Southeast

Westgate Shopping Center Little Rock Arkansas

The Shopping Center Group Brokers Sale of Retail Centers in Metro Greenville, Little Rock

by John Nelson May 14, 2015

EASLEY, S.C. AND LITTLE ROCK, ARK. — The Shopping Center Group has finalized the sales of The Shops at Easley Town Center in the Greenville submarket of Easley and Westgate Shopping Center in northwest Little Rock. A private investor based in California purchased the 21,300-square-foot Shops at Easley Town Center from Akron, Ohio-based Cedarwood Development for an undisclosed price. Built in 2012, the unanchored shopping center was 92 percent leased at the time of sale to tenants such as Five Guys Burgers and Fries, GameStop, AT&T Mobility, Aspen Dental, Jersey Mike’s, Sprint and GNC. An affiliate of Denver-based Baceline Investments purchased Westgate Shopping Center from Weingarten Realty for $6.7 million. Built in 1965, the center was 96 percent leased at the time of sale to tenants such as Stein Mart, Dunkin’ Donuts, Top Nails, Tanglewood Drug Store, All Aboard, Subway and Jackson Hewitt Tax Service. Anthony Blanco, Lenard Williams and Mallory Ham of The Shopping Center Group represented the sellers in both transactions. The team partnered with Flake & Kelley Commercial in the Westgate sale.

May 14, 2015

Loans Maryland Retail Southeast

NorthMarq Capital Arranges $5.3M Loan for Maryland Shopping Center

by John Nelson May 14, 2015

FREDERICK, MD. — NorthMarq Capital has arranged the $5.3 million refinance of Festival at Frederick, a 90,359-square-foot shopping center located at 430-490 Prospect Blvd. in Frederick. Todd Crouse of NorthMarq Capital’s Raleigh office arranged the 10-year loan with a 15-year amortization schedule through an unnamed life insurance company.

May 14, 2015

Florida Mixed-Use Office Retail Southeast

Prudential Real Estate Investors Purchases The Mercato in Naples

by John Nelson May 13, 2015

NAPLES, FLA. — Prudential Real Estate Investors (PREI) has purchased the office and retail portion of The Mercato, a 456,359-square-foot mixed-use development in Naples, on behalf of institutional investors. The terms of the transaction were not disclosed. Mercato’s retail portion is anchored by Whole Foods Market, Nordstrom Rack, a 12-screen Silverspot Theatre, The Capital Grille, McCormick & Schmick’s, Sur La Table and The Paper Source. The office portion is leased to tenants such as Wells Fargo, Bank of America, Merrill Lynch and regional law and financial service firms. PREI has retained Madison Marquette to manage and lease the office and retail portions of Mercato. Daniel Finkle, Manuel De Zárraga, Luis Castillo and Kim Flores of HFF marketed The Mercato on behalf of the seller, a partnership between Madison Marquette, Barron Collier Cos. and The Lutgert Cos. In late November 2013, GE Capital Real Estate provided a $145 million refinance for The Mercato.

May 13, 2015

Mixed-Use Retail Southeast Tennessee

Bass Pro Shops at the Pyramid in Downtown Memphis Celebrates Grand Opening

by John Nelson May 13, 2015

MEMPHIS, TENN. — Bass Pro Shops at the Pyramid, a new national destination experience located in downtown Memphis, is now open to the public. Located inside a massive transformed sports arena, the project includes a wilderness hotel called Big Cypress Lodge, nearly 600,000 gallons of water features, a cypress swamp with 100-foot-tall trees, the interactive Ducks Unlimited Waterfowling Heritage Center and The Lookout, a glass-floored cantilevering observation deck at the top of the steel Pyramid. Bass Pro Shops at the Pyramid represents the largest investment in size and scope that Bass Pro Shops has ever made outside of its national headquarters in Springfield, Mo., and includes a number of amenities and attractions including the first hotel located inside a Bass Pro Shops store. Standing 32 stories tall along the banks of the Mississippi River, the Pyramid is an icon of the Memphis skyline. First envisioned as a sports and entertainment venue, the complex opened in 1991 and hosted professional sports and concerts until it closed in 2004. After years of uncertainty about the Pyramid’s future, the city of Memphis invited Bass Pro Shops to establish an innovative retail destination that could revitalize the building. After four years of design and …

May 13, 2015

Florida Industrial Southeast

AEW Capital-Led JV to Develop Two Distribution Centers in Lakeland

by John Nelson May 13, 2015

LAKELAND, FLA. — AEW Capital Management LP has purchased two land parcels totaling 46.6 acres at Lakeland Logistics Center, an existing business park in Lakeland. A joint venture between AEW, Massachusetts Pension Reserves Investment Management (MassPRIM) and Ridge Development Co. plans to develop two Class A distribution centers on the land parcels. The facilities will each span 245,000 square feet and feature 32-foot clear heights, ESFR sprinklers, cross-dock configurations, 185-foot private truck courts, 45 trailer parking spaces and a 200-foot shared truck court. AEW, MassPRIM and Ridge Development plan to develop the facilities in two phases with construction slated to begin in June. Upon completion, Julia Silva Rettig, Jeff Lamm, Jared Bonshire and David Perez of Cushman & Wakefield will provide leasing services for the two distribution centers.

May 13, 2015

Mixed-Use Southeast Tennessee

Pollack Shores Announce Plans for Mixed-Use Property in Nashville’s Gulch Neighborhood

by John Nelson May 13, 2015

NASHVILLE, TENN. — Pollack Shores Real Estate Group has announced that its new mixed-use development in Nashville’s Gulch neighborhood will feature 376 upscale apartment units, 9,000 square feet of retail space and a parking garage. Pollack Shores recently closed on the purchase of the site, which spans an entire city block and contains the Gossett Building and several land parcels. The site is bordered by Church Street and 12th Avenue North. Pollack Shores plans to salvage and restore the vintage neon M.T. Gossett sign outside the building for future use in the development. The new development’s apartment units will be outfitted with quartz countertops, European cabinetry, plank flooring, under mount sinks and stainless steel appliances. Matrix Residential, Pollack Shores’ multifamily management division, will manage the asset upon completion. The first residential units are expected to be available beginning in spring 2018.

May 13, 2015

North Carolina Office Southeast

Rubenstein Partners, Grubb Properties Sell Office Property in Research Triangle for $14.8M

by John Nelson May 13, 2015

DURHAM, N.C. — Rubenstein Partners LP and Grubb Properties have sold Newcastle South, an 86,895-square-foot office asset located at 1015 Swabia Court Road in the Imperial Center business park in Durham’s Research Triangle submarket. Drawbridge Realty, a San Francisco-based real estate investment firm, purchased the asset for $14.8 million. In December 2014, the sellers net-leased the entire property to Nimble Storage, a tech company based in Northern California. Prior to the lease, Rubenstein and Grubb renovated and rebranded the property with a new landscaped courtyard, roof and HVAC equipment. Ben Kilgore and Jeff Glenn of CBRE|Raleigh represented the sellers in the transaction.

May 13, 2015

Alabama Mixed-Use Southeast

Retail Specialists Tops Out Mixed-Use Development in Montgomery

by John Nelson May 12, 2015

MONTGOMERY, ALA. — Birmingham-based Retail Specialists LLC has topped out 79C, its new mixed-use development located on Bibb Street between Commerce and Lee streets in downtown Montgomery. The development is located across from the Montgomery Convention Center. Upon completion, the development will feature 54 Class A multifamily units and 15,800 square feet of retail space on the ground floor. The retail space will house four to six retailers and Mellow Mushroom has already committed as a tenant. Golden Bell Capital and Iberia Bank provided construction financing for the development. The design team includes general contractor Brasfield & Gorrie, architect Live Design Group and engineer Goodwyn, Mills and Cawood. T.J. Wiliford of Partners Realty is handling the management and leasing for the multifamily portion of 79C, and David Plummer of Retail Specialists is handling the management and leasing responsibilities for the retail portion. The development team expects to deliver 79C in September 2015.

May 12, 2015

Florida Multifamily Southeast

CBRE Brokers $54M Sale of Apartment Community in Central Florida

by John Nelson May 12, 2015

WINTER SPRINGS, FLA. — CBRE has brokered the $54 million sale of The Park at Laurel Oaks, a 552-unit apartment property located at 1 Laurel Oaks Drive in Winter Springs, about 15 minutes outside of Orlando. New York-based White Eagle Property Group purchased the gated community from Laurel Oaks LLC. The property’s amenity package includes a fitness center, business center, tennis court, car care center, private garages and two swimming pools. The asset was 95 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquil of CBRE represented the seller in the transaction.

May 12, 2015

Georgia Loans Multifamily Southeast

JLL Secures $38.2M in Financing for Atlanta Apartment Community

by John Nelson May 12, 2015

ATLANTA — JLL has arranged a $38.2 million Freddie Mac loan for Walton Westside, a newly constructed 254-unit apartment community in Atlanta. The property is located in Atlanta’s West Midtown district and features a 2,000-square-foot rooftop terrace, onsite coffee shop, resort-style swimming pool, fitness center, outdoor grills and fire pits. Faron Thompson and John Bray of JLL arranged the loan on behalf of the borrower, Walton Communities.

May 12, 2015

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