RALEIGH, N.C. — Alamo Drafthouse Cinema, an Austin, Texas-based theater chain, plans to open its first North Carolina theater in Raleigh. The Alamo Drafthouse Raleigh will feature 11 screens, 660 reclining seats and a bar and restaurant with 36 local beers on tap. Situated within the Longview Shopping Center on New Bern Avenue and King Charles Road, the theater is expected to open by the end of the year and employ roughly 160 people.
RANSON, W.VA. — Trout Daniel & Associates has arranged the $3.7 million sale of Ranson Shoppes, a 16,300-square-foot retail center located along WV Route 9 in Ranson. The property was fully leased at the time of sale to Mattress Warehouse, Five Guys Burgers & Fries and Little Caesars. Trout Daniel & Associates represented the undisclosed seller in the transaction.
BAL HARBOUR, FLA. — Whitman Family Development has gained final approval from the Bal Harbour Village Council for the $400 million enhancement plan for Bal Harbour Shops, an upscale, 450,000-square-foot, open-air shopping center located in Bal Harbour, an incorporated village near Miami Beach. The plan has been revised multiple times over the past decade, according to the Miami Herald. Whitman Family Development will add 340,387 square feet of retail space at Bal Harbour Shops, nearly doubling its footprint. The upgraded center will feature the first Barneys New York flagship store in the Southeast, upgrades to longtime anchor tenant Neiman Marcus and new dining options, including Freds at Barneys. The plan also calls for a new plaza at the shopping center’s main entrance along Collins Avenue. (Click here to view an animated video showcasing the improvements to Bal Harbour Shops.) Whitman Family Development aims to begin the early stages of the enhancement later this year, with major construction taking place in phases over the following five to six years in order to minimize the impact of construction on the surrounding area and the shopping center. “We’re thrilled to be making this major investment in the future of Bal Harbour Shops, which …
MOBILE, ALA. — Hutton Co. has sold McGowin Park, an approximately 375,000-square-foot, open-air shopping center located at 3075 Government Blvd. in Mobile. Cole Credit Property Trust IV Inc. purchased the asset for $77.8 million. Completed in 2016, McGowin Park’s tenant roster includes Dick’s Sporting Goods, Field & Stream, HomeGoods, Ross Dress for Less, Hobby Lobby, Best Buy, Old Navy, Petco, Ashley Furniture HomeStore and Dollar Tree. The center is shadow-anchored by Costco and Regal Cinemas and features additional development opportunities with three outparcel pads and two restaurant pads. Richard Reid and Jim Hamilton of HFF represented Hutton Co. in the transaction. Kevin MacKenzie and Mark Sixour of HFF arranged a $42.8 million, seven-year, fixed-rate acquisition loan through a life insurance company on behalf of Cole Credit Property Trust IV.
OLIVE BRANCH, MISS. — IDI Gazeley plans to develop two industrial facilities totaling nearly 2 million square feet within Crossroads Distribution Center in Olive Branch, a Mississippi suburb of Memphis. IDI Gazeley has broken ground on Building I for an expected November delivery. The next facility, Building J, is slated to span nearly 1.1 million square feet and is scheduled to start construction in mid-2018. Crossroads is currently home to 11 buildings totaling more than 6 million square feet of logistics space. Building I will feature a Ductilcrete floor slab and paving, 36-foot clear heights, R-19 roof insulation and a white TPO roof. JLL will be the listing agent for Crossroads I. IDI Gazeley has over 27 million square feet developed in the metro Memphis market.
HOLLY SPRINGS, N.C. — Kite Realty Group Trust has selected Hendrick Construction to expand Holly Springs Towne Center, a Target-anchored shopping center located at the intersection of N.C. 55 and New Hill Road in the Raleigh suburb of Holly Springs. The Charlotte-based general contractor will expand the retail center by 22,250 square feet to make way for retailers such as 02 Fitness. Existing tenants at Holly Springs Towne Center include Marshalls, Pier 1, Ulta Beauty, Dick’s Sporting Goods, Petco, Michaels, Bed Bath & Beyond, DSW and a nine-screen AMC Theatres location. Hendrick Construction expects the additional space to be ready for interior buildout this summer.
ORLANDO, FLA. — Franklin Street has brokered the $22 million sale of 195 units at Grand Reserve at Kirkman Parke, a 390-unit multifamily community located at 3301 S. Kirkman Road in Orlando. The gated property is a “fractured” condominium community, with half of the units for-sale. Built in 2000 on 22 acres, the property features one- to four-bedroom layouts with resort-style amenities including a pool, clubhouse, heated spa, movie room, fitness center and a business center. ESG Equities purchased the units from Miami-based Argenpart LLC. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street’s Tampa office represented the buyer in the transaction.
SINGER ISLAND, FLA. — SVN | South Commercial Real Estate Advisors has brokered the $7.6 million sale of Ocean Mall, an approximately 67,000-square-foot retail center located at 2401 N. Ocean Drive on Singer Island in South Florida’s Palm Beach County. Built in 2010, the center was 53 percent leased at the time of sale. The buyer is Boca Raton, Fla.-based Rosehill Group, a joint platform between Duncan Hillsley Capital and PEBB Capital. Mark King of SVN | South Commercial Real Estate Advisors represented the seller, New York-based Garrison Investment Group.
WESTON, FLA. — Weston Hills Resort Group LLC, an affiliate of Hollywood, Fla.-based Lojeta Group, has unveiled plans to redevelop Weston Hills Country Club in Weston. The organization has submitted an application to develop a $70 million apartment community at the resort called the Lodge at Weston Hills. The five-story, 274-unit property would comprise all one- and two-bedroom residences. The City of Weston will review the development team’s application and site plan in the coming months. Weston Hills Resort Group LLC also has a contract to purchase the club and invest more than $10 million in improvements, including upgrades to the resort’s two golf courses and clubhouse facility. The renovation will also include building a resort-style swimming pool, poolside bar and restaurant, five new tennis courts, two pickle ball courts, a fitness center and a kids play area. A team led by Fort Lauderdale-based Adache Group is working on the design for the new improvements and additions, and golf course architect Tom Fazio II is consulting on the golf course improvements.
KNOXVILLE, TENN. — Commercial & Investment Properties has opened The Tennessean Personal Luxury Hotel & Residences, a $28 million hotel and condominium development located at 531 Henley St. in downtown Knoxville. The property features 82 hotel rooms and 12 condominiums, as well as amenities for guests and owners including a fitness center, valet parking, room service and the Drawing Room lounge. McCarty Holsaple McCarty designed The Tennessean, which is situated near Market Square, World’s Fair Park and the University of Tennessee.
