Southeast

First Potomac Realty Trust Sells Two Industrial, Office Buildings in Virginia for $88.7M

by John Nelson February 22, 2017

ALEXANDRIA AND FAIRFAX, VA. — Bethesda, Md.-based First Potomac Realty Trust has sold Plaza 500, a 502,830-square-foot industrial property located at 6295 Edsall Road in Alexandria. Matan Cos. purchased the asset, which was 90.5 percent leased as of Sept. 30, 2016, for $75 million. First Potomac has also sold One Fair Oaks, a 214,214-square-foot office building located at 4114 Legato Road in Fairfax, for $13.7 million. CACI International, an information technology firm, fully occupied the property through the end of 2016. The buyer was an affiliate of Beacon Capital Partners, according to the Washington Business Journal.

February 22, 2017

Office Southeast Virginia

Corporate Office Properties Trust Sells Two Assets in Northern Virginia for $53M

by John Nelson February 22, 2017

FALLS CHURCH, VA. — Corporate Office Properties Trust (COPT), a publicly traded office REIT, has sold $53 million of suburban assets in Northern Virginia. The REIT sold a 190,500-square-foot office building located at 3120 Fairview Park Drive in Falls Church’s Merrifield submarket for $39 million. The asset was 87 percent leased as of Dec. 31, 2016. The company also sold 5.3 acres of land in northern Virginia for $14 million. COPT has an additional $10 million of asset sales under contract and between $37 million to $47 million in contract negotiations, all of which are expected to close during 2017.

February 22, 2017

Retail Southeast Virginia

Morgan Property Group to Develop Publix-Anchored Shopping Center Near Richmond

by John Nelson February 22, 2017

MECHANICSVILLE, VA. — Morgan Property Group has purchased roughly 18 acres of land in Mechanicsville, about six miles northeast of Richmond, for the development of a new grocery-anchored shopping center with an outparcel. Publix will occupy about 50,000 square feet of the 63,000-square-foot property, which is situated along Mechanicsville Turnpike adjacent to Regency Centers’ Hanover Village. Zach Means of Divaris Real Estate Inc. represented the buyer in the land transaction, and Tred Spratley of Sigma National Inc. represented the seller. Morgan Property Group has selected Means to lease the project. Construction is expected to start in late summer, with an opening slated for fall 2018. This will be Morgan Property’s 31st development in Virginia since 2004 and its 11th retail project in the greater Richmond area.

February 22, 2017

Hospitality Loans North Carolina Southeast

Grandbridge Arranges $27M Refinancing for Hyatt Place in Downtown Charlotte

by John Nelson February 22, 2017

CHARLOTTE, N.C. — Grandbridge Real Estate Capital has arranged the $27 million refinancing for Hyatt Place, a 172-room hotel in downtown Charlotte. Chris Caison of Grandbridge’s Charlotte office arranged the fixed-rate loan through an unnamed CMBS investor on behalf of a repeat client. Located at 222 S. Caldwell St., the hotel features free Wi-Fi, a 24-hour fitness center, outdoor rooftop pool and a bar.

February 22, 2017

Multifamily North Carolina Southeast

Proffitt Dixon to Develop Multifamily Community in Uptown Charlotte

by John Nelson February 21, 2017

CHARLOTTE, N.C. — Proffitt Dixon Partners plans to develop Montage, a six-story, 302-unit multifamily development in Uptown Charlotte. An affiliate of Creek Lane Capital LLC, a Chicago-based real estate investment firm, is providing joint venture equity for the development, and Pacific Life Insurance Co. is providing a $46.5 million construction loan. Travis Anderson and Cory Fowler led HFF’s debt and equity placement team in both transactions on behalf of Proffitt Dixon. Situated at the corner of East Stonewall and South Davidson streets, Montage will feature one-, two- and three-bedroom units averaging 830 square feet with 10-foot ceilings, master closets, computer niche/workstations, stainless steel appliances, wood plank flooring and balconies and patios with views of downtown Charlotte. Amenities will include 11,000 square feet of ground-floor retail space, an elevated saltwater swimming pool, resident lounge, clubroom, fenced dog park, courtyards, grilling stations, bicycle repair and a fitness center.

February 21, 2017

Seniors Housing Southeast Tennessee

Inspirit, Care Investment Trust Acquire Seniors Housing Community in Memphis

by John Nelson February 21, 2017

MEMPHIS, TENN. — A joint venture between Inspirit Senior Living and Care Investment Trust has acquired Foxbridge, a 120-bed independent living, assisted living and memory care community in Memphis. The seniors housing property is located on eight acres. The seller was the property’s former operator, United Methodist Homes. The sales price was undisclosed. The new owners plan to implement improvements to the back-office systems, buildings, furnishings, fixtures and grounds. Inspirit will operate the community and expand the name to “Foxbridge, an Inspirit Senior Living Community.” This is Inspirit’s second community, following Hilltop in Winchester, Va., which was also acquired in a joint venture with Care Investment Trust.

February 21, 2017

Georgia Loans Multifamily Southeast

CiTYR Group Buys Apartment Community in Metro Atlanta Using $19.5M Bridge Loan

by John Nelson February 21, 2017

TUCKER, GA. — CiTYR Group has purchased LaVista Crossing, a 240-unit apartment community in the Atlanta suburb of Tucker. The Israeli-based property investor financed its acquisition with a $19.5 million bridge loan provided by KeyBank Real Estate Capital. Michael Muller of Eastern Union Funding arranged the loan on behalf of CiTYR, which plans to upgrade the property’s amenities. CiTYR has selected Atlanta-based CFLane LLC, a subsidiary of Cocke Finkelstein Inc., to oversee management of LaVista Crossing.

February 21, 2017

Georgia Office Southeast

NAI Brannen Goddard Brokers $9.4M Sale of Office Property in Metro Atlanta

by John Nelson February 21, 2017

JOHNS CREEK, GA. — NAI Brannen Goddard has brokered the $9.4 million sale of a 75,273-square-foot office building situated within the 1,900-acre Technology Park Johns Creek development. The multi-tenant, Class A office building is located at 11360 Lakefield Drive in Johns Creek, a suburb of Atlanta in Fulton County. David Beak of NAI Brannen Goddard represented the seller, Block Income Fund, in the transaction. The buyer was City of Johns Creek, which intends to use the property as its City Hall.

February 21, 2017

Florida Loans Retail Southeast

NorthMarq Arranges $4M Refinancing of Grocery-Anchored Retail Property in Metro Tampa

by John Nelson February 21, 2017

BRANDON, FLA. — NorthMarq Capital has arranged the $4 million refinancing of Lithia Square, a 69,007-square-foot, grocery-anchored retail property located at 901-927 Lithia Pinecrest Road in Brandon, about 12 miles east of Tampa. Walmart Neighborhood Market is on a ground lease at the property, and Walmart owns the building. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through a national CMBS lender.

February 21, 2017

Georgia Restaurant Retail Southeast Top Stories

Parent Company of Burger King Acquires Popeyes Louisiana Kitchen for $1.8B

by Katie Sloan February 21, 2017

ATLANTA — Restaurant Brands International Inc. (RBI) (NYSE: QSR) has agreed to acquire Atlanta-based Popeyes Louisiana Kitchen Inc. (NASDAQ: PLKI) for $1.8 billion. Ontario, Canada-based RBI is the parent company of fast food giants Burger King and Tim Hortons. The company owns a portfolio of over 20,000 restaurants throughout the world. Popeyes will continue to be managed independently in the U.S. following the close of the transaction, which is slated for April of this year. RBI plans to expand the Popeyes brand at an increasing pace in both the U.S. and international markets over the next few years. The concept, founded in New Orleans in 1972, has over 2,600 restaurants in the U.S. and 25 other countries. “Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world,” says Daniel Schwartz, CEO of RBI. “With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong U.S. and international prospects for growth.” Under the terms of the transaction, Popeyes shareholders will receive $79 per share in cash at closing. Following the successful completion of the tender offer, RBI will acquire all remaining shares through a second-step merger …

February 21, 2017

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