AUGUSTA, GA. — The Palomar Group has brokered the $24.7 million sale of National Hills, a 159,855-square-foot shopping center in Augusta, located across from the Augusta National Golf Club. The Fresh Market anchors the center, which was 94 percent occupied at the time of sale by tenants including Electrolux, Sprint, Sally Beauty Supply, Legend’s Club and Merle Norman. The Palomar Group arranged the transaction on behalf of the seller, a regional investor, and the buyer, an international REIT.
RALEIGH, N.C. — Parmer Innovation Centers has acquired 14 TW Alexander Drive, a 276,726-square-foot office, laboratory and manufacturing building in Raleigh’s Research Triangle Park. The building, located next door to the Parmer RTP campus, will be renamed Parmer 14. Brian Carr and Lee Clyburn of CBRE | Raleigh arranged the transaction on behalf of Parmer Innovation Centers. Other terms of the transaction were not disclosed. Renovations to Parmer 14 will include outdoor space with permanent food truck sites, a rooftop deck, outdoor meeting spaces, waterfront amenities and sports courts. The new building will be ready for occupancy in the first quarter of 2018. Carr and Clyburn will handle the property’s leasing assignment. Parmer Innovation Centers operates more than 3 million square feet of innovative workspace in the U.S. and the UK, and houses tenants including Apple, Allergan, Blue Apron, GlaxoSmithKline, GM and Credit Suisse.
BOYNTON BEACH, FLA. — MMG Equity Partners has acquired Meadows Square Shopping Center, a 94,708-square-foot retail center in Boynton Beach, a city in Palm Beach County, for $17 million. Presidente Supermarket anchors the center, which was 97 percent leased at the time of sale to tenants including Dollar Tree and Bank of America. Casey Rosen of CBRE arranged the transaction on behalf of the undisclosed seller. HFF arranged a 10-year, fixed-rate acquisition loan through a life insurance company on behalf of MMG Equity Partners.
SANDY SPRINGS, GA. — CBRE Global Investors has signed a 28,000-square-foot lease with Industrious, a coworking office space provider, at 7000 Central Park, an 18-story office tower in Atlanta’s Central Perimeter submarket. The 12-year lease marks Industrious’ fifth location in Atlanta and the company’s first foray into the market’s suburbs. The building is located in Sandy Springs, roughly 15 miles north of downtown Atlanta. Industrious will occupy the entire 11th floor of the building, and will accommodate approximately 200 members, ranging from small and midsize businesses to Fortune 500 companies. The 423,775-square-foot 7000 Central Park is in the final stages of a renovation that will deliver enhanced amenities, shared coworking space, community events, a fitness center, expanded café area and a new outdoor living room. In addition, CBRE Global Investors’ shuttle service offers a two-minute drive to the Sandy Springs MARTA station, as well as several mixed-use communities within close proximity. Industrious will move into the new space in early 2018.
PIKE ROAD, ALA. — Capital One has provided a $39 million Fannie Mae loan for the acquisition of The Grand Reserve at Pike Road, a 376-unit apartment community in Pike Road, roughly 12 miles southeast of Montgomery. Chad Thomas Hagwood of Capital One arranged the 10-year, fixed-rate loan with three years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, an entity owned by EBSCO Income Properties. Trimback Construction, the seller, developed the property in 2013. Grand Reserve features a swimming pool, business center, playground, pet park and biking, hiking and jogging trails.
MYRTLE BEACH, S.C. — Eyzenberg & Co. has arranged a $22.6 million construction loan for the development of a 42,000-square-foot retail project located at 1410 N. Ocean Blvd. in Myrtle Beach. The three-story, oceanfront complex will include a live entertainment venue, restaurants and retail space. David Eyzenberg and Ao Sun of Eyzenberg & Co. arranged the non-recourse financing at 60 percent loan-to-cost through Gamma Real Estate. Tin Roof, a restaurant/entertainment operator, will occupy the third floor of the building with a 10,000-square-foot flagship location. The rooftop will include a covered, air-conditioned restaurant space, as well as an open-air terrace. Signed tenants on the ground floor include BurgerFi and General Store. Florida-based restaurant Papa’s Raw Bar is slated to take space on the first and second floors. The development is scheduled to open in April 2018.
TAMPA, FLA. — Westmount Realty Capital LLC has sold a 332,250-square-foot, 14-building industrial portfolio located in Tampa’s Westside submarket. The sales price and seller were not disclosed. The portfolio includes six showroom and flex buildings on West Waters Avenue, two rear-load, dock-high buildings on Sunstate Street and six front-load, dock-high distribution warehouse buildings on Pioneer Park Boulevard. Westmount originally acquired the portfolio in 2013 and invested in exterior upgrades. The portfolio’s occupancy rates improved during Westmount’s ownership from 75 to 94.5 percent.
HAMPTON, VA. — JLL has arranged the sale of Mercury Plaza, a 98,066-square-foot shopping center located at the intersection of West Mercury Boulevard and Power Plant Parkway in Hampton, roughly 10 miles southeast of Newport News in the Mid-Atlantic’s Hampton Roads region. Margaret Caldwell and Margaret Jones of JLL arranged the transaction on behalf of the seller, New York-based Olshan Properties. Atlanta-based Branch Properties acquired the property for an undisclosed price. Walmart Neighborhood Market and Marshalls anchor Mercury Plaza, and Burlington shadow-anchors the property. The center also includes five national tenant outparcels and additional development opportunities.
ROCKY MOUNT AND ZEBULON, N.C. — The Woda Group Inc. has broken ground on two multifamily communities in North Carolina: Ravenwood Crossing in Rocky Mount and Shepard Greene in Zebulon. The $9 million Rocky Mount development will include 80 affordable townhomes for seniors, families and single renters. Financing was provided through low income housing tax credits (LIHTC), loans allocated by the North Carolina Housing Finance Agency, the City of Rocky Mount, Community Affordable Housing Equity Corp. (CAHEC) and the Bank of Tennessee. Shepard Greene, a $6.4 million community in Zebulon, will include 50 affordable homes for seniors age 55 and over. Bank of America is providing equity for the project and a USDA Rural Development 538 loan will be implemented by Bellwether Enterprise. The project is also utilizing LIHTC and other state loans allocated by the North Carolina Housing Finance Agency.
A decade ago, the Atlanta retail market was a house of cards. It was clear to see this if you were in the industry at the time, and possibly even if you weren’t. Based on the intense overbuilding that had taken place, it wouldn’t have taken a worldwide economic meltdown to wreck it, though that didn’t help. Literally hundreds of unanchored retail centers had cropped up all over suburbia, fitting directly into everything that people consider to be negative about shopping centers. The formula for developers was to scrape every tree from a piece of land, cover it with asphalt and an inexpensively constructed building, then fill it with whatever tenants they could find. The result was largely a glut of properties with poor intrinsic values: mid-block sites, odd shaped layouts, challenging access, uninspired, non-credit tenants with high rents. This would, of course, turn out to be unsustainable. To be fair, not every property was developed in this fashion. Atlanta was and still is home to many excellent retail developers that know how to create amazing projects. But many look back to the 2000s in Atlanta as a time of cookie cutter development with inexperienced builders playing a game of …
