AMORY, MISS. — Love Funding has arranged three loans totaling $15 million to refinance a portfolio of skilled nursing facilities in Mississippi. Laura Saull-Smith of Love Funding obtained the loans through the U.S. Department of Housing and Urban Development's Section 232/223(a)(7) LEAN program. The properties include the River Place Nursing Center in Amory, The Nichols Center in Madison and The Carrington Nursing Center in Starkville. All three facilities are operated by Briar Hill Management LLC and include 105 units.
PEMBROKE PINES, FLA. — 150 NW 180th Street LLC has acquired a retail property that is fully leased to Chase Bank in Pembroke Pines. The sale included a 1.8-acre site subject to a new 20-year, triple-net ground lease. A new 4,713-square-foot Chase Bank, with drive-thru lanes, will be completed on the site this year. Todd Weintraub and Dave Donnellan of CBRE represented the seller, Pembroke Pines Place, a Florida-based private developer, in the transaction.
BOCA RATON, FLA. — Marcus & Millichap has arranged the $5 million sale of a Sound Advice, a vacant retail building and development site situated on two adjacent parcels in Boca Raton. 331-335 Yamato Road includes Sound Advice, an electronics retailer, and a vacant retail building formerly housed by Pizza Hut. The property also includes 99 parking spaces. Douglas Mandel and Benjamin Silver of Marcus & Millichap represented the seller, a private real estate company in Boca Raton, in the transaction. Mandel and Silver also represented the buyer, a limited liability company.
The largest challenge facing the Greenville/Spartanburg industrial market is the lack of quality industrial buildings. So, how did we go from the worst recession in recent memory to a shortage of available industrial space? With the recession and the 2012 election behind us, the industrial sector has stabilized and continues to improve. Much like the rest of the country, the effects of the Great Recession were felt in the Greenville/Spartanburg market, which experienced higher-than-normal vacancy rates, lack of leasing activity and depressed rental rates. Companies planning for expansion and growth during the recession — and that ultimately survived the tough years — have recovered to the point of near-normal business. In the past few years, these companies have been able to implement their growth plans, after being on hold for an extended period. Many businesses experienced a delay in business growth, ultimately resulting in pent-up demand. The companies that were waiting to expand took advantage of the symptoms of a slowly recovering market, including depressed rental rates and high vacancy levels, to expand or enter the market at historically rental rates. In conversations with prospective clients, often times I help provide clarification on the current status of the Greenville/Spartanburg industrial …
With the presidential election and fiscal cliff behind us, the mood among retailers, developers and brokers in the Baton Rouge market has turned to cautious optimism. This year, expect continued growth at a measured pace in the Baton Rouge retail market. The Baton Rouge MSA is made up of nine parishes with a total population of 820,000. Over the past two years, the Baton Rouge MSA has seen employment growth increase at an average rate of 0.5 percent, with an unemployment rate currently at 6.2 percent, well under the national average. Home sales in 2012 were up 13.8 percent as compared to 2011, with average sales prices also increasing by 0.3 percent. The Baton Rouge retail market is comprised of 12 million square feet. The market experienced slight improvement in 2012 with the vacancy rate down to 9 percent. Most of the vacancy is concentrated in less affluent areas in centers built prior to 1985. Mirroring the national trend, month-to-month retail sales for East Baton Rouge Parish increased in 2012 as compared to 2011. On average, sales are 7.1 percent higher than 2011 and are on pace to return to pre-recession levels. In 2012 Baton Rouge saw several retailers expand …
ATLANTA — Atlanta Property Group has closed on its acquisition of Northcreek Office Park, an eight-building property totaling 536,000 square feet in the Buckhead submarket of Atlanta. The park is located at 3715 Northside Parkway near I-75 and I-285. Court Thomas, a partner at Atlanta Property Group, said the park was an attractive investment due to its campus environment, which is rare among Buckhead buildings. A majority of the tenants are local companies. Stewart Calhoun and David Meline of Cushman & Wakefield represented the seller in the transaction. Austin Chase and Josh Baine of Atlanta Property Group will handle the leasing for Northcreek.
ATLANTA — Invest Atlanta, the city's economic development arm, has approved public funding to help build the proposed $1 billion Atlanta Falcons stadium. The board of directors approved issuing $200 million in bond funding, backed by the city's hotel and motel tax, to finance the public contribution for the new retractable-roof stadium. The Falcons, along with private entities, will pay the remaining cost. The vote marks the final steps in lining up financing for the stadium. The Georgia World Congress Center, which will own the stadium, and Atlanta City Council, have already approved the project. However, the project team is still negotiating with two churches to acquire the necessary land to build the project, which would be located just south of the Georgia Dome, according to local reports. The churches would have to be moved for the project to move forward. The goal is to complete the stadium by 2017.
CHARLOTTE, N.C. — New Boston Fund has secured four new leases and renewed two existing tenant leases, totaling 74,180 square feet, at Harris Corners Corporate Park in Charlotte. The leases bring the occupancy rate at Harris Corners to 90 percent. Monumental Life, North American Transmission Forum, Wood Forest National Bank and THR Property Management will each be moving to Harris Corners this spring. In addition, Bank of America renewed its lease for three years. Polymer Group also renewed its lease and expanded by an additional 10,065 square feet. New Boston acquired Harris Corners in 2011, and the park consists of two five-story buildings and one four-story building. Charlie Swanson of Beacon Partners represented New Boston in each of the transactions. Amy Fleming Powell of Lincoln Harris LLC represented Bank of America; Chase Monroe and Bryan White of Jones Lang LaSalle represented Polymer Group; Allan Schwender of SA Commercial represented Monumental Life; and Christy Nine of Cresa represented THR.
MIAMI BEACH, FLA. — Cabi 301 Commercial has acquired 301 Arthur Godfrey Road, a six-story office building anchored by HSBC Bank in Miami Beach, for $15.1 million. The property is located along Miami Beach's “Banker's Row” and is fully occupied by a mix of diverse tenants. The one-acre site also includes a parking lot. Hermen Rodriguez, Ike Ojala, Manuel de Zarraga and Jorge Portela led the HFF team that represented the seller in the transaction. The buyer was a private investment firm.
LUTZ, FLA. — Prestige Properties & Development has closed on its purchase of Van Dyke Commons, a 139,347-square-foot community center in Lutz for $30.2 million. Tenants include LA Fitness, Home Goods and Golfsmith. iStar Financial was the seller.