MOUNTAIN VIEW, CALIF. – A 63,271-square-foot office property in Mountain View has received a $15-million senior mortgage loan. Broadreach Capital Partners used the funds to refinance the property’s previous loan. The loan was provided by Ares Commercial Real Estate Corporation.
SLIDELL, LA. — Dillard's has signed a 126,000-square-foot lease to anchor the second phase of Fremaux Town Center in Slidell. Phase I of the project, totaling 330,000 square feet, is currently under construction and will be anchored by Kohl's, Dick's Sporting Goods, Michaels, T.J. Maxx and Best Buy. Phase II will include up to 320,000 square feet of additional retail space. Phase I is scheduled for completion in March 2014, with construction of Phase II set to begin around the same time. The second phase is scheduled to open in spring 2015. CBL & Associates Properties Inc. and Stirling Properties are constructing the project.
ORLANDO — Pollack Shores Real Estate Group has acquired its second luxury apartment community in Orlando in the last three months: Sabal Palm Beach at Metrowest II. The 456-unit apartment community is located at 6101 Raleigh St., near Universal Studios and the 408 Expressway. The new owner plans to invest $1.5 million to upgrade the clubhouse, pools, landscaping and other amenities. Matrix Residential will manage the property. Pollack had also purchased the 252-unit Polo Glen Apartments in the Melbourne area in January. Jones Lang LaSalle arranged the debt financing for the transaction.
MEMPHIS, TENN. — Floor and Decor Outlets of America Inc. has signed a 75,134-square-foot lease to open the first Floor & Decor in Tennessee this July. The hard surface flooring store will be located at Perimeter Shopping Center, near the intersection of Interstates 40 and 240 in Memphis. Belz Enterprises Inc. manages the 370,000-square-foot property. The site features a traffic count of more than 100,000 cars per day. The Shopping Center Group represented Floor and Decor Outlets of America Inc. in the transaction.
ATLANTA — Regal Entertainment Group has announced that the soon-to-be constructed Avalon Stadium 12 & RPX along State Route Georgia 400 in Atlanta will include upscale amenities. Every seat will be a recliner with a footrest. The theater will also include table areas for dining, along with a menu that will feature restaurant-quality food and drink selections, as well as traditional cinema snacks. The Avalon lobby will feature a lounge with soft-seating areas and table settings. The theater's largest auditorium will be equipped for the Regal Premium Experience, which will offer the “best in both sight and sound technology,” the company states. The new theater is scheduled to open in 2014.
FREDERICK, MD. — KBS Legacy Partners Apartment REIT has purchased Crystal Park at Waterford, a 314-unit garden-style apartment community in Frederick for $44.9 million. The 12-building complex is located on Route 15 and is 93 percent occupied. The seller, Federal Capital Partners, has invested in capital improvements to the common areas and clubhouse in recent years. Drew White, Ryan Ogden and Mike Marshall of ARA represented the seller in the transaction.
SCHERERVILLE, IND. — Regency Centers Corp., a national owner, operator and developer of grocery-anchored and community shopping centers, has begun construction on the $50 million first phase of Shops on Main in Schererville. Gordmans, Ross Dress for Less, HomeGoods and DSW Designer Shoe Warehouse will anchor the 147,851-square-foot community shopping center. The center is located at the intersection of two main arterial roads, U.S. Route 41 and Main Street, about 25 miles southeast of Chicago. Some of the anchors are scheduled to open in spring 2014. The first phase will include two retail buildings and five outparcels on 28 acres of the 35-acre site.
NAPERVILLE, ILL. — Principal Real Estate Investors has sold a 171,935-square-foot building in Naperville, located about 30 miles west of Chicago, to Reebie Moving and Storage. The purchase price was undisclosed. Reebie Moving & Storage purchased the two-tenant property to supplement its existing location in Chicago. The building, which is located at 720 Frontenac Road, includes 61,000 square feet available for lease. The facility offers a clear ceiling height of 24 feet, easy access to I-88 and on-site trailer parking. Mark Moran, and John Whitehead with NAI Hiffman’s industrial services group, represented Principal Real Estate Investors in the transaction. Kelly Disser also with NAI Hiffman represented Reebie Moving and Storage.
FERNDALE, MICH. — Genius Services Inc. has signed a lease for 29,004 square feet of industrial space located at 1450 Academy in Ferndale, a northern suburb of Detroit. John Boyd of Signature Associates represented the tenant, Genius Services Inc., in the transaction.
NEW YORK CITY — Spectrum Group Management LLC has closed a $24 million first mortgage loan, the proceeds of which were used to fund the acquisition of 215-221 W. 28th St. in Manhattan. The loan is secured by a first mortgage on approximately 7,500 square feet of land and associated air rights that will allow for the development of approximately 150 multifamily units. The borrower, a major New York City developer, plans to begin construction on the site later this year.