LEANDER, TEXAS — Masonwood Development Corp. has begun construction on South Street Villas, an 86-unit residential project located in the northern Austin suburb of Leander. Units at the for-rent development will feature nine-foot ceilings, stainless steel appliances and granite countertops. Trez Capital provided construction financing for the project, which is scheduled for a fall 2020 completion.
MIAMI — Time Century Holdings LLC has broken ground on its redevelopment of Metro Mall in Miami’s Jewelry District. The $35 million project includes gutting the interior of the 225,000-square-foot building, adding a three-story atrium, security system, valet parking and creating a new façade. Miami-based Kobi Karp is the architect for the 94-year-old building, which Time Century purchased in 2018. Time Century is handling the leasing efforts and has already signed some leases with jewelers, according to Yair Levy of Time Century Holdings. The developer expects to reopen Metro Mall in spring 2021. Metro Mall is situated at 1 NE First St., three blocks from downtown Miami. The Jewelry District is home to more than 500 jewelry stores in a four-block radius.
WINSTON-SALEM, N.C. — Magnolia Partners has acquired 370 and 380 Knollwood, a two-building, 250,049-square-foot office building campus in Winston-Salem. Krispy Kreme Doughnut Corp. fully occupies 370 Knollwood, while tenants such as Bank of America/Merrill Lynch, Allman Spry Davis Leggett & Crumpler and Nelson Mullins law firm occupy 380 Knollwood. Onsite amenities include ground-level retail, full-service restaurants, an attached parking deck, vending services, security patrol and an energy management system. The CBRE|Raleigh and CBRE|Triad team of Ben Kilgore, Greg Wilson, Will Henderson, Chandler Hawkins and Leslie Holmes represented the undisclosed seller in the transaction. Winston-Salem-based Magnolia Partners purchased the portfolio for an undisclosed price.
BLUFFTON, S.C. — JMG Realty Inc. will open Enclave at Bluffton Park, a 110-unit multifamily property in Bluffton, on Monday, March 2. The property will offer a mix of one-, two- and three-bedroom floor plans across one-story garden-style buildings and two-story townhomes. Communal amenities will include a pool with covered entertainment pavilion, a clubhouse with 24-hour fitness center and outdoor recreational areas with grills and TVs. There will also be a complimentary rental bike service for residents. The property is situated at 12 Wilkinson Way, eight miles west of Hilton Head Island. A grand opening event will be scheduled for the spring.
JOHNS CREEK, GA. — Walker & Dunlop has provided a $26 million Fannie Mae acquisition loan for The Reserve at Johns Creek Walk, a 210-unit multifamily community in Johns Creek. The 10-year loan features five years of interest-only payments. The borrower was JLL Income Property Trust. The Reserve at Johns Creek Walk is situated on nine acres at 6215 Johns Creek Commons, 29 miles northeast of downtown Atlanta in north Fulton County. The property offers one-, two- and three-bedroom floor plans and communal amenities such as a 24-hour cyber café, 24-hour fitness center, conference room, pool, outdoor kitchen, pet spa, playground and a car care center. Jim Cope and Benjy Krosin of Walker & Dunlop originated the loan on behalf of the borrower.
WASHINGTON, D.C. — Greysteel has arranged the $13.7 million sale of Glenwood Apartments, a 90-unit apartment complex in Washington, D.C.’s Edgewood neighborhood The property was originally built in 1942 at 2315-2321 Lincoln Road NE, two miles northeast of downtown D.C. The community offers studio, one- and two-bedroom floor plans and amenities including a courtyard, package services, dog park and a grilling area. The seller, Stonebridge Investments, recently invested $1.5 million to upgrade the lobbies, hallways, leasing office, courtyard, dog park and approximately 37 units prior to the sale. Ari Firoozabadi, Kyle Tangney, Herbert Schwat and Dutch Seitz of Greysteel represented the seller in the transaction. The buyer was not disclosed.
DES PLAINES, ILL. — Cagan’s Realty Inc. has brokered the condo deconversion sale of Heritage Village Pointe in Des Plaines for $94 million. The transaction represents the largest deconversion sale by units in the state of Illinois, according to Cagan’s. The 154-building, 924-unit property sits on six acres and was originally developed in 1973. It will be renovated from condos into apartments via a planned, multi-year schedule. Current residents will be able to stay in their units until their buildings come up for rehabilitation. New Jersey-based CLK LLC was the buyer. Mirela Dulu and Heather Gallagher of Cagan’s, an affiliate of Cagan Property Management Inc., represented CLK and worked closely with the condominium association. Unit owners were motivated by the above-market purchase price offer as well as the prospect of expensive monthly assessments that would be required for deferred maintenance at the property, according to Dulu.
BISMARCK, N.D. — CBL Properties has unveiled the first phase of redevelopment plans for the former Herberger’s department store at Kirkwood Mall in Bismarck. Three fast-casual restaurants, including Five Guys, Blaze Pizza and Chick-fil-A, will join the mall. As part of the project, roughly 40,000 square feet of the former Herberger’s will be demolished. The remaining 52,000 square feet will be utilized in future phases of redevelopment. An additional pad site will be created in the parking area. Construction is set to begin this spring.
GRAIN VALLEY, MO. — Block & Co. Inc. Realtors has arranged the $9.2 million sale of a 60,000-square-foot shopping center in Grain Valley, about 25 miles east of Kansas City. Price Chopper and Starbucks occupy the property, which is situated on 7.3 acres on McQuerry Road. William Glasgow of Block & Co. represented the undisclosed buyer as well as the seller, Star Development Corp., which constructed the building in 2017.
ST. LOUIS — Avison Young has brokered the sale of 9221 Minnesota Ave., a 22,259-square-foot, historic school building in St. Louis, for an undisclosed price. Known as Carondelet School, the property was built in 1871 and is listed on the National Register of Historic Places. It underwent a $4.8 million renovation in 2009. The buyer, goBrandgo, is a marketing and brand management firm. Steve Stradal of Avison Young represented the seller, Carondelet Holdings LLC. Gershman Commercial Real Estate represented the buyer.