LAS VEGAS — NorthMarq Capital has secured the $26 million refinance of Desert Marketplace, a 251,785-square-foot mixed-use property located on West Warm Springs Road in Las Vegas. Scott Monroe of NorthMarq secured the financing, which is structured with a 3-year, interest-only term with two one-year extensions. The center is composed of six buildings occupied by tenants including Walgreens, TJ Maxx, Glazier’s Food Marketplace, Petco and Big 5.
RALEIGH, N.C. — Stiles Residential Group, a division of Fort Lauderdale, Fla.-based Stiles, and Raleigh-based Grubb Ventures have partnered to develop a new 186-unit mid-rise apartment community in Raleigh. Located at the intersection of Glenwood Avenue and Oberlin Road inside the I-440 Beltline, the Class A project will be situated adjacent to Carolina Country Club and near downtown Raleigh and Cameron Village. Apartment homes in the unnamed property will include studio, one-, two- and three-bedrooms ranging in size from 600 square feet to more than 1,700 square feet. Community amenities will include three resident lounges/clubrooms, a café, resort-style pool and outdoor entertainment area, terrace overlooking the adjacent golf course, fitness center and a landscaped courtyard with seating areas and a bocce ball court. Construction is scheduled to commence in March and first move-ins are anticipated to be in early summer 2017.
CHARLESTON, S.C. — A joint venture between Alex. Brown Realty Inc. (ABR), a privately owned real estate manager, and Lat Purser Associations Inc., a Charlotte-based investment firm, has purchased Ashley Oaks Plaza, a 58,720-square-foot shopping center in Charleston. The companies plan to redevelop the property, which was 81 percent leased at the time of sale. Built in 1985, the unanchored center is located less than six miles from downtown Charleston in the Ashley River Road retail corridor. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $4 million in the joint venture.
ORLANDO, FLA. — Integra Real Estate Capital has arranged a $21 million loan for the refinancing of Shoppes at Alafaya, a 122,600-square-foot shopping center in Orlando. Built in 2011, the property is anchored by Toys “R” Us and Dick’s Sporting Goods. Russell Kimyagarov of Integra arranged the 10-year, non-recourse, fixed-rate loan on behalf of the borrower, an ownership group based in Miami.
GAINESVILLE, FLA. — Butler Enterprises has signed Marshalls to a 22,000-square-foot lease and Ashley HomeStore to a 35,000-square-foot lease at Butler North in Gainesville. Both retailers will open their stores in the fall. The 750,000-square-foot shopping center is the latest phase of a 267-acre, 1.8 million-square-foot retail destination that will include Butler North, Butler Plaza and Butler Town Center, which will break ground this spring and open in 2018. In addition to Marshalls and Ashley HomeStore, Butler Enterprises has executed 18,300 square feet of leases with Jimmy John’s, Orangetheory Fitness, Eyeglass Express, Blown Salon, Florida Credit Union, Lee Nails, Jersey Mike’s and SportClips. Existing tenants at Butler North include Lowe’s Home Improvement, Sam’s Club, Walmart Supercenter and Dick’s Sporting Goods.
MIAMI — Akerman LLP, a prominent law firm, has moved into its 110,508-square-foot office space at Three Brickell City Centre in Miami. Akerman’s office space features a conference center that can accommodate up to 300 people, a café, common areas, war rooms and coffee bars. Three Brickell City Centre is the only office building in the Brickell area with a Metromover attached to its structure (Eighth Street Station), and Akerman will be the only law firm in the area with a Metromover station. Three Brickell City Centre is also pre-certified LEED Gold. With more than 600 lawyers and government affairs professionals and a network of 20 offices, Akerman is a transactions and trial law firm with a specialty in middle market M&A within the financial services and real estate industries, as well as a Latin American practice. Located at 98 S.E. 7th St. in Miami’s Brickell financial district, Three Brickell City Centre is part of Swire Properties’ $1.05 billion Brickell City Centre mixed-use development.
DANIEL ISLAND, S.C. — Crossman & Co. has brokered the sale of Daniel Island Town Center, a Publix-anchored, 68,688-square-foot shopping center located on Seven Farms Drive in Daniel Island in metro Charleston. The property was 98 percent occupied at the time of sale. Publix Super Markets Inc. purchased the shopping center from an unnamed institutional group based in the Northeast.
CHESTERTON, IND. — Mainstreet, an Indiana-based skilled nursing developer, and skilled nursing operator Symphony Post Acute Network have opened Symphony of Chesterton, a 106-bed skilled nursing facility in Chesterton, approximately 45 miles southeast of Chicago. Construction started in May 2015. Mainstreet developed the property and Symphony operates it. The 77,703-square-foot community cost $18.8 million to develop.
BURR RIDGE, ILL. — Waramaug Hospitality III LLC and Sidra Real Estate Inc. have acquired the Chicago Marriott Southwest at Burr Ridge for an undisclosed price. The 184-room, full-service hotel, located in Burr Ridge, approximately 20 miles southwest of Chicago, features over 10,000 square feet of meeting and event space that can accommodate up to 900 guests. Amenities include an indoor swimming pool, fitness center and business center. The hotel also includes Ciazza Restaurant & Bar. Waramaug is planning to renovate all public areas, guestrooms, meeting spaces and the restaurant. Interstate Hotels & Resorts will manage the property. The seller in the transaction was undisclosed.
LIBERTYVILLE, ILL. — PREMIER Design + Build LLC has completed the construction of two speculative warehouses in Libertyville, approximately 40 miles northwest of Chicago. The facilities are situated on 21 acres at 804 E. Park Ave. Bridge Development Partners is the project developer. Building 1 at Bridge Point 94 is 185,670 square feet, and Building 2 is 220,542 square feet. Both Class A facilities feature 32-foot clear heights, 56 truck dock positions and ESFR sprinklers. The buildings share a parking lot with 536 spaces. Cornerstone Architects Ltd. provided architectural services, and Pearson, Brown & Associates Inc. was the civil engineering firm. John Hauser and Michael Fonda of Avison Young are overseeing the lease-up of the building.
