DORAL, FLA. — Related Development has purchased 33 acres of land, located at the intersection of Northwest 97th Avenue and the Dolphin Expressway in Doral, from Fontainebleau Lakes for $20.5 million. The company plans to build a 720-unit multifamily property on the site in two phases, each with 360 units. Amenities will include a resort-style pool, tennis courts, private garages, a fitness trail, wireless internet in public areas and a car wash. Construction is slated to begin in the third quarter of this year. Tere Blanca and Andres del Corral of Miami-based Blanca Commercial Real Estate represented the seller in the transaction.
CORAL GABLES, FLA. — The 42-unit Capri Apartments, located at 800-801 Capri St. in Coral Gables, has sold for $3.4 million. John Crotty of Colliers International's Miami office represented the seller, 800 and 801 Capri Street LLC, the seller, in the all cash transaction. The buyer was Capri Gables.
ATLANTA — Two tenants have signed leases totaling 63,500 square feet at 1075 Peachtree, an office building located at the intersection of Peachtree and 12th streets in 12th & Midtown, a mixed-use development project in Atlanta. Duane Morris signed a 28.500-square-foot lease and will relocate to the building from its current Midtown location at Atlanta Center Plaza in early summer. Steve Morgan of Grubb & Ellis' Atlanta office, along with Mark Kercher of Studley's Atlanta office, represented the tenant in the lease transaction. Additionally, IMG Worldwide has signed a 35,000-square-foot lease. The company plans to move into the space in June. Jason Schulz of Chicago-based The J Rich Co., along with Russ Jobson and Jeff Kelley of Colliers International's Atlanta office, represented the tenant.
TRAVERSE CITY, MICH. — Rouse Properties has completed the purchase of the 589,000-square-foot Grand Travese Mall in Traverse City for $66 million. The single-level, enclosed mall opened in 1992 and is anchored by Macy's, JCPenney and Target. The mall includes a 650-seat food court, a nine-screen movie theater and a play area. The property is 85 percent leased. The transaction marks the first acquisition for New York-based Rouse since debuting as a publicly traded regional mall company in January 2012.
HANOVER PARK, ILL. — Hoffman Estates, Ill.-based Leopardo has completed construction of the new $15 million, 63,000-square-foot police headquarters for the Village of Hanover Park, which opened Feb. 18. The building includes detention facilities, interview rooms, a fire arms range and an enclosed garage for police vehicles.
FRASER, MICH. — Returnable Packaging Corp., which specializes in custom-designed packaging systems, has inked a new lease for 34,675 square feet of industrial space at 33525-33545 Groesbeck Highway in Fraser. Ben Wilkiemeyer and Paul Saad of Signature Associates represented the landlord, JF&T LLC in the transaction.
CHICAGO, ILL. — Oak Grove Capital has originated a $33 million Fannie Mae loan to refinance Fox Valley Villages, a 420-unit apartment community in Chicago. The adjustable-rate loan provides the borrower 75 percent leverage with one year of interest-only payments. The loan carries an interest rate that floats at a spread of 2.36 percent over LIBOR.
BOSTON — Beacon Hill Apts LLC has purchased two apartment buildings in Boston's Beacon Hill for an undisclosed amount. The buildings are located at 88 W. Cedar and 24 Joy St. Christopher Sower and Jason Weissman of Boston Realty Advisors represented the seller, Joy Boston LLC/88 West Cedar LLC in the transaction. The buyer was self-represented. East Boston Savings Bank provided the long-term financing.
HACKENSACK, N.J. — Hackensack Associates has acquired Franklin Garden Apartments, a 45-unit apartment property in Hackensack for $4.8 million. Thomas McConnell and Kevin McCrann of Marcus & Millichap's New Jersey office represented the seller, Franklin Apartments LLC. They also secured the buyer.
BOSTON — The Parthenon Group, a Boston-based strategic advisory firm, has signed a 46,000-square-foot lease at 50 Rowes Wharf in Boston. The firm will occupy floors five and six in the building, which is owned by Equity Office Properties. Bill Barrack and Ben Heller of Jones Lang LaSalle represented the tenant in the transaction. The Parthenon Group plans to move from its current location at 200 State St. to its new space in early 2013.