PALM COAST, FLA. — Atlanta-based Branch Properties LLC, in conjunction with Michael Collard Properties, plans to commence the $40.8 million redevelopment of Palm Harbor, a Publix-anchored shopping center in Palm Coast. Branch and Michael Collard purchased the 28.7-acre site from The Inland Real Estate Group in May. Plans call for an additional 50,000 square feet of new retail space at the center. As part of the expansion, Publix signed a lease for a new 53,785-square-foot store, approximately 20 percent larger than the existing store. The shopping center, which will be renamed Island Walk, will be revitalized in three phases. Phase I includes the addition of several small shop tenants and will be completed by spring 2015. Phase II includes the new Publix store and additional small shops and will be completed by fall 2015. The final phase is the addition of retail space to the east of the new Publix and will be completed by mid-2016. Construction is slated to kick off in the fall. Synovus Bank provided a construction loan for the project.
Property Type
MARIETTA, GA. — Atlanta-based SDM Partners has purchased Sandy Plains Business Park, a 167,329-square-foot office/flex business park in Marietta, a northwest suburb of Atlanta. SDM purchased the three-building asset from an unnamed global investment manager. The property was 94 percent leased at the time of the sale. The Bank of North Georgia, represented internally by Mark Hancock, provided acquisition financing, and Rooker Properties provided equity financing. Colliers International’s Atlanta office will provide leasing and property management services at the business park. Matt Tritschler of Avison Young represented the seller in the transaction.
MARIETTA, GA. — The Radisson Atlanta Northwest has opened in Marietta, an Atlanta suburb, following a comprehensive renovation. San Diego-based LLJ Frontera Atlanta Ventures owns the 218-room, 10-story hotel. Dallas-based Frontera Hotel Group manages the property. The Radisson Atlanta Northwest features 6,600 square feet of flexible meeting space, a full-service restaurant, lobby bar with 12 large-screen TVs, fitness center and a seasonal outdoor swimming pool.
COLUMBIA, S.C. — Hilton Worldwide is bringing Columbia its first dual-branded hotel at 1615 Gervais St., the site of the current Clarion Hotel Downtown. Franchisee Gervais Street Hotel LLC and development and management firm CN Hotels Inc. will rebrand and convert the Clarion into a 110-room Hilton Garden Inn and 100-room Home2 Suites by Hilton. The new hotel property will open in 2016 and will join Hilton’s existing 16 dual-branded hotels. The two hotels will share amenities, including 5,500 square feet of meeting space, an outdoor pool, indoor pool, outdoor garden, firepit and Carolina’s Restaurant.
BILOXI, MISS. — CBRE has arranged $23.2 million in refinancing for Arbor Place Apartments, a 328-unit, Class A multifamily community located at 1955 Popps Ferry Road in Biloxi. The property features an average unit size of 1,310 square feet in one-, two- and three-bedroom floorplans. Arbor Place’s amenity package includes a swimming pool, walking trails, business center, fitness center, playground, picnic pavilions, outdoor fireplaces, dog park and a clubhouse/leasing office. Glenn Housman of CBRE arranged the 10-year loan through Fannie Mae’s Structured Adjustable Rate Mortgage (SARM) program on behalf of the borrower, Arbor Properties Inc.
PHILADELPHIA — SugarHouse Casino is breaking ground for a $164 million expansion, which is slated to open in 2015. The expansion will bring more amenities to the property along the Delaware Riverfront, including a multi-purpose event space with waterfront views, new restaurants, a parking garage and a dedicated 30-table poker room. Additionally, the expansion will bring 500 permanent jobs and 1,600 construction jobs to Philadelphia.
WARREN, N.J. — HFF has secured a $46.3 million loan, on behalf of Normandy Real Estate Partners, for Center 78 in Warren. Located at 184 Liberty Corner Road, the Class A property offers 371,680 square feet of office space. The LEED Gold-certified property was originally built in 1982 and renovated between 2012 and 2013. Jon Mikula and Michael Lachs led the HFF team that arranged the three-year, floating-rate loan with Square Mile Capital Management LLC.
NEW YORK CITY — Madison Realty Capital (MRC) in partnership with RWN Real Estate Partners has acquired 2053 Frederick Douglass Boulevard and 300 West 112th Street in Harlem for $30 million. The two five-story mixed-use buildings offer of total of 55,000 square feet, including 50 residential units and two retail units totaling 3,750 square feet. Additionally, the properties offer 30,000 square feet of additional residential development rights. The buyers plan to renovate both properties to maximize rents, lease vacant units and explore the potential of future development. Steven Schultz and Josh Malka of NGKF Capital Markets represented both parties in the off-market transaction.
NORWALK, CONN. — Matrix Investment Group has acquired 535 Connecticut Avenue, a 179,000-square-foot office building in Norwalk. 535 Connecticut Avenue LLC, a joint venture between KABR Real Estate Investment Partners and Blackpoint Partners, sold the property for $13.5 million. The office building, which is 45 percent leased, features a fitness center, cafeteria and 95 percent covered parking. Jeffrey Dunne and Steven Bardsley of CBRE Group’s Institutional Properties represented the buyer and the seller in the transaction.
NEW ROCHELLE AND NORTH SALEM, N.Y. — NorthMarq Capital’s Greater Westchester NY/CT regional office has secured financing for two properties in New York totaling $6.8 million. In the first transaction, NorthMarq arranged $6 million in refinancing for 20 Cedar Street, a 63,591-square-foot office building in New Rochelle. Sidney Frank Importing Co. is the major tenant at the property. The 10-year loan, which features a 25-year amortization schedule, was arranged through a regional bank for the borrower, Cedar Plaza Associates LLC. In the second transaction, NorthMarq secured $875,000 for the refinancing of 56-62 June Road, a 23,300-square-foot mixed-use property in North Salem. The U.S. Postal Service and M&T Bank occupy the property. The seven-year loan features a 30-year amortization schedule and was arranged for the borrower, North Salem Brothers Realty LLC, through a regional bank. Robert Ranieri of NorthMarq Capital secured the financing for both transactions.