MONTGOMERY VILLAGE, MD. — The Donaldson Group and its equity partner Angelo, Gordon & Co. have acquired Cider Mill Apartments, an 864-unit garden-style apartment community in Montgomery Village. The acquisition price was approximately $110 million, and the partnership plans to invest an additional $15 million to renovate the property. The property was delivered in 1973 and is comprised of 72 buildings. The property’s amenity package includes an Olympic-size swimming pool, fitness center, resident services center, playgrounds, laundry facilities, picnic/barbecue areas and a car wash station. Matthew Williams and Maury Zanoff of CBRE Capital Markets arranged acquisition financing on behalf of the buyers through HSBC Bank. Bill Roohan and Brian Margerum of CBRE’s Baltimore office represented the seller, Home Properties, in the transaction.
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JEKYLL ISLAND, GA. — Jekyll Oceanfront Hotel LLC, a joint venture between Leon N. Weiner & Associates Inc. and New Castle Hotels & Resorts, has topped off the $41 million Westin Jekyll Island. The 200-room beachfront hotel is located adjacent to the new Jekyll Island Convention Center. The new hotel, which is slated for completion later this year, will be part of the Jekyll Island Beach Village project. Memphis, Tenn.-based LLW Architects designed the U-shaped, five-story hotel to achieve LEED Silver certification. Pinkerton & Laws of Georgia Inc. is the hotel’s general contractor.
MANASSAS, VA. — Pyramid Management Group (PMG) has acquired an interest in the Manassas Mall in Manassas, Va. PMG will be taking over all leasing and management of the 935,000-square-foot regional shopping center. The closing, which took place on Feb. 28, is Pyramid's first foray into northern Virginia. Pyramid plans to restructure the mall with a balanced mix of fashion retail, dining and unique entertainment offerings. In addition, Pyramid will update the shopping center with a redesigned interior, new common area with soft seating and a modernized food court.??Pyramid, known for developing Destiny USA in Syracuse, N.Y., is the largest privately owned developer of shopping centers in the northeastern United States. Pyramid has focused on retail-based tourism and entertainment industry for more than 40 years. “We look forward to evolving the Manassas Mall into a shopping center the city of Manassas and its residents deserve,” says Stephen Congel, CEO of Pyramid Management Group.
WOODSTOCK, GA. — Colliers International has arranged the sale of Woodstock Crossing, a Kroger-anchored shopping center located at 12050 Highway 92 in Woodstock, a northern suburb of Atlanta. The asset sold for approximately $5.7 million. Woodstock Crossing Center LLC purchased the asset from Charter Hall, an Australian real estate investment trust. Joe Montgomery and Tony D’Ambrosio of Colliers International’s Southeast shopping center investment sales group represented the seller in the transaction. This is the third grocery-anchored shopping center sale in metro Atlanta that Montgomery and D’Ambrosio has brokered on behalf of Charter Hall.
NASHVILLE, TENN. — H.G. Hill Realty Co. has secured a lease for Phase II of Hill Center Green Hills, H.G. Hill’s 220,000-square-foot, mixed-use lifestyle center in Nashville. The company signed the lease with Williams-Sonoma Inc. for its Pottery Barn brand to occupy a 12,684-square-foot store. Redevelopment at the site will begin in early 2015, and Pottery Barn is expected to begin its build-out in the fall of 2015. Bank of America will continue to occupy the site until its relocation to a property on Richard Jones Road.
CLEVELAND, OHIO — Noble Investment Group has acquired four Residence Inn by Marriott hotels within the Greater Cleveland area for a reported $53.4 million. The acquisition included the 174-room Residence Inn Cleveland Beachwood for $19.4 million; the 175-room Residence Inn by Marriott Cleveland Downtown for $15.4 million; the 118-room Residence Inn Cleveland Independence for $9.7 million; and the 96-room Residence Inn Cleveland Mentor for $9 million, according to Crain’s Cleveland Business. All four assets were purchased through investment funds, including NF II Beachwood LLC, NF II Cleveland LLC, NF II Independence LLC and NF II Mentor LLC, respectively. Each hotel is set to undergo significant renovations.
ROSEVILLE, MINN. — Dougherty Mortgage LLC has originated a $6.7 million loan under the HUD 223(f) program for the refinancing of Roseville Seniors in metro Minneapolis. The 127-unit rental property for residents 62 and older, as well as disabled residents, is located in Roseville. Dougherty's Minneapolis office arranged the 35-year, self-amortizing loan for Good Neighbor Senior Apartments Limited Partnership LLLP.
TERRE HAUTE, IND. — Steadfast Income REIT Inc. has acquired the second phase of Sycamore Terrace Apartments, a multifamily community in Terre Haute, for $6.7 million. The newly constructed phase adds 72 apartment homes, bringing the total project to 250 residences. The first phase of Sycamore Terrace was built in 2011, and the second phase was developed in 2013. The property includes 21 two-story residential buildings with floor plans averaging more than 1,200 square feet. Sycamore Terrace’s mix of one-, two- and three-bedroom apartments currently feature monthly rents of $1,043.
WARREN, MICH. — A new 185,000-square-foot Walmart has opened at 29176 Van Dyke Ave. in Warren, a northern suburb of Detroit. Along with grocery and general merchandise needs, the store also offers a pharmacy with a drive-thru, a Vision Center and a Walmart Site-to-Store. The new supercenter created approximately 300 news jobs.
FRAMINGHAM, MASS. — Office-supply retailer Staples Inc. plans to close 225 North American stores by the end of 2015. The closures are part of a multi-year cost savings plan that is expected to generate annualized pre-tax cost savings of approximately $500 million by the end of 2015. In contrast to the company’s fourth-quarter performance as a whole, which saw a 10.6 percent year-over-year decline in sales, fourth-quarter business at Staples.com was up 10 percent from a year ago. Staples says it reduced its footprint last year by 1 million square feet through closing 40 stores.