COCONUT CREEK, FLA. — Four new tenants have signed leases at Promenade at Coconut Creek, a shopping center located in Coconut Creek, approximately 15 miles north of downtown Fort Lauderdale. Fragrance store Orientica is now open at the property, within a 1,045-square-foot space. Karma Bath & Body Co. is scheduled to open a 1,868-square-foot store later this month, and My Phone Lab and Happy Monkey will occupy 1,801 and 1,000 square feet, respectively, beginning in October. Avison Young manages and leases Promenade at Coconut Creek on behalf of the owner, Charlotte-based Hill Partners Inc.
ELLABELL, GA. — VanTrust Real Estate has sold Building C of Interstate West, an approximately 1.2 million-square-foot industrial facility located near the Port of Savannah in Ellabell. Transwestern Investment Group (TIG) purchased the property from VanTrust for an undisclosed price. Britton Burdette, John Huguenard, Matt Wirth, Dennis Mitchell and Jim Freeman of JLL represented VanTrust in the transaction. Located at 77 Logistics Drive, Building C is fully leased to Webstaurant Store Inc., a subsidiary of Clark Associates Inc. Built in 2022, the property features 185-foot truck court depths, 212 dock-high doors, four drive-in doors, 244 auto spaces and 270 trailer spaces. VanTrust is also underway on a 2 million-square-foot build-to-suit project for retailer Burlington within the 515-acre Interstate West industrial park.
PANAMA CITY BEACH, FLA. — Topgolf plans to open a new two-level venue in Panama City Beach. The new Topgolf will be situated along Powell Adams Drive adjacent to Pier Park. The location will feature 74 outdoor, climate-controlled hitting bays across two levels, as well as a restaurant, bar, 22-foot video wall, more than 140 TVs and an outdoor patio. Set to open in summer 2025, the new property will be Topgolf’s 10th venue in the state and first in Florida’s Panhandle. Topgolf expects to employ roughly 275 to 300 staffers once fully operational.
NASHVILLE, TENN. — Ascendant Development has delivered Haven at Charlotte, an 11-story apartment tower located at 3025 Charlotte Ave. in Nashville. The 369-unit community is situated adjacent to the HCA headquarters campus and the OneC1ty mixed-use development. Haven at Charlotte features seven residential levels atop a four-story parking podium, with apartments ranging in size from 516 to 1,472 square feet. Monthly rental rates range from $1,605 to $3,800, according to Apartments.com. Amenities include a fitness center, yoga and spin room, outdoor kitchen area, infinity-edge saltwater pool and a rooftop clubroom/lounge.
NASHVILLE, TENN. — A joint venture between Smith Hill Capital and Bain Capital has provided a $57 million loan for Embassy Suites by Hilton Nashville Airport, a 305-room hotel in Nashville. Eastdil Secured arranged the financing on behalf of the borrowers, Affinius Capital and Westmont Hospitality. The hotel sits close to Nashville International Airport, downtown Nashville and the One Century Place Conference Center. Amenities at the hotel include an airport shuttle, fitness center, business center, indoor pool, complimentary evening reception and more than 6,000 square feet of meeting space.
HINESVILLE, GA. — Branch Properties has acquired 9.7 acres for Flemington Village, a 57,851-square-foot shopping center to be developed in Hinesville, approximately 40 miles southwest of Savannah. A 46,791-square-foot Publix will anchor the center, which is scheduled for completion in the third quarter of 2025. The property will also feature 11,060 square feet of inline retail space and an outparcel.
FORT LAUDERDALE, FLA. — BurgerFi International (NASDAQ: BFI) has filed for voluntary Chapter 11 bankruptcy protection. The Fort Lauderdale-based company operates under two brands: BurgerFi and Anthony’s Coal Fired Pizza & Wings. The two entities have a total of 144 locations open across the United States, Puerto Rico and Saudi Arabia. The filing pertains to 67 corporately owned locations operating under both the BurgerFi and Anthony’s banners. The remaining 77 franchisee-owned locations are excluded from the filing, with the company’s total portfolio expected to remain open and continue normal operations. BurgerFi cited a drastic decline in post-pandemic consumer spending, sustained inflation and increasing food and labor costs as the key drivers in the decision to file for bankruptcy. The company joins a number of restaurants that have recently filed for bankruptcy protection, including Mediterranean fast-casual chain Roti, Italian dining chain Buca de Beppo and seafood chain Red Lobster. “We need to stabilize the business in a structured process,” says Jeremy Rosenthal, who has been named chief restructuring officer for the company. “We are confident that this process will allow us to protect and grow our brands and to continue the operational turnaround started less than 12 months ago and secure additional capital.” The company’s board …
As a bridge lender across the full spectrum of seniors housing, Live Oak Bank has been able to capitalize on the limited liquidity in today’s market that has resulted in stalled transactions and refinancing challenges in this niche property sector. “Trust me, I have a certain advantage right now with the lack of lenders [active in the space], and I enjoy that because it enables me to be very strategic on relationships and the people that I choose to partner with and grow. But having liquidity back in our market is necessary for a healthy seniors sector,” believes Chad Borst, managing director of seniors housing at Live Oak Bank, headquartered in Wilmington, North Carolina. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Borst would like to see banks that moved to the sidelines in recent years due to the disruption in the capital markets return to the playing field. “I want the permanent financing market to open up more broadly. I want other banks to come back because it will help the overall health of our …
MEMPHIS, TENN. — Poag Development Group has purchased a 400,000-square-foot Macy’s at Oak Court Mall, an enclosed regional mall in Memphis that opened in 1988. Memphis-based Poag purchased the department store for $7 million in a joint venture with a group of local investors that purchased Oak Court Mall in December 2023. New York City-based Macy’s sold the store to the Poag-led investment group in a sale-leaseback structure. Poag, which also recently purchased the 1.3 million-square-foot RiverTown Crossings in Grandville, Mich., plans to work with JLL to maximize the potential of Oak Court Mall. Future plans for the mall were not disclosed.
LAKE CHARLES, LA. — Churchill Stateside Group LLC has closed $47.7 million in construction financing for Deerwood Apartments, a new 144-unit affordable housing development in Lake Charles, a city in western Louisiana. Once complete, the property will feature 18 one-bedroom units, 84 two-bedroom apartments and 42 three-bedroom units that will cater to families. The construction timeline and developer/sponsor were not disclosed. The financing package included $21.5 million of short-term, tax-exempt bonds through Churchill Stateside Securities LLC; a $20.8 million construction loan via Churchill Mortgage Construction LLC; a $4.8 million forward tax-exempt permanent loan commitment; and a $600,000 Equitable Recovery Program loan commitment through Churchill Mortgage Investment LLC. The Clearwater, Fla.-based financial services company utilized its PUBLIC-TEL loan program to facilitate the financing.