Mixed-Use

WEST PALM BEACH, FLA. — Marcus & Millichap has arranged the $3 million sale of the 16,721-square-foot Blackstone Building, an office and retail building located at 100 S. Dixie Highway in West Palm Beach. The property includes 5,791 square feet of retail space and 10,930 square feet of office space. Douglas Mandel and Brian Rosen of Marcus & Millichap represented the seller, a West Palm Beach-based owner and developer, in the transaction.

HOOVER, ALA. — The 320-unit Cedarbrook Apartments, located at 3627 Cedarbrook Drive in Hoover, has sold for $16.75 million. The complex was renovated in 2010 and 2011. David Oakley of Hendricks & Partners represented the seller, Birmingham, Ala.-based Cedarbrook Apartments LLC, in the transaction. Tom Hinton of Hinton Properties represented the buyer, Landmark at Deerfield Glen.

GAITHERSBURG, MD. — JBG Rosenfeld Retail and The Bozzuto Group have closed on the $28 million acquisition of 20 acres of land within the 182-acre Crown mixed-use development, located in Gaithersburg, to build the retail and multifamily project Downtown Crown. The property will include 260,000 square feet of retail space with 538 apartments. Harris Teeter has pre-leased 53,000 square feet of retail space and LA Fitness signed a 40,000-square-foot lease. The apartment units will be known as The Cadence at Crown, and amenities will include five courtyards, three outdoor kitchens, a pool, fitness center, yoga studio, business center, conference room and media theater. The first units are slated to open summer 2014. Northwestern Mutual is providing both an equity and a construction and permanent loan for the development of the apartment units. The companies plan to break ground later this summer.

TAMPA, FLA. — Canyon Capital Realty Advisors has provided a $27.4 million senior loan to refinance GCAK Tampa’s assets in Grand Central at Kennedy, a mixed-use property located in Tampa. The property includes 392 residential condominium units, 110,000 square feet of ground-floor retail space and 70,000 square feet of office space. Robert Hernandez and Alison Williams of NorthMarq Capital arranged the loan, which will enable GCAK to complete the sales and marketing of the remaining condominium units and continue to lease up and build-out the remaining first-generation office and retail space.