COLUMBIA, S.C. — Berkeley Capital Advisors has brokered the sale of a retail property occupied by Ashley Furniture HomeStore in Columbia for $4.9 million. Ashley occupies the property under a new 12-year, absolute net lease. Berkeley Capital’s Steve Horvath and Jay Levell represented the seller, a private partnership. The buyer was a private party completing a 1031 exchange.
MORRISVILLE, N.C. — Berkeley Point Capital has secured $25 million in Freddie Mac funds for the refinancing of Grace Park, an urban-style, multi-use property located near Research Triangle Park in Morrisville. Grace Park is a class A property that contains 128 multifamily units over retail space. Brian Kochan of Berkeley Point Capital arranged the loan, which carries a seven-year term and a 30-year amortization schedule, on behalf of a joint venture between Kalikow Group and EYC Cos.
CARROLLTON, GA. — Q10 | Professional Mortgage Co. has arranged a $12.4 million acquisition loan for McIntosh Plaza, a 161,257-square-foot retail center located at 1109 S. Park St. in Carrollton. Publix and Belk anchor the center, and Target serves as a shadow anchor. Q10’s Bryson Thomason and Trey Warren III arranged the permanent loan on behalf of the undisclosed buyer, which was completing a 1031 exchange.
Baltimore's government- and defense-driven neighbor, Washington, D.C, has historically overshadowed the city’s apartment market. Yet setbacks caused by sequestration and concerns of oversupply across the Washington metropolitan area have recently unveiled a new light on Baltimore. After six decades of continuous population decline, the city has finally turned the corner, registering positive growth for the first time since the city’s peak in 1950. Strong market fundamentals driven by improving economic trends and favorable demographic shifts have begun to attract a new cast of institutional investors and top-level developers, establishing Baltimore as a top-tier investment market. The city’s new attraction has resulted in a significant increase in both ground-up apartment developments and residential conversion projects that continue to reshape the character of the downtown area. Predominantly driven by education and life sciences, the Baltimore economy maintains a significant employment base of 1.3 million payroll jobs. Following a loss of 100,000 jobs during the downturn, the metro has rebounded to pre-recession levels registering positive year-over-year employment growth for the past 37 consecutive months. Additionally, the region is expected to add 70,000 new jobs by year-end 2015, according to Moody’s Analytics, helping to further decrease the current unemployment rate of 6.7 percent. The …
GREENVILLE, N.C. — Rouse Properties has acquired Greenville Mall in an off-market transaction for $50.3 million. Located in Greenville, the enclosed mall totals 460,800 square feet and is the only regional mall within a 40-mile radius. It first opened in 1966 and was renovated in 2001. Its anchors include Belk, jcpenney and Dunham’s Sports, the latter of which will open later this year. Additional tenants include Victoria’s Secret, Buckle, American Eagle, Aeropostale, Bath & Body Works, and Footlocker. Occupancy was 95.5 percent at the time of closing. As part of the transaction Rouse assumed an existing $41.7 million, non-recourse loan that matures in December 2015. The seller was a private partnership managed by Gregory, Greenfield & Associates
WINDERMERE, FLA. — DeBartolo Development has held the grand opening for The Retreat at Windermere, a $40 million, 332-unit multifamily community located two miles from Walt Disney World in Windermere. Phase I, which will be complete by the end of summer, will consist of 186 apartments in eight buildings along with a clubhouse. The first building and clubhouse opened July 1. Phase II, which will break ground immediately following Phase I completion, will include an additional 148 units in five buildings along with eight live-work units. Community amenities include a resort-stye pool with patio bar and poolside gas grills, a playground, dog park, and a lounge with a game room and business center.The Retreat at Windermere is the first phase of Summerport Village, a 196-acre mixed-use development that will ultimately include residential, retail and community areas.
MIAMI — Regency Centers Corp. has commenced development of its first ground-up retail center in Dade County. Fontainbleau Square will be a 320,339-square-foot, grocery-anchored community center located at the intersection of NW 102nd Avenue and West Flagler Street. Its anchors will include a 139,751-square-foot Target and a 45,600-square-foot Publix Sabor. The center is already 86 percent pre-leased. Construction will begin this month, and the anchor tenants will open as early as October 2014. The project will feature green building practices that include an energy-efficient design, sustainable building materials, water conservation measures and construction waste recycling. Regency currently owns nine shopping centers in the South Florida market totaling 843,000 square feet.
ONEIDA, TENN. — Atlanta-based Blanchard Real Estate Capital has acquired a 151,980-square-foot Walmart Supercenter in Tennessee. The shopping center is located at 19710 Alberta St. in Oneida, situated approximately 60 miles northwest of Knoxville. The seller and the acquisition price were not disclosed.
PLANTATION, FLA. — Grandbridge Real Estate Capital has arranged a $9 million first mortgage for 1250 Pine Island, a 52,424-square-foot, Class A office building located in Plantation. The loan, which was provided by a regional bank, carries a fixed interest rate and a 25-year amortization. Philip Carroll and Michael Balan of Grandbridge’s Miami office originated the financing on behalf of the undisclosed borrower.
FORT LAUDERDALE, FLA. — An affiliate of Miami-based Gencom has acquired the Ritz-Carlton Fort Lauderdale for an undisclosed amount. Constructed in 2008 as a St. Regis-branded hotel, the beachfront property was converted to the Ritz-Carlton brand in 2008. It features 166 rooms and suites as well as 28 third-party owned condo-hotel units that participate in the hotel’s rental program. Its amenities include gourmet dining options, a seventh-floor pool deck with private cabanas, more than 24,000 square feet of event space, an 8,500-square-foot spa, a 24-hour business center and valet parking service. The hotel also has a prime location at 1 N. Fort Laurderdale Blvd., close to Fort Lauderdale-Hollywood International Airport. The Holliday Fenoglio Fowler team of Daniel Peek, Manny de Zarraga, Max Commess, Paul Hsu and Chris Lingerfelt represented the undisclosed seller in the deal.