ATHENS, GA. — Athens-based Landmark Properties has purchased the former Athens Hardware building in downtown Athens and has broken ground on a student housing project on the site. The Standard at Athens, aimed at University of Georgia (UGA) students, will offer 610 beds and 24,788 square feet of ground-level retail when it opens in 2014. The property will be owned by a joint venture. Harrison Street Real Estate Capital is investing 50 percent of the capital for the project, and Landmark is providing the other half. The project costs a reported $30 million.
DOTHAN, ALA. — Corvias Campus Living, a privately owned real estate company, will construct and manage three residential apartment buildings for the Alabama College of Osteopathic Medicine (ACOM) in Dothan. It is the company’s first student housing project and will include three 30,864-square-foot buildings with 117 bedrooms and a 3,000-square-foot clubhouse. The on-campus residences will open in July 2013, welcoming ACOM’s inaugural class of 150 students. The college’s mission is to address the critical need for primary care physicians to serve the rural and medically underserved areas of Alabama. Corvias has a Dothan office and has been responsible for military housing at Fort Rucker in Alabama since 2006.
WASHINGTON, D.C. — Jones Lang LaSalle (JLL) Hotels has secured $31.5 million to refinance the Club Quarters Washington, D.C., a 161-room full-service hotel two blocks from the White House. Mike Huth of JLL Hotels real estate investment banking team led the transaction on behalf of the borrower, Rockwood Capital LLC, which has refinanced three Club Quarters hotels during the past year.
DECATUR, GA. — Deerwood Real Estate Capital has closed on $18.5 million in refinancing for Belvedere Plaza Shopping Center in Decatur. The 275,000-square-foot retail property is anchored by Kroger and was originally built in 1956. Other tenants include CW Price, Dollar Tree and Hibachi Grill. David Rosenberg and Mark Silbersher of Deerwood Real Estate Capital negotiated the non-recourse loan on behalf of the unlisted borrower.
MILWAUKEE — Northwestern Mutual Life Insurance Co. plans to build a new $300 million office tower at its downtown Milwaukee campus. The company is currently seeking a reported $48 million in city financing for the project. The financing would come in the form of a tax incremental financing district. The 840,000-square-foot tower is planned at the site of the company's current office building at North Cass and East Mason streets. Last year, the company said it would demolish the 500,000-square-foot building, which currently houses 1,100 employees, due to significant maintenance costs. Northwestern says the new building will have the capacity for as many as 1,700 employees.
WICHITA, KAN. — Several new tenants have joined Bradley Fair, a 280,000-square-foot lifestyle center in Wichita. Specialty grocer Fresh Market opened a 22,000-square-foot location, and Soma Intimates, a sleepwear retailer, also opened a new space. Versona Accessories and Apricot Lane, both women's specialty retailers, will open at the center next spring. Bradley Fair, which contains more than 50 stores and restaurants, was developed by Laham Development in 1990.
CRYSTAL, MINN. — Oak Grove Capital has arranged a $10.4 million Fannie Mae loan for Heathers Manor, a 78-unit assisted living facility in Crystal. Bill Kaufman of Oak Grove arranged the 10-year loan on behalf of the borrower, Life Care Cos.
OAKBROOK TERRACE, ILL. — NAI Hiffman has been selected to lease and manage One Parkview Plaza, a 263,912-square-foot, Class A office building at 17 W. 110 22nd St. in Oakbrook Terrace. A major tenant, Invesco, plans to move to the property in 2013, and approximately 125,140 square feet is currently available for lease. The building includes a deli, sundry shop, 24-hour manned security, an ATM and a health club that features basketball and racquetball courts.
NEW YORK CITY — Cresa will serve as project manager for a plan to redevelop 821 United Nations Plaza in New York. The project, which will begin next month, will demolish the existing structure and erect a modern facility that reflects Turkish art, culture and architecture. The facility, known as the Turkevi Center, will serve the Republic of Turkey's Consulate General and Permanent Mission to the United States. The center will consist of offices and diplomatic residences for permanent staff and visitors. Cresa will also serve as the owner's representative. During the construction process, the UN Mission and Consulate will be relocated to temporary space until the project is complete.
PENNSAUKEN, N.J. — Restaurant Equippers has signed a 45,524-square-foot lease at The Point in Pennsauken. Restaurant Equippers, one of the largest restaurant equipment warehouse stores in the country, will open its first location in the area in the spring of 2013. The Point is an 118,000-square-foot mixed-use complex, which previously served as a movie theater building. The property is located at the intersection of Route 38 and Route 70. Brandon Anapol of Metro Commercial Real Estate represented the tenant in the transaction. The Glimcher Group represented the landlord.