MEMPHIS, TENN. — Thorofare Capital Inc. has closed a $3.3 million senior bridge loan to refinance The Clarion Hotel Airport/Graceland Area in Memphis. The 245-room, four-story hotel is located at 1471 E. Brooks Road. The hotel features two restaurants and two bars. The borrower, Cedar Street Co., is using proceeds from the loan to retire a portion of a mezzanine portfolio loan used for several of its assets. In 2011-2012, Cedar Street associated the hotel with Choice Hotels International under the Clarion brand and implemented a $3.5 million renovation.
Southeast
ATLANTA — Cushman & Wakefield has closed a 61,000-square-foot, 15-year office lease with marketing firm Career Sports & Entertainment Inc. The company will lease office space at 150 Interstate North, located in the Interstate North Office Park in Atlanta’s Northwest submarket. Caroline Nolen and Porter Henritze of Cushman & Wakefield’s Atlanta office represented the landlord, Interstate North Office Park LP, in the lease deal. Jimmy Sanders and Mitch Kahlert of ICON Commercial Interests represented the tenant.
Savannah has historically been known as an under-retailed market. Barriers to entry to the market have included expensive land acquisition and development costs, natural geographical barriers such as wetlands and rivers, oddly configured land parcels and stubborn sellers. Savannah is overcoming those barriers with authority as existing retailers expand within the market and previously nonexistent retailers enter. The unusual amount of retail development in an MSA of 360,000 people means Savannah is officially on the radar of quite a few retailers. Westside/Pooler Parkway The largest development within the area broke ground in early September and will be a big win for the entire Southeast. Ben Carter Enterprises commenced construction on The Outlet Mall of Georgia in nearby Pooler, comprising more than 560,000 square feet of retail and restaurant space. The outlet mall will house more than 170 retailers, of whom 70 percent are committed. The $200 million project will employ upwards of 2,000 employees, creating a boon for the local economy. A mix of luxury and traditional retailers is expected, of which 40 percent are reported to be new to the market. Also, 45 acres of adjacent land is being marketed for retail, restaurant and hotel site development. This project …
RICHMOND, VA. — Landmark Apartment Trust of America Inc., a multifamily REIT based in Richmond, has acquired four multifamily communities in Florida, Alabama and Texas for $98.2 million. The properties total 1,346 units and average a 95 percent occupancy rate. The acquired properties include the 408-unit Landmark at Grayson Park in Tampa, Fla.; the 384-unit Landmark at Woodland Trace in Casselberry, Fla.; the 240-unit Landmark at Lancaster Place in Calera, Ala.; and the 314-unit Landmark at Collin Creek in Plano, Texas.
BIRMINGHAM, ALA. — Rock Advisors has arranged the $24.3 million sale of The Enclave at Mountain Brook, a 508-unit apartment community in Birmingham. Joseph Holt of Rock Advisors co-brokered the transaction with Brad Simmel and Shea Campbell of CBRE’s Atlanta office. A private investor based in California purchased the property in an all-cash transaction.
RINCON, GA. — Colliers International has arranged $26 million in acquisition financing for Effingham Parc Apartments, a 352-unit, Class A apartment community located on 39 acres in Rincon. David Douvadjian, Thomas Welch and Brian Gaswirth of Colliers International arranged the 10-year, fixed-rate loan through UBS Real Estate Securities on behalf of the borrower, Panther Properties Investment LLC.
TOWSON, MD. — Cushman & Wakefield has arranged $19.8 million in financing for Maryland Executive Park, a 206,144-square-foot, seven-building office campus located at 8501 and 8600 LaSalle Road in Towson. Gideon Gil, Alexander Hernandez and Sridhar Vankayala of Cushman & Wakefield arranged the three-year loan through EagleBank on behalf of the borrower, a Connecticut-based real estate fund manager.
PEMBROKE PINES, FLA. — Marcus & Millichap has arranged the sale of Pembroke Corners, a 30,007-square-foot shopping center located at 17201 Pines Blvd. in Pembroke Pines, a western suburb of Fort Lauderdale. The retail center is fully leased to CVS/pharmacy, Tire Kingdom and Goodyear. Lori Schneider of Marcus & Millichap’s Fort Lauderdale office represented the seller, a developer based in Tampa, in the transaction. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office secured and represented the buyer.
WOODSTOCK, GA. — CBL & Associates Properties Inc. has closed on an $80 million non-recourse loan secured by The Outlet Shoppes at Atlanta, a 370,000-square-foot outlet retail center located in Woodstock, a northern suburb of Atlanta. The 10-year loan features a 4.9 percent fixed interest rate. Proceeds from the loan will be used to repay a $53.2 million construction loan. The Outlet Shoppes at Atlanta is a 75/25 joint venture between CBL & Associates and Horizon Group Properties, co-developers of the outlet center. Horizon is handling the development’s leasing, marketing and management. The retail center features tenants such as Nike, Saks Fifth Avenue OFF 5TH, Brooks Brothers, Calphalon, Columbia Sportswear, True Religion, Cole Haan, White House | Black Market, Guess, Fossil, Michael Kors, Kate Spade, Under Armour and Talbots.
AUSTELL, GA. — Atlanta-based Bull Realty has arranged the sale of two apartment communities totaling 344 units in Austell, a suburb of Atlanta. The communities include the 200-unit Hunter’s Grove Apartments and the 144-unit Parkview Apartments. Ernie Eden and Mike Terry of Bull Realty were the sole brokers in the transactions. Wilbarcol Ventures purchased the two communities, as well as the 146-unit Kingsley Village Apartments in Austell, from QR Capital for $16 million. H.J. Russell & Co. will manage the new communities in conjunction with Lifehouse Partners.