NASHVILLE, TENN. — American Threads, Alton Lane and Barcelona Restaurant and Wine Bar have leased space at Edgehill Village, a 56,000-square-foot retail hub in Nashville. American Threads, a women’s fashion retailer, will lease 1,529 square feet; Alton Lane, a custom menswear shop, will lease 883 square feet; and Barcelona, a Spanish tapas restaurant and wine bar, will lease 5,887 square feet, becoming the largest retail tenant at the property. Edgehill Village comprises eight masonry buildings situated near Music Row at Edgehill Avenue and Villa Place. The property formerly housed Whiteway Cleaners in the 1920s. The national tenants will move into the historic mixed-use property by the end of the year. Existing tenants at Edgehill Village include retailers Warby Parker and J. Crew Mens Shop; restaurants Old Glory and Edgehill; and major entertainment companies such as Live Nation, AEG and AC Entertainment. Edgehill Village is owned by Edgehill Village Partners, an entity including real estate developers Rob Lowe, Elliott Kyle, McClain Towery of Towery Development and Jay Weaver of Atlanta-based Weaver Capital Partners.
ELIZABETH CITY, N.C. — IRC Retail Centers Inc. has purchased Tanglewood Pavilions, a newly built, 158,000-square-foot retail power center located in Elizabeth City. IRC Retail Centers and joint venture partner Thompson Thrift Development Inc. broke ground on the center in October 2014 and completed construction within a year. The asset was 92 percent leased at the time of sale to tenants such as Hobby Lobby, Ross Dress for Less, T.J. Maxx and Dollar Tree. As part of the pre-negotiated joint venture agreement following Tanglewood Pavilions’ construction and stabilization, IRC Retail Partners acquired 100 percent ownership of the property from Thompson Thrift for an undisclosed price described as “a discount to fair market value” in IRC Retail Centers’ 2014 annual financial report. According to the report, the company provided 90 percent of the equity for the development, while Thompson Thrift provided the remaining 10 percent equity. Formerly known as Inland Real Estate Corp., IRC Retail Centers is owned by funds managed by DRA Advisors LLC.
LANTANA, FLA. — Bridgewater Lake Osborne LLC, an entity owned by Index Investment Group and Eastwind Development, has sold Bridgewater at Lake Osborne, a 108-unit apartment community in Lantanta. BLO Investors LLC purchased the asset for $24 million. Fronting Lake Osborne on a 9.6-acre lot, the apartment community was delivered in May 2014. The community features two- and three-bedroom units with rents starting at $1,579. The property features a boat ramp, resort-style pool, sunset pavilion and a children’s playground.
LOUISVILLE, KY. — Brown-Forman Corp., a Louisville-based spirits and wine company, has released 11 new renderings that detail its design for the new Old Forester Distillery, a 60,000-square-foot bourbon distilling operation and visitor experience located at 117 and 119 Main St. along Louisville’s historic “Whiskey Row.” Brown-Forman expects to produce 100,000 cases of Old Forester, a 146-year-old bourbon brand, annually at the new operation. Old Forester Distillery is scheduled to be complete by late 2017.
CARTERSVILLE, GA. AND RIVERVIEW, FLA. — Phillips Edison Grocery Center REIT II Inc. has purchased two grocery-anchored shopping centers in Cartersville and Riverview. The properties include the 375,067-square-foot Bartow Marketplace in Cartersville and the 78,442-square-foot Bloomingdale Hills in Riverview. Bartow Marketplace’s tenant roster includes a 204,170-square-foot Walmart Supercenter, and a 130,497-square-foot Lowe’s Home Improvement. Other tenants include Cricket Wireless, CPR Cell Phone Repair, Rue 21, World Finance Loans, Dollar Tree, Metro PCS, Pearle Vision, Gamestop, Peachstate Auto Insurance, Sally Beauty Supply and Payless Shoe Source. Bloomingdale Hills’ tenant roster includes a 57,756-square-foot Walmart Neighborhood Market, Happy’s Home Centers, Great Clips and Great Expressions Dental. As of April 14, 2016, Phillips Edison Grocery Center REIT II owns and manages 66 grocery-anchored centers totaling roughly 7.9 million square feet.
CHARLOTTE, N.C. — Beacon Partners has signed two leases with restaurateur Deedee Mills for two new dining concepts at 500 East Morehead, a seven-story office building in Uptown Charlotte. The 178,000-square-foot property is currently under construction. The two new dining concepts include The Packhouse, a Southern-themed restaurant, and Joe and Nosh, a quick service breakfast and lunch destination and coffee shop. Charles Thrift of Collett & Associates represented Beacon Partners in the lease transaction.
DECATUR, GA. — Venture West Funding Inc. has arranged an $11.6 million loan to refinance Chapel Hill Commons, a Kroger-anchored shopping center located at 4919 Flat Shoals Road in Decatur, a suburb of Atlanta. Built in 1999, the 108,000-square-foot shopping center is also leased to H&R Block, Nationwide Insurance, Dollar Tree and Blimpie. Bill Hain of Venture West Funding arranged the 10-year, fixed-rate, interest-only loan through Goldman Sachs.
LAKE BUENA VISTA, FLA. — Noble Investment Group has agreed to buy a five-hotel portfolio in Orlando, Atlanta and New Jersey for $142 million. The portfolio includes a total of 1,396 rooms. The acquisition includes three Marriott-managed properties in the Orlando suburb of Lake Buena Vista: the 312-room Courtyard Lake Buena Vista, the 388-room Fairfield Inn Lake Buena Vista and the 400-room Springhill Suites Lake Buena Vista. The remaining two properties, both operated by Remington Lodging, are the 146-room Courtyard Edison in Edison, N.J., and the 150-room Residence Inn Buckhead in Atlanta. The hotels achieved an average RevPAR (revenue per available room) of $84, with a 79 percent occupancy rate and ADR (average daily rate) of $106 over a 12-month basis. The portfolio has an existing debt balance of about $98 million. The seller, Ashford Hospitality Trust, expects the net proceeds from the disposition to be about $37 million after debt repayment and transaction costs. Ashford will use the proceeds for general corporate purposes, including net debt reduction, stock buybacks or the acquisition of other full-service hotels. The transaction is scheduled to close during the current quarter. “We are pleased to announce this sale as it provides a positive first step …
Raleigh’s office market is the strongest it’s been in years, with employment and corporate investments continuing to climb throughout the Triangle region. A current lull in the delivery of new construction and the market’s increased popularity have created a space crunch for Class A office space, especially for tenants seeking large blocks. While a good amount of new construction started or continued in 2015, there’s still a gap in “move-in ready” space. Vacancy fell from 11.7 percent in the second quarter to 11.2 percent in the third quarter, causing rent growth for Class A space. Direct asking rent increased from $23.81 per square foot in the second quarter to $24.14 per square foot in the third quarter and is expected to continue to increase until delivery of new construction picks up, which will likely be mid-2016/early 2017. The market has definitely shifted in favor of the landlord, and concessions that were made during the recession have fallen off as owners no longer have to offer them to secure tenants. Desire for Class A space in the Triangle has pushed pre-leasing rental rates to a historic high north of $33 per square foot — and they are likely go higher before …
MIAMI BEACH, FLA. — A joint venture between New York-based EL Group and Fort Lauderdale-based InSite Group purchased the Sagamore Hotel, a historic 93-room hotel in Miami Beach’s South Beach neighborhood. The venture purchased the asset for $63 million, according to The Real Deal. The property is situated on Collins Avenue and 16th Street near Lincoln Road. The two-building hotel features indoor/outdoor function space, a swimming pool, pool bar and a full-service restaurant. The beach building, which features two-story suites, was added during a property restoration in 2001. EL Group and InSite Group plan to fully renovate the property and add new food and beverage options.