RICHMOND, VA. — Walker & Dunlop has arranged $33.5 million in permanent debt for the refinance of Miller & Rhoads, an adaptive reuse project of the historic Miller & Rhoads department store in Richmond. The project is located next to the Richmond Convention Center and features 133 residential units, a 250-room Hilton Garden Inn and more than 20,000 square feet of retail space. Andrew Coleman and Stephen Farnsworth of Walker & Dunlop led the team that structured the seven-year fixed-rate loan with two years interest-only payments on behalf of the borrower, HRI Properties LLC. HRI plans to invest $8 million to convert the existing hotel to a full-service Hilton property by the end of 2015. The property was originally built between 1888 and 1909 as a one-room store and is considered a significant historic structure in the Grace Street Commercial Historic District.
Southeast
JACKSONVILLE, FLA. — The Shopping Center Group has arranged Old Time Pottery’s 84,180-square-foot lease at 380 Blanding Blvd. in Jacksonville. The discount home décor and accessories retailer will occupy the space formerly housing Kmart and will be Jacksonville’s first Old Time Pottery location. Nancy Sumner and Stephanie McCullough of The Shopping Center Group represented the landlord, Kmart Corp., in the transaction, and Todd Snyder of Trademark Properties Inc. represented Old Time Pottery, which is slated to open its store next summer.
ATLANTA —Atlanta Property Group (APG) has acquired Palisades Office Park in the central perimeter submarket from Shorenstein Properties. The Atlanta Business Chronicle reports that the 637,000-square-foot complex was acquired for approximately $95 million. The office park consists of four office buildings, two parking decks and four surface lots. It is within walking distance of two MARTA stations.?? With this acquisition, APG has now acquired nine properties since mid-2010, including The Park at Perimeter Center East and 1200 Ashwood Parkway. Combined, the three properties give APG more than 1.1 million square feet of space in Atlanta’s Central Perimeter submarket.?? Eastdil Secured represented the seller in the purchase. Shorenstein bought Palisades, which was constructed in two phases (the first in 1981 and the second in 1999), in 2007. The property is approximately 90 percent leased at this time.
ATLANTA — Atlanta-based Oakmont Industrial Group, along with The Carlyle Group, has closed on a 39-acre land purchase in Atlanta’s I-20 West submarket for a speculative industrial property. Oakmont has begun developing Skyline/20 West, a 604,932-square-foot property that will feature 36-foot clear heights, cross-dock loading, concrete truck courts, 171 trailer parks and 287 auto parks. Bilijack Bell of Wilson, Hull & Neal Real Estate assisted Oakmont in the land acquisition. Oakmont and The Carlyle Group have selected Bell and Joseph Rogers, also with Atlanta-based Wilson, Hull & Neal Real Estate, to lease Skyline/20 West. The design team includes architect Randall-Paulson Architects and general contractor The Conlan Co. Regions Bank is providing construction financing for the project, which is slated for a summer 2015 delivery.
FLOWOOD, MISS. — UCR Properties has arranged the $2.6 million sale of Flowood Plaza, a 28,000-square-foot shopping center located in Flowood, a suburb of Jackson. The property’s tenant roster includes HobbyTown USA, Papa John’s Pizza and Anytime Fitness, and it is shadow-anchored by Walmart. The asset was 77 percent leased at the time of the sale. Micah McCullough and Brett Bailey of UCR Properties represented the seller, Wells Fargo Bank, and procured the buyer, a Louisiana-based private investor.
TYBEE ISLAND, GA. — HFF has arranged a $13.5 million acquisition loan for Ocean Plaza Beach Resort, a 204-room hotel fronting the Atlantic Ocean in Tybee Island, approximately 20 miles east of downtown Savannah. The six-building, 223,986-square-foot hotel, which was originally built in 1909, features a restaurant, lounge, meeting and banquet space, business center, two outdoor pools and a video game arcade. Mark Sixour and Greg LaBine of HFF led the team that arranged the loan through M&T Bank on behalf of the borrower, Linchris Hotel Corp., which plans to spend approximately $1.5 million in the first year for property upgrades.
ROCK HILL, S.C. — Westwood Financial Corp. has signed Publix to anchor Cherry Road Crossing, a 78,890-square-foot shopping center on Cherry Road in Rock Hill, a suburb of Charlotte. Publix will occupy the 63,241-square-foot store formerly occupied by Bi-Lo. This marks the seventh former Bi-Lo location that Publix has replaced in the past year. Cherry Road Crossing is 90 percent leased to Publix, Jackson Hewitt Tax Services, The Wireless Co., Sally Beauty Supply and Americash.
WASHINGTON, D.C. — Federal Capital Partners (FCP) has recapitalized six multifamily properties totaling 2,044 units in the Washington, D.C., metropolitan area. The recapitalization values the portfolio in excess of $240 million, making it the largest portfolio transaction in the Washington, D.C., area so far this year. FCP and its partner ROSS Cos. will retain an ownership interest in the portfolio and continue to provide property management services. The properties include The Strand (394 units) in Alexandria, Va.; Cypress Creek (760 units) in Hyattsville, Md.; Summerlyn Place (424 units) in Laurel, Md.; and three adjacent properties in New Carrollton, Md. — Cambridge Crossing, Lenox Court and Sutton Walk (466 units combined). Wells Fargo and Fannie Mae provided financing for the transaction. ROSS Renovation & Construction will manage the capital improvements for the six communities.
CORAL GABLES, FLA. — A10 Capital has funded a $16.8 million acquisition loan for a 10-story office building located at 901 Ponce de Leon Blvd. in Coral Gables. The office building houses the Caribbean and Latin American headquarters of American Airlines. Steve Zorich of A10 Capital structured and closed the non-recourse bridge loan on behalf of the borrower, Altis Real Estate Strategies.
ATLANTA — Chick-fil-A has signed a long-term lease to fully occupy a 111,252-square-foot industrial facility at Airport West Distribution Center near Atlanta’s Hartsfield Jackson International Airport. Lincoln Property Co. Southeast is developing the asset and expects to deliver it in January. Denton Shamburger of Lincoln Property represented the landlord, Morgan Stanley, in the lease and was the only broker involved in the transaction. Upon completion, Chick-fil-A will occupy nearly 85 percent of Airport West Distribution Center, which currently features 287,703 square feet, of which Chick-fil-A occupies 221,449 square feet.