atlanta and northeast Georgia. In Atlanta, the firm is constructing Southside Logistics Center, a 135,000-square-foot building located roughly three miles from Hartsfield-Jackson Atlanta International Airport. The building features 30-foot clear heights, 52-by-52-foot column spacing, 224 parking spaces and an ESFR sprinkler system. Mike Sutter and Rick Tumlin of Lee & Associates are handling the building’s leasing assignment. In Jefferson, roughly 60 miles northeast of Atlanta in Jackson County, CHI is underway on New Salem 85 Logistics Center. The cross-dock building totals 636,000 square feet and will feature up to 239 trailer spaces. Located less than a mile from Interstate 85, the building is suited for distribution and fulfillment users. Wit Truitt and Bob Currie of JLL are handling the property’s leasing assignment. In addition to the two new developments, CHI is also underway on Royal 85 Business Center in Union City, roughly eight miles from the Atlanta airport, and Braselton Point Logistics Center in the northeast Georgia city of Braselton. Once completed, CHI will have developed more than 1.5 million square feet of industrial space across …

February 7, 2018

Florida Mixed-Use Retail Southeast

Encore Signs First Tenants to Retail Portion of $750M Mixed-Use Project in Orlando

by Camren Skelton February 6, 2018

ORLANDO, FLA. — Encore Capital Management has unveiled the first retailers to join the 200,000-square-foot SunsetWalk at Margaritaville Resort Orlando. SunsetWalk will anchor the $750 million, 300-acre Margaritaville Resort development. At full build-out, the project will feature a 187-room Margaritaville hotel, 900 resort rental homes, 300 timeshare units and a 12-acre waterpark. The project is currently under construction near U.S. Highway 192 and State Road 429, across the street from Disney’s Animal Kingdom. The largest tenant to join SunsetWalk is Studio Movie Grill, a 40,000-square-foot theater that will feature 12 screens and more than 1,000 recliners. GameTime will also join the development, opening a 24,000-square-foot entertainment center that will include a restaurant, sports bar, video arcade games, prize machines and more than 60 TVs. Country band Rascal Flatts will open a themed restaurant at the development that will feature a full-service bar, live entertainment and retail space. In addition, Rock & Brews — a restaurant associated with musicians Gene Simmons and Paul Stanley — will join SunsetWalk. Other confirmed tenants at the development include Skechers, Bahama Bucks, Avalon Day Spa, Café Rio, Cold Stone Creamery, Paradise Spirits and Wine and BugerFi. The first phase of SunsetWalk is expected to open in November.

February 6, 2018

Affordable Housing Loans Louisiana Multifamily Southeast

Capital One Provides $34.9M Financing for New Affordable Housing Community in Baton Rouge

by Camren Skelton February 6, 2018

BATON ROUGE, LA. — Capital One’s Community Finance and Multifamily Finance groups have provided $34.9 million in debt and equity financing for the development of Meadows at Nicholson, a 204-unit affordable housing community in Baton Rouge. Capital One Community Finance purchased $15 million of 4 percent low income housing tax credits (LIHTC) through syndicator Enterprise Community Investment, while Capital One Multifamily Finance closed a $19.9 million HUD 221(d) loan. The financing was arranged on behalf of developer, Louisville, Ky.-based LDG Development. The remainder of the financing included a $2 million HOME loan from the Louisiana Housing Corp. (LHC) and a $1 million letter of credit from LDG. The development will include 12 HOME units, required to be affordable for at least 20 years under LHC’s HOME program. Meadows at Nicholson will feature a clubhouse with meeting room, fitness center, business center with computers, playground and a library.

February 6, 2018

Georgia Loans Office Retail Southeast

HFF Arranges $16.2M Acquisition Loan for Adaptive Reuse Project in Atlanta

by Camren Skelton February 6, 2018

ATLANTA — HFF has arranged a $16.2 million acquisition loan for Ellsworth Lofts, a three-building adaptive reuse complex located at 1460 and 1510 Ellsworth Industrial Blvd. N.W. in Atlanta’s West Midtown district. Gregg Shapiro of HFF arranged the five-year, floating-rate loan through Wells Fargo Bank on behalf of the borrower, Origin Investments. Ellsworth Lofts comprises two office buildings totaling 80,977 square feet and one retail outparcel totaling 9,840 square feet. Bacchanalia and Star Provisions Market & Café occupy the property’s retail portion. In addition, the 6.7-acre site includes 1.2 acres of developable land. Ellsworth Lofts was 70 percent leased at the time of sale.

February 6, 2018

North Carolina Office Southeast

Rockford, Blue Vista Acquire 153,000 SF Office Building in Charlotte

by Camren Skelton February 6, 2018

CHARLOTTE, N.C. — Rockford Capital Partners, in partnership with Blue Vista Capital Management, has acquired Four Resource Square, a 153,000-square-foot office building in Charlotte’s University submarket. Rob Cochran and Jared Londry of Cushman & Wakefield arranged the transaction on behalf of the undisclosed seller. The sales price was not disclosed. Medical technology provider Allscripts anchors Four Resource Square. Rockford and Blue Vista plan to invest in capital improvements to upgrade the building and available suites. Joe Franco and Katherine Richey of CBRE will handle the building’s leasing assignment on behalf of the new ownership.

February 6, 2018

Florida Hospitality Loans Southeast

Ready Capital Provides $5.5M Refinancing for Hotel in Miami Beach

by Camren Skelton February 6, 2018

MIAMI BEACH, FLA. — Ready Capital Structured Finance has provided a $5.5 million loan for the refinancing of a 32,000-square-foot hotel and condominium property in Miami Beach. Ready Capital provided the two-year, non-recourse, floating-rate loan on behalf of the undisclosed borrower. The loan features one extension option and flexible prepayment. Of the 80 units, 13 are hotel properties and the remaining are condominiums. In addition, the property features 6,800 square feet of retail space and 19,000 square feet of garage space.

February 6, 2018

Georgia Restaurant Retail Southeast Top Stories

Arby’s Completes $2.9B Acquisition of Buffalo Wild Wings, Launches New Company

by Kristin Harlow February 6, 2018

ATLANTA — Arby’s Restaurant Group Inc. has completed its $2.9 billion acquisition of Buffalo Wild Wings Inc. As part of the transaction, the company launched a new restaurant company known as Inspire Brands Inc. The company will oversee the growth of Arby’s, Buffalo Wild Wings and an emerging brand, R Taco. More than 4,600 company-owned and franchised restaurants across 15 countries are within Inspire’s portfolio. The combined global sales of its restaurants in 2017 exceeded $7.6 billion. “We believe the time is right to create a different kind of restaurant company — one with a broad portfolio of distinct brands across a full spectrum of restaurant occasions,” says Paul Brown, CEO of Inspire Brands. “Our goal is to build an organization that leverages the benefits of scale, not only to save cost, but also to enable outsized investments in long-term growth initiatives.” Inspire is designed to enable each individual brand to benefit from and build off the strengths of the others. Brown of Arby’s and Neal Aronson of Roark Capital Group, a private equity firm, co-founded Inspire. The company’s headquarters will be based in Atlanta with a support center in Minneapolis. Founded in 1964, Atlanta-based Arby’s is a sandwich restaurant …

February 6, 2018

Florida Multifamily Southeast

ARA Newmark Brokers $64.1M Sale of Multifamily Community in Tampa Bay Area

by Camren Skelton February 5, 2018

ST. PETERSBURG, FLA. — ARA Newmark has arranged the $64.1 million sale of Reserve at Gateway, a 314-unit apartment community located at 500 Trinity Lane in St. Petersburg. Patrick Dufour, Richard Donnellan, Scott Ramey and Ryan Crowley of ARA Newmark arranged the transaction on behalf of the seller, New York-based Clarion Partners. Matthew Williams of NKF Capital Markets arranged acquisition financing for the asset on behalf of the buyer, Philadelphia-based Equus Capital Partners. Constructed in 1999, the property underwent renovations between 2013 and 2017. Individual units feature crown molding, faux-wood flooring, stainless steel appliances, granite countertops and new cabinetry and lighting. Community amenities include a resort-style pool, outdoor kitchen, fitness center, lighted tennis court, car care center and a dog park.

February 5, 2018

Loans Multifamily North Carolina Southeast

CBRE Arranges $42.2M Acquisition Loan for New Apartment Community in Triangle

by Camren Skelton February 5, 2018

MORRISVILLE, N.C. — CBRE has arranged a $42.2 million Fannie Mae loan for the acquisition of The Reserve at Park Place, a 312-unit apartment community located at 4531 Langdon Drive in Morrisville. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE arranged the loan on behalf of the buyer, Centennial Holding Co. Watson Bryant, Jordan McCarley and Marc Robinson of Cushman & Wakefield arranged the sale on behalf of the seller, Park Place Members LLC. Constructed in 2017, the property features a saltwater pool, entertainment pavilion, car wash facility, dog park and spa, billiards table and a fitness center.

February 5, 2018

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