Southeast

RD Management Inks Lease with Earth Fare at Shady Oaks Shopping Center in Ocala, Florida

by John Nelson January 4, 2017

OCALA, FLA. — RD Management LLC has signed Earth Fare, a specialty grocer that sells natural and organic products, to a 29,618-square-foot lease at its Shady Oaks Shopping Center located at 2401-2499 S.W. 27th Ave. in Ocala. The grocer is expected open its store at the 260,419-square-foot shopping center in the spring, joining other newcomers such as Tuesday Morning, Mattress One and Pushti Eyebrows. Front Street Commercial Real Estate Group represented RD Management in the lease deal with Earth Fare.

January 4, 2017

Georgia Office Southeast

GLL Purchases Office Tower in Buckhead from Cousins Properties

by John Nelson January 3, 2017

ATLANTA — GLL Real Estate Partners has purchased The Forum at West Paces, a nine-story, 220,000-square-foot office tower located at 3290 Northside Parkway in Atlanta’s Buckhead submarket. The Munich-based real estate fund management group bought the Class A asset from Atlanta-based Cousins Properties for an undisclosed price. Built in 2001, The Forum at West Paces was 96 percent leased at the time of sale to tenants including healthcare and financial institutions, wealth managers, attorneys, investment funds and other professional services. The building features tenant balconies on every floor, onsite security, a fitness center and an adjacent five-story parking garage. CBRE’s Atlanta office represented Cousins Properties in the transaction.

January 3, 2017

Florida Multifamily Southeast

Passco Acquires Apartment Community in Florida for $50.3M

by John Nelson January 3, 2017

MELBOURNE, FLA. — Passco Cos. has purchased Marisol at Viera, a 282-unit multifamily community located at 2439 Casona Lane in Melbourne, from Pollack Shores Real Estate Group for $50.3 million. The Class A property is situated within Viera, a 22,000-acre master-planned development in Brevard County. Marisol at Viera features two poolside bars and outdoor kitchens, a private club and amenities deck, clubroom and TV lounge, 6,500-square-foot dog park with an outdoor grooming station and electric car charging stations. Ken Delvillar and Jay Ballard of Cushman & Wakefield represented both Passco Cos. and Pollack Shores in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco.

January 3, 2017

Georgia Retail Southeast

Wheeler REIT Purchases Shopping Center in Macon for $37.3M

by John Nelson January 3, 2017

MACON, GA. — Wheeler Real Estate Investment Trust Inc. has purchased Rivergate Shopping Center, a 205,811-square-foot, Publix-anchored development located in Macon. The shopping center was 95.5 percent leased at the time of sale to tenants such as Dollar Tree, T-Mobile and H&R Block. The property features eight outparcels, including a standalone Starbucks Coffee, Buffalo Wild Wings, IHOP and Steak N’ Shake, as well as co-tenant buildings leased to FedEx/Panera Bread, Dunkin’ Donuts/Subway, Planet Fitness/SkyZone and Pet Supermarket/Tuesday Morning. Wheeler REIT financed the acquisition using a three-year bank loan that features one year of interest-only payments, 25-year amortization schedule for years two and three, a floating interest rate and 65 percent LTV.

January 3, 2017

Florida Industrial Southeast

Monmouth Real Estate Buys Industrial Facility in Fort Myers Leased to FedEx Ground for $21M

by John Nelson January 3, 2017

FORT MYERS, FLA. — Monmouth Real Estate Investment Corp. has purchased a newly built, 213,672-square-foot industrial facility located at 14001 Jetport Loop in Fort Myers for $21 million. The facility is net-leased for 10 years to FedEx Ground Packaging System Inc. The building is situated on roughly 22.5 acres directly across from Southwest Florida International Airport. Monmouth is a publicly traded industrial REIT based in Freehold, N.J.

January 3, 2017

Florida Retail Southeast

The Shopping Center Group, Avison Young Broker $12.6M Sale of Retail Center in North Palm Beach

by John Nelson January 3, 2017

NORTH PALM BEACH, FLA. — The Shopping Center Group and Avison Young have brokered the $12.6 million sale of Northlake Promenade Shoppes, an 82,966-square-foot, Publix-anchored shopping center in North Palm Beach. Woolbright Development purchased the asset from a private investment company based in Canada. The shopping center’s outparcel tenants include CVS/pharmacy, Chase Bank and BP Gas. The property is situated on 21 acres at the southwest corner of Northlake Boulevard and Federal Highway and features a development site for Phase II of the shopping center. Anthony Blanco of The Shopping Center Group and David Duckworth and AJ Belt III of Avison Young led the marketing efforts.

January 3, 2017

Loans Multifamily North Carolina Southeast

KeyBank Arranges $42.5M Refinancing of Multifamily Portfolio in Wilmington

by John Nelson December 23, 2016

WILMINGTON, N.C. — KeyBank Real Estate Capital has arranged $42.5 million in Freddie Mac loans for the refinancing of a four-property multifamily portfolio in Wilmington. The assets total 695 units and include Hawthorne at New Centre, Hawthorne Commons, Hawthorne Centre North and Hawthorne Lofts. All four properties were constructed between 1990 and 1998 and were renovated in 2014. Timothy DeWispelaere of KeyBank arranged the financing with a 10-year term, five years of interest-only payments and a 30-year amortization schedule.

December 23, 2016

Loans Maryland Retail Southeast

Natixis Provides $26.5M Loan for Shopping Center in Bethesda

by John Nelson December 23, 2016

BETHESDA, MD. — Natixis has provided a $26.5 million, floating-rate loan for Shops of Wisconsin, a 71,748-square-foot neighborhood shopping center in Bethesda. The borrower, Douglas Development, will use the proceeds to refinance the property and provide funds for the tenant improvements of the new Target Express. In addition to the new Target Express, the center also contains nine other national and local tenants, including Trader Joe’s, Gymboree, Jenny Craig and H&R Block.

December 23, 2016

Georgia Seniors Housing Southeast

Caddis Breaks Ground on Seniors Housing Community in Metro Atlanta

by John Nelson December 23, 2016

FAYETTEVILLE, GA. — Caddis has broken ground on Heartis Fayetteville, a 168-unit independent living, assisted living and memory care community in Fayetteville, approximately 20 miles south of Atlanta. The community will comprise three buildings totaling 157,029 square feet that will house 80 independent living units, 56 assisted living apartments and 32 memory care units. This is the first entry into Georgia for Caddis, a healthcare real estate firm based in Dallas, though the company is also planning another Heartis-branded community in nearby Suwanee. Portland, Ore.-based Frontier Management will operate Heartis Fayetteville upon completion, which Caddis expects to be in late 2017. Chicago-based investment firm Singerman Real Estate is a joint venture development partner on the project. The Atlanta office of Choate Construction will be the general contractor.

December 23, 2016

Louisiana Retail Southeast

Home Depot to Open New Store at Stirling Properties’ Hammond Square in Louisiana

by John Nelson December 23, 2016

HAMMOND, LA. — The Home Depot has closed on its purchase of 9.7 acres of land for a new 106,000-square-foot store and 28,000-square-foot garden center as part of the redevelopment of Hammond Square, a 850,000-square-foot shopping center in Hammond developed and managed by Stirling Properties. Hammond Square is situated on nearly 100 acres at the corner of I-12 and US Highway 51 Business. Existing tenants include Target, AMC Theatres, Dillard’s, JC Penney, Academy Sports + Outdoors and Sears. The Home Depot is set to begin construction on the new store before the end of the year and open in 2017.

December 23, 2016

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