RALEIGH, N.C. — KeyBank Real Estate Capital has provided a $28.7 million construction loan for Maystone at Wakefield, a 360-unit garden-style apartment community in Raleigh. Jeff Hunkele, Bindi Shah and Kathy Anderson of KeyBank worked with the borrower, The Carroll Cos., to arrange financing for the property.
Southeast
LAKELAND, FLA. — Meridian Capital Group LLC has arranged $10.7 million in refinancing for The Park at Verona, a 236-unit apartment property located at 3520 Cleveland Heights Blvd. in Lakeland. Seth Grossman and Sarah Kuebler of Meridian Capital’s Carlsbad, Calif., office arranged the five-year loan through a correspondent portfolio lender on behalf of the borrower, a joint venture between Blue Rock Partners LLC, Konover South and Stonecutter Capital Management LLC. The joint venture purchased the multifamily community in December 2012.
CHARLOTTE, N.C. — Thanks to new tenants, lease renewals and lease expansions, Ally Center in downtown Charlotte’s Third Ward neighborhood is 96 percent leased. The Class A, LEED Gold-certified office building, located at 440 S. Church St., is occupied by tenants such as Ally Financial, HDR Engineering, JELD-WEN Windows and Doors, Driven Brands, Trinity Partners and Trinity Capital Advisors. A joint venture between Trinity Capital Advisors and Principal Real Estate Investors owns Allly Center. Leah Bailey and John Ball of Trinity Partners lease the building on behalf of the ownership.
RICHMOND, VA. — Wegman’s has revealed plans to enter the Richmond market with two new locations. The grocer plans to construct a store within West Broad Marketplace, a 350,000-square-foot lifestyle shopping center that is scheduled to open in spring 2016. NV Retail is the developer of the shopping center, which will feature Wegman’s and Cabela’s as co-anchors. Wegman’s is also opening a new store in Stonehenge Village Shopping Center, a planned 230,000-square-foot retail center that Marchetti Properties is developing. Connie Jordan Nielsen of Cushman & Wakefield | Thalhimer handled the lease transactions on behalf of NV Retail and Marchetti Properties. Nielsen and associate Mark Douglas will handle leasing responsibilities for West Broad Marketplace. Nielsen will also lease Stonehenge Village along with associate Nicki Jassy.
YULEE, FLA. — Carmike Cinemas Inc. plans to build a 10-screen movie theater at SR 200 & Amelia Concourse in Yulee. The new theater will have seating capacity for approximately 1,700 patrons. Construction is planned to begin in late April. The new theater will feature a “Big D” auditorium, Carmike’s large-screen format that features a wall-to-wall screen. Carmike Cinemas owns 252 theaters in 37 states.
FAYETTEVILLE, N.C. — Marcus & Millichap has brokered the sale of a 14,490-square-foot Walgreens store at 1600 Skibo Road in Fayetteville. The property, which sold for approximately $5.6 million, operates 24 hours a day and features a drive thru pharmacy. Michael Early of Marcus & Millichap’s southern Virginia office represented the seller, an individual trust, in the transaction. Ned Zivkovic and Alvin Mansour of The Mansour Group in Marcus & Millichap’s San Diego office secured and represented the buyer, a private investor. James Allen Smith of Marcus & Millichap assisted in the transaction.
BENTONVILLE AND ROGERS, ARK. — Virtus Real Estate Capital has acquired two self storage facilities in northwest Arkansas for an undisclosed price. The Austin, Texas-based private equity firm purchased a 57,700-square-foot facility in Bentonville and a 72,025-square-foot property in Rogers. Both locations are operated under the A&A Stor It brand. Virtus purchased the assets in a joint venture with Memphis, Tenn.-based Absolute Storage Management (ASM). ASM will invest approximately $120,000 in capital improvements to the two facilities, and Virtus will undertake asphalt repairs, painting and repairing doors, office rehabilitations and implementing additional security measures.
CHARLOTTE, N.C. — NorthMarq Capital has arranged $4.1 million in refinancing for Woodview Apartments, a 208-unit multifamily community in Charlotte. Bill Matone of NorthMarq’s Charlotte office arranged the 10-year loan with a 30-year amortization schedule through a Fannie Mae DUS lender.
The Upstate of South Carolina is home to 1.2 million people located on the Interstate 85 corridor between Atlanta and Charlotte. The population is clustered around the cities of Greenville, Spartanburg and Anderson. The epicenter of the industrial market is along the county line between Greenville and Spartanburg counties, where South Carolina Inland Port (SCIP) was recently completed. The region has a long legacy of manufacturing, but during the last 30 years, the type of manufacturing has shifted away from low-skill textile manufacturing to a more diverse economy built around the automobile, energy and chemical industries. The Upstate is first and foremost an industrial market with approximately 150 million square feet of manufacturing, warehouse and flex space. At the close of the fourth quarter of 2013, vacancy reached 7.6 percent — its lowest point in the last 10 years. While this market vacancy pales in comparison to the sub-3 percent vacancy rates found routinely on the West Coast, given the amount of older textile-era warehouse facilities in the market inflating vacancy, the current rate is extremely low for our market. Eventually this low vacancy will hinder growth rates as tenants interested in a particular type of space are unable to …
ALPHARETTA, GA. — North American Properties (NAP) has topped off Avalon, the $600 million, mixed-use development in Alpharetta, an affluent suburb north of Atlanta. NAP has also signed 15 new retailers to the property, making Avalon’s retail component 97 percent pre-leased. The new retailers joining Avalon’s tenant roster include J. Crew, Crate & Barrel, Calypso St. Barth, Bantu, LensCrafters, BCBG, Sunglass Hut, Road Runner Sports, Soft Surroundings, J. Jill, Goldberg’s Deli, J. McLaughlin, Boston Proper, Lou & Grey and Columbia Sportswear. Avalon is set to open to the public on Oct. 30.