LYNCHBURG, VA. — CBL & Associates Properties Inc. has sold a 75 percent interest in River Ridge, a 764,243-square-foot regional mall located in Lynchburg, to Liberty University. CBL received net cash proceeds of $33.5 million for the sale of the majority interest. CBL retains a 25 percent ownership in the asset, and is responsible for leasing and management. The mall’s tenant roster includes Macy’s, Chick-fil-A, Planet Fitness, Regal Cinemas, GNC, Spencer Gifts, JC Penney, Victoria’s Secret, Zales and T.J. Maxx.
DAVENPORT, FLA. — KeyBank Real Estate Capital has provided a $22.4 million Fannie Mae first mortgage loan for Landings at Four Corners, a 270-unit multifamily apartment complex located in Davenport. Developed in 2009, the community was originally known as Alta Corners. Chris Black and Ben Meeron of KeyBank’s commercial mortgage group arranged the financing, which the undisclosed borrower used to acquire the property.
ATLANTA — SRS Atlanta has brokered the $15.6 million sale of Shannon Crossing Shopping Center, a Kroger-anchored property located at 4550 Jonesboro Road in Atlanta. The 101,174-square-foot shopping center is situated on 12.4 acres near the intersection of Jonesboro Road and I-85 and features a Kroger Fuel Center. A joint venture between Forge Capital Partners and The Sembler Co. purchased the asset from Schottenstein Realty Co. Kyle Stonis and Pierce Mayson of SRS Atlanta represented the seller in the transaction. The joint venture buyer was self-represented.
HYATTSVILLE, MD. — Eastern Union Funding has arranged a $4 million loan for the refinancing of a net-leased BB&T bank branch in Hyattsville. The single-tenant bank is located at 3400 East-West Highway. Marc Tropp and Shai Romirowsky of Eastern Union Funding arranged the 10-year loan through a local bank on behalf of the borrower. The limited non-recourse loan features a fixed interest rate of 4 percent and a 30-year amortization schedule.
LITHIA SPRINGS AND MARIETTA, GA. — Grandbridge Real Estate Capital, a subsidiary of BB&T, has closed two loans totaling $43.6 million for two apartment communities in the Atlanta suburbs of Lithia Springs and Marietta. Alan Tapie of Grandbridge arranged both loans through Freddie Mac’s CME (capital markets execution) program. Both loans feature initial periods of interest-only payments, 10-year loan terms and 30-year amortization schedules. The loans include a $20.8 million first mortgage for the 312-unit Brodick Hill Apartments in Lithia Springs and a $22.8 million acquisition loan for the 344-unit Ivy Commons Apartments in Marietta.
CBL & Associates to Begin Multi-Million Dollar Renovation of CoolSprings Galleria in Metro Nashville
FRANKLIN, TENN. — CBL & Associates Properties Inc. is set to begin the multi-million dollar renovation of CoolSprings Galleria, a more than 1 million-square-foot super-regional mall located in the Nashville suburb of Franklin. The mall’s department store anchors include Belk Men’s and Kids, Belk Women’s and Home, Dillard’s, JC Penney and Macy’s. Other retailers at the mall include Apple, Build-A-Bear Workshop, Chick-fil-A, Taco Bell/Pizza Hut, Pottery Barn, Williams-Sonoma, J. Crew and Starbucks. The renovation will include enhancements to the interior and exterior of the property, including a fresh color palette of grays, whites and hints of blue; new stone work and lighting around four entrances; the addition of seating areas; updated restrooms; and interior lighting and flooring upgrades. Work at CoolSprings Galleria is set to begin in early March with an anticipated completion in mid-October.
HENDERSONVILLE, TENN. — U.S. Properties Group (USPG) has acquired The Streets of Indian Lake, a 249,121 square-foot lifestyle shopping center in Hendersonville, roughly 18 miles northeast of Nashville. The retail center is located at Indian Lake and Vietnam Veterans boulevards. The center’s tenant roster includes Regal Cinema, Victoria’s Secret, LOFT, Rack Room Shoes, Yankee Candle, New York & Co., Sunglass Hut, Gymboree, Glowgolf, Charming Charlie, Bath & Body Works, Barnes & Noble and Buffalo Wild Wings. Chris Decoufle of CBRE’s Atlanta office brokered the transaction. USPG has acquired and improved value-add shopping center assets since 2002. The company owns approximately 4 million square feet and redevelops shopping centers in 11 states covering the Midwest and Southeast, including Alabama, Georgia, Illinois, Michigan, North Carolina, North Dakota, Ohio, Pennsylvania, South Carolina, Tennessee and Virginia.
HUNTSVILLE, ALA. — Berkadia has brokered the $15.2 million sale of Stone Crossing, a 276-unit apartment community located in Huntsville. Built in 1986 and renovated in 2009, the two-story, garden-style apartment community has an average unit size of 733 square feet. An entity known as Stone Crossing 2014 LLC purchased the asset from Engel Stone Crossing LLC. David Oakley and David Etichison of Berkadia represented the seller in the transaction.
ROYAL PALM BEACH, FLA. — Baltimore-based Continental Realty Corp. has sold a 30,500-square-foot retail center located at 101 S. State Road 7 in Royal Palm Beach for $7.5 million. The property was fully leased at the time of sale to Office Depot and Mattress Firm. Uriel Investments LLC purchased the property from the seller’s investment fund, CRC Fund III. David Donnellan and Mark Drazek of CBRE represented Continental Realty in the transaction. Alexandra Escudero of Fortune International Realty represented the buyer.
Millennials are the largest and fastest-growing retail consumer segment in the nation. In Hampton Roads, this demographic represents 30 percent of a total population in excess of 1.7 million people. This tech-savvy and largely transient group spends approximately $3.4 billion on retail and dining every year in the local economy. It is widely acknowledged that Millennials are changing the retail industry. Developers and retailers alike, faced with rapidly changing spending patterns, more than ever must focus on the shopping, living and working trends of these consumers in order to ensure that future developments meet the needs and expectations of this demographic. The well-established, nationwide trend of shoppers migrating to walkable, mixed-use environments has led to the proliferation of multi-faceted, pedestrian-friendly developments that feature specialty retail as an integral part of a live/work/play theme in a more or less urban setting. Hampton Roads is no exception to this movement. This explains the growth of lifestyle centers in Hampton Roads, as well as the successful repositioning of some traditional malls in the region. The combination of these upscale projects and the purchasing power of the large population base has finally caught the attention of many upscale national retailers that heretofore had considered …