NEW ORLEANS — The Howard Hughes Corporation plans to invest $70 million for the redevelopment of the 200,000-square-foot Riverwalk Marketplace, a shopping center located in New Orleans. The project will convert the property into The Outlet Collection at Riverwalk and will add nearly 50,000 square feet of established outlet stores, local retail, dining and entertainment options. Construction is scheduled to begin by year's end, with the property expected to reopen in late 2013.
HOOVER, ALA. — The 320-unit Cedarbrook Apartments, located at 3627 Cedarbrook Drive in Hoover, has sold for $16.75 million. The complex was renovated in 2010 and 2011. David Oakley of Hendricks & Partners represented the seller, Birmingham, Ala.-based Cedarbrook Apartments LLC, in the transaction. Tom Hinton of Hinton Properties represented the buyer, Landmark at Deerfield Glen.
WASHINGTON, D.C. — Germany-based Deka Immobilien has sold the 270,158-square-foot The Westory, a Class A office building located at 607 14th St. NW in Washington, D.C. The 12-story building is LEED Gold certified. Savills represented the seller in the transaction. The buyer was a joint venture between a local operator and an insurance company.
GREENVILLE, S.C. — Marcus & Millichap has arranged the $3.2 million sale of the 156-unit Carolina Crossing, an apartment complex located at 702 Edwards Road in Greenville. Amenities include a swimming pool with sun deck, newly renovated laundry facilities, car wash area and a courtyard. Mark Boyce and Deme Mekras of Marcus & Millichap represented the seller in the transaction and Boyce represented the buyer.
CHARLOTTE, N.C. — CKE Restaurants, owner of the Hardee's brand, has sold a 3,700-square-foot Hardee's, located at 5024 Sunset Road in Charlotte, for $1.32 million. Rick Fernandez and Betty Friant of Calkain Cos. represented the 1031-exchance buyer in the transaction. Marcus & Millichap represented the seller.
INDIANAPOLIS — Meritex has acquired the Jefferson Building, a 73,290-square-foot office and warehouse property in Indianapolis. The property is fully leased to four tenants. The acquisition also included a 4.5-acre parcel, capable of supporting an additional 60,000-square-foot industrial building. The acquisition expands Meritex's Indianapolis portfolio to more than 875,000 square feet.
YORK, PA. — First Industrial Reatly Trust plans to develop a $34 million distribution center on a recently acquired 55.5-acre site in York. The 708,000-square-foot center, called First Logistics Center @ I-83, will be located off Interstate 83 at Exit 24. The owners aim to attract companies that distribute to the Mid-Atlantic and Northeast markets. The building will feature 32-foot clear height ceilings, up to 130 dock doors, four drive-in doors and 233 parking spaces. First Industrial plans to complete the center by the end of 2013.
LANCASTER, PA. — Crossing at Mill Creek, a 327,604-square-foot apartment complex in Lancaster, has sold for $22.6 million, or $69 per square foot. The property is located at 2000 Swarr Run Road and features two swimming pools, two playgrounds and laundry facilities. Each of the 388 units includes a full kitchen with dishwasher and separate dining area. Donald MacLaren, Clarke Talone and Andrew Townsend of Marcus & Millichap represented the seller, a large institution, in the transaction. They also secured the buyer, a local limited partnership.
AMBLER, PA. — Liberty Lutheran Services has purchased the Whitemarsh Corporate Center East Building at 7002 Butler Pike in Ambler for $3 million. Liberty is a non-profit organization human services agency. The 25,000-square-foot office building will serve as its new headquarters. The property was renovated in 2008. Neil Shupak and Justin Bell of Newmark Knight Frank Smith Mack represented the seller, 7 East Skippack Associates LP, a partnership under the umbrella of Keystone Property Group, in the transaction.
PROVIDENCE, R.I. — Chestnut Hill Realty has unveiled $14 million in upgrades to the Regency Plaza, a 444-unit apartment community in Providence. The five-year project includes a newly designed residents' lounge, fitness center, movie theater, catering kitchen, conference rooms, an Internet cafe, hot tub, tennis court, putting green and barbecue. In addition to amenities, Chestnut also unveiled the newest style apartment home, the Bentley, which features hardwood floors, marble bathrooms and kitchens with stainless steel appliances.