Southeast

BOULDER GROUP BROKERS AUTOZONE NET LEASE SALE

by admin July 30, 2013

OLIVE BRANCH, MISS. — The Boulder Group has brokered the sale of a 7,008-square-foot AutoZone located 23 miles south of downtown Memphis, Tenn., in Olive Branch. The building, which was constructed in 2004, sits on a 40,843-square-foot parcel at 7322 Hacks Cross Road. AutoZone occupies it on a triple-net lease with seven years remaining on its term. The lease features 10 percent rent escalations in the primary term and in each renewal option. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Southeast-based partnership. The buyer was a 1031 exchange investor.

July 30, 2013

REIT ACQUIRES DORAL WEST APARTMENTS

by admin July 29, 2013

DORAL, FLA. — Richmond Heights, Ohio-based REIT Associated Estates has purchased a south Florida multifamily community. Doral West Apartments was constructed on 22 lakeside acres in the Miami suburb of Doral. The gated, class A community contains approximately 380 units in flat and townhome layouts. Units feature detached and direct-access garages. Robert Given, Zachary Sackley and Gerard Yetming of CB Richard Ellis represented the undisclosed seller.

July 29, 2013

Retail Southeast

REGENCY CENTERS PURCHASES TRADER JOE’S-ANCHORED CENTER FOR $13.6M

by admin July 29, 2013

SILVER SPRING, MD. — Regency Centers Corp. has purchased the Shoppes of Burnt Mills, a 31,316-square-foot neighborhood shopping center located in Silver Spring, for $13.6 million. Constructed in 2004, the property is anchored by Trader Joe’s. Additional tenants include Starbuck’s Coffee, Chico’s and AT&T. Regency completed the purchase in partnership with an undisclosed investor. The seller’s name was also not disclosed.

July 29, 2013

Retail Southeast

BERKELEY CAPITAL BROKERS $4.9 MILLION NET-LEASE RETAIL SALE

by admin July 29, 2013

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.

July 29, 2013

Multifamily Southeast

BERKELEY POINT CAPITAL ASSISTS IN GRACE PARK REFINANCE

by admin July 29, 2013

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.

July 29, 2013

Retail Southeast

Q10 ARRANGES $12.4 MILLION RETAIL REFINANCING

by admin July 29, 2013

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.

July 29, 2013

Market Reports Maryland Southeast Market Reports

Population Growth, Improving Economy Breed Multifamily Developments

by admin July 29, 2013

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 …

July 29, 2013

Retail Southeast

ROUSE PROPERTIES ACQUIRES GREENVILLE MALL FOR $50.3 MILLION

by admin July 26, 2013

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

July 26, 2013

Multifamily Southeast

DEBARTOLO HOLDS GRAND OPENING FOR THE RETREAT AT WINDERMERE

by admin July 26, 2013

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.

July 26, 2013

Retail Southeast

REGENCY BEGINS DEVELOPMENT OF 320,339 SF SHOPPING CENTER

by admin July 26, 2013

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.

July 26, 2013

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