Southeast

Marcus & Millichap Brokers $3.5M Sale of 7-Eleven in Historic Georgetown District

by John Nelson November 16, 2015

WASHINGTON, D.C. — Marcus & Millichap has brokered the sale of a 3,911-square-foot 7-Eleven store located at 1340 and 1344 Wisconsin Ave. in Washington, D.C.’s historic Georgetown neighborhood. Marty Zupancic, Dean Zang and Christian Barreiro of Marcus & Millichap’s Washington, D.C., office represented the seller, a local family estate that has owned the property since 1928. Zang and Josh Ein of Marcus & Millichap’s TZD Retail Team secured and represented the buyer, a local, privately held investment manager. 7-Eleven has roughly eight years remaining on its lease.

November 16, 2015

Georgia Retail Southeast

Franklin Street Brokers $2.5M Sale of Shopping Center in Metro Atlanta

by John Nelson November 16, 2015

STOCKBRIDGE, GA. — Franklin Street has brokered the $2.5 million sale of Eagle Village, a 21,800-square-foot shopping center located at 600 Eagles Landing Parkway in Stockbridge, roughly 20 miles south of Atlanta. Built in 2002, the property was 77.3 percent leased at the time of sale to tenants such as Jimmy John’s, Johnny’s Pizza & Subs and H&R Block. Bryan Belk and John Tennant of Franklin Street’s Atlanta office represented the seller, Alpha Opportunity Fund I LLC, in the transaction. Ainbinder Properties LLC was the buyer.

November 16, 2015

Market Reports Multifamily Southeast Southeast Market Reports Virginia

Apartment Supply in Richmond’S CBD Attracts Young, Economically Powerful Residents

by John Nelson November 16, 2015

Richmond has become a multifamily safe haven with unemployment rates below the national average and the second-best annual rental returns in the nation at 20.42 percent. Richmond’s high annual returns are due in large part to its population. The city has become a mecca for young adults as 32.2 percent of the population is in its 20s and 30s — well above the national average of 22 percent. This population’s drive for an urban, walkable lifestyle is generating a great deal of development in the CBD, as well as the Manchester submarket where Virginia Commonwealth University’s (VCU) Institute for Contemporary Art is located. VCU’s art institute is the No. 1 art and design school in the country, and continues to draw in Millennials looking to take advantage of the open and historic downtown district surrounding the James River. Richmond’s flourishing, younger population is demanding adaptive re-use and new development and developers in Richmond are answering the call. Areas such as Scott’s Addition, Shockoe Bottom and Manchester have all seen new mid and high-rise developments in recent months that are attracting a plethora of new tenants. Highlights of Richmond’s apartment market include: • 1,000 units are currently under construction with an …

November 16, 2015

Alabama Loans Retail Southeast

New York Life Originates $58M Loan for Power Retail Center in Montgomery

by John Nelson November 13, 2015

MONTGOMERY, ALA. — New York Life Real Estate Investors has provided a $58 million loan on behalf of institutional investors for The Shoppes at EastChase in Montgomery. The 389,084-square-foot power retail center is leased to tenants including AT&T Wireless, Banana Republic, Dillard’s, Earth Fare Organic Grocer, Kohl’s, LOFT, Moe’s Southwest Grill, Motherhood Maternity, PetSmart and Target. Phillip Cox and Bill Mattice of Grandbridge Real Estate Capital’s Greenville, S.C., office arranged the loan through New York Life. The 10-year loan featured a fixed interest rate.

November 13, 2015

Maryland Multifamily Southeast

Klein Enterprises Breaks Ground on Apartment Community in Metro Baltimore

by John Nelson November 13, 2015

TOWSON, MD. — Klein Enterprises has broken ground on Southerly Square Apartments, a 175-unit multifamily community in Towson, roughly 10 miles north of Baltimore. The property is located on Southerly Road close to the Baltimore Beltway and adjacent to Goucher College. The apartment community will feature an integrated five-story, 361-space parking garage. Community amenities will include a private courtyard with a swimming pool, fire pit, bocce ball court, fitness center, game room with billiards, theater room, café and a rooftop balcony. Units will feature stainless steel appliances, full-sized washer and dryer units, walk-in closets, high-speed internet access, high ceilings and a patio or balcony. Columbia National Real Estate Finance LLC is providing construction financing for the project. Klein Enterprises is developing Southerly Square with Taylor Property Group. Klein expects to deliver the apartment community by spring 2017.

November 13, 2015

Loans Louisiana Retail Southeast Uncategorized

HFF Arranges $27.7M Refinancing of Grocery-Anchored Shopping Center in New Orleans

by John Nelson November 13, 2015

NEW ORLEANS — HFF has arranged a $27.7 million loan for Algiers Plaza, a recently renovated, 236,389-square-foot shopping center located along General deGaulle Drive in New Orleans. The Winn Dixie-anchored shopping center has recently added Petco, Ross Dress for Less, T.J. Maxx and Burke’s to its tenant roster. Existing tenants include Payless Shoe Source, Buffalo Wild Wings, Mattress Firm and Walgreens. Algiers Plaza was 85 percent leased at the time of financing. De’On Collins and Travis Anderson of HFF arranged the floating-rate loan through BBVA Compass on behalf of the borrower, N3 Real Estate. N3 will use the loan proceeds to pay off a construction loan, acquire all of the minority partnership interests and fund future capital improvements and leasing costs at the property.

November 13, 2015

Georgia Loans Multifamily Southeast

Pillar Originates $7.5M Fannie Mae Loan for Historic Apartment Building in Atlanta

by John Nelson November 13, 2015

ATLANTA — Pillar, an affiliate of Guggenheim Partners, has originated a $7.5 million Fannie Mae loan for the refinance of The Roosevelt, a 120-unit multifamily building located in Atlanta’s Grant Park historic district. Gabe Seghi of Pillar’s Boca Raton, Fla., office originated the fixed-rate, 10-year loan with a 30-year amortization schedule on behalf of the borrower, a regional multifamily owner/operator. Pillar is a national Fannie Mae DUS lender.

November 13, 2015

Florida Loans Retail Southeast

Grandbridge Arranges $4.6M Loan for Grocery-Anchored Center in Florida

by John Nelson November 13, 2015

SEMINOLE, FLA. — Grandbridge Real Estate Capital has closed a $4.6 million loan secured by a Winn Dixie-anchored shopping center in Seminole. Bill Mattice and Phillip Cox of Grandbridge’s Greenville, S.C., office arranged the 10-year, interest-only loan through an unnamed CMBS lender. According to Mattice, the unnamed borrower was using a 1031 exchange as the equity to acquire the shopping center.

November 13, 2015

Georgia Loans Mixed-Use Southeast

A10 Capital Provides $67M Acquisition Loan for Value-Add Portfolio in Metro Atlanta

by John Nelson November 12, 2015

ATLANTA — A10 Capital has provided a $67 million acquisition loan for a 12-property portfolio in metro Atlanta. The portfolio includes value-add retail, industrial and office properties throughout the greater Atlanta area. Gregg Shapiro of HFF arranged the non-recourse loan on behalf of the borrower, Stream Realty Partners. Stream will use the loan proceeds to fund the acquisition, renovation and future lease-up of the portfolio.

November 12, 2015

Florida Mixed-Use Southeast

Investment Properties Corp. Brokers $25.5M Sale of Retail, Offices in Downtown Naples

by John Nelson November 12, 2015

NAPLES, FLA. — Investment Properties Corp. has brokered the $25.5 million sale of 50,000 square feet of street-level retail and office space located at 800 and 821 5th Ave. S. in downtown Naples. Westbury International Corp. sold the assets to a subsidiary of Hendricks Commercial Properties LLC. David Stevens of Investment Properties Corp. brokered the transaction.

November 12, 2015

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