Southeast

Congressional Bank Closes Three Seniors Housing Loan Transactions Totaling $11.6M

by John Nelson January 14, 2016

BETHESDA, MD. — Congressional Bank, a Bethesda-based community bank, has closed five loans in three transactions for three seniors housing communities. The loans total roughly $11.6 million. The transactions include a $3 million bridge to HUD loan and a $1.5 million revolving line of credit for the acquisition and renovation of a 107-bed skilled nursing facility in New Bedford, Mass.; a $2.6 million bridge to HUD loan and a $500,000 revolving line of credit for the acquisition of a 67-bed skilled nursing and assisted living facility in Huntington, W.Va.; and a $4 million revolving line of credit in connection with the acquisition and operations of a 118-bed skilled nursing facility in Tucson, Ariz. Following its merger with American Bank with more than $800 million in assets, Congressional Bank becomes one of the 10 largest banks headquartered in Maryland, and one of the 15 largest banks headquartered in the metropolitan Washington, D.C., area.

January 14, 2016

Florida Retail Southeast

Taubman Eliminates Plan for Enclosed Mall for Miami Worldcenter Project

by John Nelson January 14, 2016

MIAMI — Taubman Centers Inc. has decided not to move forward with an enclosed regional mall that was slated to be part of the Miami Worldcenter mixed-use development in Miami. Instead, Taubman, in conjunction with The Forbes Co. and Miami Worldcenter Associates, is now pursuing a high street retail plan that will better utilize the characteristics of the site and the market. Taubman expects to recognize a charge of $11 to $12 million for the write off of previously capitalized costs related to pre-development of the enclosed mall plan. Taubman and Forbes have agreed with Miami Worldcenter Associates on preliminary terms to lease the retail portion of the street level project with an option to purchase the retail component for a pre-determined price once it opens.

January 14, 2016

Mixed-Use North Carolina Southeast

Crescent Communities to Build Mixed-Use Development in Charlotte’s NoDa District

by John Nelson January 13, 2016

CHARLOTTE, N.C. — Crescent Communities is developing a transit-oriented, mixed-use development in Charlotte’s NoDa (North Davidson Arts and Entertainment) district called Crescent NoDa. The project will be located at the planned 36th Street Lynx Blue Line light rail station. Crescent Communities plans to begin construction this month on Crescent NoDa and open the project in 2017, in line with the opening of the city’s light rail extension. Crescent NoDa will feature 344 apartment residences, 7,500 square feet of street-level retail space, an extended platform for the light rail stop, an open plaza, above-ground parking deck and an adjacent commercial parcel, which could include a mixed-use development with up to eight stories in height and 28,000 square feet of additional street-level retail space. Communities amenities will include an outdoor terrace, dog wash station, resident workshop, clubroom, fitness center and private courtyards with a pool, grilling area, green space and fire pits. The project team includes architect Lord Aeck Sargent, landscape architect Land Design and interior designer Vignette Interior Design. Crescent NoDa will be financed with an equity investment by Crescent Communities and debt from Synovus Bank and Citizens Bank. Crescent Communities worked with the NoDa Neighborhood and Business Association in planning …

January 13, 2016

Georgia Industrial Southeast

Westmount Realty Capital, Quilvest Buy 1.2M SF Business Park in Metro Atlanta

by John Nelson January 13, 2016

NORCROSS, GA. — Westmount Realty Capital LLC and Quilvest Private Equity have formed a joint venture to purchase Gwinnett Corporate Center, a 1.2 million-square-foot business park located at 1700-1865 Corporate Drive and 4145-4165 Shackleford Road in Norcross. The companies purchased the asset from the Dexter Cos., which owned and managed the property for more than 30 years, for an undisclosed price. The 115-acre property is situated in Atlanta’s I-85 North industrial submarket in Gwinnett County and features 17 Class A industrial and office buildings. Westmount will provide property management services for the property, which will be rebranded as Gwinnett Commons following tenant improvements. The joint venture has hired Reliant Real Estate Partners to lease the asset. The Corporate Drive assets were 79 percent leased at the time of sale, and the Shackleford Road buildings were 48 percent leased.

January 13, 2016

Loans Multifamily Southeast Tennessee

Trillium Capital Resources Arranges $29M Loan for Apartment Community in Tennessee

by John Nelson January 13, 2016

SPRINGHILL, TENN. — Trillium Capital Resources (TCR) has arranged a $29 million loan for Grand Reserve Springhill, a newly constructed, 290-unit apartment community located in Springhill. Trillium arranged the 12-year, non-recourse, fixed-rate loan through Aegon Insurance Group on behalf of the borrower, a Columbus, Ga.-based developer. The borrower will use the proceeds of the financing to take out an existing construction loan.

January 13, 2016

Alabama Retail Southeast

Cushman & Wakefield Brokers $25M Sale of Shopping Center in Birmingham

by John Nelson January 13, 2016

BIRMINGHAM, ALA. — Cushman & Wakefield’s Atlanta retail investment advisors group has brokered the $25 million sale of Village at Lee Branch II, a 223,100-square-foot shopping center in Birmingham. Monarch Investments purchased the property from Rushmore Properties, a private real estate investment firm based in Chicago. Located at the intersection of U.S. Route 280 and Doug Baker Boulevard, the shopping center’s tenant roster includes Hobby Lobby, Carmike Theaters, Baumhower’s, Taziki’s Café, The Melting Pot and Sport Clips. The sale included several undeveloped pad sites. Mark Joines, Drew Fleming and Fain Hicks of Cushman & Wakefield’s Atlanta office, along with Mark Gilbert of the firm’s Miami office, represented the seller in the transaction.

January 13, 2016

Chick-fil-A 1100 Northside Drive Atlanta

Georgia Restaurant Retail Southeast

The Boulder Group Brokers Sale of Chick-fil-A in Atlanta for Record Price

by John Nelson January 13, 2016

ATLANTA — The Boulder Group has arranged the $4.8 million sale of a newly built Chick-fil-A restaurant located at 1100 Northside Drive in Atlanta’s West Midtown neighborhood. According to CoStar, the transaction represents the highest priced single-tenant Chick-fil-A property ever sold. The restaurant is situated within a half mile of Georgia Tech and Atlanta’s only IKEA location. Randy Blankstein and Zach Wright of The Boulder Group represented the buyer, a Midwest-based real estate developer, in the 1031 transaction. The seller was a partnership based in the Southeast. The ground lease is for 20 years and features rent escalations every five years, seven five-year renewal option periods and no landlord responsibilities. Founded in 1946, Chick-fil-A is a privately owned company based in Atlanta with more than 1,900 locations throughout the country.

January 13, 2016

Multifamily Southeast Virginia

LCOR Closes $100.3M Construction Loan from Wells Fargo for Apartment Development in Metro D.C.

by John Nelson January 12, 2016

ARLINGTON, VA. — LCOR has closed a $100.3 million construction loan from Wells Fargo for The Altaire, a Class A multifamily development in Arlington’s Crystal City district. The two-tower development will feature a 150-unit property and a 300-unit property, with each building featuring floor-to-ceiling glass facades and several balconies. LCOR plans to break ground this month, with delivery slated for the second quarter of 2018. The project team includes general contractor Balfour Beatty, architect SK & I and interior designer Akseizer Design Group. Community amenities at the LEED Gold-certified asset will include a landscaped courtyard, outdoor pool area with fire pits, fitness center, clubroom, sky lounge and two rooftop terraces.

January 12, 2016

Office Southeast Virginia

HFF Arranges $78M Sale of Richmond Tower in Downtown Richmond

by John Nelson January 12, 2016

RICHMOND, VA. — HFF has brokered the $78 million sale of Richmond Tower, a 207,000-square-foot office tower located at 200 S. 10th St. in downtown Richmond. Completed in 2010, the 15-story property was 98 percent leased at the time of sale. Law firm Williams Mullen occupies roughly 82 percent of the office tower, which is situated adjacent to Kanawha Plaza and a few blocks from the Virginia State Capitol. Stephen Conley, Dek Potts, Jim Meisel, Andrew Weir and Matt Nicholson of HFF represented the seller, Armada Hoffler Properties Inc., in the transaction. Adam Vaisman of Butters Construction and Development and Richard Ostrovsky of MEK Management Services Inc. advised the buyer, Kireland South 10th Street LLC. Cary Abod of HFF’s debt placement team arranged $52 million in fixed-rate acquisition on behalf of the buyer.

January 12, 2016

Retail Southeast Virginia

Inland Acquires Whole Foods-Anchored Development in Newport News

by John Nelson January 12, 2016

NEWPORT NEWS, VA. — Inland Real Estate Income Trust Inc. has purchased Marketplace at Tech Center, a newly constructed, 210,000-square-foot power retail center located at 12080 Jefferson Ave. in Newport News. Built in 2015, the shopping center’s tenant roster includes a 39,998-square-foot Whole Foods Market, Steinmart, DSW, Ulta Beauty, Five Below, BJ’s Brewhouse, Mattress Firm, AT&T and Massage Envy.

January 12, 2016

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