ALPHARETTA, GA. — North American Properties (NAP) has topped off Avalon, the $600 million, mixed-use development in Alpharetta, an affluent suburb north of Atlanta. NAP has also signed 15 new retailers to the property, making Avalon’s retail component 97 percent pre-leased. The new retailers joining Avalon’s tenant roster include J. Crew, Crate & Barrel, Calypso St. Barth, Bantu, LensCrafters, BCBG, Sunglass Hut, Road Runner Sports, Soft Surroundings, J. Jill, Goldberg’s Deli, J. McLaughlin, Boston Proper, Lou & Grey and Columbia Sportswear. Avalon is set to open to the public on Oct. 30.
MONTGOMERY, ALA. — The Shopping Center Group has arranged the sale of two retail centers in Montgomery totaling $14.4 million. Atlanta-based Monarch Investments purchased both the 165,114-square-foot Promenade Montgomery and the 43,500-square-foot Promenade Montgomery North. The two assets are located approximately 1,000 feet from one another. Kathy Dennis of The Shopping Center Group represented the seller, New York-based Garrison Investment Group, in the transaction. The Shopping Center Group will continue to lease the two retail centers on behalf of Monarch Investments.
CHARLESTON, S.C. — The Mumford Co. has brokered the sale of the 107-room Homewood Suites-Mt. Pleasant located on the Isle of Palms Connector at Seaside Farms in Charleston. Rupa LLC purchased the hotel from The Suites at Seaside LLC, the hotel’s developer, for an undisclosed price. Rupa has retained Chattanooga, Tenn.-based Vision Hotel Group to manage the asset and oversee the property’s renovation. David Mumford of The Mumford Co. represented the seller in the transaction.
CHARLESTON, S.C. — HREC Investment Advisors has arranged the sale of the 289-room InnPlace Hotel in Charleston. The hotel was formerly a Sheraton Charleston Airport Hotel. Monty Levy, Paul Sexton and Scott Stephens of HREC Investment Advisors represented the seller, an affiliate of LNR Partners LLC, in the transaction.
ROCKVILLE, MD. — New Boston Fund Inc. has inked two leases for office space totaling 11,944 square feet at Building III of the Johns Hopkins University Montgomery County Campus in Rockville. Pediatric Nursing Certification Board leased 6,387 square feet and Cato Research leased 5,557 square feet at the property. Danny Sheridan and Morgan Sullivan of JLL represented New Boston Fund in the lease transaction. Andrew Genova of West, Lane & Schlager Realty Advisors represented the Pediatric Nursing Certification Board, and Matt Brady of Scheer Partners Inc. represented Cato Research.
ARLINGTON HEIGHTS, ILL. — The LaSalle Group will break ground on a 30,000-square-foot memory care facility in Arlington Heights, a suburb of Chicago. The $12 million property will be located at 1625 S. Arlington Heights Road. Autumn Leaves of Arlington Heights will provide specialized care to nearly 50 residents living with Alzheimer’s, dementia or memory impairment. The facility is The LaSalle Group’s ninth memory care community in the Chicago area.
RIVERSIDE, MO. — Lee & Associates has arranged the long-term, build-to-suit lease of an industrial building for Martinrea International in Riverside, which is located approximately seven miles north of Kansas City. The Canadian auto-parts supplier will occupy 275,560 square feet of space at 5233 N.W. 41st St in the Riverside Horizons Business Park. The industrial facility is set for completion by early 2015. The Tutera Group, Crossland Construction and Davidson Architecture & Engineering are developing the building. Erik Murray and Nathan Anderson of Lee & Associates Kansas City negotiated the lease.
DULUTH, MINN. — The Duluth Seaway Port Authority has approved the sale of approximately 8.6 acres of land at Duluth Airpark in Duluth for United Piping Inc. The company will use the land to expand its existing operations at the Airpark as it continues to serve customers in the oil and gas industry. Duluth Airpark is a modern, 300-acre light industrial/commercial park, with shovel-ready lots ranging from one to five acres. The Duluth Seaway Port Authority manages the Airpark. The authority is an independent public agency created under a Minnesota state statute to promote trade development and to expand and improve facilities that foster economic development within the Port of Duluth-Superior.
ROUND LAKE BEACH, ILL. — CBRE has arranged the lease of a 1,755-square-foot retail space for Sally Beauty Supply LLC. The professional beauty product retailer will occupy space at 272 B East Rollins Road in Round Lake Beach, which is approximately 50 miles north of Chicago. Marcy Wood of CBRE represented Sally Beauty Supply in the transaction. Allan Perales of McCaffrey Interests represented the landlord.
PARSIPANNY, N.J. —Mack-Cali Realty Corp. has completed the disposition of a commercial office property located within Mack-Cali Business Campus in Parsipanny. Griffin Capital Corp. purchased the property for $96.6 million. Buyer Griffin Capital is assuming responsibility for approximately $7 million in tenant improvement allowances and commission obligations. Located at 22 Sylvan Way, the three-story, 249,409-square-foot, Class A office building was developed in 2009 and achieved LEED Silver certification. The property is long-term, net-leased to Wyndham Worldwide Corp. as the company’s headquarters. Jose Cruz and Kevin O’Hearn of HFF represented Mack-Cali in the transaction.