Southeast

Kimco Signs Cinépolis USA to Mixed-Use Development in Metro D.C.

by Camren Skelton July 20, 2017

GAITHERSBURG, MD. — Kimco Realty Corp. has signed a lease with Cinépolis USA, a Dallas-based movie theater chain, to bring its luxury theater concept to Kentlands Market Square in Gaithersburg, roughly 20 miles north of Washington, D.C. Kimco acquired the 250,000-square-foot, Whole Foods-anchored development in 2016 and has unveiled plans for redevelopment, including renovated facades, improved pedestrian access, upgraded lighting and landscaping and revitalization of the community’s main street. The 34,000-square-foot Cinépolis USA is the first step in the redevelopment process, and will feature 540 seats, fully reclining leather seat auditoriums, lounge-style lobby space, in-theater waiter service and a selection of beer, wine and liquor. Cinépolis Luxury Cinemas — Gaithersburg is slated to open in 2019 and will mark Cinépolis USA’s debut in the Maryland market. Cinépolis, the theater’s Mexico-based parent company, is the fourth largest movie theater exhibitor in the world.

July 20, 2017

Loans Louisiana Multifamily Southeast

KeyBank Arranges $33.9M Acquisition Loan for Multifamily Property in Baton Rouge

by Camren Skelton July 20, 2017

BATON ROUGE, LA. — KeyBank Real Estate Capital has provided a $33.9 million acquisition loan for Cypress Lake Apartments in Baton Rouge. Erik Storz of KeyBank arranged the 10-year loan with a 30-year amortization schedule and five years of interest-only payment through Fannie Mae Green Rewards. Constructed in 2003, the 314-unit, garden style property features two swimming pools, a lighted tennis court, clubhouse and an on-site car care center.

July 20, 2017

Loans Multifamily Seniors Housing Southeast Tennessee

Capital One Provides $27.2M in HUD Refinancing for Skilled Nursing Facilities in Tennessee

by Camren Skelton July 20, 2017

MCLEAN, VA. — Capital One has provided three loans totaling $27.2 million for the refinancing of three skilled nursing facilities in Tennessee. Joshua Rosen of Capital One originated the 35-year, fixed-rate loans through HUD 232/223(f) on behalf of the borrower, Strawberry Fields REIT. The portfolio includes the 109-bed Lakebridge, a Waters Community in Johnson City, Tenn., which received a $10.6 million loan; The Waters of Smyrna, a 91-bed facility that received an $8.4 million loan; and The Waters of Shelbyville, a 96-bed property that received an $8.2 million loan.

July 20, 2017

Multifamily North Carolina Southeast

ARA Newmark Closes $52.5M Sale of Multifamily Property in Metro Raleigh

by Camren Skelton July 19, 2017

CARY, N.C. — ARA Newmark has brokered the $52.5 million sale of Cary Greens at Preston, a 292-unit apartment community located in Cary, roughly 10 miles west of Raleigh. Dean Smith and Sean Wood of ARA Newmark arranged the sale on behalf of the seller, Dayton, Ohio-based The Connor Group. New York-based Rivendell Global Real Estate acquired the property. Constructed in 1996, Cary Greens at Preston includes a mix of one-, two- and three-bedroom units and features a resort style pool with a sundeck and cabana, 24-hour fitness center, business center and a playground area.

July 19, 2017

Georgia Mixed-Use Southeast

CGI Strategies Sells Mixed-Use Development in Atlanta’s Sweet Auburn District

by Camren Skelton July 19, 2017

ATLANTA — CGI Strategies has sold City Walk, a mixed-use development located at 171 Auburn Ave. N.E. in Atlanta’s Sweet Auburn Avenue Historic District. The six-story property includes 144 one- and two-bedroom units and approximately 30,500 square feet of street-level retail space. Property amenities include a rooftop tennis court, poolside resident lounge and a 24-hour fitness center. CGI sold the apartment portion of the property to San-Francisco-based FPA Multifamily and the retail portion to a joint venture between Franklin Road Amoco Inc. and Southern Gas Partners LLC. Mike Kemether, Josh Goldfarb and Travis Presnell of Cushman & Wakefield represented both parties in the transaction. The sales price was not disclosed. At the time of sale, the retail portion was leased to Pizza Hut, Sweet Auburn Seafood and Moe’s Southwest Grill.

July 19, 2017

North Carolina Office Southeast

Oberlin Capital Sells Office Building in Raleigh for $9.9M

by Camren Skelton July 19, 2017

RALEIGH, N.C. — Oberlin Capital Acquisition has sold the Occidental Building, a 56,043-square-foot office building located at 1001 Wade Ave. in Raleigh, for $9.9 million. Marcus Jackson of TradeMark Properties represented Oberlin Capital in the sale to Empire Properties. Constructed in 1956, the building is registered and certified with the National Register of Historic Places. At the time of sale, the property was fully leased to tenants including Coldwell Banker Howard Perry and Walston, TradeMark Properties, Wall Templeton and Louis Berger.

July 19, 2017

Maryland Retail Southeast

Marcus & Millichap Brokers $9M Sale of Harris Teeter-Occupied Property in Suburban Maryland

by Camren Skelton July 19, 2017

GERMANTOWN, MD. —Marcus & Millichap has arranged the $9 million sale of a 43,245-square-foot retail property leased to Harris Teeter in Germantown, about 27 miles northwest of Washington, D.C. Josh Ein and Dean Zang of Marcus & Millichap facilitated the transaction on behalf of the seller, a private local investor. The buyer, a local private family office, procured an 11-year, non-recourse CMBS loan for the acquisition. Constructed in 1997, the grocery store sits on a 10.6-acre parcel of land on Darnestown Road. Harris Teeter is a wholly owned subsidiary of The Kroger Co.

July 19, 2017

Florida Loans Multifamily Southeast

Greystone Provides $17.3M Acquisition Loan for Apartment Community in Palm Bay

by Camren Skelton July 19, 2017

PALM BAY, FLA. — Greystone has provided a $17.3 million bridge loan for the acquisition of The Pavilions at Monterey, a 271-unit, Class B multifamily property in Palm Bay. Leor Dimant of Greystone facilitated the two-year, fixed-rate loan through HUD on behalf of the borrower, Carabetta Cos., which purchased the property in June for $20.7 million. The Pavilions at Monterey features a fitness center and swimming pool.

July 19, 2017

Retail Southeast Top Stories

Inland Real Estate Group Arranges Sale of 49 CVS Pharmacy Properties in 16 States for $211M

by Nellie Day July 19, 2017

OAK BROOK, ILL. — Inland Real Estate Group has arranged the sale of 49 newly developed CVS Pharmacy properties across 16 states for more than $211 million. Inland handled the deal on behalf of the buyer, an affiliate of the company. The portfolio contains a total of 651,216 square feet. The CVS Pharmacy properties are located in Arizona, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Ohio, Oklahoma, Missouri, Nebraska, Tennessee, Texas, Utah and Vermont. “This was an attractive acquisition opportunity due to the fact that we were able to buy all 49 CVS stores in one transaction,” says Joe Cosenza, vice chairman of Inland Real Estate Group and president of Inland Real Estate Acquisitions, the purchasing arm for the company’s various entities. “I like CVS, I like the properties and the investment is good for Inland.” This portfolio acquisition follows on the heels of Inland’s October 2016 purchase of 24 additional newly developed CVS Pharmacy properties for more than $116 million. Those assets are located in Arkansas, Georgia, Illinois, Kentucky, Louisiana, Michigan, Minnesota, New York, Ohio, Pennsylvania, South Carolina, Texas, Virginia and Wisconsin. David Neboyskey and Kristin Orlando acted as in-house counsel for Inland in this latest portfolio transaction. The Inland …

July 19, 2017

North Carolina Office Southeast

Heritage Properties Begins Site Prep for $86M Office Building in Raleigh

by Camren Skelton July 18, 2017

RALEIGH, N.C. — Heritage Properties Inc. has commenced site preparation for One Glenwood, a 10-story, Class A office building in Raleigh. Located at Hillsborough Street and Glenwood Avenue, the $86 million project will total 227,500 square feet and include 15,000 square feet of street-level retail space. Amenities will include a rooftop terrace and lounge, fitness center, bike room and on-site parking with 730 spaces. Whiting-Turner, the project’s general contractor, has installed construction barriers and fencing and will soon begin demolition as part of a plan to shorten construction time. Heritage Properties has secured financing from Citizens Bank as the lead construction lender and M&T Bank as a participating lender. JDavis is the project architect, McAdams is the civil engineer and Trinity Partners will handle leasing of the property. Heritage and Trinity Partners also plan to construct a hotel at the project site.

July 18, 2017

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