Southeast

Meridian Development Group Sells 907,237 SF Distribution Center in Sarasota for $51M

by John Nelson December 9, 2016

SARASOTA, FLA. — Meridian Development Group has sold Meridian Distribution Center, a 907,237-square-foot warehouse situated on 50 acres in Sarasota. Toronto-based Agellan Capital Partners Inc. purchased the property for $51 million and will retain Meridian Management Group to serve as the property manager. The asset is fully leased to four tenants — United Natural Foods International occupies 460,000 square feet of dry and refrigerated space, Bealls occupies 200,000 square feet, Access USA leases 163,000 square feet and Albert’s Organics occupies 80,000 square feet of cooler/freezer space. Meridian purchased the former Winn Dixie distribution facility in 2006 for $30 million. In 2009, Meridian developed a two-story, 55,000-square-foot charter school on the site for Imagine Schools and sold it earlier this year for $10.2 million. Kevin Heiss of Largo Real Estate Advisors represented Meridian in the sale of Meridian Distribution Center.

December 9, 2016

Florida Retail Southeast

Miller Construction Underway on New Fort Lauderdale MINI Dealership

by John Nelson December 9, 2016

FORT LAUDERDALE, FLA. — Miller Construction Co. has begun converting a two-story former auto rental building at 2125 S. Federal Highway in Fort Lauderdale into a new MINI dealership. The new 55,507-square-foot Lauderdale MINI is Miller Construction’s fifth project for Holman Automotive, which will move the existing Lauderdale MINI dealership from its current location a few blocks north on Federal Highway. Holman Automotive will display the new MINI cars on the ground floor of the new property and house certified pre-owned MINI cars on the second floor. Miller Construction plans to deliver the new glass and metal-faced auto dealership in spring 2017.

December 9, 2016

Alabama Loans Retail Southeast

NorthMarq Capital Arranges $24M Acquisition Loan for Shopping Center in Alabama

by John Nelson December 9, 2016

SPANISH FORT, ALA. — NorthMarq Capital has arranged a $24 million acquisition loan for Eastern Shore Plaza, a 270,105-square-foot shopping center located at 10200 Eastern Shore Blvd. in Spanish Fort. Chad Owens of NorthMarq Capital’s Houston office arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. Owens arranged the loan through an undisclosed CMBS lender on behalf of the borrower, Eastern Shore Plaza LLC, an entity controlled by Azad Commercial Realty Services.

December 9, 2016

Georgia Office Southeast

PCCP, Carter Sign Honeywell to 62,000 SF Lease at 715 Peachtree in Atlanta

by John Nelson December 9, 2016

ATLANTA — PCCP LLC and Carter have leased more than 62,000 square feet of office space to Honeywell International Inc., a global technology company with ties to the aerospace and homebuilding industries, at the 715 Peachtree building in Midtown Atlanta. Honeywell expects to grow to more than 700 employees at the building over the next five years. The firm is investing roughly $19 million into the new office space, which will house the company’s Home and Building Technologies headquarters. The 10-story, 318,000-square-foot office building is situated adjacent to Fox Theatre. The property was originally constructed as the regional headquarters for J.C. Penney.

December 9, 2016

Florida Loans Retail Southeast

KeyBank Arranges $13.7M CMBS Loan for Retail Center in Tampa Bay Area

by John Nelson December 9, 2016

NEW PORT RICHEY, FLA. — KeyBank Real Estate Capital has secured a $13.7 million CMBS loan for Trinity Village Shopping Center, an unanchored, 71,233-square-foot retail property built in 2007 in New Port Richey, a town in the Tampa Bay metro area. The undisclosed borrower used the financing to facilitate the acquisition of the shopping center. Scott Bois of KeyBank Real Estate Capital arranged the 10-year, non-recourse loan with two years of interest-only payments and a 30-year amortization schedule.

December 9, 2016

Loans Mixed-Use Southeast Tennessee

Northwestern Mutual Provides $73M Construction Financing for $750M Capitol View Project in Nashville

by John Nelson December 8, 2016

NASHVILLE, TENN. — Northwestern Mutual has provided $73 million in construction financing for Capitol View, a $750 million, 32-acre mixed-use development underway in Nashville’s North Gulch area. Upon completion the project will feature 1.1 million square feet of Class A office space, 130,000 square feet of retail and restaurant space, 600 multifamily residences, 410 hotel rooms and a 2.5-acre urban park connected to Nashville’s greenway system. The co-developers, Boyle Investment Co. and Northwood Ravin, will begin construction this month on the next phase of Capitol View. Known as Block D, the $115 million phase will encompass seven city blocks at the intersection of I-40/Charlotte Avenue and 11th Avenue North and feature a mixed-use structure with 60,000 square feet of ground-level retail space, 40,000 square feet of second-floor loft office space and 378 residential units. With Northwestern Mutual’s financing, Capitol View’s total capital investment is now 70 percent committed. The development is anchored by Hospital Corp. of America and Lifeway, which will bring more than 3,000 employees to Capitol View combined. A portion of Nelson Merry Street will be designated as “Festival Street,” which can be closed off for festivals and other events.

December 8, 2016

Multifamily Southeast Tennessee

Timberland Partners Acquires Multifamily Portfolio in Nashville Area for $57.5M

by John Nelson December 8, 2016

LEBANON, CLARKSVILLE AND COLUMBIA, TENN. — Minneapolis-based Timberland Partners has acquired a three-property multifamily portfolio totaling 548 units in metro Nashville for $57.5 million. The communities include the 210-unit Falls at 109 in Lebanon, the 184-unit Fountains at Meadow Wood in Clarksville and the 154-unit Lakes of Columbia in Columbia. As part of the transaction, Timberland Partners assumed three existing HUD loans. Steve Massey and Russ Oldham of CBRE’s Nashville office represented the undisclosed seller in the transaction. Timberland Partners now owns and manages five multifamily assets in the Nashville area totaling 960 units.

December 8, 2016

Industrial South Carolina Southeast

CenterPoint Properties Acquires 615,090 SF Industrial Development in Metro Charleston for $41M

by John Nelson December 8, 2016

SUMMERVILLE, S.C. — CenterPoint Properties has acquired Charleston Gateway Distribution Center, a 615,090-square-foot, three-building development that features 473,124 square feet of bulk warehouse space, 121,466 square feet of cold storage space and 21,060 square feet of truck maintenance and storage space. CenterPoint purchased the asset from J.L. Woode Ltd. for $41 million. Chris Norvell of HFF represented the seller in the transaction. Situated on 109 acres at 1125 Newton Way in Summerville, Charleston Gateway Distribution Center was fully leased at the time of sale to three port-related tenants — Zinus Inc., Argo Merchants Group and H&E Equipment Services. The industrial complex features up to 42-foot clear heights, 64 dock-high loading positions, a 205-foot truck court and 94 trailer storage spaces. The property fronts I-26 and provides easy access to the Port of Charleston.

December 8, 2016

Florida Loans Seniors Housing Southeast

Walker & Dunlop Arranges $41M Construction Loan for Seniors Community Adjacent to Disney World

by John Nelson December 8, 2016

ORLANDO, FLA. — Walker & Dunlop has arranged a $41 million loan for Big Rock Partners, which will use the money to fund construction of its 240-unit independent living, assisted living and memory care community adjacent to Disney World in Orlando. Big Rock purchased the nine-acre plot from Disney in 2014 for $4.5 million and began construction in August 2016. The project, which does not yet have a name, will feature 152 independent living, 55 assisted living and 33 memory care units. As part of the arrangement with Disney, Big Rock also has the option to purchase 20 more acres adjacent to the site. Balfour Beatty is construction manager on the project, which is scheduled for completion in the spring of 2018. Gensler designed the property and once complete, Life Care Services will operate the community. Walker & Dunlop’s Albert Rex and Marty McGrogan arranged the 3.5-year loan with three years of interest-only payments and a 25-year amortization schedule. Big Rock Partners is a private real estate investment management firm. The company is currently developing three large seniors housing projects in Florida, with a total development cost exceeding $200 million.

December 8, 2016

North Carolina Retail Southeast Virginia

Armada Hoffler Acquires Two Retail Properties in Metro Charlotte, Virginia Beach

by John Nelson December 8, 2016

DAVIDSON, N.C. AND VIRGINIA BEACH, VA. — Armada Hoffler Properties Inc., a publicly traded REIT based in Virginia Beach, has closed on the acquisitions of Renaissance Square, a grocery-anchored retail center located in the greater Charlotte area, and Columbus Village II, a retail and entertainment center adjacent to the Town Center of Virginia Beach. Armada Hoffler acquired Renaissance Square for approximately $17.1 million in cash and Columbus Village II for 2 million shares of common stock. The 80,000-square-foot Renaissance Square is currently 92 percent leased and anchored by a 50,000-square-foot Harris Teeter store with over 11 years remaining on its lease term. Columbus Village II comprises over 92,000 square feet and is 100 percent leased to Bed Bath & Beyond, Regal Cinemas and Schlotzsky’s Deli. Gerald Divaris of Divaris Real Estate Inc. represented both Armada Hoffler and the seller, Capitol Industries, in the Columbus Village II transaction. Armada Hoffler has retained Divaris Real Estate and Divaris Property Management to manage and lease the property. Armada Hoffler acquired Columbus Village I, a 65,000-square-foot retail center, in 2015.

December 8, 2016

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