MYRTLE BEACH, S.C. — NAI Avant has arranged the $14.1 million sale of Ocean Bay Market, a 58,000-square-foot grocery-anchored shopping center in Myrtle Beach. Dail Longaker of NAI Avant represented the buyers, Randolph Freezer LLC and Red Sled Properties LLC, in the transaction. Carolina Forest Investment Group LLC, a partnership formed by Red Rock Developments LLC, recently developed the shopping center.
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LAWRENCEVILLE, GA. — WinnCompanies and The Roseview Group have acquired Carroll at Bethesda Park, a 222-unit apartment community in Lawrenceville, an eastern suburb of Atlanta. The multifamily property, built in 2001, is the only apartment community along Ronald Reagan Parkway, which connects Lilburn and Snellville, two suburbs in Gwinnett County. The property is situated near Bethesda Park, a 159-acre park with playgrounds, an aquatic center, running trails and soccer and baseball fields. Following the acquisition, WinnCompanies and The Roseview Group will rebrand the property as Park156.
JUPITER, FLA. — Elion Real Estate Fund III LP has acquired Jupiter Reserve, a 43,172-square-foot shopping center in Jupiter, a northern suburb of Miami in Palm Beach County. The seller was Pebb Enterprises, and Atlantic Retail Properties represented both parties in the transaction. The sale price was undisclosed. The four-acre Jupiter Reserve is 93.6 percent leased to tenants that include Petco, T-Mobile, Vitamin Shoppe, Pizza Hut, Edible Arrangements and LabCorp of America. Atlantic Retail Properties will handle the property’s leasing responsibilities, Transwestern Commercial Services will manage the shopping center.
SPRINGFIELD, MO. — The Springfield Area Chamber of Commerce hosted a groundbreaking ceremony Friday, June 20 for the $16 million historic redevelopment of the Heer’s building in Springfield. The new Heer’s Luxury Living development will consist of 80 loft-style apartment units. Amenities at the community will include a fitness center, theater and game room and a rooftop clubhouse. The development will also feature a police substation and approximately 15,000 square feet of commercial space for office, restaurant, and retail use. Lee’s Summit, Mo.-based Dalmark Development Group is developing the mixed-use project. Shawnee, Kan.-based Straub Construction Co. Inc. is the general contractor for the project. St. Louis-based Rosemann & Associates will design the new facility. The building is slated to open by its centennial in September 2015.
BLOOMINGDALE, ILL. — NewMark Merrill Co. has arranged the lease of 42,000 square feet of retail space for Hobby Lobby at the Stratford Crossing shopping center in Bloomingdale, approximately 27 miles west of Chicago. The 378,000-square-foot shopping center is located at Gary Avenue between Army Trail Road and Schick Road. Hobby Lobby will occupy space next to PetSmart on the southern end of the center. The new store in Bloomingdale opened in May. The arts and crafts retailer maintains 558 stores across the nation. In addition to Hobby Lobby and PetSmart, tenants at Stratford Crossing also include Kmart, Buffalo Wild Wings, Outback Steakhouse, Starbucks and Dunkin’ Donuts.
CHICAGO — MB Real Estate has arranged a 26,214-square-foot office lease renewal and expansion for Knight Engineering at the LaSalle Wacker Building in Chicago. The property is located at 221 N. LaSalle St. The full-service engineering and architectural firm renewed its lease for space on the third floor and expanded to a portion of the fourth floor at the office property. Knight Engineering is the largest tenant in the 416,000-square-foot, 41-story building. MB Real Estate has managed and leased the property since 2010. Walter Hennig and Kelsey Karp of MB Real Estate represented building ownership in the transaction. Knight Engineering was self-represented in the negotiations.
TROY, MICH. — Colliers International has arranged the lease of a 14,350-square-foot retail building in Troy, a suburb of Detroit. The property is located at 799-801 Stephenson Highway. Barry Landau of Colliers International represented the landlord, Bostick Development LC and the tenant, Poochpeople Inc., in the transaction. Poochpeople will use the space as a doggy day camp, which will also provide overnight boarding for pets.
NEW YORK CITY — Meridian Capital Group has arranged a $100 million mortgage for the refinancing of 110 Fifth Avenue in New York. Constructed in 1888, the 11-story, 176,000-square-foot office and retail building is occupied by H&M, Town Residential, Joe Fresh and Wellcare. The seven-year loan, which was provided by a regional balance sheet lender, features a 4.125 percent fixed rate and 2 years of interest-only payments. Avi Weinstock and Chaim Tessler of Meridian’s New York headquarters negotiated the loan for the borrower, Samson Management.
HOLBROOK, N.Y. — Long Island Industrial has completed a renovation project for Consumers Kitchens & Baths’ headquarters in Holbrook. The upgrade is part of the company’s $35 million capital improvement program, which is aimed at modernizing its portfolio of properties across Nassau and Suffolk counties. Completed by Long Island, N.Y.-based Hunt Construction Services, the renovation included the demolition of the outdated exterior and the installation of a new energy-efficient Exterior Insulation Finish System façade, as well as new electrical circuits, crown molding and window accents. As part of its capital improvements program, Long Island Industrial will invest an average of $7 million per year over a projected five-year period into its Long Island portfolio, which includes 23 buildings totaling 2 million square feet in Suffolk County and 13 buildings totaling 1.5 million square feet in Nassau County.
NEW YORK CITY — Adam America Real Estate, in partnership with Horizon Group, will begin leasing 500 Sterling Place, a 77-unit multifamily property in Brooklyn’s ProCro neighborhood, in late June. The seven-story apartment building offers studio, one- and two-bedroom units with premium kitchens, countertops and appliances. Building amenities include a rooftop deck with misting wall, outdoor movie projection capabilities, game and lounging areas and barbecuing stations. Additionally, the amenity package includes a fully equipped window gym, parking, part-time doorman, package room, bicycle storage and a live-in superintendent. Rents range from $1,995 to $3,100, and move-in is slated for July 1.