WEST PALM BEACH, FLA. — KBS Real Estate Investment Trust II has sold City Place Tower, a 295,933-square-foot office building in West Palm Beach, for $150 million. KBS REIT II purchased the 18-story asset for $126.5 million in April 2011. City Place Tower is located in West Palm Beach’s central business district approximately 2.5 miles from Palm Beach Airport.
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SMYRNA, GA. — Atlanta-based Halpern Enterprises has begun construction on Belmont, a 48-acre mixed-use development in Smyrna, a northwest suburb of Atlanta. The property will feature restaurants, retail, single-family homes and luxury rental apartments at the site of the former Belmont Hills Shopping Center. David Weekley Homes will build 153 detached single-family homes at the intersection of Windy Hill and Atlanta roads in a neighborhood dubbed the Village of Belmont. Homes will be priced from the high $200,000s to more than $400,000. Wood Partners will build the multifamily portion in a 274-unit property known as Alta Station at Belmont. Pre-leasing is expected to begin in the spring of 2015. Halpern Enterprises will develop the retail portion with the first stores expected to open in the summer of 2015.
FARMVILLE, N.C. — Crayton Commercial has completed the redevelopment of Brightleaf Shopping Center, a 98,150-square-foot shopping center in Farmville, about 14 miles west of Greenville. The property is located at the intersection of East Marlboro Road and Main Street. Brightleaf’s tenant roster includes a 43,200-square-foot Roses Discount Store and an 8,470-square-foot Dollar Tree. Crayton Commercial is also launching Phase II of the project on an adjacent 7.8-acre tract of land that calls for an anchor structure and two outparcels. Mike Morton of Morton Commercial Inc. served as the general contractor on the redevelopment project, and Bank of North Carolina and BB&T provided construction financing for the project.
FORT LAUDERDALE, FLA. — CBRE has arranged the sale of Prospect Park IV, a 68,500-square-foot manufacturing and distribution facility located at 3600 N.W. 54th St. in Fort Lauderdale. KTR Capital Partners purchased the asset for an undisclosed price. Prospect Park IV features 16,171 square feet of corporate offices and a showroom, 26-foot ceiling heights, two dock-high doors, four grade-level doors, two van-high doors, a 110-foot truck court and fire sprinklers. Larry Genet, Harry Tangalakis and Tom O’Loughlin of CBRE represented KTR Capital Partners in the transaction.
VIRGINIA BEACH, VA. — Virginia Beach-based Wheeler Real Estate Investment Trust Inc. has purchased three development sites in Virginia and North Carolina for $4.2 million. Wheeler REIT purchased the sites from Development Fund I LLC, an affiliate of Wheeler REIT, and plans to develop the sites into future retail assets. The sites include a 52.9-acre tract in Edenton, N.C., suitable for a 300,000-square-foot development; a 1.3-acre tract in Moyock, N.C., suitable for a 9,000-square-foot property; and a 1-acre parcel in Courtland, Va., suitable for a 8,400-square-foot property.
STAMFORD, CONN. — A joint venture between Clal Insurance and Chicago-based Waterton Associates has acquired 75 Tresser, a multifamily apartment community located in downtown Stamford, for $121 million. The property offers 344 units, ranging from studio to three-bedroom layouts; 5,500 square feet of retail space with a two-story parking lot; a 9,000-square-foot resident’s lounge; a 5,000-square-foot fitness center; pool; two courtyards; a private screening room; meeting/dining rooms; a catering kitchen; and business center. The residential units feature designer kitchens with stainless steel appliances, elevated nine-foot ceilings, wood-style floors, in-unit washer/dryer and panoramic windows. Waterton will retain a 51 percent stake in the property, while Clal will own the remaining 49 percent.
BOSTON — DivcoWest and Boston-based Synergy Investments has acquired 38 Chauncy Street, an office building located in downtown Boston, from New York City-based Brickman. The 132,000-square-foot building is the fourth office building that DivcoWest and Synergy have purchased in downtown Boston in recent months. In June, the partners acquired 71, 77 and 78 Summer Street, a three-building office portfolio totaling 90,000 square feet. The partnership now owns seven assets in Boston, including three buildings in the Seaport district that were purchased last year.
HARRISON, N.J. — Starwood Hotels & Resorts Worldwide has opened its second eco-wise Element brand hotel in New Jersey. Located in Harrison, Element Harrison – Newark features 138 sustainable rooms and a light-filled design throughout the hotel. Designed by New York City-based HWKN, the hotel features a distinctive façade that takes a nod from the innovative Element by Westin brand. Additionally, the hotel offers a 24-hour fitness center, an indoor pool, and a 1,500-square-foot meeting room. Developed by Ironstate Holdings and The Pegasus Group, the hotel will be part of the partnership’s mixed-use development that will comprise 2,600 residential residences and 80,000 square feet of street-level retail space. The hotel is owned by Harrison Hotel 1, a joint venture entity of Ironstate Holdings LLC and The Pegasus Group, and managed by Crescent Hotels & Resorts.
CHERRY HILL, N.J. — CBRE Group represented Quality Management Associates Inc. (QMA) in its lease of 7,129 square feet and 5,475 square feet of office space at Colwick Business Center in Cherry Hill. Founded in 1992, QMA is a provider of services and support for adults with intellectual and/or developmental disabilities and acquired brain injuries. QMA will join Colwick Business Center’s tenant roster, which includes The Philadelphia Inquirer, The Internal Revenue Service and Urban Engineers. Dan McGovern of CBRE represented QMA, while Wolf Commercial Real Estate represented the landlord, Endurance Real Estate Group, in the transaction.
SPRINGFIELD, ILL., TERRE HAUTE AND EVANSVILLE, IND. — Carrols Restaurant Group Inc. has signed definitive agreements to purchase 64 Burger King restaurants from certain subsidiaries of Heartland Food LLC for approximately $18 million excluding inventory. The restaurants include 11 restaurants in Springfield, Ill., 15 restaurants in Terre Haute, Ind., seven restaurants in Evansville, Ind., 27 restaurants in Nashville, Tenn. and four restaurants in other markets. The transaction is subject to certain closing conditions. In conjunction with the transaction, Burger King Corp. has also agreed to make a cash payment to Heartland at closing based on Carrols’ commitment to remodel 46 of the restaurants. Closing is expected to occur in late September or early October.