HOUSTON — Coldwell Banker Commercial United, Realtors has brokered the sale of the 21,096-square-foot Shadow Lake Shopping Center, located at 3531 and 3533 S. Dairy Ashford in Houston. Mark McGinley of Coldwell Banker represented the seller in the transaction. Gary Smith of Republic Central Realty represented the buyer, a private investor.
TEMECULA, CALIF. — A single-tenant Panera Bread in Temecula has sold to a private investor for $2,715,000. The 4,850-square-foot building was constructed in 2010 and is located at 41798 Nicole Lane. Patrick G. Kent of Hanley Investment Group Real Estate Advisors represented both the buyer and the seller, Creekside Retail Investors, LLC, in this transaction.
LOS ANGELES — A 20-unit apartment community located at 225 N. Ave. 53 in the Los Angeles submarket of Highland Park has sold to Remedy Investors 2, LLC for $2,075,000. The property was built in 1991 and was 90 percent occupied at the time of sale. Albert Shilton and Blake Rogers of Charles Dunn Company represented both the buyer and the seller, 225 Avenue 53, LLC, in this transaction.
SAN DIEGO — An 18,000-square-foot residential lot in the College Area of San Diego has sold to Warmington Residential California for $2.7 million. It is fully approved for a 94-bed student housing complex. The lot is located at 6229 Montezuma Road. Warmington represented itself in this transaction, while the seller, Aztec Greystone Associates, was represented by David Santistevan and Gunder Creager of Colliers International of San Diego.
HANOVER, MD. — The Cordish Company has opened the $500 million, 330,000-square-foot Maryland Live! Casino, located at 7002 Arundel Mills Circle in Hanover. The casino includes 3,200 Las Vegas-style slot machines and electronic table games. Restaurants include Bobby's Burger Palace, The Cheesecake Factory, Phillips Seafood, Live! Market Buffet and Noodles and R Bar. Between July and October, Maryland Live! will also open Rams Head Center Stage, a concert venue, The Prime Rib, the Shop Live! retail store and an additional 1,550 slot machines and games.
NORTH BETHESDA, MD. — Bethesda-based LCOR has broken ground on the $86 million, 341-unit Aurora, a luxury apartment tower located in the 32-acre North Bethesda Center, a mixed-use development project in North Bethesda. The 18-story property is the second residential phase in the development. The first is the 312-unit Wentworth House, which opened in 2008. Amenities include a fully equipped business center, roof deck, state-of-the-art fitness center, swimming pool and community gardens. Sovereign/Santander provided a $43 million construction loan for the project, which is expected to begin leasing in early 2014.
CHARLOTTE, N.C. — Developer Crescent Resources has started construction on the $52 million Circle South Park, a 321-unit luxury apartment community located on Carnegie Boulevard near SouthPark mall in Charlotte. Circle South Park is being financed by an equity investment from Crescent, construction financing from J.P. Morgan and mezzanine financing from Nationwide Real Estate Investments. The project team includes architect The Preston Partnership; landscape architect LandDesign; civil engineer Colejenest & Stone; interior designer Vignette Interior Design; general contractor State Building Group and property management firm Greystar. Circle South Park will feature a cyber lounge, business center, Wi-Fi throughout the amenity areas and a clubroom with a show kitchen and gaming area. The project will also feature a multistory health club; resort-style saltwater swimming pool with aqua sundeck, outdoor kitchen and lounging area; two-acre dog park and a pond with walking trail. The first apartments are expected to be available in summer 2013.
COLUMBIA, MD. — The Archon Group has purchased the 215,662-square-foot Lakeview I & II, a four-building office portfolio located at 9801, 9821, 9841 and 9861 Broken Land Parkway in Columbia, for $30.2 million. The portfolio is 79 percent leased. Jonathan Carpenter and James Wellschlager of Cassidy Turley represented the seller, the Goldstar Group, in the transaction.
CASSELBERRY, FLA. — IMT Capital and its affiliate IMT Residential have purchased the 476-unit Newport Colony, a garden-style apartment community located at 1166 Pointe Newport Terrace in Casselberry. Kevin Judd, Patrick Dufour and Matt Wilcox of ARA’s Orlando, Fla., office represented the seller, a real estate investment advisor, in the transaction. Constructed in 1991, Newport Colony has undergone significant capital improvements since 2005, including replacement of all roofs, the addition of new cement board siding, installation of new gutters and an additional 80 balconies on 1BR floor plans.
INDIANAPOLIS — Sourwine Real Estate Services has broken ground on an 80,699-square-foot, multi-tenant office building at 8335 Keystone Crossing in Indianapolis. The three-story building will include 25,000 square feet per floor. Sourwine will own, develop and manage the building. The project marks the first fully speculative commercial real estate development in the Indianapolis area since 2008.
