Southeast

Walmart Supercenter Opens in $50M Mall Redevelopment in Maryland

by John Nelson October 22, 2015

ELDERSBURG, MD. — Wal-Mart Stores Inc. has opened a 189,000-square-foot Walmart Supercenter at Eldersburg Commons, a $50 million redevelopment of the former Carrolltown Mall in Eldersburg. Additional tenants joining Walmart include T.J. Maxx, Ulta Beauty, Olympia Sports, Petco, Noodles & Co., Vitamin Shoppe, Chipotle Mexican Grill, AT&T, Sleepy’s, Dental Care at Eldersburg Commons, Jimmy John’s and MOD Pizza. KLNB is handling the leasing assignment at Eldersburg Commons on behalf of the developer, Black Oak Associates.

October 22, 2015

Alabama Mixed-Use Southeast

Retail Specialists Opens 79 Commerce Mixed-Use Project in Montgomery

by John Nelson October 22, 2015

MONTGOMERY, ALA. — Retail Specialists LLC has opened 79 Commerce, a mixed-use development comprising apartment units and retail space in downtown Montgomery. The property is located on Bibb Street across from the Montgomery Convention Center. The project features 54 Class A apartment residences and 15,800 square feet of ground-floor retail space. Mellow Mushroom, a pizza eatery chain, plans to open its new restaurant at the development by the first quarter of 2016. Retail Specialists developed the project and is leasing and managing the project’s retail portion. Partners Realty is managing and leasing the residential portion of 79 Commerce. The design team includes architect Live Design Group, general contractor Brasfield & Gorrie and engineer Goodwyn, Mills and Cawood. Golden Bell Capital, a REIT based in Birmingham, and Iberia Bank provided construction financing.

October 22, 2015

Florida Hospitality Southeast

Quadrum, InSite Restore, Open Historic Hotel in South Beach

by John Nelson October 22, 2015

MIAMI BEACH, FLA. — Quadrum Global and InSite Group have opened Nautilus, a SIXTY Hotel in Miami Beach’s South Beach neighborhood. The partners purchased the property in 2011 and restored it into an upscale, 250-room property, which SIXTY Collective will operate. Originally built in the 1950s, Quadrum and InSite preserved and reconstructed the property’s porte cochere, 25-foot lobby ceilings, beveled windows, teal green tile, the famous Staircase to Nowhere and the Driftwood Room supper club. The rooms feature 48-inch TVs, vintage mini-bar chests, custom artwork and balconies with ocean views in select units. The property also features a penthouse suite on the eighth floor. The property’s amenities include a 1,890-square-foot heated saltwater pool with an underwater sound system, cabanas, pool bar, 24-hour fitness center and the Nautilus Cabana Club.

October 22, 2015

Industrial Mississippi Southeast

NAI UCR Properties Brokers $2.9M Sale of Retail/Warehouse Facility in Metro Jackson

by John Nelson October 22, 2015

PEARL, MISS. — NAI UCR Properties has brokered the $2.9 million sale of a 100,000-square-foot retail/warehouse facility in Pearl, a suburb of Jackson. The vacant property was originally a build-to-suit for a wholesale furniture retailer and featured a showroom and distribution center. The property is close to the intersection of I-55 and I-20 near the Jackson International Airport. Amerco Real Estate Co., which provides development and real estate services for U-Haul, purchased the facility and was self-represented in the transaction. Micah McCullough and Brett Bailey of NAI UCR Properties represented the seller.

October 22, 2015

Foundry Row Owings Mills Baltimore County Wegmans

Maryland Retail Southeast

Greenberg Gibbons, Vanguard Break Ground on Wegmans at Foundry Row in Baltimore County

by John Nelson October 21, 2015

OWINGS MILLS, MD. — Greenberg Gibbons and Vanguard have begun construction on a 110,000-square-foot Wegmans grocery store at Foundry Row, a $140 million mixed-use development in Baltimore County. The 50-acre project is a redevelopment of a former Solo Cup factory located on Reisterstown Road in Owings Mills. Wegmans expects to open its new store in September 2016. Other committed tenants at Foundry Row include LA Fitness, Sports Authority, DSW, Ulta Beauty, Panera Bread, Zoe’s Kitchen, Smashburger, Nally Fresh and LifeBridge Health. Foundry Row is expected to support 2,300 full- and part-time jobs in Baltimore County during the construction phase, and will permanently support nearly 3,100 jobs.

October 21, 2015

Mixed-Use Southeast Tennessee

Doster Construction Completes Mixed-Use Development in Metro Nashville

by John Nelson October 21, 2015

BRENTWOOD, TENN. — Birmingham, Ala.-based Doster Construction Co. has completed construction on Tapestry at Brentwood Town Center, a mixed-use development located in the Nashville suburb of Brentwood. The property comprises two four-story buildings spanning 393 units. In addition to the property’s retail space, the project’s amenities include two courtyards with a pool, a zen garden space with four outdoor kitchens, sports lounge, demonstration kitchen, billiard table, large clubhouse with terrace deck, conference room, leasing office area, retail space and a “fitness bridge” that features a yoga room and gym with workout equipment. The fitness bridge spans the two buildings and the paved entrance to the property that accesses the two parking decks wrapped by each building. The retail space at Tapestry is soon to be filled with a restaurant, and the areas surrounding Tapestry include Brentwood Place Shopping Center that features a Nordstrom Rack and Kroger. Northwestern Mutual Life Insurance Co. is the project’s owner, Bristol Development is the developer and Fugleberg Koch Architects is the architect.

October 21, 2015

Florida Loans Multifamily Southeast

KeyBank Arranges $44.5M Loan for Apartment Community in Orlando

by John Nelson October 21, 2015

ORLANDO, FLA. — KeyBank Real Estate Capital has secured $44.5 million in Freddie Mac financing for CitiLakes Lux Apartments, a 346-unit, mid-rise apartment community located in Orlando. Caleb Marten and Chris Black of KeyBank’s commercial mortgage group arranged the financing, which the unnamed borrower used to acquire the property during the final stages of lease up.

October 21, 2015

Multifamily South Carolina Southeast

Charleston Architect Board OKs Spandrel’s New Multifamily Development

by John Nelson October 21, 2015

CHARLESTON, S.C. — The Charleston Board of Architectural Review has approved the conceptual plan for Spandrel Development Partners’ apartment development at 511 Meeting St. in Charleston. The property will be located at the foot of the dismantled John P. Grace Memorial Bridge over Cooper River. The project will contain approximately 200 apartment units, 15 percent of which will be designated for workforce housing. The property will also have retail space and on-site parking.

October 21, 2015

Mississippi Retail Southeast

RCG Ventures Acquires Shopping Center in Tupelo for $18.1M

by John Nelson October 21, 2015

TUPELO, MISS. — RCG Ventures has purchased the 114,425-square-foot Kings Crossing, a shopping center anchored by Ross Dress for Less in Tupelo, for approximately $18.1 million. Located at 3980 N. Gloster St., the property is adjacent to the 700,000-square-foot Mall at Barnes Crossing. Kevin Reavey and Chris Decoufle of CBRE represented the unnamed seller in the transaction. Scott Tarbet represented RCG Ventures internally.

October 21, 2015

Florida Multifamily Southeast

China City Construction Buys Oceanfront Development Site in Miami Beach for $38.5M

by John Nelson October 20, 2015

MIAMI BEACH, FLA. — China City Construction Co. has purchased a one-acre, oceanfront development site at 6747 Collins Ave. in Miami Beach from The Peebles Corp. for $38.5 million. The site is zoned for multifamily and was previously approved for 60 residential units or 150 hotel rooms, with a gross building square footage up to 93,600. Robert Taylor and Paul Weimer of Miami-based CBRE Hotels, along with Gerard Yetming of CBRE Multifamily and Irving Padron of Engel & Volkers, represented the seller in the transaction. American Da Tang Group and Borda Commercial Real Estate represented the buyer.

October 20, 2015

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