Southeast

Cushman & Wakefield | Thalhimer Arranges $125M Sale of Five-Property Shopping Center Portfolio in Metro Richmond

by Alex Tostado March 13, 2019

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has arranged the $125 million sale of a five-property shopping center portfolio in metro Richmond spanning 745,000 square feet. Connie Jordan Nielsen of Cushman & Wakefield | Thalhimer represented the seller, Marchetti Properties, in the transaction. Rosenthal Properties and PGIM Real Estate purchased the portfolio, which includes Stonehenge Village, a 180,000-square-foot power center anchored by Wegmans. The shopping center also features 71,300 square feet of inline space and five outparcels. Other assets in the portfolio include Staples Mill Marketplace, a 156,476-square-foot, Kroger-anchored retail center, with additional tenants including Panda Express and Zaxby’s; Staples Mill Square, a 96,488-square-foot center leased to Petco, Aldi and a separately owned Target, as well as Discount Tire, McDonald’s and Taco Bell; Parham Plaza is a 177,450-square-foot center anchored by Walmart, T.J. Maxx and Petco; Ridge Shopping Center, situated across from Parham Plaza, is a 101,163-square-foot center anchored by The Fresh Market, with other tenants including Sherwin Williams, Chick-fil-A, Hallmark, Virginia ABC and Sugar Shack.

March 13, 2019

Florida Loans Multifamily Southeast

Hunt Real Estate Provides $52M Refinancing Loan for Manufactured Housing Property in Metro Miami

by Alex Tostado March 13, 2019

SWEETWATER, FLA. — Hunt Real Estate Capital has provided a $52 million Fannie Mae refinancing loan for Lil’ Abner, a manufactured housing property in Sweetwater. The 30-year fixed-rate loan features a 15-year period of interest-only payments and a 30-year amortization schedule. Consolidated Real Estate Investments has owned and operated Lil’ Abner since 1981. Of the asset’s 908 pads, 64 percent are intended for double-wide homes and 36 percent are intended for single-family homes. Amenities include a swimming pool, management/maintenance office, mail facility, tennis courts and a playground. Lil’ Abner is situated less than two miles north of Florida International University and about 19 miles west of downtown Miami.

March 13, 2019

Georgia Hospitality Loans Southeast

HFF Arranges $31M Refinancing of Hotel in Atlanta’s Cumberland/Galleria District

by Alex Tostado March 13, 2019

ATLANTA — HFF has arranged a $31 million refinancing loan for Sheraton Suites Galleria-Atlanta, a 278-room hotel in Atlanta’s Cumberland/Galleria submarket. Danny Kaufman, Jeff Bucaro Nicole Aguiar and Matt Casey of HFF represented the borrower, Olshan Properties, in the loan transaction. Loan proceeds will be used to retire the existing loan, repatriate sponsor equity and cover closing costs and financing fees. Olshan Properties acquired the asset in August 2013 and has since invested more than $11 million into renovating guestrooms, corridors and the lobby; adding a Sheraton Club Lounge and Grab-and-Go outlet; and modernizing elevators. The owners plan to use the loan to make further improvements by upgrading meeting space, building exterior and the food and beverage outlets, The Grill and Martini’s Bar. The asset is situated at 2844 Cobb Parkway in northwest Atlanta, about a mile south of SunTrust Park, home of the Atlanta Braves.

March 13, 2019

Loans Louisiana Retail Southeast

Money360 Provides $12.5M Loan for Retail Center in Louisiana

by Alex Tostado March 13, 2019

LAKE CHARLES, LA. — Money360 has provided a $12.5 million refinancing loan for a 121,070-square-foot retail property in Lake Charles. The term of the recourse loan is 24 months with a 9 percent fixed interest rate. Tenants include Ross Dress for Less, Bed Bath & Beyond, Marshalls and Rack Room Shoes. The borrower and the name of the asset were not disclosed.

March 13, 2019

Development Florida Retail Southeast

Konover South Backfills Former Winn-Dixie in South Florida with Sprouts, Planet Fitness

by Alex Tostado March 13, 2019

JUPITER, FLA. — Konover South LLC has signed Sprouts Farmers Market and Planet Fitness to backfill a former Winn-Dixie at Admirals Crossing in Jupiter. Sprouts will span 30,900 square feet, and Planet Fitness will cover 17,800 square feet. Konover South CEO David Coppa expects Sprouts and Planet Fitness to open by the end of the year. Admirals Crossing, which is located at 3757 Military Trail, about three miles south of downtown Jupiter, totals 73,000 square feet. Other tenants include Berry Fresh Café, Inlet Liquors, Jimmy John’s Gourmet Sandwiches, Massage Envy and My Gym.

March 13, 2019

Acquisitions Office Southeast Tennessee Top Stories

CapRidge Partners Acquires 27-Story Office Tower in Nashville for $105.3M

by David Cohen March 13, 2019

NASHVILLE— CapRidge Partners has acquired Nashville City Center, a 27-story office tower. Multiple media outlets reported the sales price as $105.3 million. Located at 511 Union St. in downtown Nashville, the 477,261-square-foot building features a fitness center, freestanding restaurant and an onsite music studio available for tenant use. The building is near the Tennessee Performing Arts Center and Bridgestone Arena as well as number of dining and entertainment options. Andy Scott and Jim Curtin of HFF worked on behalf of CapRidge Partners to secure a four-year, floating-rate acquisition loan through lender CIT Group. “We were pleased to arrange financing for the acquisition of this notable office property in Nashville, which is a vibrant market for commercial properties,” says Chris Niederpruem, managing director for CIT’s Real Estate Finance division. Will Yowell, Jay O’Meara, Morgan Hillenmeyer and Douglass Johnson of CBRE represented the seller, Alliance Partners HSP LLC, in the transaction. Since 2011, the property’s average occupancy is 95 percent. “This offering was a very rare opportunity to acquire one of Nashville’s most prominent office assets at an attractive basis and we received significant investor interest because of it,” says Yowell, vice chairman at CBRE. “Nashville City Center benefits from its location in the …

March 13, 2019

Development Retail Southeast Virginia

Life Time Athletic Opens 173,000 SF Gym Near Alexandria

by Alex Tostado March 12, 2019

GAINESVILLE, VA. — Life Time Athletic has opened a 173,000-square-foot gym in Gainesville, about 40 miles west of Alexandria. The new property features a 123,000-square-foot building and a 50,000-square-foot outdoor oasis. This is Life Time’s 143rd location in North America and seventh in the northern Virginia/Maryland market. The new site is located at 13978 Promenade Commons St. and will house 270 employees.

March 12, 2019

Alabama Loans Multifamily Southeast

Berkadia Arranges $16.8M Acquisition Loan for Apartment Complex in Hoover, Alabama

by Alex Tostado March 12, 2019

HOOVER, ALA. — Berkadia has arranged a $16.8 million acquisition loan on half of MAG Renaissance LLC for Renaissance Galleria, a 224-unit apartment complex in Hoover. Fannie Mae provided the 12-year, fixed-rate loan. Built in 1994, Renaissance Galleria offers one-, two- and three-bedroom floor plans across 16 buildings. Amenities include a swimming pool, 24-hour fitness center and a business center. The property was 94 percent occupied at the time of the sale.

March 12, 2019

Acquisitions Georgia Retail Southeast

HFF Arranges Sale of 105,847 SF Retail Center in Metro Atlanta

by Alex Tostado March 12, 2019

MARIETTA, GA. — HFF has arranged the sale of Olde Mill Plaza, a 105,487-square-foot retail center in Marietta, to Livingston Properties. Olde Mill Plaza is located at 3101 Roswell Road, 20 miles northwest of downtown Atlanta. The asset was 91 percent leased at the time of the sale to tenants including Walmart Neighborhood Market, Just Fitness 4U, Los Arcos Mexican restaurant, European Deli, Le Nails Spa2, K&G Tailors, Roxy Package Store and House of Ming. Outparcel tenants include McDonald’s and RaceTrac. The sales price was not disclosed.

March 12, 2019

District of Columbia Leasing Activity Office Southeast

WashREIT Signs EIG Global to 51,000 SF Office Lease in Washington, D.C.

by Alex Tostado March 12, 2019

WASHINGTON, D.C. — WashREIT has signed EIG Global, which provides institutional capital to the global energy sector, to a two-floor, 51,000-square-foot office lease at Watergate 600 in Washington, D.C. EIG Glboal is expected to move into the space in January 2020 and remain there for 17 years and eight months. WashREIT recently renovated the 12-story building, upgrading the entry way, lobby, elevators and common areas. The asset is situated at 600 New Hampshire Ave. NW, adjacent to the John F. Kennedy Center for the Performing Arts and about two miles from downtown.

March 12, 2019

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