CHARLOTTE, N.C. — The Retail Brokers Networks (RBN), one of the nation’s largest retail real estate networking groups, has announced the formation of a new executive committee to help facilitate the company’s ongoing operations. The committee will be responsible for overseeing the retail, restaurant and investment sales councils, as well as the regional directors. Appointments include: * President — Debbie Currier of Currier Properties in Charlotte, N.C. * President Elect — Chris Abadie of Stirling Properties in Covington, La. * VP Operations — Tom Bruss of Commercial Property Associates in Milwaukee, Wis. * VP Marketing & Communications — Brad Umansky of Progressive Real Estate Partners in Rancho Cucamonga, Calif. * VP Finance — Bryan Holt of Southpace Properties in Birmingham, Ala. * Secretary — Rob Samtman of Equity Retail Brokers in Plymouth Meeting, Pa. * Immediate Past President — Chuck Lanyard of The Goldstein Group in Paramus, N.J. “The RBN network represents over 600 retail specialists across the U.S. who help individuals and companies meet their real estate goals locally and nationally,” said Currier. “Our newly formed executive committee will provide the leadership structure that will help make RBN even more successful as we continue to grow. I’m thrilled to …
ATLANTA — Atlanta-based Selig Enterprises Inc. has launched a new division known as Selig Development Corp., whose first development will be a $400 million mixed-use project located at 1105 W. Peachtree St. in Midtown Atlanta. The project will feature 645,000 square feet of Class A office space, 80 residential units and a 150-room boutique hotel, along with street-level retail space. The 32-story office tower leads the project, encompassing an entire city block. Totaling more than 3.5 acres between the 10th Street and Art Center MARTA train stations, the site is situated across from the new Northside Hospital Medical Office and a Whole Foods Market currently under construction. Selig Development expects to begin construction on the project in mid-2017. The office portion is expected to be ready for occupancy beginning in the fourth quarter of 2019. Selig Development is in discussions with several tenants for the new office tower, and plans open nearly 50 percent pre-leased. The boutique hotel will feature an outdoor pool, pool bar and event space within a 38,000-square-foot, deck-top plaza. The 80 residential units will start above the hotel rooms in the same tower and feature two- and three-bedroom units. The residential portion will have access to hotel amenities, …
Louisville is no longer simply a city known for horse races, bourbon and tobacco. It has become a city with a diverse and growing economy with heavy concentrations of medical employment, an international logistics hub and a stable manufacturing base. It has grown to become the dynamic northern edge of the Southeast, and investors from all over the nation are flocking to it. Louisville is an established riverfront city in the Southeast with a growing population, diversification of employment and an attractive multifamily supply/demand balance. The area is home to 12 Fortune 500 companies, three of which are headquartered in the city. The metro is a nationally recognized regional distribution and warehousing hub serving major operations such as Ford Motor Co., General Electric and many others. The city has seen steady job growth since the recession. In fact, the U.S. Bureau of Labor Statistics estimates that between July 2010 and July 2016, 80,000 new jobs were created. With a very successful series of major distribution facilities now open and future capital investments in distribution parks planned, Louisville continues to be a hotbed in the logistics industry. Leading this remarkable transformation to a logistics giant is the development and expansion of …
SARASOTA, FLA. — Meridian Development Group has sold Meridian Distribution Center, a 907,237-square-foot warehouse situated on 50 acres in Sarasota. Toronto-based Agellan Capital Partners Inc. purchased the property for $51 million and will retain Meridian Management Group to serve as the property manager. The asset is fully leased to four tenants — United Natural Foods International occupies 460,000 square feet of dry and refrigerated space, Bealls occupies 200,000 square feet, Access USA leases 163,000 square feet and Albert’s Organics occupies 80,000 square feet of cooler/freezer space. Meridian purchased the former Winn Dixie distribution facility in 2006 for $30 million. In 2009, Meridian developed a two-story, 55,000-square-foot charter school on the site for Imagine Schools and sold it earlier this year for $10.2 million. Kevin Heiss of Largo Real Estate Advisors represented Meridian in the sale of Meridian Distribution Center.
FORT LAUDERDALE, FLA. — Miller Construction Co. has begun converting a two-story former auto rental building at 2125 S. Federal Highway in Fort Lauderdale into a new MINI dealership. The new 55,507-square-foot Lauderdale MINI is Miller Construction’s fifth project for Holman Automotive, which will move the existing Lauderdale MINI dealership from its current location a few blocks north on Federal Highway. Holman Automotive will display the new MINI cars on the ground floor of the new property and house certified pre-owned MINI cars on the second floor. Miller Construction plans to deliver the new glass and metal-faced auto dealership in spring 2017.
SPANISH FORT, ALA. — NorthMarq Capital has arranged a $24 million acquisition loan for Eastern Shore Plaza, a 270,105-square-foot shopping center located at 10200 Eastern Shore Blvd. in Spanish Fort. Chad Owens of NorthMarq Capital’s Houston office arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. Owens arranged the loan through an undisclosed CMBS lender on behalf of the borrower, Eastern Shore Plaza LLC, an entity controlled by Azad Commercial Realty Services.
ATLANTA — PCCP LLC and Carter have leased more than 62,000 square feet of office space to Honeywell International Inc., a global technology company with ties to the aerospace and homebuilding industries, at the 715 Peachtree building in Midtown Atlanta. Honeywell expects to grow to more than 700 employees at the building over the next five years. The firm is investing roughly $19 million into the new office space, which will house the company’s Home and Building Technologies headquarters. The 10-story, 318,000-square-foot office building is situated adjacent to Fox Theatre. The property was originally constructed as the regional headquarters for J.C. Penney.
NEW PORT RICHEY, FLA. — KeyBank Real Estate Capital has secured a $13.7 million CMBS loan for Trinity Village Shopping Center, an unanchored, 71,233-square-foot retail property built in 2007 in New Port Richey, a town in the Tampa Bay metro area. The undisclosed borrower used the financing to facilitate the acquisition of the shopping center. Scott Bois of KeyBank Real Estate Capital arranged the 10-year, non-recourse loan with two years of interest-only payments and a 30-year amortization schedule.
Northwestern Mutual Provides $73M Construction Financing for $750M Capitol View Project in Nashville
NASHVILLE, TENN. — Northwestern Mutual has provided $73 million in construction financing for Capitol View, a $750 million, 32-acre mixed-use development underway in Nashville’s North Gulch area. Upon completion the project will feature 1.1 million square feet of Class A office space, 130,000 square feet of retail and restaurant space, 600 multifamily residences, 410 hotel rooms and a 2.5-acre urban park connected to Nashville’s greenway system. The co-developers, Boyle Investment Co. and Northwood Ravin, will begin construction this month on the next phase of Capitol View. Known as Block D, the $115 million phase will encompass seven city blocks at the intersection of I-40/Charlotte Avenue and 11th Avenue North and feature a mixed-use structure with 60,000 square feet of ground-level retail space, 40,000 square feet of second-floor loft office space and 378 residential units. With Northwestern Mutual’s financing, Capitol View’s total capital investment is now 70 percent committed. The development is anchored by Hospital Corp. of America and Lifeway, which will bring more than 3,000 employees to Capitol View combined. A portion of Nelson Merry Street will be designated as “Festival Street,” which can be closed off for festivals and other events.
LEBANON, CLARKSVILLE AND COLUMBIA, TENN. — Minneapolis-based Timberland Partners has acquired a three-property multifamily portfolio totaling 548 units in metro Nashville for $57.5 million. The communities include the 210-unit Falls at 109 in Lebanon, the 184-unit Fountains at Meadow Wood in Clarksville and the 154-unit Lakes of Columbia in Columbia. As part of the transaction, Timberland Partners assumed three existing HUD loans. Steve Massey and Russ Oldham of CBRE’s Nashville office represented the undisclosed seller in the transaction. Timberland Partners now owns and manages five multifamily assets in the Nashville area totaling 960 units.