Southeast

Ocean Bank Provides $60M Loan for Refinancing of Shopping Center in Miami

by Camren Skelton July 19, 2018

MIAMI — Ocean Bank has provided a $60 million loan for the refinancing of Kendall Village, a 256,000-square-foot shopping center located at the intersection of Kendall Drive and S.W. 124th Avenue in Miami. Ocean Bank provided the loan on behalf of the borrower, Kendall Village Associates LLC. The center is fully leased to tenants such as Regal Cinema, Old Navy, Gap, Chuck E. Cheese, Jared Jewelry, Pier 1 Imports and Duffy’s Sports Grill. Kendall Village was constructed in 2000 and renovated in 2005. The next phase of the project, which will include an 82,311-square-foot Floor & Décor, is currently under construction and scheduled for completion in the first quarter of 2019.

July 19, 2018

Development Industrial South Carolina Southeast

SunCap to Develop 213,200 SF Industrial Building in Upstate South Carolina

by Camren Skelton July 19, 2018

SPARTANBURG, S.C. — SunCap Property Group has acquired 18 acres on Tyger Lake Road in Spartanburg, with plans to develop a 213,200-square-foot industrial building. Dubbed Spartan Exchange, the Class A facility will feature 32-foot clear heights, 22 dock doors, two drive-in doors and trailer parking. The building will be divisible to 54,080 square feet to accommodate a range of tenant sizes. Garrett Scott, John Montgomery and Brockton Hall of Colliers International represented SunCap in the land transaction, and will be responsible for the leasing and management of the project. Edifice is the general contractor, and Ware Malcomb is the project architect. Spartan Exchange will be located roughly 10 miles from the Inland Port Greer and Greenville-Spartanburg International Airport.

July 19, 2018

Acquisitions Multifamily Southeast Tennessee

Cushman & Wakefield Arranges $18.3M Sale of Multifamily Community in Knoxville

by Camren Skelton July 19, 2018

KNOXVILLE, TENN. — Cushman & Wakefield has brokered the $18.3 million sale of Evergreen at the Bluffs, a 161-unit apartment community in Knoxville. Robbie O’Bryan, Nelson Abels and Brad Boston of Cushman & Wakefield represented the seller, Evergreen Residential, in the transaction. Hudson Capital Investments acquired the property. Constructed in 2009, Evergreen at the Bluffs features a business center, clubhouse, fitness center, pool and storage units.

July 19, 2018

Development Multifamily Seniors Housing South Carolina Southeast Top Stories

Big Rock, Kiawah Partners to Develop $125M Seniors Housing Community Near Charleston, South Carolina

by Camren Skelton July 19, 2018

KIAWAH ISLAND, S.C. — Big Rock Partners, in a joint venture with Kiawah Partners, has unveiled plans to develop a $125 million seniors housing community on Kiawah Island, a barrier island located 21 miles southwest of Charleston. The 200-unit community will be for residents ages 55 and older and will include independent living, assisted living and memory care units. The unnamed project will be built overlooking a lake next to the Freshfields Village shopping center. “There’s been exponential growth in the active senior population in the Charleston area,” says Richard Ackerman, senior managing partner at Big Rock. “We wanted to bring a state-of-the-art senior living experience to the Lowcountry.” The community will feature its own movie facility, multiple pools, a fitness center with a yoga studio, and multiple food and beverage options. “There are current Kiawah homeowners who are aging, who want to downsize and require higher degrees of service levels,” says Chris Randolph, partner at Kiawah Partners. “They don’t want to lose touch with their social circles by moving off the island. Senior living on Kiawah allows them to keep their ties to the island, and for many, to the Kiawah Island Club.” Kiawah Partners is the master developer …

July 19, 2018

Georgia Hospitality Loans Southeast

PMZ Realty Capital Arranges $32M Refinancing of Three-Property Hotel Portfolio in Georgia

by Camren Skelton July 18, 2018

NEW YORK — New York-based PMZ Realty Capital LLC has arranged a $32 million loan for the refinancing of a three-property hotel portfolio located throughout Georgia. The portfolio includes the 150-room Hyatt Place Airport North in Atlanta, the 132-room Hampton Inn Atlanta/Norcross in Norcross and the 80-room Fairfield Inn & Suites in Commerce. The 10-year loan was arranged on behalf of the borrower, Elite Hotel Management Group LLC. The loan features a fixed interest rate below 4.85 percent.

July 18, 2018

Acquisitions Florida Office Southeast

Avison Young Brokers $18.5M Sale of Office Building in Broward County

by Camren Skelton July 18, 2018

PLANTATION, FLA. — Avison Young has arranged the $18.5 million sale of Southpointe, a 79,719-square-foot office building located at 7901 S.W. 6th Court in Plantation. The sales price equates to $232 per square foot. TA Realty sold the asset, according to local media reports. David Duckworth, John Crotty, Michael Fay, Greg Martin and Brian de la Fé of Avison Young arranged the transaction on behalf of the seller. The Green Cos. acquired the asset, which was 98 percent leased at the time of sale. Balfour Beatty Construction is the lead tenant at the building.

July 18, 2018

Acquisitions Retail Southeast Tennessee

Sembler, Forge Acquire Kroger-Anchored Shopping Center in Memphis for $13M

by Camren Skelton July 18, 2018

MEMPHIS, TENN. — The Sembler Co. and Forge Capital Partners have acquired Summer Center, a shopping center located at 4304 Summer Ave. in Memphis, for $13 million. The 136,425-square-foot center was 89 percent leased at the time of sale to tenants such as Kroger, Ross Dress for Less, Rainbow, Hibbett Sports and H&R Block. Jim Hamilton, Brad Buchanan, Michael Allison and Ryan Stoffer of HFF arranged the transaction on behalf of the seller, BDB Summer Center LLC.

July 18, 2018

Georgia Leasing Activity Retail Southeast

TSCG Signs Blasted Barley Beer at Student Housing Community in Athens, Georgia

by Camren Skelton July 18, 2018

ATHENS, GA. — The Shopping Center Group (TSCG) has signed Blasted Barley Beer Co. to a 5,000-square-foot lease at Georgia Heights, a student housing community with 40,000 square feet of ground-floor retail space in Athens. The Phoenix-based restaurant and brewery plans to offer more then 30 craft beer varieties on tap, including its own signature brews, along with bar food. Harry Croxton and Amy Kennedy of TSCG arranged the 10-year lease on behalf of the landlord, Memphis-based EdR Collegiate Housing. Blasted Barley is expected to open at the 317-unit community early next year, bringing the property to full occupancy. Additional tenants include CVS/pharmacy, J.Crew, The Athlete’s Foot, SunTrust Bank, Dress Up, D.P. Dough, Cinnaholic, European Wax and Treehouse Interiors. The property encompasses a city block between Broad Street, at the main entrance to the University of Georgia, and Clayton Street, home to the Georgia Theatre.

July 18, 2018

Leasing Activity North Carolina Retail Southeast

Branch Signs Three Tenants to 215,000 SF Shopping Center in North Carolina’s Triad Region

by Camren Skelton July 18, 2018

GREENSBORO, N.C. — Branch Properties LLC has signed three tenants to Westridge Square, a 215,000-square-foot shopping center in Greensboro. The Atlanta-based real estate company originally acquired the center and its seven outparcel buildings in 2015, and is currently re-tenanting the property. Kohl’s will reduce its footprint at the center from 87,000 square feet to 55,000 square feet, and Planet Fitness will occupy the vacated space. The gym is expected to open in late 2018 or early 2019. According to local media reports, Sprouts Farmers Market will backfill 30,524 square feet of the 47,452-square-foot space formerly occupied by Harris Teeter, which closed in December. Later this summer, Title Boxing Club will open at one of Westridge Square’s outparcels. Negotiations are underway for an additional tenant to occupy the remaining space. In addition to remerchandising Westridge Square, Branch will modernize the shopping center with planned renovations including raising the parapets and upgrading the building materials to include brick, metal and wood.

July 18, 2018

Development Georgia Industrial Southeast

CRG, Pope & Land Enterprises to Develop 8.5 MSF Industrial Project Along Metro Atlanta’s I-85 South Corridor

by Camren Skelton July 17, 2018

NEWNAN, GA. — CRG, in partnership with Pope & Land Enterprises Inc., has unveiled plans to develop The Cubes at Bridgeport, a 560-acre industrial project located along the Interstate 85 South Corridor in Newnan. At full build-out, the park will include 8.5 million square feet of industrial space. The development is located near both CSX and Norfolk Southern railroads, roughly 30 miles from Hartsfield-Jackson Atlanta International Airport and approximately five miles from Newnan-Coweta County Airport. The first phase of the development will include a 1 million-square-foot speculative building with 40-foot clear heights, trailer storage and car parks. The building will be capable of handling warehousing, e-commerce and manufacturing tenants. Phase I will also include infrastructure improvements such as ramp upgrades, a new signalized intersection on Highway 29 and a public parkway and overpass above the CSX main line. Other planned infrastructural improvements include water lines, two miles of new sanitary sewer and electric utility improvements. Clayco is the design-builder for the project and its subsidiary, BatesForum, is the architect. Developers expect to wrap up construction on the first building at the project in December 2018. Chris Tomasulo and Steve Grable of JLL are handling The Cubes’ leasing assignment.

July 17, 2018

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