Southeast

Terranova Affiliate Sells Shopping Center in Metro Miami for $66.5M

by John Nelson June 3, 2016

PINECREST, FLA. — Suniland Associates Ltd., an affiliate of Terranova Corp., has sold the 82,000-square-foot Suniland Shopping Center to a Denver-based REIT for $66.5 million. The asset is located on 7.1 acres along U.S. 1 in Pinecrest, a southern suburb of Miami. The property’s tenant roster includes Flanigans, SunTrust Bank, Citicorp, the U.S. Post Office, CVS/pharmacy, Nicklaus Children’s Hospital, Pete’s Barber Shop and Wagons West. Mark Gilbert of Cushman & Wakefield brokered the transaction.

June 3, 2016

Florida Hospitality Southeast

ARTIC Buys Viceroy Miami Hotel from Pebblebrook Hotel Trust for $64.5M

by John Nelson June 3, 2016

MIAMI — Pebblebrook Hotel Trust has sold the Viceroy Miami, a 148-room, upscale hotel in Miami’s Brickell district, for $64.5 million. The buyer, Qatar-based investment firm Al Rayyan Tourism Investment Co. (ARTIC), purchased the property with plans to convert the hotel into Starwood Hotels and Resort’s W brand. The new W Miami features a rooftop lounge on the 50th floor, a 28,000-square-foot spa and a 300-foot rooftop pool, Florida’s longest infinity pool that overlooks Biscayne Bay. The property also features five commercial units and 38 condominium hotel units that are part of a hotel rental program. As of April 30, the 50-story hotel had a 12-month trailing net operating income of $2.7 million, making the cap rate roughly 4.2 percent. Pebblebrook, a hospitality REIT, purchased Viceroy Miami in May 2011 for $36.5 million.

June 3, 2016

Retail Southeast Virginia

CBRE | Richmond Brokers $5.9M Sale of Midlothian Station Shopping Center

by John Nelson June 3, 2016

MIDLOTHIAN, VA. — CBRE | Richmond has brokered the $5.9 million sale of Midlothian Station, a 67,246-square-foot shopping center located at 13531-13579 Midlothian Turnpike in Midlothian. The Butz Family purchased the property, which was 91 percent leased at the time of sale to tenants such as YouFit Health Club, Ace Hardware, Taylor’s Do It Center and Coalfield Antiques. Will Bradley of CBRE | Richmond, along with Kris Knepper of CBRE | Hampton Roads, represented the seller in the transaction. Martin Blum and Andrew Ferguson of Colliers International represented the Butz Family.

June 3, 2016

Georgia Retail Southeast

SRS Arranges $1.5M Sale of Bank of America Branch in Savannah

by John Nelson June 3, 2016

SAVANNAH, GA. — SRS’ Southeast investment sales team has brokered the $1.5 million sale of an outparcel leased to Bank of America in Savannah. The 3,563-square-foot building is located at 14083 Abercorn St. in front of Savannah Mall. John Topping Jr. and Robert Drake of SRS’ Atlanta office represented the seller, SSF Savannah Properties LLC, in the transaction. Matthew Mousavi and Patrick Luther of SRS’ national net lease group in Newport Beach, Calif., represented the West Coast-based buyer, L.L. Ventures LLC.

June 3, 2016

Loans Retail Southeast Tennessee

Goldman Sachs Provides $107M Loan to CBL for Hamilton Place Mall in Chattanooga

by John Nelson June 2, 2016

CHATTANOOGA, TENN. — Goldman Sachs Mortgage Co. has provided a $107 million loan to CBL & Associates Properties Inc. for Hamilton Place Mall, an enclosed regional mall located at 2100 Hamilton Place Blvd. in Chattanooga. Located off I-75, the mall features six department stores and roughly 200 stores and services, including Sephora, J Crew Factory, bareMinerals, Banana Republic, Barnes & Noble Booksellers, White House | Black Market and Pandora. The 10-year loan features a 4.36 percent interest rate. CBL used the loan proceeds to retire an existing $98.2 million loan maturing in August. CBL owns Hamilton Place in a 90/10 consolidated joint venture with an undisclosed partner. CBL owns, holds interests in or manages 148 properties, including 92 regional malls/open-air centers. The properties are located in 31 states and total 85.5 million square feet, including 8.6 million square feet of non-owned shopping centers managed for third parties.

June 2, 2016

Johns Hopkins Medicine All Children’s Hospital St. Petersburg

Florida Healthcare Southeast

Skanska USA to Build $62.7M Medical Research, Education Facility in St. Petersburg

by John Nelson June 2, 2016

ST. PETERSBURG, FLA. — Skanska USA has signed a $62.7 million contract to build a 230,000-square-foot research and education facility on the Johns Hopkins Medicine All Children’s Hospital campus in St. Petersburg. Designed by HDR, the new property will include 30,000 square feet of research and laboratory spaces and 30,000 square feet of educational space, which will feature a 400-seat auditorium. The project will also have 50,000 square feet of offices and administrative spaces, a 20,000-square-foot collaboration space and a “biorepository” — a repository of biological materials. More than 200 professionals will occupy the building, which will house the hospital’s Maternal, Fetal & Neonatal Institute; Heart Institute; Cancer & Blood Disorders Institute and the Institute for Brain Protection Sciences. Skanska USA expects to deliver the new property in 2018.

June 2, 2016

Fiat Chrysler Automobiles Stonewall Industrial Park Winchester

Industrial Southeast Virginia

Equus to Develop 400,400 SF Distribution Facility for Fiat Chrysler in Virginia

by John Nelson June 2, 2016

WINCHESTER, VA. — Equus Capital Partners Ltd. has entered into a build-to-suit lease agreement with Fiat Chrysler Automobiles for the development of a 400,400-square-foot warehouse and distribution facility within Stonewall Industrial Park in Winchester. The facility will create more than 70 new jobs in the region. The industrial park is located along the I-81 Corridor in Frederick County, approximately 75 miles west of Washington, D.C. The property will be a Mid-Atlantic parts distribution center for Fiat Chrysler’s parts, service and customer care organization. Jarred Testa and Michael Walsh of Cushman & Wakefield’s Baltimore office represented Fiat Chrysler in the lease deal. The Class A facility will feature 32-foot clear heights, T5 interior lighting, concrete floors, 50- by 50-foot column spacing and an ESFR sprinkler system. BPG Development Co. LP, Equus’ development operating arm, will oversee development and construction. Equus plans to complete construction by the end of November 2016.

June 2, 2016

Hospitality Loans Southeast Virginia

PMZ Realty Capital Closes $38M Refinancing of Hotel Portfolio in Virginia

by John Nelson June 2, 2016

NEW YORK — New York-based PMZ Realty Capital LLC has closed a $38 million loan to refinance a four-property hotel portfolio in Virginia. The properties include the 136-room Aloft Chesapeake, 148-room Fairfield Inn & Suites by Marriott Williamsburg, 131-room SpringHill Suites by Marriott and the 121-room Residence Inn by Marriott Chesapeake Greenbrier. The undisclosed borrower will use the proceeds to retire existing debt on the four hotels and help recapitalize the company for future development and acquisition opportunities.

June 2, 2016

Multifamily North Carolina Southeast Student Housing

Carolina Apartment Advisors Brokers $34.2M Sale of Student Housing Property in Wilmington

by John Nelson June 2, 2016

WILMINGTON, N.C. — Carolina Apartment Advisors has arranged the $34.2 million sale of Carolina Cove, a 600-bed student housing community located less than one mile away from the University of North Carolina at Wilmington campus. Built in 2013, the property features 228 two- and three-bedroom units, as well as a resort-style swimming pool, sundeck, student lounge, business center, fitness center with a tanning bed, beach volleyball court, basketball court, hammock garden, barbecue grills, campus bus route and a private gated entry. John Edwards of Carolina Apartment Advisors represented the seller, University Housing Group. The buyer, Realco Capital Partners, plans to upgrade the furnishings and interiors of the complex.

June 2, 2016

Florida Retail Southeast

EMPI Buys Lauderdale Marketplace in Broward County for $27M

by John Nelson June 1, 2016

LAUDERDALE LAKES, FLA. — Exclusive Management and Properties Inc. (EMPI) has purchased Lauderdale Marketplace, a 265,000-square-foot retail center in Lauderdale Lakes, for $27 million. EMPI bought the property from Austin Forman and William Murphy of Lauderdale Marketplace Investments LLC. Lloyd Berger and Joe Byrnes of Berger Commercial Realty represented the seller in the transaction. Located on a 30-acre lot at the southeast corner of Oakland Park Boulevard and North State Road 7, Lauderdale Marketplace’s tenant roster includes Broward Health, YouFit Health Club, Davita Dialysis, Papa John’s, Broward Sheriff’s Office, the Department of Veteran Affairs and the Department of Highway Safety and Motor Vehicles. EMPI has retained Berger Commercial Realty to lease and manage Lauderdale Marketplace.

June 1, 2016

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