Southeast

The Shopping Center Group Arranges $20M Sale of Two Retail Centers in Metro Tampa

by Camren Skelton July 31, 2017

TAMPA AND DUNEDIN, FLA. — The Shopping Center Group has arranged the sale of two shopping centers in metro Tampa: Northbay Commerce Center in Tampa and Weathersfield Commons in Dunedin, roughly 25 miles west of Tampa. Anthony Blanco and Lynn De Marco of The Shopping Center Group represented the seller, a CMBS special servicer. An entity affiliated with Global Fund Investments purchased Northbay Commerce Center for $13.5 million, and an entity affiliated with Miami-based Jewell Capital acquired Weathersfield Commons for $5.8 million. Built in 2004, the 107,670-square-foot, Publix-anchored Northbay Commerce Center is located at the intersection of Race Track Road and West Hilllsborough Avenue. Shadow-anchored by Lowes Home Improvement, the 81 percent leased property is home to Youfit Health Club, Pizza Hut, Cracker Barrel and Leslie’s Pool Supplies. The 68,000-square-foot Weathersfield Commons is anchored by LA Fitness, which is backfilling the former Sweetbay Supermarket, and is situated at the intersection of Main and Virginia streets in Dunedin. Construction is underway on the property, with opening slated for January 2018.

July 31, 2017

Retail South Carolina Southeast

Preferred Apartment Communities Acquires 99,384 SF Shopping Center Near Columbia

by Camren Skelton July 31, 2017

IRMO, S.C. — Preferred Apartment Communities (PAC) has purchased Irmo Station, a 99,384-square-foot, Kroger-anchored shopping center in Irmo, roughly 12 miles northwest of Columbia. PAC acquired the asset through its wholly owned subsidiary New Market Properties LLC, and financed the acquisition using a $10.7 million, non-recourse loan from Nationwide Mutual Insurance Co. The loan features a fixed 3.9 percent interest rate and matures in 2030. Located approximately one mile off Interstate 26, Irmo Station is anchored by a 56,942-square-foot Kroger grocery store. The acquisition marks New Market Properties’ 34th grocery-anchored shopping center across seven states.

July 31, 2017

Loans Maryland Retail Southeast

Revere Capital Provides $17M Bridge Loan for Mall in Metro Baltimore

by Camren Skelton July 31, 2017

GLEN BURNIE, MD. — Revere Capital has provided a $17 million bridge loan for Marley Station Mall, an 800,000-square foot, Class B mall located at 7900 Ritchie Highway in Glen Burnie, roughly 11 miles south of Baltimore. Matt Turner of Revere Capital structured the loan. Constructed in 1987, Marley Station Mall is anchored by JC Penney, Sears and Macy’s, and is home to 120 stores including Gold’s Gym, Bath & Body Works, Men’s Wearhouse, Victoria’s Secret, Kay Jewelers, Justice and Marley Station Movies.

July 31, 2017

Georgia Multifamily Southeast Student Housing

FM Capital Purchases 528-Bed Student Housing Property Near Georgia Southern University

by Camren Skelton July 31, 2017

STATESBORO, GA. — FM Capital has acquired Campus Evolution Villages at Statesboro, a 528-bed student housing community near Georgia Southern University in Statesboro. FM Capital will rebrand the property as The Vault at Statesboro and install capital improvements including a new clubhouse and game room; new hot tub, cabanas, fire pits and grill stations by the pool; a dog park; new fitness center with video software; a computer room and two private study rooms. The sales price and seller were not disclosed.

July 31, 2017

Florida Hospitality Loans Southeast Top Stories

Walker & Dunlop Arranges $218.2M in Construction Financing for JW Marriott Hotel in Orlando

by Taylor Williams July 31, 2017

ORLANDO, FLA. — Walker & Dunlop Inc. (NYSE: WD) has arranged $218.2 million in construction financing for JW Marriott Bonnet Creek, a 516-room luxury hotel and resort project in Orlando. The non-recourse financing represents 77.3 percent of the total project cost of $282 million, and comprises both senior and mezzanine debt. A partnership between Walker & Dunlop’s Miami capital markets team and SRF Ventures Inc., a New York-based real estate investment and advisory firm, provided the funds. The hotel will be situated on 10 acres near the Epcot section of the Walt Disney World Resort complex, with close proximity to local attractions such as Magic Kingdom and Universal Studios, as well as the Orlando International Airport. Designed by Dallas-based architecture and engineering firm Huitt-Zollars Inc., the project will also deliver a 1,000-space parking garage. Hotel amenities will include 50,000 square feet of meeting and banquet space, a business center, luxury spa and fitness area and a lazy river with guest pools. “This was a very marketable deal with a great sponsor,” says Kevin O’Grady, managing director of Walker & Dunlop’s Miami capital markets team. “Structuring transactions like this is right in the bull’s-eye of our expertise, and we’re very pleased …

July 31, 2017

Florida Market Reports Retail Southeast Southeast Market Reports

Miami Retail Market Faces Obstacles from E-Commerce, Declining Foreign Tourism

by John Nelson July 31, 2017

There are two major trends affecting retailers across South Florida: the reduction of affluent foreign tourists in the market and the internet, which is forcing retailers to shift their concepts at an accelerating pace. Both factors have led to a slight decline in market conditions, specifically a deceleration of growth rates, but not significantly enough to cause great concern or to feel South Florida has become a “falling market.” Instead, much like origami, one must shape retail concepts to adapt to the new online reality. The American dollar is still very strong against Latin American and most foreign currency. This has created a downward spiral for hotel occupancy and retail sales in South Florida’s tourist driven areas such as South Beach and Lincoln Road. Miami-Dade County hotel occupancy was down 0.6 percent year-over-year to 83.5 percent in February/March 2017. This tourism decline has also created a shift in foreign investing. While large foreign investors are still active in the market, there has been a noticeable exit of smaller foreign investors. This has created an unusual twist in the South Florida market as now domestic (primarily from the Northeast) and Canadian investors are actively looking and purchasing retail opportunities given they …

July 31, 2017

Loans Multifamily Southeast Virginia

NorthMarq Capital Arranges $30M Construction Loan for Multifamily Asset in Downtown Richmond

by Camren Skelton July 28, 2017

RICHMOND, VA. — NorthMarq Capital has secured a $30 million loan for Reynolds South Tower, a 10-story, 213-unit apartment community located at 505 Porter St. in downtown Richmond. Mike Lowry of NorthMarq Capital arranged the construction loan through Union Bank & Trust. The loan features a variable interest rate that will convert to a fixed-rate, permanent loan upon completion.

July 28, 2017

Multifamily South Carolina Southeast

Wood Partners Breaks Ground on 329-Unit Apartment Community Near Charleston

by Camren Skelton July 28, 2017

SUMMERVILLE, S.C. — Wood Partners has broken ground on Alta Brighton Park, a 329-unit multifamily community in Summerville, roughly 25 miles northwest of Charleston. Located within Nexton, a mixed-use community, the Class A apartment property will feature a saltwater swimming pool, fitness center, resident library and business center. The apartment community is slated to begin leasing in summer 2018.

July 28, 2017

Retail South Carolina Southeast

Matthews Brokers $22M Sale of Retail Center Near Hilton Head

by Camren Skelton July 28, 2017

BLUFFTON, S.C. — Matthews Real Estate Investment Services has arranged the $22 million sale of Low Country Village, a 140,000-square-foot shopping center in Bluffton, roughly seven miles west of Hilton Head. Scott Henard of Matthews led the transaction on behalf of the seller, Retail Properties of America Inc. A private, California-based buyer acquired the property. At the time of sale, Low Country Village was fully leased to 14 tenants including Ross Dress for Less, Michaels, Cost Plus World Market, Big Lots and Pier 1 Imports. Constructed in 2001, the shopping center is situated between two Tanger Factory Outlet Centers.

July 28, 2017

Arkansas Loans Multifamily Southeast Student Housing

KeyBank Structures $29.5M Loan for Student Housing Property Near University of Arkansas

by Camren Skelton July 28, 2017

FAYETTEVILLE, ARK. — KeyBank Real Estate Capital has secured a $29.5 million loan for Sterling District, a 198-unit student housing community in Fayetteville, less than a half mile from the University of Arkansas campus. Caleb Marten of KeyBank structured the fixed-rate, first-mortgage loan with seven years of interest-only payments through a correspondent life company relationship. Sterling District features a swimming pool, hot tub, fitness center, study rooms, game rooms, cyber café and an outdoor courtyard with barbeque grills.

July 28, 2017

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