VIRGINIA BEACH, VA. — Atlanta-based New Realm Brewing has unveiled plans to open a second brewery and taproom in Virginia Beach. New Realm is partnering with The Miller Group to lease a 58,000-square-foot facility, located four miles from the oceanfront at 1209 Craft Lane. The space formerly housed Green Flash Brewing Co. The new brewery will be capable of brewing 40,000 barrels annually and will feature a tasting room, outdoor beer garden and private event space. The facility will open upon receiving applicable licenses required for operation. Carey Falcone, Bob Powers and Mitch Steele founded New Realm in 2016. The brewery’s 20,000-square-foot flagship facility opened in January 2018 along the Atlanta BeltLine’s Eastside Trail.
COLUMBIA, MD. — Feldman Bergin Properties, in a joint venture with Fortified Property Group, has acquired Columbia Business Center, a nine-building mixed-use complex in Columbia, for $25.6 million. Don Schline of MacKenzie Commercial Real Estate Services arranged the transaction on behalf of the seller, an institutional investor. The single-story portfolio located along Dobbin Road includes 106,255 square feet of office, laboratory, research and development and retail space. The portfolio was 84 percent leased at the time of sale to tenants including Chiron Technology Services, DSM Nutritional Products, the Motor Vehicle Administration, Sherwin-Williams and Sushi King. The new owners plan to immediately execute a capital improvement program, including exterior cosmetic renovations and modernized amenities. David Fritz, Spence Daw and Ryan Minnehan of NAI KLNB will handle Columbia Business Center’s leasing assignment, and MacKenzie Commercial Real Estate Services will manage the property.
TAMPA, FLA. — Plaza Advisors has arranged the sale of Southtown Center, a 43,669-square-foot shopping center located at the intersection of South Dale Mabry Highway and West Neptune Street in Tampa. Hillsborough County records show the asset sold for $19.8 million, or $452 per square foot. Jim Michalak, Mike Cvetetic and Keith Nurre of Plaza Advisors arranged the transaction on behalf of the seller, a Los Angeles-based investor. An Australian entity acquired Southtown Center, which was 97 percent leased at the time of sale to tenants such as Moe’s Southwest Grill, Tropical Smoothie Café, Cold Stone Creamery, Hair Cuttery, Weight Watchers, Massage Envy, Pure Barre, European Wax Center, Burger Monger, DaVita Dialysis and Century 21.
SUMMERVILLE, S.C. — HFF has brokered the sale of Newton Way Industrial Center, a 451,370-square-foot distribution and manufacturing facility located in Summervillle, roughly 22 miles from the Port of Charleston. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the seller, Gramercy Property Trust. Bob Barrineau and Brendan Redeyoff of CBRE represented the undisclosed buyer, a user that plans to also occupy the building. Newton Way Industrial Center was constructed in 2007 and features 30-foot clear heights, 37 dock-high loading doors, 22 drive-in doors, parking and storing for up to 100 trailers, 513 parking space and 17,900 square feet of office space. In addition, the property has Foreign Trade Zone status, which provides tenants with the ability to facilitate international mercantile activity if needed.
NEW YORK AND BETHESDA, MD. — New York-based Annaly Capital Management Inc. (NYSE: NLY) has agreed to acquire Bethesda-based real estate investment trust MTGE Investment Corp. (NASDAQ: MTGE) for $900 million in cash and stock. The transaction values healthcare real estate specialist MTGE at $19.65 per share. Under the deal, MTGE shareholders will have the option to receive cash, stock or a combination of the two. In addition, Annaly will assume the existing $55 million in MTGE preferred stock. The transaction is expected to close in the third quarter. “The acquisition of MTGE adds complementary assets, deepens the breadth of our investment alternatives, is accretive to earnings and provides immediate cost savings and efficiencies to shareholders,” says Kevin Keyes, chairman, CEO and president of Annaly. MTGE invests in and manages a portfolio of mortgage-backed securities and investments in triple net leased healthcare real estate. The company is externally managed and advised by MTGE Management LLC, an affiliate of AGNC Investment Corp. As of Dec. 31, MTGE’s portfolio included $6.6 billion in assets. With approximately $104.3 billion in assets as of March 31, Annaly’s portfolio includes securities, loans and equity in the residential and commercial markets. The transaction marks Annaly’s third …
COLUMBIA, MD. — The Howard Hughes Corp. has broken ground on a 350,000-square-foot office building within Merriweather District, a new mixed-use neighborhood in downtown Columbia. Tenable Inc. will anchor the new building, occupying approximately 150,000 square feet on floors seven through 12. The cyber security company will make the move from its current Columbia Gateway location to the new building at 6100 Merriweather Drive in late 2019. The new building will join One and Two Merriweather, two existing mixed-use office buildings within the development. At full build-out, Merriweather District will include 2,300 residences, a 250-room hotel, more than 1.5 million square feet of office space, 314,000 square feet of street-level retail and a central park. The Merriweather District will be powered by STEER technology, the first fully autonomous parking solution that transforms everyday cars into driverless vehicles that park themselves. The technology will make the district the first city in the country to be built for automated self-parking cars, according to the Howard Hughes Corp. In addition, Merriweather District will be LEED v4-certified — the highest level of LEED certification— making it the first development in Maryland to achieve this designation, and the fifth in the United States. Merriweather District …
FRANKLIN, TENN. — CBL Properties, along with its 50/50 joint venture partners TIAA and APG, has received a $155 million, non-recourse loan for CoolSprings Galleria, a 1.1 million-square-foot mall in Franklin, roughly 20 miles south of Nashville. Wells Fargo Bank NA provided the 10-year, CMBS loan with a fixed 4.8 percent interest rate. Proceeds of the loan were used to retire an existing $97.7 million loan, which was scheduled to mature in June. CBL’s share of $29 million in excess proceeds will be used to reduce outstanding balances on its unsecured lines of credit. The Chattanooga-based company owns and manages a portfolio of 117 retail properties totaling 73.4 million square feet, located across 26 states.
OCOEE, FLA. — McCraney Property Co. has acquired 43.9 acres in Ocoee, roughly 12 miles west of Orlando, with plans to develop a 652,696-square-foot industrial park. Dubbed Distribution 429, the development will include three buildings: Building 100, totaling 104,950 square feet; Building 200, totaling 145,164 square feet; and Building 300, totaling 402,582 square feet. William “Bo” Bradford of Lee & Associates represented the undisclosed seller in the land sale. McCraney expects to break ground on the development later this month. The buildings will target end-users requiring freight forwarding, third-party logistics and fulfillment needs.
HUNTSVILLE, ALA. — Matthews Real Estate Investment Services has arranged the $13.8 million sale of The Gallery Shopping Center, a 101,498-square-foot retail center located near the $350 million Mid-City mall redevelopment in Huntsville. A Florida-based private family office acquired the asset from Plaza Properties via a 1031 exchange. Jordan Powell and Scott Henard of Matthews arranged the transaction on behalf of both parties. The Gallery Shopping Center was 95 percent leased at the time of sale.
ACWORTH, GA. — HFF has brokered the sale of Cherokee Commons, a 103,711-square-foot shopping center in Acworth, roughly 30 miles northwest of Atlanta. Jim Hamilton, Brad Buchanan, Michael Allison and Ryan Stoffer of HFF arranged the transaction on behalf of the seller, PMAT Cos. Collett Capital acquired the asset for an undisclosed price. Kroger anchors Cherokee Commons, which was 89 percent leased at the time of sale.