SAN DIEGO – The 57-unit Pacific Pines Village in San Diego has sold to Vista International for $6.5 million. The community is located at 4355 46th Street and 4366-4406 Menlo Ave. Vista International was represented by Mark Hughes of KW Commercial. The sellers, Double RP Investments LLC, AMB Capital and Blue Corner Capital LLC, was represented by Rita Lancaster-Hannahof Colliers International and Robert Weinberger of RJW Properties.
CHARLOTTE, N.C. — Belgate Shopping Center, a new 900,000-square-foot power center, has opened in Charlotte. The property is anchored by IKEA and Walmart and additional stores include Marshalls, ULTA Beauty, Old Navy, Petco and Cost Plus World Market. Belgate is located along I-85, the primary thoroughfare connecting Washington, D.C., and Atlanta. The center is DDR Corp.'s first ground-up domestic development in more than four years.
ALPHARETTA, GA. — The first-ever Bocado Burger Bar, a spinoff of the Atlanta restaurant Bocado, has signed a lease to open at Avalon, a $600 million mixed-use project in Alpharetta. Vertical construction will begin on Avalon this September and 60 percent of the retail space has now been leased, with 20 percent in negotiations. According to North American Properties, the project developer, discussions are ongoing with retail tenants such as Antico Pizza Napoletana, Bantam & Biddy, Free People and Janie & Jack. Other retail tenants on the project will include Banana Republic, Whole Foods, C. Wonder and Regal Cinemas, which will open the first all-premium seating theater in the U.S. Avalon will open in October 2014.
VIRGINIA BEACH, VA. — Harbor Group International has acquired Mayflower Seaside, a 265-unit apartment community in Virginia Beach. The property is located one block from the oceanfront and has easy access to major thoroughfares. Drew White, Mike Marshall and Wink Ewing of ARA represented the seller, Fairfield Mayflower Seaside LLC, in the transaction.
HOOVER, ALA. — Resource Real Estate Opportunity REIT has acquired the 196-unit Autumn Wood Apartments in Hoover for $8.5 million. The property consists of 12 buildings situated on 17 acres. Amenities include a swimming pool, clubhouse, fitness center, basketball court, playground and washer/dryer connections in all units. The company purchased the property in an off-market transaction.
HANAHAN, S.C. — Capital Advisors has arranged an $11.8 million Freddie Mac loan for the refinancing of The Channel at Bowen, a 136-unit Class A apartment complex at 1000 Channel Marker Way in Hanahan. Cooper Willis of Capital Advisors arranged the 3.8 percent fixed-rate loan on behalf of the borrower, The Channel LLC, through Walker & Dunlop LLC. The 10-year loan includes 24 months of interest-only payments and a 30-year amortization schedule. Units at Channel at Bowen range in size from 631 to 1,285 square feet and amenities include a swimming pool with poolside cabanas, a fitness center and an indoor golf pub.
ST. LOUIS — Paric Corp. has begun a $25 million renovation of St. Louis’ landmark Union Station, now a hotel, meeting, restaurant, entertainment and retail center. Lodging Hospitality Management will update all 539 rooms in the DoubleTree hotel and the exhibition and grand halls. The renovation will add approximately 50,000 square feet of meeting space, doubling the size of the hotel’s current meeting facilities. Completion of the project is slated for spring 2014. Lawrence Group is serving as the architect.
EVENDALE, OHIO — Marcus & Millichap has arranged the sale of Village Crossings, an 89,008-square-foot retail property in Evendale for $6.2 million. C.J. Jackson, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap’s Columbus, Ohio, office marketed the property on behalf of the seller, a local development company, and represented the buyer, a private fund, in the transaction. Village Crossings is located at 10400 Reading Road, about 14 miles north of Cincinnati. Aldi, JoAnn Fabric and Cincinnati Asian Market anchor the shopping center.
DEEPHAVEN, MINN. — A joint venture has broken ground on Deephaven Woods Senior Living, a 78-unit seniors living community in Deephaven, about 15 miles west of Minneapolis. St. Therese Catholic Church partnered with Ebenezer Society to form the joint venture, St. Therese Senior Living LLC. The senior living community is located on a 14-acre site on the church’s 26-acre campus. The two-story development will include independent, assisted living and memory care apartments. Deephaven Woods Senior Living is expected to open by summer 2014. Kraus-Anderson will build the community, and Ebenezer Management Services will provide daily operational and management services.
ST. CLOUD, MINN. — Towle Financial Services has arranged a $6.2 million permanent loan for Cedar Square Apartments in St. Cloud. Cedar East Limited Partnership owns the 240-unit, eight-building apartment complex. Proceeds from the loan were used to pay off the underlying CMBS first mortgage loan. “We had a number of financing options to pay off our maturing 10-year-old CMBS loan, and we chose the option that significantly reduced our interest cost,” says Jim Kelly, a principal with Cedar East Limited Partnership. Peter Austin of Towle originated the loan.