SLIDELL, LA. — RCG Ventures has acquired the 144,638-square-foot Village at Northshore, a shopping center located in Slidell, within the New Orleans MSA. Bed Bath & Beyond, JoAnn, Marshalls, Baskins and Dollar Tree anchor the center. Jones Lang LaSalle represented the seller in the transaction.
RICHMOND, VA. — Capstone Advisors, a real estate investment, development and advisor firm based in Carlsbad, Calif., has purchased The Shops at Wellesley in Richmond. The 42,250-square-foot center is located in the Short Pump area of suburban Richmond and serves the affluent Wellesley neighborhood. Current tenants include daycare center Minnieland, Wellesley Animal Hospital and Vinnie's Italian Grill. Capstone Advisors plans to hold the center for a long-term investment. The center is part of a three-property, $16 million acquisition that Capstone recently announced. The other two properties are located in California and Arizona.
PARAGOULD, ARK. — Belk has announced its 10,000-square-foot expansion at Town West Shopping Center in Paragould, a city in northeast Arkansas. The $1.8 million project will include updated decor with new paint, carpet, tiled aisles and lighting. The remodeled 48,000-square-foot store is set for a mid-October grand reopening. Real Estate Southeast LLC handled the lease expansion.
ESSEX, MD. — NorthMarq Capital has arranged $2.5 million in first mortgage refinancing for Townhomes at River's Crossing, a 66-unit multifamily property located in Essex, about eight miles east of Baltimore. Nancy Ferrell of NorthMarq's Baltimore office arranged the 10-year loan with a 30-year amortization schedule through a life company lender.
DALLAS — The NAI Global Investment Services Group, a division of Dallas-based NAI Robert Lynn, has arranged the acquisition of three properties — one in Kentucky and two in Louisiana — totaling more than 219,000 square feet. Tim Feagans of NAI Global ISG, along with Jon Seiz and Mark Wardlaw of NAI Fortis, arranged the sale of a 130,000-square-foot office building located at 515 W. Market St. in Louisville. Human Inc. purchased the property, which is located next to its corporate headquarters at 500 W. Main St. Additionally, Joe Cicardo of NAI Global ISG represented the owner in the sale of two Winn Dixie grocery stores in Slidell, La. Each property totaled 44,790 square feet.
ATLANTA — Atlantic | Pacific Cos. (A | P Cos.), a commercial real estate development and management company, has acquired Morningside Courts and Sloan Square in Atlanta. Morningside Courts is a 172-unit, garden-style apartment community located on Piedmont Road in Atlanta's Midtown submarket. The property features stacked washer and dryers, walk-in closets, gas fireplaces, private balconies/patios, resort-style swimming pool and a 24-hour fitness center. Sloan Square is a 197-unit, garden-style apartment community located on Lavista Road near Emory University. Sloan Square includes fully equipped kitchens, walk-in closets, vaulted ceilings, fireplaces in select units, two swimming pools, a fitness center and a car care area. A | P Cos. will make capital improvements to the properties' amenities and unit interiors. A | P Cos. will also handle all property management responsibilities for both properties.
NAPLES, FLA. — Inland Real Estate Acquisitions Inc. has acquired the 146-unit Berkshire Reserve Townhomes in Naples for approximately $15.9 million. The property was 93 percent occupied at the time of sale. The property features three-bedroom, two-and-a-half bathroom townhomes. Residents are offered discounted membership to the adjacent Collier County Fitness and Aquatic Center.
KISSIMMEE, FLA. — Greystone has originated a $6.6 million loan for Ravenwood of Kissimmee, a 185-unit affordable housing multifamily property located in Kissimmee. Andrew Ellis of Greystone's Rockville, Md., office originated the loan, which David Metzger of Eastern Union Commercial brought to Greystone through Freddie Mac. Greystone will service the loan.
COLONIAL HEIGHTS, VA. — Cushman & Wakefield | Thalhimer has arranged a 184,616-square-foot industrial lease at the Enterchange at Walthall in Colonial Heights, about 23 miles south of Richmond. Evan Magrill and Dawn Calabrese of Cushman & Wakefield | Thalhimer represented the landlord in the transaction. Central Shared Services is the new tenant.
At the mid-year mark, CoStar reported industrial occupancy in Richmond was approaching 90 percent for industrial product of all sizes, excluding flex space. Buyers looking to purchase single-user Class A facilities of 40,000 square foot or greater are experiencing an acute shortage of said product. These larger free-standing, single-occupant facilities are now in shorter supply in the suburban areas of all four quadrants, though multiple opportunities remain in the city of Richmond, both north and south of the river, generally class B/C type product, but functional and reasonably priced. There are also several free-standing purchase opportunities under 40,000 square feet available in the suburban sector of the northwest quadrant. The second quarter ended with four large facilities (two in the city of Richmond and two in Henrico County) going under contract to users, which further impacted the availability of freestanding facilities for owner/users looking to relocate into facilities with a minimum of 40,000 square feet. Local expansion has comprised approximately 78 percent of large industrial sales since the third quarter of 2012, with 14 of the last 18 major transfers (totaling approximately 1 million square feet). The majority of these acquisitions involved end users purchasing Class B facilities for manufacturing/warehousing …