TRUSSVILLE, ALA. — Senior Living Investment Brokerage (SLIB) has arranged the $4.5 million sale of Sunrise Ridge, a 45-unit assisted living community in the Birmingham suburb of Trussville. Atlas Senior Living, based in Birmingham, bought the property from a local partnership. The community was built in 2009 and features additional land for expansion. Bradley Clousing of SLIB arranged the transaction.
Orlando likely resides in the minds of children and children at heart as “The Happiest Place on Earth,” and those involved in its industrial market today couldn’t agree more. Over the past five years, the Central Florida industrial market has been transformed from its prior position as a spoke in the wheel of distribution to the hub. To service consumers located in the country’s third most populous state, companies are locating large distribution centers in Central Florida (hub) with smaller distribution centers in Tampa, South Florida and Jacksonville (spokes). From a distribution standpoint, Central Florida has become the statewide distribution center for Florida. Warehouse is the New Retail The world of e-commerce began with the birth of the internet in the early 90s, made a big milestone with the first secure online transaction in 1994, and today Amazon is no longer first thought of as a rainforest in South America. In fact, Amazon is so prolific that recent reports from Consumer Intelligence Research Partners estimate that Amazon Prime now reaches nearly half of U.S. households. That translates to 54 million people, just in the United States, who have paid $99 for an annual membership that enables each consumer access to …
LOUISVILLE, KY. — Angel’s Envy, a Kentucky bourbon distiller that’s part of the Bacardi Limited portfolio, plans to open its new distillery and visitor center to the public tomorrow. The facility is located at 500 E. Main St. at Jackson, the first full-production whiskey distillery in downtown Louisville. Following a $27 million renovation since breaking ground in 2013, the distillery will house the Angel’s Envy operations, including the milling of grains, blending and bottling on-site. The property is the former Vermont American and Baer Fabrics Warehouse and features the original exterior walls, vaulted ceilings and arched windows. The facility will also feature a visitor center and gift shop. Louisville-based Vendome Copper & Brass Works fashioned a 35-foot-tall column still, pot still and doubler for the distilling process at the property.
FREDERICKSBURG, VA. — Lidl, a German grocery retailer that has been expanding recently in Virginia, has purchased 6.3 acres of land on Warrenton Road in Fredericksburg for $2.6 million. Lidl plans to develop a new grocery store at the site, which is situated near the Stafford Lakes Super Walmart. The site is the third parcel that the grocer has purchased in the greater Fredericksburg area and roughly the 20th in the state. The other two Fredericksburg stores are underway at 5455 Plank Road and 10110 Southpoint Parkway. Brian Cunningham of Coldwell Banker Commercial Elite represented the former land owner in the sale, and the firm’s Jonathan Gardner assisted Lidl in the site selection process and negotiating the transaction. Lidl is also underway on its $125 million, 1 million-square-foot distribution facility at 6120 Smith Station Road, which is expected to create 200 local jobs.
LAWRENCEVILLE, GA. — The Shopping Center Group has arranged the $7.9 million sale of Duluth Highway Shops, a 17,500-square-foot, unanchored retail center located on eight acres at State Route 120 and Lawrenceville-Suwanee Road in Lawrenceville. The Gwinnett County property was fully leased prior to construction to tenants such as Jason’s Deli, Pacific Dental Services, Willy’s Mexican Grill, AT&T Wireless, Penn Station East Coast Subs, Sport Clips Haircuts and BurgerFi. Neal Pringle and the late Mark Cooley of The Shopping Center Group secured the buyer, a private, West Coast-based investor. The seller was NLA Lawrenceville Inc. The Shopping Center Group also secured construction and equity financing for Duluth Highway Shops.
WINCHESTER, VA. — CBRE has arranged a $7.4 million loan for a joint venture between Care Investment Trust and affiliates of Inspirit Senior Living. The capital will be used to purchase Hilltop House Assisted Living, a 73-unit independent living, assisted living and memory care community. Inspirit will operate the property, which is located in Winchester, approximately 75 miles northwest of Washington, D.C. Aron Will of CBRE National Senior Housing arranged the five-year, floating-rate loan with 18 months of interest-only payments through a regional bank. Care Investment Trust is a seniors housing REIT and a wholly owned subsidiary of Tiptree Financial Inc. Inspirit is a seniors housing operator formed in 2015.
BROOKSVILLE, FLA. — ProVest Properties LLC has acquired Sunrise Plaza, an 86,815-square-foot shopping center located in the Tampa suburb of Brooksville, for $4.8 million. Winn-Dixie anchors the shopping center, which is also home to tenants including Beef O’Brady’s and Winn-Dixie Liquor. Brad Peterson and Whitaker Leonhardt of HFF arranged the sale on behalf of the seller, Noble Properties.
FAIRFAX, VA. — AIG Investments has provided a $72 million loan for the refinancing of Plaza at Landmark, a 437,299-square-foot, grocery-anchored regional power center located at 6244 Little River Turnpike in Fairfax. Cary Abod and Dana Brome of HFF arranged the 18-year, fixed-rate loan on behalf of the borrower, Landmark HHH LLC. Plaza at Landmark was 98.2 percent leased at the time of financing to tenants such as Shoppers, Marshalls, Ross Dress for Less, LA Fitness, Total Wine & More, Dollar Tree, Verizon Wireless, DFurniture Galleries, BB&T, Five Below, Gamestop and Chipotle Mexican Grill.
HYATTSVILLE, MD. — PREIT, a Philadelphia-based retail REIT, has signed Ulta Beauty and DSW to leases at Mall at Prince Georges in Hyattsville as part of the mall’s $30 million remerchandising and renovation program. Located at 3500 East-West Highway in suburban Washington, D.C., the property will undergo a facelift in early 2017 that encompasses new exterior facades and entrances, in addition to PREIT’s remerchandising efforts. Ulta Beauty has leased an 11,000-square-foot space at the mall, and DSW has leased 16,000 square feet. Both retailers are set to open their stores in the second quarter of 2018. PREIT also signed H&M to a 20,000-square-foot lease earlier this year, and the apparel retailer plans to open its store next month. PREIT plans to wrap up the mall’s renovations in time for the 2017 holiday season and complete the remerchandising in 2018, at which time about 73 percent of the non-anchor space — including new and existing shops and restaurants — will have new storefronts.
COLUMBIA, S.C. — Bellwether Enterprise has closed a $26.4 million loan for the acquisition and rehabilitation of Pavilion Towers, a 240-unit apartment community located on Huger Street in Columbia. The property is situated near downtown Columbia, Finlay Park, the Congaree Vista entertainment district and the Vista Greenway biking and walking trail. The borrower, Vista Towers Columbia LLC, plans to use the loan to fund an $11 million renovation program at the property. The developer, Greenville, S.C.-based Homes Urban, will upgrade the Pavilion Towers’ existing units and convert an adjacent office building into a new community space with 23 additional residences. Matt Good of Bellwether Enterprise arranged the construction/permanent loan through Freddie Mac’s acquisition rehabilitation program.