JOHNSON CITY, TENN. — Marcus & Millichap has arranged the sale of Franklin Square, an 85,000-square-foot, grocery-anchored shopping center located at 1805 W. State of Franklin Road in Johnson City. Anchored by a 55,000-square-foot Kroger, Franklin Square was 93 percent leased at the time of sale to tenants such as Citizens Bank, Cost Cutters, Giovanni’s, Iron Horse, Jersey Mike’s and Miso Teriyaki House. Brian Munn of Marcus & Millichap’s Atlanta office procured the buyer, a 1031 exchange investor. Farhan Kabani of Mark One Capital, a subsidiary of Marcus & Millichap, arranged acquisition financing. Jody McKibben of Marcus & Millichap’s Nashville office is the firm’s broker of record in Tennessee.
CARY, N.C. — Lincoln Harris’ Raleigh office has brokered five leases totaling nearly 14,000 square feet at The Arboretum at Weston, an 80,000-square-foot mixed-use development located at the intersection of Harrison Avenue and Weston Parkway in Cary. Kaler Walker and John Mikels of Lincoln Harris represented the landlord, The Arboretum at Weston Holdings LLC, on all five leases. The deals include M/I Homes leasing 4,739 square feet for a sales center; Moe’s Southwest Grill renewed its 3,812-square-foot lease; GolfTEC renewed its 2,420-square-foot lease; Le Coiffure Hair Studio signed a lease for 1,571 square feet; and Dream Home Design for a 1,272-square-foot sales center and showroom. Michael Deaton of Deaton Investment Real Estate represented Le Coiffure Hair Studio in its lease deal. With the recent signings, the retail space at The Arboretum is almost fully leased. The center has two spaces totaling approximately 3,800 square feet available.
MORROW, GA. — U.S. Properties Group has completed an extensive makeover of the former Southlake Pavilion in Morrow, a suburb of south Atlanta roughly 10 miles down I-75 from Hartsfield-Jackson Atlanta International Airport. Now known as The Shoppes at Morrow Station, the 485,685-square-foot retail center will feature a Nam Dae Mun Farmers Market that will replace a vacant 100,000-square-foot Target this summer. Other tenants include a newly renovated Ashley Furniture store, Ross Dress for Less, Party City and Barnes & Noble.
CHARLOTTE, N.C. — Atlanta-based TWO Capital Partners and its capital advisor Patterson Real Estate Advisory Group have begun construction on Capital Crossing at Whitehall, a 271-unit apartment community in Charlotte’s Whitehall submarket. The community will be located adjacent to the 700-acre Whitehall Corporate Center and a planned Topgolf. Construction is anticipated to take approximately 18 months with lease-up commencing in the spring of 2017. Patterson arranged a roughly $25 million construction loan with Texas Capital Bank NA for the development, according to sources familiar with the transaction.
PLANTATION, FLA. — Ram Realty Services has sold Jacaranda Plaza, a 173,044-square-foot, Publix-anchored shopping center, for $29.3 million. Epic Real Estate Partners purchased the property, which is located on 16.2 acres at 8249 W. Sunrise Blvd. in Plantation, a suburb of Fort Lauderdale. Jacaranda Plaza was 86 percent leased at the time of sale to tenants such as Planet Fitness, Dollar Tree, Stein Mart, Regions Bank, T-Mobile, GNC and Game Stop. Daniel Finkle, Luis Castillo and Nat Scarmazzi of HFF represented Ram Realty Services in the transaction. Additionally, Paul Stasaitis and Adam Herrin of HFF arranged a five-year, $19.9 million acquisition loan with a fixed interest rate through BankUnited on behalf of Epic Real Estate Partners.
KISSIMMEE, FLA. — KeyBank Real Estate Capital has provided a $24.4 million Freddie Mac loan for Arrow Ridge Apartments, a 320-unit multifamily community located at 4100 Arrow Ridge Place in Kissimmee. Built in 1999, the property features a fitness center, swimming pool and a playground. The loan was used to refinance an existing KeyBank bridge loan, which allowed the sponsor to purchase the property in February 2016. Charlie Williams of KeyBank’s commercial mortgage group arranged the financing.
SUWANEE, GA. ¬— Stratford Land, a land investment company based in Dallas, has sold two tracts of land at the Terraces at Suwanee Gateway in Suwanee, a northeast suburb of Atlanta in Gwinnett County. The lots were purchased by Main Event Entertainment, a bowling-anchored entertainment retailer, and Children’s Learning Adventure, an early childhood education provider. Main Event operates 25 entertainment centers that feature bowling lanes, laser tag, gravity ropes courses and interactive games, as well as a full bar for adults and dining areas. Operating in 11 states, Children’s Learning Adventure locations typically include a planetarium, multimedia room with a mock TV studio, library, technology center, art studio, indoor basketball court, bowling lanes, cooking stations, dance studio, ballet studio, outdoor playground and outdoor basketball and tennis courts. Terraces at Suwanee Gateway is bounded by I-85, Satellite Boulevard, Lawrenceville-Suwanee Highway and McGinnis Ferry Road. McDonald’s and Starbucks Coffee have recently opened stores at the mixed-use development after purchasing lots from Stratford Land in 2015. Since purchasing 113 acres at Suwanee Gateway in 2010 and 2011, Stratford Land has sold tracts for a 345-unit apartment community; Salude, a 64-bed skilled nursing facility; and a site for a future data center.
ALPHARETTA, GA. — North American Properties (NAP), developer of the 86-acre, $600 million Avalon development in Alpharetta, has announced nine retailers coming to Phase II of Avalon, which is set to open in spring 2017. The new merchants include Hop City and The Spotted Trotter, which will work together to form a beer garden; Rumi’s Kitchen; Brine Fish House; The Boardroom Salon for Men; Lucky Brand; Brooks Brothers; Levi’s; and Urban Outfitters. In addition to the retailers, Phase II will include 550,000 square feet of office space, 276 multifamily units, a 330-key hotel and a 74,000-square-foot conference center. Five new retailers are set to open in Phase I of Avalon within the next six months: Tesla, AYA Med Spa, Farm to Ladle, Parisian Nail Salon and Café Intermezzo. Phase I of Avalon is fully leased and Phase II is 80 percent preleased, according to NAP.
FORT MILL, S.C. — Cushman & Wakefield has arranged the $67.1 million sale of The Lash Group headquarters, a 247,834-square-foot, Class A office building located in Fort Mill, roughly 19 miles south of Charlotte. The office building is fully leased to The Lash Group, a subsidiary of AmerisourceBergen Corp. The buyer, 90 North Real Estate Partners LLP, purchased the building from a joint venture between Childress Klein and The Springs Co. Cushman & Wakefield’s Charlotte capital markets team represented the seller in the transaction.
OAK BROOK, ILL. — CenterPoint Properties has purchased a three-building, 1.2 million-square-foot portfolio of Class A warehouses located in Savannah, Ga.; Charleston, S.C.; and Mobile, Ala. All three buildings are fully leased and feature 32-foot clear heights, cross dock loading configurations, 50- by 52-foot column spacing and parking for trailers. All three buildings are also located near the Ports of Savannah, Charleston and Mobile. CenterPoint purchased the portfolio from Johnson Development Associates Inc. for an undisclosed price. Frank Fallon of CBRE represented the seller in the transaction.