GERMANTOWN, TENN. — SRS Real Estate Partners has brokered the $14.4 million sale of a 137,181-square-foot shopping center located at 2015 Exeter Road in Germantown, roughly 21 miles east of Memphis. Finard Germantown LLC sold the property to Farmex Rail LLC, an affiliate of DNA Partners LLC. Hobby Lobby and Bed Bath & Beyond anchor the shopping center. Kyle Stonis and Pierce Mayson of SRS Real Estate’s Atlanta office represented the seller in the transaction. The buyer didn’t have representation in the transaction.
SEMINOLE, FLA. — Phillips Edison Grocery Center REIT II Inc. has purchased Oakhurst Plaza, a 51,740-square-foot shopping center located at 9201-9394 Oakhurst Road in Seminole, for $6.3 million. Seminole is a town located in the Tampa Bay metro area. Mike Milano and Ron Schultz of Colliers International’s Tampa Bay office represented the seller, One Bayshore LLC, in the transaction. Ben McLeish of Colliers’ Tampa Bay office recently arranged two retail leases at the Publix-anchored shopping center on behalf of the seller — Hope N Love Animal Hospital and Westshore Pizza. Through its sponsored funds, Phillips Edison & Co. owns and operates 36 shopping centers in Florida, most of which are anchored by Publix.
Memphis has acquired many nicknames since its establishment in 1819: Blues City, Birthplace of Rock ‘N Roll, and Bluff City just to name a few. However, one name that has managed to work its way to the top of the list in recent years is America’s Distribution Center. Metropolitan Memphis, located in the southeast corner of Tennessee, northwest Mississippi and eastern Arkansas, contains approximately 4,598 square miles and is inhabited by approximately 1.3 million people. As one of the few MSAs to include three states, the Memphis region plays an integral role as the cornerstone of the Mid-South area. With a central location and rich transportation infrastructure, Memphis transformed into the regional and national distribution and logistics hub. Memphis’ transportation infrastructure is comprised of the four Rs: runway, rail, river, and road. Memphis International Airport was named the largest air-cargo airport in the United States for 18 consecutive years. It is now tied for first in the world with Hong Kong International Airport. Memphis is one of only three cities in the US that has five of the seven Class I railroads: Union Pacific/Southern Pacific, Burlington Northern Santa Fe (BNSF), CSX Corp., Norfolk Southern and Canadian National Railroad (CN). The …
LOUISVILLE, KY. — Coca-Cola Bottling Co. Consolidated has opened a new 305,000-square-foot sales and distribution center on Global Drive in southwest Louisville. The company invested roughly $12 million to renovate a vacant warehouse on a 25-acre site in Louisville for the new plant. The project also involved retrofitting office space and adding more than 100,000 square feet of new construction. The new facility will handle sales and distribution of Coca-Cola products in a 21-county area stretching from Owen County to Hardin County in Kentucky and Jefferson County to Harrison County in Indiana. The company currently has 350 employees working in the Louisville franchise territory. In addition, a new ‘make ready center’, which will handle deployment and refurbishing of vending and other sales equipment, is still under construction and will open later this spring. In addition to the Louisville franchise, Coca-Cola Consolidated also acquired the franchise in Evansville, Ind. The company has signed definitive purchase agreements for additional Kentucky franchises, including Lexington, Pikeville and Paducah, and hopes to conclude those transactions later in 2015. Charlotte-based Coca-Cola Consolidated is the nation’s largest independent bottler of Coca-Cola with franchise territories in 11 states.
RALEIGH, N.C. — HFF has secured $26.5 million in financing for Summermill at Falls River, a 320-unit, Class A apartment community in Raleigh. Completed in 2002, the multifamily property features one-, two- and three-bedroom units averaging 1,095 square feet and was 96 percent occupied at the time of financing. Summermill at Falls River’s amenities include a swimming pool, fitness center, children’s playground, business center and access to walking trails at the Annie Louise Wilkerson, MD Nature Preserve Park. Matthew Schoenfeldt, Jason Bond, Jimmy Conley and Travis Anderson of HFF arranged the seven-year, interest-only loan through Freddie Mac’s CME program on behalf of the borrower, Banner Apartments LLC, a multifamily owner and developer based in Northbrook, Ill.
MEMPHIS, TENN. — The Shopping Center Group is the leasing agent for a new retail center under construction at 6450 Poplar Ave. in east Memphis. Crown Centre LLC, an affiliate of Fogelman Investment Co., is developing the 29,000-square-foot retail center, which is adjacent to International Paper’s world headquarters. The building shell is expected to be complete in April.
CAMDEN, S.C. — ProVest Properties LLC has purchased Springdale Plaza, a 179,000-square-foot shopping center located in Camden, for $11.8 million. The property was 94 percent leased at the time of sale to tenants such as Belk, Burke’s, Farmer’s Home Furniture, Goodwill, Dollar Tree, Gamestop, Rue 21 and Hibbett Sports. Marc Birnbaum, Esq. represented Charles Vita of ProVest Properties in the negotiations.
CHARLESTON, S.C. — NAI Avant has secured retail tenants for all five available suites in The Grand at Midtown, a mixed-use apartment community located at the corner of Meeting and Spring streets in downtown Charleston. King of Pops, a gourmet popsicle company, and an unnamed retailer will join existing retailers Edward Jones, Bull Street Market and CHS Revolution at the property, which was formerly known as Elan Midtown. Phillipa Ward of Arthur Ravenel Commercial Realty represented King of Pops in the 615-square-foot lease transaction. Amanda Reeves of Lee & Associates represented the unnamed retailer in the 1,575-square-foot lease deal. Scott Peevy and Ruth Marie Embler of NAI Avant represented the landlord, Meeting Street Realty Co., in the lease negotiations.
MIAMI — The site of the 83-story Panorama Tower in Miami spans 14,677 cubic yards, making it Florida’s largest single foundation in history. The continuous concrete pour held last weekend comprised more than 1,200 loads spread out between 175 cement trucks pouring for a consecutive 22.5 hours. Upon completion, Florida East Coast Realty’s Panorama Tower will be the tallest residential tower on the Eastern seaboard south of New York and the tallest building (830 feet) in the state of Florida. The project includes 16 miles of auger cast piles, more than 3,500 tons of reinforcing steel, 13.5 million pounds of cement, 15.3 million pounds of sand, 25.8 million pounds of rock and 495,000 gallons of water. For the $800 million tower, Florida East Coast Realty is using a $340 million construction loan from Wells Fargo, which is the largest construction loan in South Florida. Mosche Cosicher designed the tower to feature a 2,000-car parking garage, 100,000 square feet of medical office space, a 208-room hotel, 50,000 square feet of retail and restaurant space and 64 stories of residential space totaling 821 rooms.
PEACHTREE CORNERS, GA. — Emma Capital Investments Inc. has purchased Valencia Park Apartments, a 508-unit garden-style apartment community in Peachtree Corners, a suburb of Atlanta. The multifamily investor acquired the asset via 3500 Peachtree Corners LP for $28.2 million. The multifamily community’s amenity package includes a swimming pool with a sundeck, clubhouse and fitness center. Emma Capital plans to implement a renovation program to the common areas and unit interiors upon completion of the sale. Valencia Park is Emma Capital’s second acquisition in north Atlanta within the last three months and its seventh purchase in the United States. The company now owns roughly 2,000 units in the United States.