Southeast

Weingarten Realty Acquires 664,000 SF Shopping Center in Miami for $285M

by Christina Cannon July 29, 2016

MIAMI — Weingarten Realty (NYSE: WRI) has acquired The Palms at Town & Country, a 664,000-square-foot, open-air shopping center in Miami, for $285 million. WRC Properties, an affiliate of TIAA-CREF, is the seller, according to the Miami Herald. The property features 71 retailers including Publix, Kohl’s, Nordstrom Rack, Dick’s Sporting Goods and Marshalls. National retailers comprise 87 percent of the revenue for the property. The Palms at Town & Country is located on 70 acres at 8505 Mills Drive, and was renovated in 2010. JLL is the exclusive leasing agent for the property, and has created events such as the Festival De Primavera Fashion Show, the Palms Restaurant Crawl and the All-American 4th of July Celebration that attracts thousands. Weingarten Realty’s stock price closed Thursday, July 28 at $42.67 per share, up from $34.62 per share a year ago, a nearly 19 percent increase. Weingarten Realty, a Houston-based REIT, is an owner, manager and developer of shopping centers throughout the United States.

July 29, 2016

Kentucky Multifamily Southeast

Passco Acquires Newly Constructed Apartment Community in Metro Louisville for $50.4M

by John Nelson July 28, 2016

PROSPECT, KY. — Passco Cos. LLC has purchased The Veranda, a 236-unit apartment community located at 9506 Civic Way in Prospect, a suburb of Louisville. Passco acquired the property from The Veranda’s developer, Bristol Development, for $50.4 million. Built in 2015, the community is situated within Norton Commons, an upscale master-planned development that features Norton Hospital. The Veranda features 20 different floorplans and unit interiors include wood flooring, gourmet kitchens with granite countertops, stainless steel appliances, ceramic tile backsplashes and custom cabinetry. Craig Collins of Cushman & Wakefield/Commercial Kentucky, along with Mike Kemether of Cushman & Wakefield’s Atlanta office, represented Bristol Development in the transaction.

July 28, 2016

Industrial Mississippi Southeast

Ridgeline Enters Memphis Industrial Market with I-269 Logistics Center in Mississippi

by John Nelson July 28, 2016

MARSHALL COUNTY, MISS. — Atlanta-based Ridgeline Property Group is entering the Memphis industrial market with the development of I-269 Logistics Center, an industrial park situated in Marshall County in Mississippi near the Tennessee-Mississippi border. The project will span up to 3.5 million square feet of Class A distribution and industrial space. Ridgeline has formed a joint venture with the owner of the 328-acre site, Mississippi Land Holdings LLC, an investment vehicle owned by the CK Pearl family of funds and managed by Crestline-Kirchner LP. The site is situated at the intersection of Goodman Road and the new I-269 beltway. The joint venture has selected Dave Curran and Matt Weathersby of Cushman & Wakefield/Commercial Advisors to market I-269 Logistics Center for lease.

July 28, 2016

North Carolina Retail Southeast

TradeMark Arranges 55,000 SF Lease with Harris Teeter at Seaboard Station in Downtown Raleigh

by John Nelson July 28, 2016

RALEIGH, N.C. — TradeMark Properties has arranged a 55,000-square-foot lease transaction with Harris Teeter at Seaboard Station, a 92,000-square-foot shopping center that anchors the north end of downtown Raleigh. The shopping center is located adjacent to William Peace University off Peace and Halifax streets. Seaboard Station has been fully occupied since its sale in 2013. TradeMark Properties, the management and leasing agent for Seaboard Station, has partnered with Lowe Enterprises to develop expansion and development concepts for the project to allow for more retail space and the possibility of apartment residences and/or lodging. Built in the 1940s, Seaboard Station was originally a train depot and warehouse complex.

July 28, 2016

Loans Seniors Housing Southeast Virginia

SunTrust Provides $21.2M in Financing for Expansion of CCRC in Richmond Suburb

by John Nelson July 28, 2016

CHESTERFIELD, VA. — SunTrust Bank has provided $21.2 million in financing to add independent living cottages and home healthcare services to Lucy Corr Village, a continuing care retirement community (CCRC) in the Richmond suburb of Chesterfield. Originally a skilled nursing facility, the nonprofit Lucy Corr Village is now the only seniors housing community south of the James River that offers the full continuum of care, according to the owners. SunTrust structured three separate loans to refinance Lucy Corr’s existing bond debt, resulting in interest cost savings that can be used for the future projects. This is the third time in the last decade that Lucy Corr Village has added new independent living units. The number of units in the expansion and other details were not disclosed.

July 28, 2016

Georgia Retail Southeast

Ten-X, Hale Retail Group Arrange $17M Sale of Grocery-Anchored Shopping Center in Metro Atlanta

by John Nelson July 28, 2016

DULUTH, GA. — Ten-X, formerly Auction.com, has teamed up with Hale Retail Group to market and sale Gwinnett Prado Shopping Center, a 361,715-square-foot, supermarket-anchored shopping center in Duluth. A subsidiary of Insignia LLC purchased the asset for $17 million using the Ten-X Commercial platform. Built in 1988, the shopping center is situated on 32 acres at 2250 and 2300 Pleasant Hill Road in metro Atlanta’s Gwinnett County. Gwinnett Prado is anchored by a 102,000-square-foot Great Wall supermarket. Other tenants include Office Max and T-Mobile. Philip Kates, Adam Sklaver and Dean Lewis of Ten-X, along with Sam Hale of Hale Retail Group, marketed and sold the shopping center on behalf of the seller, an individual investor. Gwinnett Prado marks the third-largest transaction on the Ten-X platform since its launch in 2009 as Auction.com.

July 28, 2016

Georgia Mixed-Use Southeast

Hunt Development, Oakwood to Build $150M Mixed-Use Project in Atlanta

by John Nelson July 27, 2016

ATLANTA — The Atlanta Housing Authority’s Board of Commissioners has selected Hunt Development Group and Atlanta-based Oakwood Development Group to redevelop the Herndon Homes site in Atlanta. The $150 million master plan calls for a mixed-use, mixed-income development that features 700 multifamily units of varying housing types, as well as retail and community spaces and a new fitness center. The site is located on 12 acres along Northside Drive, about one mile north of Mercedes-Benz Stadium, the future home of the Atlanta Falcons and Atlanta United FC. The development team has selected Moss to serve as the construction manager for the project.

July 27, 2016

District of Columbia Hospitality Loans Southeast

New York Life Real Estate Investors Originates $140M Loan for The Apartments at CityCenterDC

by John Nelson July 27, 2016

WASHINGTON, D.C. — New York Life Real Estate Investors has originated a $140 million, 10-year loan for the leasehold interest in The Apartments at CityCenterDC in downtown Washington, D.C. The 458-unit, Class A apartment community is the multifamily component of CityCenterDC, a 10-acre mixed-use development under construction by Hines and Qatari Diar. The development will be located on the site of the former Washington Convention Center.

July 27, 2016

Florida Mixed-Use Southeast

City of Miami Board OKs Wynwood 25 Mixed-Use Development

by John Nelson July 27, 2016

MIAMI — The city of Miami’s Urban Design Review Board has unanimously voted (6 to 0) to recommend approval of Wynwood 25, a 400,000-square-foot mixed-use development in Miami’s Wynwood neighborhood. Situated between N.W. 24th and 25th streets, the project will include 289 apartment residences, 31,000 square feet of retail space and 340 parking spaces. After receiving this recommendation and the approval by the Wynwood Design Review Committee, East End Capital, the developer of Wynwood 25, expects to break ground on the project in the first quarter of 2017. East End Capital anticipates for 80 percent of Wynwood 25’s residences to rent for less than $2,000 per month. The apartments will comprise mostly studios and one-bedroom layouts, all including 10-foot ceilings and full-sized washers and dryers. Amenities will include a fitness center with yoga studio, work-from-home spaces, coffee lounge, 12,000-square-foot green courtyard, bike storage, package storage and dog wash facilities, as well as a rooftop terrace with a pool, spa, barbecue areas and outdoor and covered work areas. Kobi Karp designed the project, which includes a paseo connecting 24th and 25th streets.

July 27, 2016

Florida Multifamily Southeast

Blue Rock Premier Buys Apartment Community in Jacksonville for $24.6M

by John Nelson July 27, 2016

JACKSONVILLE, FLA. — Blue Rock Premier Properties LLC has purchased The Reserve at Beach Boulevard, a 360-unit apartment community located at 11990 Beach Blvd. in Jacksonville. Blue Rock Premier purchased the property from LLJ Multifamily Ventures for $24.6 million. The Tampa-based buyer plans to invest about $3.8 million in exterior and interior upgrades at The Reserve at Beach Boulevard, which will be rebranded as The Park at Levanzo. The asset was 95 percent occupied at the time of sale. Dhaval Patel and Brian Moulder of CBRE’s Jacksonville office brokered the off-market transaction. ARES Capital Corp. provided debt financing on behalf of Blue Rock Premier.

July 27, 2016

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