NASHVILLE, TENN. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 119-bed skilled nursing facility in Nashville. A public REIT sold the undisclosed property to an owner-operator looking to grow in the area for $16 million. The multi–story facility was originally built in 1970, then renovated and expanded in 2013. The nearly 100,000-square-foot facility was later acquired in 2016 as part of a large portfolio transaction, and the lessee was retained to continue operating the portfolio. Ben Firestone and Michael Segal of Blueprint arranged the transaction.
CONWAY, S.C. — Frampton Construction Co. LLC has broken ground on a 46,028-square-foot manufacturing facility located within Atlantic Center in Conway, roughly 15 miles northwest of Myrtle Beach. Agracel Inc. is developing the project, which will be leased to Teknoware, a Finnish manufacturer of interior lighting systems for commercial vehicles. In addition to manufacturing space, the building will include 5,000 square feet of office space. The project is slated for a May 2018 completion.
JOHNS ISLAND, S.C. — Belk | Lucy, a Charleston-based real estate firm, has arranged the $3.6 million sale of Bees Ferry Landing, a 15,159-square-foot shopping center located at 3750 Savannah Highway on Johns Island, a suburb of Charleston. Chris Dion of Belk | Lucy arranged the transaction on behalf of the buyer, El Cid Alpha LLC. Genco Olive Oil Co. LLC sold the asset. The center currently houses tenants such as Domino’s Pizza, Chucktown Fitness and Subway.
Take a look at the current retail landscape, not only in New Orleans, but far beyond the Big Easy, and you will find this sector has changed drastically over the past decade. Some argue retail is dead, while others cling to the notion that every market goes through cycles, and this has been going on long before the dawn of any Tricentennial festivities. Somewhere between these two extremes is the confluence of trends, data, outliers, gossip and pontificating cries, that when carefully dissected, should provide the necessary context to obtain an understanding of the current retail market in New Orleans, as well as the opportunities that exist in the future. Make no mistake, retail in New Orleans is changing, but the restaurant sector is a bedrock, creating fresh concepts, diversifying the city’s food offering and strengthening the overall retail market. It’s futile to deny the impact technology has had on the overall retail market, and New Orleans is no exception. Retailers that derive a large portion of revenues from the sale of goods that can be purchased online are finding it difficult to compete due to the cost of operating a brick and mortar location. Of course, this is only …
ORLANDO, FLA. — ARA Newmark has arranged the $57 million sale of The Place on Millenia, a 371-unit apartment community located along the I-Drive Corridor in Orlando. Scott Ramey and Kevin Judd of ARA Newmark arranged the transaction on behalf of the seller, B&M Management. Millburn & Co. acquired the asset. In addition, Matthew Williams of NKF Capital Markets secured a seven-year, $40 million Freddie Mac acquisition loan with two years of interest-only payments and a floating interest rate of 3.51 percent. The Place on Millenia offers one- to three-bedroom floor plans and features a fitness center, clubhouse and a swimming pool with sundeck and cabanas.
BIRMINGHAM, ALA. — KeyBank Real Estate Capital has closed a $35.2 million Freddie Mac loan for the refinancing of Retreat at Greystone, a 312-unit multifamily community in Birmingham. Caleb Marten and Chris Black of KeyBank originated the seven-year loan with a 30-year amortization schedule on behalf of the undisclosed borrower. Constructed in three phases between 2015 and 2016, the property includes 26 two-story apartment buildings. Community amenities include grilling stations, a fitness center and a swimming pool.
TAMPA, FLA. — JLL has arranged the sales of two build-to-suit industrial facilities located within Crossroads Commerce Center in Tampa. The seller, Blue Steel Development LLC, acquired 71.5 acres within Crossroads Commerce Center in 2016 to develop both facilities. Ryan Vaught, John Dunphy and Robyn Hurrell of JLL represented Blue Steel in both transactions. NewSouth Window Solutions, a replacement window and door provider, acquired a 238,094-square-foot build-to-suit facility for $14.3 million, and Colonial Grocers, a wholesale grocery distributor, purchased a 112,800-square-foot facility for $7.5 million. Gary Godsey and Caleb Lewis of JLL represented Colonial Grocers in the transaction. With the completion of these sales, Crossroads Commerce Center is 50 percent sold and occupied. Blue Steel has build pads for two additional buildings within the park, one totaling 215,434 square feet and the other totaling 77,760 square feet.
CHARLOTTE, N.C. — HFF has arranged the sale of a 232,000-square-foot distribution warehouse located at 6100 Harris Technology Blvd. in Charlotte. The building is located within Northwoods Business Park, roughly 10 miles from Uptown Charlotte. The sales price was not disclosed, but the Charlotte Business Journal reports the asset sold for $19.4 million. Chris Norvell, Ryan Clutter and Patrick Nally of HFF arranged the transaction on behalf of the seller, Sun Life Financial/Bentall Kennedy. Hartz Mountain Industries Inc. purchased the building. Constructed in 1994, the warehouse features 24-foot clear heights, truck courts up to 170 feet, 34 loading doors and an ESFR sprinkler system. At the time of sale, the warehouse was fully leased to three tenants, including Iron Mountain, a Boston-based information management services company.
BENTONVILLE, ARK. — NAS Investment Solutions has acquired a 30,829-square-foot office building in Bentonville, along with five tenants-in-common (TIC) co-owners. Nick Viscount and Tim Winton of Keystone Mortgage Corp. arranged a 10-year, fixed-rate loan for the acquisition on behalf of the buyer. Other terms of the transaction were not disclosed. The property features a brick-and-glass architectural design and was solely occupied by a Fortune 500 company at the time of sale.
BROOKHAVEN, GA. — The Brookhaven City Council has approved a community investment agreement that will allow Children’s Healthcare of Atlanta (CHOA) to move forward with a new pediatric campus in the city of Brookhaven, roughly 11 miles north of downtown Atlanta. CHOA unveiled plans for the $1.3 billion project earlier this year. The new campus will include a 446-bed replacement hospital, support buildings, a physical plant, more than 20 acres of greenspace and the Center for Advanced Pediatrics, a 260,000-square-foot outpatient facility currently under construction. After construction of the new hospital is complete, CHOA will cease operations at the inpatient facility at Egleston Hospital in Atlanta. Construction on the campus’ first building will break ground next year. The project is slated for completion in 2025.