Bridge33 Capital Disposes of Retail Center in Metro Atlanta

GAINESVILLE, GA. — Bridge33 Capital has sold Westbrook Plaza, a 49,364-square-foot retail center in the Atlanta suburb of Gainesville. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the seller in the transaction. Charlotte-based Collett Capital purchased the property for $8.7 million.

Constructed in 2006 and anchored by Best Buy, Westbrook Plaza was fully leased at the time of sale to tenants including Burn Boot Camp, Mattress Firm, WNB Factory, Pazzi’s Pizza, Paris Nails and Pet Pleasers Bakery. Located at 668 Dawsonville Highway, the center is situated less than one mile from Lake Lanier, which provides an annual economic impact of over $5.5 billion.

Posted on  by  in AcquisitionsGeorgiaRetailSoutheast (REBusiness Online)

Article Link: ReBusiness Online

The Shelmore Signs Three New Office Leases

Mt. Pleasant, SC (December 9, 2021) The ownership of The Shelmore, an adaptive reuse of a former grocery store in the heart of Mt. Pleasant, today announced it has executed three new office leases in recent weeks. This latest round of leasing increases the overall occupancy of the 50,000 square foot office development to over 50 percent, with approximately 25,000 square feet of office space remaining.

Stanley Martin Homes, an award-winning national home builder, leased 9,600 square feet. US Club Soccer, an organization that works to develop and support soccer clubs in the United States, leased 5,502 square feet. Berkshire Hathaway Home Services, a residential real estate brokerage firm, leased 3,032 square feet.

In addition to the new office building located at 774 S. Shelmore Blvd., the campus also contains two retail centers occupied by several established restaurants such as Second State Coffee as well as three concepts operated by restaurateur Patrick Owens, popular salons and a convenient gym. Playa Bowls, another new addition to the center, will be opening in the coming weeks. The property is centrally located in Mt. Pleasant just outside of I’On and is less than 10 minutes of driving distance to Downtown and the East Islands.

“The Shelmore is an ideal setting for any business,” remarks Richard Morse, who along with Trad Dyches of Palmetto Commercial Properties is brokering the leases on behalf of ownership. “Its unmatched location in the heart of Mt. Pleasant makes it very accessible to all parts of the Tri-County region. Best of all – you never have to leave the campus during the day as you can get coffee, sneak in a workout, have lunch and then join colleagues for happy hour by taking just a few steps. Additionally, there are multiple places to relax: the covered pavilion, walking trails surrounding the secluded pond as well as several sunny patios. The office building itself is beautiful with 18-foot ceilings, abundant natural light and spacious layouts. Finally, both employers and employees alike will love that the surface parking is free and plentiful.”

The Shelmore is owned by a partnership consisting of Collett Capital and Lions Gate Capital from Charlotte, North Carolina. Other notable projects by the partnership include Dorchester Village Shopping Center in Summerville, the 71-unit Haddon Hall Apartments in West Ashley and the recent acquisition of the 7-acre Regal Cinebarre in Mt. Pleasant, a redevelopment project in the early planning stages.

Leasing activity remains strong and additional tenant announcements are anticipated to be made soon. For more information, please contact Richard Morse or Trad Dyches with Palmetto Commercial Properties at (843) 577-2550.

Article Link: Charleston Regional Business Journal

Article Link: Post & Courier

Popular Apex shopping center sold for $70.5 million

A well-known Apex shopping center has been sold to a Florida real estate investment trust.

Beaver Creek Crossing, which was built in 2005 and sits on more than 51 acres, sold for $70.5 million, according to Wake County property records.

An LLC affiliated with Charlotte’s Collett Capital sold it to CTO21 Apex LLC, an affiliate of Florida’s CTO Realty Growth, Inc (NYSE: CTO).

The sale included four undeveloped outparcels.

Located at 1479 Beaver Creek Commons Drive in Apex, Beaver Creek Crossing tenants include Dick’s Sporting Goods, Regal Cinemas, and TJ-Maxx.

The site is located near the Western Wake Freeway along I-540. It’s currently 97 percent occupied, and demographics in the surrounding three miles shows an average household income of close to $115,000.

CTO Realty is a publicly traded real estate investment trust, and also owns an approximate 16 percent interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT.

The property was purchased through a 1031 like-kind exchange using $66.7 million of restricted cash from previous sales, available cash, and draws from the CTO Realty’s unsecured revolving credit facility, a press release stated.

Collett Capital acquired the land in 2019 for $52.75 million, according to Wake County property records.

It’s CTO Realty’s only North Carolina holding, and rounds its portfolio out to 20 assets.

“Raleigh has experienced explosive growth in recent years as it benefits from unprecedented corporate investment, an abundance of well-performing technology and life science companies, a high quality of life, and a highly educated workforce,” John P. Albright, president and CEO of CTO Realty Growth, said. “Coupled with these market dynamics, the property’s strong tenant lineup, centralized location in one of the area’s most trafficked retail corridors, and future outparcel development upside makes Beaver Creek Crossings a high-quality addition to our growing portfolio.”

Both Collett Capital and CTO Realty did not respond to requests for comment on the deal.

By   –  Staff Writer, Triangle Business Journal

Mount Pleasant movie theater closes after being sold to Charlotte firm

MOUNT PLEASANT — The screens at Regal Cinebarre are now dark after a Charlotte-based company that owns several commercial properties in the Charleston area bought the movie theater in one of the town’s designated redevelopment centers.

Collett Capital, with Charleston-based partner Buxton Development Group, paid $14.25 million for the 7-acre theater property on Houston Northcutt Boulevard on Nov. 16, according to Charleston County land records.

“Plans for the site have not been finalized,” said Tyler Covington, a principal at Collett Capital. “The team looks forward to working with the town of Mount Pleasant and other local stakeholders to revitalize the property.”

A representative of the Knoxville, Tenn.-based entertainment company did not respond for comment, but a theater worker on the site who was helping to tie up loose ends said the business closed about two weeks ago.

A sign at the 33,000-square-foot, shuttered theater directs movie-goers to Regal’s nearby screens in Palmetto Grande about five miles north at Mount Pleasant Towne Centre.

Whatever is developed at the site. It will not be another movie theater for the foreseeable future. The sales agreement restricts Collett Capital or a future property owner from selling or leasing the site for a commercial movie theater for the next 20 years.

The theater is in a 175-acre area designated as a redevelopment center along Houston Northcutt Boulevard near Town Hall. Collett’s website refers to the site as “Houston Northcutt Redevelopment.”

Under the town’s 10-year comprehensive plan, the site could be redeveloped for commercial uses such as stores and offices.

The plan also limits residential construction to one house per acre in redeveloped areas, but the theater site most likely would not be redeveloped for housing since the town’s elected leaders have little appetite for more homes or apartments in the sprawling Charleston-area suburb.

Regal Cinemas bought the property in 2005 for $3.09 million, land records show.

COVID-19 hit the movie industry hard, forcing the theater to be closed for all but a couple of months last year after the outbreak in March 2020. It reopened earlier this year in May.

Regal also owns one other venue in the Charleston area at Azalea Square in Summerville.

Collett Capital is no stranger to the Lowcountry real estate market. In the Charleston area, in addition to the theater site, the company owns Dorchester Village Shopping Center on Dorchester Road in Summerville, the 71-unit Haddon Hall Apartments in West Ashley, and The Shelmore, a former Bi-Lo grocery store redeveloped into office space in Mount Pleasant.

Covington pointed out a separate entity called Collett shares the same address as Collett Capital, but they are different companies. In the Charleston area, Collett manages Fairfax retail center on St. James Avenue in Goose Creek and is developing Cedar Grove Shopping Center on Dorchester Road in North Charleston.

Full Article: ThePostandCourier

Apartment and ‘micro’ retail development in South End undergoes rebranding

A South End boutique apartment development that houses a “micro” retail component has been rebranded to The Winnifred.

Charlotte-based Collett Capital acquired the nearly 0.74-acre property — known then as Centro Railyard — for $30.2 million in January, according to Mecklenburg County real estate records. Collett Capital worked with equity partner Spaulding & Slye Investment, a subsidiary of JLL (NYSE: JLL), to purchase the development.

The property at 1425 Winnifred St. is next to The RailYard office development.

Collett Capital worked with Charlotte marketing agency The Plaid Penguin to create the new branding for the development. The Winnifred name was chosen to encapsulate the overall nature of the development and its location.

“We are excited to reveal this new name for our unique living and shopping destination in South End,” DuBose Williamson, principal of Collett Capital, said in a press release. “We believe it represents the location, taking up a full city block on Winnifred Street, and showcases the personality of the property and the residents and the shop owners who call it home.”

The Winnifred includes a mix of studio, one- and two-bedroom apartments. The 91 units range from 396 to 1,073 square feet. It was 100% leased at the time of the rebranding.

There are 15 ground-level “micro” retail stores that wrap around the building. Each retail space measures between 400 and 1,500 square feet, and every shop has its own garage-door entrance.

Fourteen of the 15 spaces are currently occupied. The retailers include Boba Baba, Brown Sugar Collab, BW Sweets Bakery, Cactus Club Co., Derby City Skates, Five13 Studio, eBike Central, Glory Days Apparel, Jack & Georgia, Kika Stretch Studios, OLPR Leather Goods, Outlaw Hair Co., Paletas Morelia and Perfect Screen.

“As a business owner, it is so exciting to be a part of the emerging retail destination, Shops at The Winnifred,” DeAnna Allen, owner of Brown Sugar Collab, said in the release. “We are a family of niche, boutique-style retailers and we cater to shoppers who want to support local makers, curators and entrepreneurs.”

Collett Capital’s Charlotte portfolio also includes Twin Lakes Business Park, Terraces Medical Plaza and South End Street Retail. The firm has acquired over $325 million in gross asset value since 2016.

By   –  Staff Writer, Charlotte Business Journal