Southeast

Westwood Financial Corp. Acquires Kroger-Anchored Center in Memphis

by John Nelson June 1, 2015

MEMPHIS, TENN. — Westwood Financial Corp. (WFC) has acquired The Shops at Kirby Gate, a Kroger-anchored shopping center located at 2857 Kirby Parkway in Memphis. The shopping center is the first Tennessee property for WFC, which owns and operates more than 115 shopping centers and retail properties in 27 metropolitan markets. The shopping center was 65 percent leased at the time of sale. The property’s retail tenant roster includes Kroger and a Kroger fuel station, Subway, Cricket Wireless, Pak Mail and Hollywood Feed. Shane Soefker of Commercial Advisors represented the undisclosed seller in the transaction.

June 1, 2015

Loans Louisiana Midwest Multifamily Ohio Seniors Housing Southeast

Lancaster Pollard Arranges Seniors Housing Refinancing in Louisiana, Ohio

by John Nelson June 1, 2015

MONROE, LA. AND GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged the refinancing of two seniors housing communities: one for Paramount Healthcare Consultants (PHC) in Monroe for $20.2 million and another for The Jennings Center for Older Adults in Garfield Heights for $12.6 million. The PHC refinancing is a HUD loan for three facilities — Avalon Place, a 115-bed skilled nursing facility (SNF); Leslie Lakes, a 150-bed SNF and 19-unit independent living facility; and Princeton Place, a 112-bed SNF. Scott Blount, healthcare banker out of Austin, Texas, led the transaction for Lancaster Pollard. Lancaster Pollard also assisted PHC with a corporate restructuring to ensure compliance with HUD’s single asset entity and master lease requirements. The existing indebtedness and swap termination fee were completely funded through the FHA Sec. 232/223(f) loans and no equity was required from PHC. The Jennings Center is a nonprofit community featuring 174 private suites of skilled nursing, 54 units of assisted living, 10 independent living units, adult day services, child day care, a wellness center, transportation services and community programs. The main campus was founded in 1942 and is sponsored by the Sisters of the Holy Spirit. Lancaster Pollard arranged the refinance Jennings’ 2009 bonds using …

June 1, 2015

Retail Southeast Tennessee

CBL & Associates Completes Redevelopment of CoolSprings Galleria in Metro Nashville

by John Nelson May 29, 2015

FRANKLIN, TENN. — CBL & Associates Properties Inc. has completed the redevelopment of CoolSprings Galleria, a 1.1 million-square-foot super-regional shopping development in Franklin, a suburb of Nashville. The property’s tenant roster includes The Apple Store, Ann Taylor, J. Crew and Pottery Barn and its anchor tenants are Belk, Dillard’s, JC Penney and Macy’s. CBL & Associates redeveloped the former Sears store to make way for new retailers and restaurants. Retailers now open as part of the redevelopment include American Girl, H&M and A’Gaci. These new stores join Belk Men’s & Kid’s store, which opened in March, and The Cheesecake Factory, which opened in November 2014. The development’s new restaurants coming this year include Connors Steak & Seafood, Kona Grill and King’s, a boutique bowling and entertainment venue. The new retailers coming this summer and fall include Ulta Beauty, the renovated Belk’s Women’s & Home store, Zumiez, Tilly’s and Windsor Fashions. Sephora opened in early May.

May 29, 2015

Retail Southeast Virginia

InvenTrust Properties Buys Shopping Center in Metro Richmond for $33.8M

by John Nelson May 29, 2015

GLEN ALLEN, VA. — InvenTrust Properties Corp., a self-managed REIT, has purchased Westpark Shopping Center, a 176,935-square-foot shopping center located in the Richmond suburb of Glen Allen, for $33.8 million. The grocery-anchored property was 95 percent leased at the time of sale to tenants such as Martin’s, Christmas Tree Shops, The Tile Shop and Victory Lady Fitness Centers. The four largest tenants have an average 6.9 years remaining on their lease terms. Since 2011, the property has received $1.4 million in capital improvements.

May 29, 2015

3945 Connecticut Ave. N.W. in Washington, D.C.

District of Columbia Multifamily Southeast

UIP Acquires Apartment Building in D.C. for $13.3M, Plans $18M Renovation

by John Nelson May 29, 2015

WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased Tilden Hall, a 76-unit apartment building located at 3945 Connecticut Ave. N.W. in Washington, D.C.’s Cleveland Park neighborhood. The seller, DARO Realty, which owned the property since 1955, disposed the asset for $13.3 million. Robert Meehling and Brian Margerum of CBRE represented DARO Realty in the transaction. UIP coordinated the acquisition — its third for 2015 — with the Tilden Hall Tenants Association. UIP and the association also worked together to plan a major renovation of the building to be performed by UIP subsidiary UIP General Contracting Inc. The $18 million project will include upgrading the building’s electric service, installing individually controlled heating and air conditioning in each apartment, plumbing replacements and upgrades, and upgrading all common areas and apartment interiors (with a particular focus on kitchens and baths), while maintaining the structure’s historic character. A small addition in the rear of the building will also be constructed.

May 29, 2015

Florida Loans Retail Southeast

Aztec Group Secures $18.6M Loan for Shopping Center in Miami

by John Nelson May 29, 2015

MIAMI — Aztec Group Inc. has secured $18.6 million in financing for Sedano’s Plaza at Lakes on the Green, a 129,000-square-foot shopping center in Miami that features a standalone three-story office building. A 37,000-square-foot Sedano’s Supermarket anchors the shopping center. The retail component and office outparcel were developed in 2006 and 2010, respectively. The property is currently 85 percent occupied, with tenants including Carrabba’s Italian Grill, Sherwin-Williams and Vicky Bakery. Starwood Mortgage Capital provided financing. Terms of the 10-year facility include a 75 percent loan-to-value ratio, a 30-year amortization schedule, several years of interest-only payments and a fixed interest rate.

May 29, 2015

Loans North Carolina Office Southeast

A10 Capital Funds $9.1M Refinancing of Two Office Assets in Raleigh

by John Nelson May 29, 2015

RALEIGH, N.C. — A10 Capital has funded two bridge loans totaling $9.1 million for the refinancing of two suburban office properties in Raleigh. Chuck Taylor of A10 Capital structured and closed both loans. Todd Crouse of NorthMarq Capital arranged both loans on behalf of the borrower, a local experienced investor and operator of office properties.

May 29, 2015

Loans Office Southeast Virginia

DTZ Arranges $83M Loan for Office Portfolio in Metro D.C.

by John Nelson May 28, 2015

HERNDON, VA. — DTZ has secured $83 million in financing for Woodland Park, a three-building office portfolio located in Herndon, a Virginia suburb of Washington, D.C. The 480,324-square-foot portfolio — comprising Plaza Ridge II and South Point I and II — is currently 96 percent leased. John Campanella arranged the 10-year, fixed-rate loan through an unnamed bank on behalf of the borrower, a joint venture between AEW Capital Management and American Real Estate Partners.

May 28, 2015

Florida Multifamily Southeast

Melo Group Completes 38-Story Condo Tower in Miami

by John Nelson May 28, 2015

MIAMI — Melo Group has completed the construction of Bay House, a 165-unit, 38-story luxury condominium tower in Miami’s East Edgewater District. The building is located at 600 N.E. 27th Ave. and features two-story penthouse units spanning 2,766 to 3,512 square feet that include private rooftop decks. The project’s other units range in size from 1,581 to 1,720 square feet. Bay House’s amenities include a 20,000-square-foot resort deck with a swimming pool, Jacuzzi, outdoor lounge, cabanas and barbeque pavilion. Roughly 99 percent of the units are sold, with prices ranging from $2 million and up. Melo Group plans to deliver a mix of 2,000 residential units over the next two years in the form of market-rate rental projects as well as luxury condominiums.

May 28, 2015

Multifamily North Carolina Southeast

Cushman & Wakefield | Thalhimer Brokers $35.6M Sale of New Apartment Community in Durham

by John Nelson May 28, 2015

DURHAM, N.C. — Cushman & Wakefield | Thalhimer has brokered the $35.6 million sale of Whetstone Apartments, a 204-unit apartment community located in downtown Durham. Armanda Hoffler recently developed the property, which is within walking distance to American Tobacco and Durham Bulls Stadium. Allan Lynch and Justin Good of Cushman & Wakefield | Thalhimer’s Raleigh office represented the seller, Tribridge Residential Inc., in the transaction.

May 28, 2015

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