Southeast

Marcus & Millichap Brokers $5.6M Sale of Walmart Neighborhood Market in Myrtle Beach

by John Nelson August 5, 2016

MYRTLE BEACH, S.C. — Marcus & Millichap has brokered the $5.6 million sale of a 45,778-square-foot store in Myrtle Beach leased to Walmart Neighborhood Market. The newly built store is triple-net leased to Walmart for 20 years. The store anchors Village Square, a 157,941-square-foot shopping center situated on the Atlantic Coast on U.S. Highway 17. Don McMinn and Zach Taylor of Marcus & Millichap’s Atlanta office and principals of the firm’s Taylor McMinn Retail Group represented the seller in the transaction. The buyer is based in California and purchased the store all-cash in a 1031 exchange at a cap rate in the upper fours. Raj Ravi is Marcus & Millichap’s broker of record in South Carolina.

August 5, 2016

North Carolina Retail Southeast

BC Wood Acquires Food Lion-Anchored Shopping Center in Charlotte

by John Nelson August 5, 2016

CHARLOTTE, N.C. — BC Wood Properties has acquired Catawba Village, a 56,840-square-foot shopping center located in Charlotte. Food Lion anchors the property, which is also home to tenants including Workout Anytime and State Farm. The property is BC Wood Properties’ fifth shopping center acquisition in North Carolina. The seller and sales price were not disclosed. Lexington, Ky.-based BC Wood Properties owns and manages 39 shopping centers spanning more than 5 million square feet in 11 states.

August 5, 2016

Florida Multifamily Southeast

Brasfield & Gorrie Completes Construction of The Sevens in Orlando

by John Nelson August 4, 2016

ORLANDO, FLA. — Brasfield & Gorrie’s Orlando office has completed construction on The Sevens, a 360,000-square-foot apartment building situated on a 2.5-acre lot between Park Lake Street and Colonial Drive in Orlando’s North Quarter district. The property features 333 luxury units, a seven-level parking garage and 8,000 square feet of ground-floor retail space. The Sevens’ amenities include a rooftop pool deck with a lounge and bar, fitness center and a ninth-floor clubhouse. Units feature granite and quartz countertops, stainless steel appliances and balconies in select units. The project team includes developer and owner The Pizzuti Cos. and architect Charlan Brock & Associates.

August 4, 2016

Georgia Multifamily Southeast

RADCO Buys Apartment Community in Metro Atlanta for $23.3M

by John Nelson August 4, 2016

ACWORTH, GA. — The RADCO Cos. has purchased Stanton Place Apartments, a 240-unit, Class A multifamily community located one mile from I-75 in Acworth, for $23.3 million. Atlanta-based RADCO has renamed the asset The Landing at Acworth and plans to invest $3 million to modernize and upgrade the property. Built in 2001, The Landing at Acworth’s amenities include a standalone fitness center, swimming pool, nature trail, tennis court, dog park, playground, business center, car wash and detached garages. Units average 960 square feet and include one- and two-bedroom floor plans. RADCO financed the acquisition using a loan from First Tennessee Bank and $8.4 million in private capital. The Landing at Acworth is RADCO’s third property in northern Cobb County and its eighth transaction of the year. RADCO Residential will manage the apartment community once the transaction is finalized.

August 4, 2016

Retail Southeast Virginia

Marcus & Millichap Brokers $8.9M Sale of Shopping Center in Metro D.C.

by John Nelson August 4, 2016

WOODBRIDGE, VA. — Marcus & Millichap has arranged the $8.9 million sale of Woodbridge Square, a 42,881-square-foot shopping center located on 5.1 acres at 13179-13291 Occoquan Road in Woodbridge, roughly 20 miles outside of Washington, D.C. Built in 1990, the property was fully leased at the time of sale to 17 tenants including Dollar General, La Despensa, Top Nails and Teresa Jewelry. Dean Zang of Marcus & Millichap’s Washington, D.C., office represented the seller, a private investor based in Washington state. Zang and Marcus & Millichap’s TZD Retail team secured the buyer, a private limited liability company completing a 1031 exchange. Infinity Realty represented the buyer in the transaction. Bryn Merrey of Marcus & Millichap’s Mid-Atlantic offices was the broker of record for the transaction.

August 4, 2016

North Carolina Office Southeast

Insite Properties Arranges $5.4M Sale of Office Building in Charlotte

by John Nelson August 4, 2016

CHARLOTTE, N.C. — Insite Properties has brokered the $5.4 million sale of Lincoln Building, a Class A, 25,500-square-foot office building located at 3315 Springbank Lane in Charlotte. Built in 2000, the three-story brick office building is situated near the intersection of Highway 51 and Providence Road. The property was 85 percent leased at the time of sale. SunTrust Bank occupies the building’s first floor and operates four drive-thru lanes. Jay Blanton and Bart Murr of Insite Properties represented the buyer, Family Video Employees LLC, in the transaction. Rob Cochran and Jared Londry Cushman & Wakefield’s Charlotte office represented the seller, Lincoln Charlotte Office LLC, an entity controlled by Grubb Properties.

August 4, 2016

Alabama Mixed-Use Southeast

Crunkleton Announces New 225 Holmes Mixed-Use Project in Downtown Huntsville

by John Nelson August 4, 2016

HUNTSVILLE, ALA. — Crunkleton Commercial Real Estate Group has announced a new redevelopment of a vacant corner lot at Holmes Avenue and Greene Street in downtown Huntsville. Crunkleton is the leasing agent of the project, known as 225 Holmes. The property will span 32,000 square feet and feature shops, office space and possibly a rooftop restaurant or entertainment venue. Designed by architect Nola | VanPeursem, 225 Holmes will be situated across the street from Below the Radar, Sip and Old Town Beer Exchange. The development is expected to bring 150 to 200 daytime jobs to downtown Huntsville, according to Eric St. John of Crunkleton. Construction is scheduled to begin in the fall, and the first anchor tenant for the building will be announced at the groundbreaking ceremony.

August 4, 2016

Florida Retail Southeast Top Stories

Office Depot to Close 300 Stores Over Three Years

by Katie Sloan August 4, 2016

BOCA RATON, FLA. — Boca Raton, Fla.-based Office Depot Inc. (NASDAQ: ODP) announced Wednesday that the company plans to close an additional 300 stores over the next three years in an attempt to cut $250 million in costs by 2018. Office Depot closed 42 stores in the second quarter of 2016, completing the company’s previously announced “U.S. retail store optimization plan,” which called for the shuttering of 400 stores nationwide. The company now has a total of 1,513 stores open in the United States, with plans to close an additional 25 throughout the year. The company hopes to expand the pilot program for its smaller, 15,000-square-foot format to 24 stores by the end of 2016, with 100 stores targeted for 2017. The new, smaller footprint is designed to provide customers with easier shopping using a smaller, more curated assortment of products, while expanding in-store services. The announcement comes on the heels of the termination of a merger with Staples Inc. in May, which resulted in a cash payment from Staples of $250 million. As a result, Office Depot has initiated a dividend of 2.5 cents per share, payable on Sep. 15 to shareholders of record at the close of business …

August 4, 2016

Loans Mixed-Use Southeast Tennessee

JPMorgan Chase Bank Provides $75M Loan for One Hundred Oaks in Nashville

by John Nelson August 3, 2016

NASHVILLE, TENN. — JPMorgan Chase Bank NA has provided a $75 million loan for the refinancing of One Hundred Oaks, an 892,886-square-foot retail, entertainment and medical office center in south Nashville. The property is anchored by Vanderbilt University Medical Center and was 99 percent leased at the time of financing to tenants such as Regal Cinemas, Burlington Coat Factory, Ross Dress for Less, T.J. Maxx, H.H. Gregg Appliances, PetSmart, Michael’s, K&G Men’s Co., Guitar Center, Ulta Beauty, Kirkland’s Home, Electronics Express, Chipotle Mexican Grill, Regions Bank, Logan’s Roadhouse, Panera Bread and Panda Express. One Hundred Oaks is situated on 53.6 acres at 719 Thompson Lane near I-65 and I-440. John W. Rose and Campbell Roche of HFF arranged the seven-year, floating-rate loan through JPMorgan Chase on behalf of the borrower, LaSalle Investment Management.

August 3, 2016

Georgia Hospitality Southeast

Condor Hospitality Trust, Three Wall Capital Acquire Aloft Atlanta Downtown for $43.6M

by John Nelson August 3, 2016

ATLANTA — Condor Hospitality Trust, a hospitality REIT based in Bethesda, Md., and Three Wall Capital have entered into a joint venture agreement to acquire Aloft Atlanta Downtown, a 254-room hotel located at 300 Spring St. N.W. in downtown Atlanta. The joint venture purchased the hotel for $43.6 million. The property includes dry cleaning services, a splash outdoor pool, fitness center, valet and self-parking and free Wi-Fi access. Aloft Atlanta Downtown is within walking distance to Centennial Olympic Park, World of Coca-Cola, the Georgia Aquarium and the Children’s Museum of Atlanta. Condor Hospitality will own 80 percent of the joint venture and Three Wall Capital will own the remaining 20 percent. The joint venture has selected Boast Hotel Management Co. LLC, an affiliate of Three Wall Capital, to manage Aloft Atlanta Downtown once the off-market transaction is finalized, which is expected to occur in the third quarter.

August 3, 2016

Newer Posts

Older Posts