Saturday, July 20, 2019

JLL announces sale and financing for Charleston, NC-area retail center

North Rivers Towne Center, a 141,463-SF neighborhood shopping center in North Charleston, SC

CHARLOTTE, N.C., July 16, 2019 – JLL announces that it has closed the sale of and arranged acquisition financing for North Rivers Towne Center, a 141,463-square-foot neighborhood shopping center in North Charleston, South Carolina.

Thomas Kolarczyk
JLL marketed the property on behalf of the seller, Retail Properties of America, Inc. LBX Investments purchased the asset. 

Working on behalf of the new owner, JLL placed the five-year floating-rate acquisition loan with MetLife Investment Management (“MetLife”).

Situated on 16.71 acres at 7250 Rivers Avenue, North Rivers Towne Center is in a highly trafficked location visible to about 45,600 vehicles a day. 

The center, which has convenient access to Interstate 26 at exit 85, is positioned along the Rivers Avenue Corridor, which has some of the highest retail sales volumes in South Carolina. 

The center is proximate to the Northwoods Mall, which welcomes more than 12 million annual visitors, and Joint Base Charleston, which employs more than 22,000 people. 

Brad Buchanan
The center’s tenants include Ross Dress for Less, Bed Bath & Beyond, Office Depot, David’s Bridal, Great Clips, Five Guys Burgers & Fries, Firehouse Subs and Cold Stone Creamery along with a Target shadow anchor. 

The JLL Capital Markets team representing the seller was led by directors Thomas Kolarczyk, Brad Buchanan and Mike Allison along with senior managing director Jim Hamilton.

“This was a unique, value-add retail offering in a growth market that received exceptional interest and double-digit offers,” Kolarczyk said. “We are excited for both parties in this transaction and look forward to watching the retail evolution in this submarket.”

Brad Buchanan
The JLL Capital Markets team representing the new owner included managing director Gregg Shapiro and senior director Cory Fowler.

“The competitive terms and flexibility that MetLife was able to arrange for the North Rivers Towne Center financing will enable LBX to execute a significant business plan for this well-positioned shopping center that sits in the heart of one of Charleston’s fastest-growing suburbs,” Shapiro said.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

About Retail Properties of America, Inc.

Retail Properties of America, Inc. (RPAI) is a REIT that owns and operates high quality, strategically located open-air shopping centers, including properties with a mixed-use component. 

Cory Fowler
As of March 31, 2019, the company owned 105 retail operating properties in the United States representing 20.1 million square feet.

 The company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI. Additional information about the company is available at

About LBX Investments

LBX Investments owns and operates neighborhood and community shopping centers located in the southeastern region of the U.S.

 LBX has developed a robust investment management platform that includes best in class in-house and third-party leasing, property management, asset management, construction, investor relations, finance and accounting capabilities. 

Michael Allison
About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. 

In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. 

Jim Hamilton
JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. 


Thomas KolarczykJLL Director
Phone: +704 526 2813

 Gregg ShapiroJLL Managing Director
Phone: +404 832 8460

 Brad BuchananJLL Director
S.C. License: #79504
Phone: +404 832 8460

 Kimberly Steele
Phone: +713 852-3420

JLL closes $45.4 million sale of 125,108-SF office building in Bethesda, MD

The Fairmont Building, a 125,108-SF boutique office
at 7735 Old Georgetown Road
 in downtown Bethesda, MD

WASHNGTON, DC – JLL announces that it has closed the $45.4 million sale of the Fairmont Building, a 125,108-square-foot, boutique office building in downtown Bethesda, Maryland.

Jim Meisel
JLL marketed the property on behalf of the seller, Bainum Family Foundation, a private operating foundation based in Bethesda.  Washington Capital Management, on behalf of their client, purchased the asset.  

Located at 7735 Old Georgetown Road, the Fairmont Building is in the top-performing Bethesda submarket and surrounded by 160 restaurants and shops within the live-work-play Woodmont Triangle area. 

Additionally, the property’s downtown Bethesda location places it proximate to Bethesda Row and some of Washington, D.C.’s most coveted residential neighborhoods. 

Andrew Weir

The Fairmont Building is less than four blocks from the Bethesda Metro Station, which provides Red Line service to downtown D.C. and Metro access to the entire region. 

A future Bethesda Station with Purple Line access is a short walk from the property and will further increase Bethesda’s regional connectivity. 

The 12-story building is ENERGY STAR® rated and 96% leased to a diversified tenant roster. The Fairmont Building features a six-level parking garage along with versatile floor plates.

The JLL Capital Markets team representing the seller was led by senior managing directors Jim Meisel and Andrew Weir, senior director Matthew Nicholson and director David Baker.

Matthew Nicholson

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. [or Jones Lang LaSalle Americas (IL) LP for Illinois properties.

About Washington Capital Management

Washington Capital Management, Inc. (WaCap) is an employee owned investment advisory firm founded in 1977. 

WaCap is headquartered in Seattle, Washington, with branch offices in Portland, Boston, Spokane, Southern California and Northern California. 

WaCap manages assets in real estate equity, real estate debt, fixed income and equity strategies; primarily for institutional clients. 

David Baker
WaCap provides a diverse menu of investment products, including equity real estate investments, commercial mortgages, and construction loans. 


 Jim MeiselJLL Senior Managing Director
Maryland License:  521313
Phone: +202 533 2500

Kimberly Steele
Phone: +713 852- 3420