Southeast

PREIT Sells Crossroads Mall in West Virginia for $24.8M

by John Nelson January 18, 2017

BECKLEY, W.VA. — PREIT has sold Crossroads Mall, an enclosed regional mall in Beckley, for $24.8 million. The mall’s tenant roster includes anchors Belk, Dick’s Sporting Goods, J.C. Penney and Sears, as well as tenants such as AT&T, Bath & Body Works, GameStop, Hallmark, Hot Topic, PetSmart, Victoria’s Secret and Zales. Since January 2013, PREIT has sold 16 lower productivity malls and other non-core properties, generating $720 million in gross proceeds. The company’s portfolio featured 27 Sears stores in 2012 but is now down to just 10 stores in its portfolio, following the sale of Crossroads Mall. The buyer was undisclosed.

January 18, 2017

Georgia Office Southeast

Grover Corlew Acquires Office Portfolio in Metro Atlanta for $12.3M

by John Nelson January 18, 2017

ALPHARETTA, GA. — G&C Mansell Investors LLC, an affiliate of South Florida-based investment firm Grover Corlew, has purchased five office buildings within Mansell Court at Mansell Overlook in Alpharetta for $12.3 million. The portfolio originally sold in 2007 for $22 million. Totaling nearly 190,000 square feet, the office buildings were a combined 77 percent leased at the time of sale. The new ownership plans to invest $1 million in significant upgrades to the brick office buildings, which were constructed in 1987. Grover Corlew has awarded Heather Lamb of CBRE the leasing assignment for all five buildings.

January 18, 2017

Mixed-Use North Carolina Southeast

Beacon Partners to Develop 320,000 SF Mixed-Use Project in Charlotte’s South End

by John Nelson January 17, 2017

CHARLOTTE, N.C. — Beacon Partners has unveiled its plans for a 3.5-acre block, situated at South Tryon and Bland streets in Charlotte’s South End, that the firm is currently redeveloping. The new development will feature two eight-story buildings spanning 320,000 square feet. Named the RailYard, the project will feature office space, 30,000 square feet of retail and restaurants and 100 residential units. The site sits one block from the LYNX Bland Street Station and at the head of the Rail Trail, a 3.5-mile trail along the LYNX Blue Line. The RailYard’s buildings will feature a brick exterior, masonry, ornamental steel and glass, double-door arched entryways and open floor plates offering views of Uptown and South End. The development will include a one-acre rooftop park and an outdoor courtyard between the two buildings. The design team includes RBA Group and David Furman of Centro Cityworks. Kristy Venning and Charlie Swanson of Beacon Partners are handling the leasing. Construction on RailYard is scheduled to begin this summer.

January 17, 2017

Loans Seniors Housing Southeast Tennessee

SunTrust Provides $68.3M Refinancing for GoodWorks Unlimited’s Seniors Housing Portfolio

by John Nelson January 17, 2017

NASHVILLE, TENN. — SunTrust Bank has provided a $68.3 million loan to GoodWorks Unlimited LLC, a seniors housing provider with communities in Kentucky and Tennessee, for the refinancing of its portfolio. GoodWorks’ properties feature independent living, assisted living and memory care components. The organization will use the loan proceeds to refinance existing debt and expand its facilities. Currently 11 of GoodWorks’ 23 facilities are positioned for expansion. Harborview Capital Partners advised GoodWorks during the transaction.

January 17, 2017

Office Southeast Tennessee

Avison Young Brokers $20.9M Sale of Office Building in Metro Nashville

by John Nelson January 17, 2017

BRENTWOOD, TENN. — Avison Young has arranged the $20.9 million sale of Horizon Center, a four-story, Class A office building located at 9020 Overlook Blvd. in Brentwood, a suburb of Nashville. Chicago-based TRP Investments LLC purchased the 104,899-square-foot building. Built in 1999, Horizon Center was fully leased at the time of sale to tenants such as OnLife (Blue Cross Blue Shield), Cross Country Education and Aerotek. Terry Smith, Dick Fleming, Ben Burns and Henry Trost of Avison Young represented TRP Investments in the transaction. TRP has retained Avison Young to lease and manage the property.

January 17, 2017

Mixed-Use North Carolina Southeast

CBRE | Raleigh Arranges $20.3M Sale of Mixed-Use Property in Raleigh

by John Nelson January 17, 2017

RALEIGH, N.C. — CBRE | Raleigh has arranged the $20.3 million sale of Marketplace at Lake Boone, a mixed-use property located at the intersection of Lake Boone Trail and Gateway Access Point in Raleigh. Griffin Partners purchased the property from Singerman Real Estate. Marketplace at Lake Boone features 76,253 square feet of street-level retail space and second-story office space. According to Griffin Partners, the property was fully leased at the time of sale to tenants such as Ashton Woods, AT Allen Co., Sirius Computer Solutions, Greystone, Saracare, Buffalo Brothers, Guasaca, Bottle Revolution, Traditions Bridal and The Oaks. Ben Kilgore, Elliott Brewer and Leslie Holmes of CBRE | Raleigh represented Singerman Real Estate in the transaction.

January 17, 2017

Arkansas Industrial Southeast

Binswanger Brokers Sale of 268,514 SF Warehouse Property in Arkansas

by John Nelson January 17, 2017

ROGERS, ARK. — Binswanger has brokered the sale of a single-story, 268,514-square-foot manufacturing and warehouse facility located on 20 acres at 1301 N. Dixieland Road in Rogers. Superior Industries International Inc. sold the asset for an undisclosed price. Built in 1989 about 14 miles from Northwest Arkansas Regional Airport, the property features office space, four dock-high doors with seals, four covered dock doors, a 335-space parking lot, maintenance work space, a tool shop, sprinkler system and clear heights ranging from 23 to 30 feet. Holmes Davis of Binswanger’s Dallas office represented the seller, and Marshall Saviers of Sage Partners represented the undisclosed buyer in the transaction.

January 17, 2017

Hospitality Maryland Southeast Virginia

Hersha Hospitality Trust Sells Two Hotels in Metro D.C. for $62M

by John Nelson January 16, 2017

ALEXANDRIA, VA. AND GREENBELT, MD. — Hersha Hospitality Trust has sold the 203-room Courtyard by Marriott in Alexandria and the 120-room Residence Inn in Greenbelt for a combined $62 million. The two suburban Washington, D.C., hotels have an average age of 13 years. The Philadelphia-based lodging REIT sold the hotels to the undisclosed buyers at a 7.4 percent cap rate, based on the hotels’ net operating income for 2016. The company’s current portfolio spans 51 hotels totaling 7,675 rooms in New York, Boston, Philadelphia, Miami, select markets on the West Coast and Washington, D.C.

January 16, 2017

Alabama Florida Retail Southeast

Plaza Advisors Brokers $51M Sale of Shopping Center Portfolio in Florida, Alabama

by John Nelson January 16, 2017

TAMPA, FLA. — Tampa-based Plaza Advisors has brokered the $51 million sale of three Publix-anchored shopping centers totaling nearly 300,000 square feet in Florida and Alabama. The assets include Magnolia Plaza in Panama City Beach, Fla.; Palmer Ranch in Sarasota, Fla.; and Magnolia Place in Daphne, a suburb of Mobile, Ala. The shopping centers had an average occupancy rate of 98 percent at the time of sale. Jim Michalak and Mike Cvetetic of Plaza Advisors were the sole brokers involved and represented the seller, which developed all three shopping centers. The buyer was undisclosed.

January 16, 2017

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $15.2M Construction Financing for Affordable Housing Community in Tampa Bay Area

by John Nelson January 16, 2017

HOLIDAY, FLA. — KeyBank Real Estate Capital has provided $15.2 million in construction financing for Park at Wellington II, an affordable housing apartment community located in Holiday, a Tampa Bay area town in Pasco County. Combined with Phase I, the Low Income Housing Tax Credit property will span 110 units comprising one- to three-bedroom layouts. The units are designated for households earning 40 percent or 60 percent of the area median income. Set to open later this year, the four-story property will feature elevator service, shared amenities with Phase I of the development and supportive services, including financial literacy training, employment assistance and after-school programs on-site for children. Jeff Rodman and Kyle Kolesar of KeyBank arranged the financing, which included a $10.6 million tax-exempt construction loan and a $4.6 million Freddie Mac loan.

January 16, 2017

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