BROOKSVILLE, FLA. — Mark One Capital, a subsidiary of Marcus & Millichap Capital Corp., has arranged nonrecourse financing for a 55,000-square-foot, single-tenant retail property in Brooksville, a city roughly 55 miles north of Tampa. Farhan Kabani and Chris Parker of Mark One Capital secured the $4.4 million loan, which features a five-year term, a 3.92 percent interest rate and a 30-year amortization schedule. Hobby Lobby currently occupies the property.
Just like the hit show, “Nashville,” Nashville’s retail market has more than one storyline in play and all of them intertwine to create a tapestry that showcases the retail development in our city. You don’t have to look too hard around downtown Nashville to see the redevelopment surge that is bringing retail as part of mixed-use and traditional developments to this market. Greenfield development in suburban nodes is also capturing the spotlight, albeit a smaller one, as a direct result of the intown growth that is driving up land and construction costs to a level that puts available space out of reach for many retailers. Those that can’t absorb the risk or afford the rent in downtown are looking to Nashville’s most popular suburbs for reasonable storefront alternatives. Mixed-Use Downtown Downtown Nashville redevelopment is a hit right now with no end in sight, which is welcomed news for well-capitalized, specialty retailers. Because of the continually rising costs of land and construction, redevelopment and mixed-use projects are the only feasible entry points for retailers in this market. One of the most significant projects highlighting downtown’s potential is the 6.2-acre redevelopment of the Nashville Convention Center: Fifth + Broadway. A high-quality, mixed-use …
ZEPHYRHILLS AND CLEARWATER, FLA. — Pillar, a division of SunTrust Bank, has originated approximately $8 million in acquisition financing for two multifamily properties in the Tampa area. Roughly $5 million was sourced for Hillside MHC, a 55-and-older mobile housing community located at 39515 Bamboo Lane in the northeast Tampa suburb of Zephyrhills. Approximately $3 million was sourced for Far Horizons MHC, a 55-and-older mobile community located at 2580 Nursery Road in the west Tampa suburb of Clearwater. Yale Realty & Capital Advisors provided the loans for both properties, which were 85 percent and 97 percent occupied at the time of loan closing, respectively.
SANFORD, FLA. — Cushman & Wakefield has closed the sale of North Park Commerce Center, a two-building, 117,600-square-foot distribution campus located at 3800 and 3830 Enterprise Way in Sanford, a northern suburb of Orlando. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller, Atlanta-based McDonald Development Co., in the transaction. Boston-based Cabot Properties acquired the Class A property, which was 90 percent leased at the time of sale, for $10.4 million.
NORCOSS, GA. — Audubon Communities has unveiled Corners at Holcomb Bridge, a project that combines two neighboring multifamily properties into one apartment community at 301 Noble Forest Drive in the northern Atlanta suburb of Norcross. The merging of Highland Corners, a 252-unit property, and Silver Oaks, a 108-unit property, began with Audubon’s 2015 acquisition of the 37 acres on which the complexes reside. The company has since invested $4.5 million in renovations to the project. Upon completion, the Corners at Holcomb Bridge will feature a fitness center, two swimming pools and two new tennis courts.
THIBODAUX, LA. — Vitorino Group, a Texas-based investment sales firm, has brokered the sale of Acadia Shopping Center, a 4,949-square-foot strip center located at 612 N. Canal Blvd in Thibodaux, about 60 miles southwest of New Orleans. Anchored by WalMart and Lowe’s, the property was 100 percent occupied at the time of sale. Bryce Gissler of Vitorino Group represented the seller, a Washington-based private investor. Other terms of sale were not released.
MEBANE, N.C. — Kennedy Funding Financial LLC, a New Jersey-based private lender, has arranged a two-year, $1.1 million working capital loan for a restaurant opening soon in the Durham area. Located at 401 E. Center St. in Mebane, a town about 20 miles west of Durham, the property spans 11,000 square feet. The borrower, Mebane Steakhouse LLC, will also own and operate the restaurant.
DESOTO COUNTY, MISS. — Atlanta-based Core5 Industrial Partners has acquired a 173-acre land site to develop DeSoto 55 Logistics Center, a 2.5 million-square-foot business and logistics park in DeSoto County, located just across the state border from Memphis, Tenn. Anticipated development costs will exceed $125 million, according to a news release from the developer. Core5 will immediately begin construction on two speculative buildings of office and warehouse space totaling 883,720 square feet. Both buildings are planned for delivery this fall. The 582,400-square-foot Building A is expandable up to 1.5 million square feet and will offer 36-foot clear heights, 98 trailer storage spaces and 342 car parking spaces. Building B, totaling 301,320 square feet, will feature 32-foot clear heights, 80 trailer storage spaces and 270 auto spaces. Located at U.S. Highway 51, the park will offer close proximity to the I-55 transportation corridor. Upon planned completion by the end of 2019, DeSoto 55 Logistics Center will accommodate over 2.5 million square feet in up to five separate buildings. The acquisition marks Core5’s entry into the greater Memphis market. “After an extensive review of potential development sites and interviews with local employers, it was clear that the location of DeSoto 55 Logistics …
SANDY SPRINGS, GA. — Duke Realty has announced plans to develop a five-level, 420-car parking deck in the northern Atlanta market of Sandy Springs. The structure will service Northside Hospital’s Center Pointe I and II, two medical offices totaling 363,174 square feet located at 1100 Johnson Ferry Road. Duke Realty will break ground on the project, which is designed to accommodate the construction of two additional parking levels in the future, in June. Delivery is slated for December.
COCOA, FLA. — Tiktin Real Estate Investment Services (TREIS) has brokered the $5.1 million sale of Clearlake Square, an 85,522-square-foot shopping center in Cocoa, a city roughly 45 miles east of Orlando. Situated on 7.5 acres at 1066 Clearlake Road, the Winn Dixie-anchored property is also home to tenants such as Family Dollar, Metro PCS and Jackson Hewitt. Adam Tiktin and Cliff Weisner of TREIS represented the sellers, Cocoa Commercial Properties LLC and Top of the Ridge LLC, as well as the buyer, ATS Residential.
