SNELLVILLE, GA. — Olshan Properties has acquired The Shoppes at Webb Gin, a 351,000-square-foot retail center located in Snellville, an eastern suburb of Atlanta. The property, located at the intersection of Scenic Highway 124 and Webb Gin House Road, features 333,795 square feet of retail space and 17,210 square feet of office space. Olshan purchased the project from a joint venture between institutional investors advised by J.P. Morgan Asset Management and Bayer Properties. Eric Zimmermann and Miles Theodore of Eastdil Secured represented the seller in the transaction.
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FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the $13.8 million sale of Plaza Del Mar, a 32,079-square-foot shopping center located at 1451 N. Federal Highway in Fort Lauderdale. The property was 84 percent leased at the time of the sale to Lime Fresh Mexican Grill, Jimmy John’s, Joe’s Crab Shack, Sally Beauty Supply and MetroPCS. Douglas Mandel of Marcus & Millichap’s Fort Lauderdale office represented the seller, South Florida Residential LLC, in the transaction. The buyer is a private investor based in Brazil.
CHARLOTTESVILLE, VA. — Homewood Suites by Hilton has opened its first hotel in Charlottesville known as the Homewood Suites by Hilton Charlottesville. The four-story hotel, located at 2036 India Drive, offers 150 suites and is located less than one mile from the University of Virginia. Albemarle Suites LLC owns the hotel and Heritage Hospitality Management Inc. is the hotel’s management firm.
ATLANTA — Westside Ironworks LLC has inked a lease agreement with Barcelona Restaurant and Wine Bar to open the restaurant’s second Atlanta location at Westside Ironworks, an 18,500-square-foot adaptive reuse retail project in Atlanta’s West Midtown neighborhood. The $8.5 million project is expected to open in spring 2015. The property is the former home of Iron-Works International Inc. and features 45-foot-high wood roofs and large entrance doors and windows. After a $3 million renovation and expansion, Barcelona will occupy the approximately 4,000-square-foot, freestanding building on the site. The restaurant is slated to open its doors in mid-2015. Stephanie McCall of The Shopping Center Group handles leasing responsibilities for Westside Ironworks.
ABERDEEN PROVING GROUND, MD. — St. John Properties Inc. has signed DRS Technologies to lease totaling 15,000 square feet within The Government and Technology Enterprise (The GATE at APG) project. This is the 50th lease at the 416-acre business park located in Aberdeen Proving Ground in Harford County. Since acquiring the rights to continue to develop The GATE at APG from the Department of Army in 2009, the Baltimore-based firm has developed 12 office and R&D buildings totaling more than 600,000 square feet at the property. St. John Properties has also leased roughly 530,000 square feet of new space. Tenants at The GATE feature some of the top defense contractors in the nation, including The Boeing Co., CACI, General Dynamics, CSC, Raytheon, Science Applications International Corp. (SAIC), Engility, DSCI and Lockheed Martin. DRS Technologies plans to move 50 employees to The GATE this fall.
PINE HILL, N.J. — Gebroe-Hammer Associates has brokered the sale of Chalet Gardens, a multifamily property located in Pine Hill, a suburb of Philadelphia. The 95-percent occupied, 484-unit apartment complex sold for $26 million. The 31.58-acre gated community comprises 49 two-story buildings with 348 one-bedroom and 136 two-bedroom units. Each unit features central air conditioning, private entrances, patios or balconies, eat-in kitchens, oversized closets and separate laundry rooms with full-sized washer and dryer. Community amenities include a swimming pool, tennis court, fitness center, playground and recreation area. Chalet Gardens recently underwent a more than $3 million capital improvements program to renovate units and install new windows. Joseph Brecher and Adam Zweibel of Gebroe-Hammer Associates represented the seller and identified the buyer in the transaction. Richard Kelin of Livingston, N.J.-based Feinstein, Raiss, Kelin & Booker LLC provided legal counsel to the buyer.
EAST MORICHES, N.Y. — The New York office of Berkadia Commercial Mortgage has arranged a $34 million loan for Walden Pond Apartments, a multifamily property located in Long Island’s East Moriches. Situated on 38 acres, the property offers 324 one- and two-bedroom units, tennis courts, a pool and a fitness center. The property was 97 percent occupied at loan closing. John DiCrocco of Berkadia secured the 10-year, fixed-rate loan through Berkadia’s Freddie Mac program.
HANOVER, N.H. — Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, has provided an $8.8 million HUD 232/223(a)(7) loan to refinance Wheelock Terrace in Hanover. Constructed in 2000, the assisted living facility consists of a three-story building on a well-landscaped, 11-acre site. The property is owned by Terrace Communities, which owns assisted living communities in New Hampshire, Vermont, Maine and Florida. Carolyn Whatley of Capital One Bank originated the non-recourse, fixed-rate loan, which features a 35-year amortization schedule.
MEDFORD, MASS. — Boston-based EagleBridge Capital has arranged $6.3 million in acquisition and construction financing for the Residences at St. Francis Condominiums, an under-construction multifamily property located at One St. Clare Road in Medford. The property features 18 condominiums ranging in size from 651-square-foot, one-bedroom units to 1,835-square-foot, three-bedroom units. Nine of the units will be three-story townhouses with private roof decks. Additionally, the units will feature granite countertops, painted solid oak custom cabinets, stainless steel appliances, hardwood floors in the living areas and ceramic tile in the bathrooms and kitchens. The property also offers 36 parking spaces.
CHICAGO — Property Markets Group will develop a new $35 million luxury apartment community in Chicago. The development will be adjacent to the University of Illinois at Chicago’s campus located at 1350 S. Union Ave. in University Village. Chicago-based architectural firm Brininstool + Lynch will design the project, which will include 130 residential units and will consist of a U-shaped building connected by a courtyard and amenity space. The development will also include a 500-square-foot, ground-level retail area and 70 parking spaces.