FREDERICKSBURG, VA. — Lidl, a German grocery retailer that has been expanding recently in Virginia, has purchased 6.3 acres of land on Warrenton Road in Fredericksburg for $2.6 million. Lidl plans to develop a new grocery store at the site, which is situated near the Stafford Lakes Super Walmart. The site is the third parcel that the grocer has purchased in the greater Fredericksburg area and roughly the 20th in the state. The other two Fredericksburg stores are underway at 5455 Plank Road and 10110 Southpoint Parkway. Brian Cunningham of Coldwell Banker Commercial Elite represented the former land owner in the sale, and the firm’s Jonathan Gardner assisted Lidl in the site selection process and negotiating the transaction. Lidl is also underway on its $125 million, 1 million-square-foot distribution facility at 6120 Smith Station Road, which is expected to create 200 local jobs.
LAWRENCEVILLE, GA. — The Shopping Center Group has arranged the $7.9 million sale of Duluth Highway Shops, a 17,500-square-foot, unanchored retail center located on eight acres at State Route 120 and Lawrenceville-Suwanee Road in Lawrenceville. The Gwinnett County property was fully leased prior to construction to tenants such as Jason’s Deli, Pacific Dental Services, Willy’s Mexican Grill, AT&T Wireless, Penn Station East Coast Subs, Sport Clips Haircuts and BurgerFi. Neal Pringle and the late Mark Cooley of The Shopping Center Group secured the buyer, a private, West Coast-based investor. The seller was NLA Lawrenceville Inc. The Shopping Center Group also secured construction and equity financing for Duluth Highway Shops.
WINCHESTER, VA. — CBRE has arranged a $7.4 million loan for a joint venture between Care Investment Trust and affiliates of Inspirit Senior Living. The capital will be used to purchase Hilltop House Assisted Living, a 73-unit independent living, assisted living and memory care community. Inspirit will operate the property, which is located in Winchester, approximately 75 miles northwest of Washington, D.C. Aron Will of CBRE National Senior Housing arranged the five-year, floating-rate loan with 18 months of interest-only payments through a regional bank. Care Investment Trust is a seniors housing REIT and a wholly owned subsidiary of Tiptree Financial Inc. Inspirit is a seniors housing operator formed in 2015.
BROOKSVILLE, FLA. — ProVest Properties LLC has acquired Sunrise Plaza, an 86,815-square-foot shopping center located in the Tampa suburb of Brooksville, for $4.8 million. Winn-Dixie anchors the shopping center, which is also home to tenants including Beef O’Brady’s and Winn-Dixie Liquor. Brad Peterson and Whitaker Leonhardt of HFF arranged the sale on behalf of the seller, Noble Properties.
FAIRFAX, VA. — AIG Investments has provided a $72 million loan for the refinancing of Plaza at Landmark, a 437,299-square-foot, grocery-anchored regional power center located at 6244 Little River Turnpike in Fairfax. Cary Abod and Dana Brome of HFF arranged the 18-year, fixed-rate loan on behalf of the borrower, Landmark HHH LLC. Plaza at Landmark was 98.2 percent leased at the time of financing to tenants such as Shoppers, Marshalls, Ross Dress for Less, LA Fitness, Total Wine & More, Dollar Tree, Verizon Wireless, DFurniture Galleries, BB&T, Five Below, Gamestop and Chipotle Mexican Grill.
HYATTSVILLE, MD. — PREIT, a Philadelphia-based retail REIT, has signed Ulta Beauty and DSW to leases at Mall at Prince Georges in Hyattsville as part of the mall’s $30 million remerchandising and renovation program. Located at 3500 East-West Highway in suburban Washington, D.C., the property will undergo a facelift in early 2017 that encompasses new exterior facades and entrances, in addition to PREIT’s remerchandising efforts. Ulta Beauty has leased an 11,000-square-foot space at the mall, and DSW has leased 16,000 square feet. Both retailers are set to open their stores in the second quarter of 2018. PREIT also signed H&M to a 20,000-square-foot lease earlier this year, and the apparel retailer plans to open its store next month. PREIT plans to wrap up the mall’s renovations in time for the 2017 holiday season and complete the remerchandising in 2018, at which time about 73 percent of the non-anchor space — including new and existing shops and restaurants — will have new storefronts.
COLUMBIA, S.C. — Bellwether Enterprise has closed a $26.4 million loan for the acquisition and rehabilitation of Pavilion Towers, a 240-unit apartment community located on Huger Street in Columbia. The property is situated near downtown Columbia, Finlay Park, the Congaree Vista entertainment district and the Vista Greenway biking and walking trail. The borrower, Vista Towers Columbia LLC, plans to use the loan to fund an $11 million renovation program at the property. The developer, Greenville, S.C.-based Homes Urban, will upgrade the Pavilion Towers’ existing units and convert an adjacent office building into a new community space with 23 additional residences. Matt Good of Bellwether Enterprise arranged the construction/permanent loan through Freddie Mac’s acquisition rehabilitation program.
TEQUESTA, FLA. — Capital One has provided a $14.1 million HUD loan modification to Tequesta Terrace, a 100-bed assisted living facility in Tequesta, approximately 90 miles north of Miami. The borrower, Terrace Communities, owns assisted living communities in Vermont, New Hampshire, Maine and Florida. Carolyn Whatley of Capital One’s Palm Beach office originated the loan modification. Capital One previously refinanced an entire portfolio of Terrace communities, but Tequesta Terrace ended up with a slightly higher interest rate than the other properties, leading to the loan modification. Tequesta Terrace was built in 2001 and features 71 assisted living units and 29 memory care beds. The non-recourse, fixed-rate loan has 32 years remaining on the original 35-year, fully amortizing term.
HUNTERSVILLE AND CONCORD, N.C. — ECHO Realty has acquired two Harris Teeter-anchored shopping centers located in metro Charlotte. The acquisitions include Regency Village, a 70,000-square-foot center located in the Lake Norman community of Huntersville, and Coddle Creek, an 80,000-square-foot center located in Concord. This acquisition brings ECHO Realty’s presence in North Carolina to six grocery-anchored properties, four of which are located in the Charlotte market.
WASHINGTON, D.C. — Hoffman-Madison Waterfront (HMW), the developer of The Wharf, a $2 billion, mile-long neighborhood under construction along Washington, D.C.’s Southwest waterfront, has announced that the development will feature a new Hilton hotel and a new anchor office tenant, global law firm Fish & Richardson. HMW is a partnership between master developers PN Hoffman and Madison Marquette. Situated adjacent to 7th Street Park, Hilton Worldwide will open a 175-room Canopy by Hilton, the first North American hotel for the international brand. The Canopy will join a 238-room Hyatt House at The Wharf. When complete, The Wharf will feature more than 3 million square feet of new residential, office, hotel, retail, marina, and public uses, including waterfront parks, promenades, piers and docks. The development will encompass 24 acres of land and 50 acres of water on the Washington Channel. Phase I is slated to open in October 2017, and Phase II is expected to open between 2020 and 2021. “The Wharf is a truly ideal neighborhood for our Canopy by Hilton brand and we are thrilled to be a part of this amazing project,” says Gary Steffen, global head of Canopy by Hilton. Fish & Richardson, which specializes in global …