LEBANON, TENN. — The city of Lebanon has approved the extension of Legends Drive near Cumberland Center, a 165-acre mixed-use project situated along I-40 East. Upon completion, Cumberland Center will feature retail shops, Class A offices, restaurants, hotels and possibly apartments. Phase I of Cumberland Center includes a Logan’s Steakhouse and a Boot Barn. The extension of Legends Drive is estimated to last roughly 18 months and cost about $4.6 million. Legends Drive will be extended about three-fourths of a mile and will connect Highway 231 and Highway 70. The road will also connect to Briskin Lane, which is scheduled for improvements.
MIAMI — Melo Group has completed the construction of Melody Tower, a 38-story, 497-unit high-rise in downtown Miami. Located at 245 N.E. 14th St. in Miami’s Arts & Entertainment district, Melody Tower is now open for occupancy and renters are moving in this month. The tower includes one- to three-bedroom apartments with monthly rates starting at approximately $1,650 for a one-bedroom unit, $1,850 for a two-bedroom unit and $2,350 for a three-bedroom unit. The property is fully pre-leased and features 8,500 square feet of ground-floor retail and restaurant space that is pre-leased to Brazil’s Parmegiana Factory and New York Miami Pizza, both of which are set to open in the second quarter of 2016. Fronting Biscayne Bay, the property is located directly across from the Adrienne Arsht Center for the Performing Arts and less than two blocks away from the Miami-Dade Metromover Omni Station. Melody Tower’s amenities include a resort-style swimming pool and pool deck, Jacuzzi, fitness center, valet service, covered garage parking, security control remote access and a social room. Unit interiors include granite countertops, stainless steel appliances, laminated wood floors, porcelain tile, balconies and full-size washer and dryers in all units.
MIAMI — Cushman & Wakefield has brokered the $68 million sale of a five-building office portfolio at Waterford at Blue Lagoon Business Park in Miami. Built between 1982 and 1988, the portfolio totals 357,466 square feet. Mike Davis, Scott O’Donnell, Michael Lerner, Rick Brugge, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller, a fund managed by DRA Advisors LLC, in the transaction. Ivy Realty acquired the portfolio, which was 79 percent occupied at the time of sale with nearly 60 percent of the tenancy consisting of national and regional companies. Jason Hochman, Michael Ryan and Brian Linnihan of Cushman & Wakefield arranged $50.5 million in acquisition financing through CIBC World Markets on behalf of Ivy Realty. The loan includes funds for Ivy Realty’s capital improvement plans and future leasing costs to stabilize the buildings.
MANDEVILLE, LA. — Stirling Properties has opened a new Whole Foods Market at Premier Centre in Mandeville. Along with the recently opened Forever 21 Red, the 40,000-square-foot store is replacing a former Albertson’s grocery store. The 273,000-square-foot Premier Centre is fully leased to tenants including Stein Mart, Bed Bath & Beyond, T.J. Maxx, Barnes & Noble, Old Navy, Gap/Gap Kids, Rack Room Shoes, Banana Republic, American Eagle Outfitters, Hallmark, LOFT, Victoria’s Secret, Aéropostale, Buckle, Apricot Lane, H.W. Rosenblum, Earthsavers, Bath & Body Works, Motherhood Maternity, Chase Bank, Chili’s Grill & Bar, Romano’s Macaroni Grill, la Madeleine and Pinkberry. Tesla electric car charging stations are also available in the parking lot. Stirling Properties developed Phase I of Premier Centre in 1999 and Phase II in 2000 and currently holds the managing and leasing contract. The new Whole Foods store will employ approximately 100-120 team members.
CHESAPEAKE, VA. — Lingerfelt CommonWealth Realty Partners LLC has purchased Towne Place at Greenbrier, a 76,827-square-foot lifestyle retail center located in Chesapeake, a city within the Hampton Roads region. Built in 2007, the property was 94.7 percent leased at the time of sale to tenants such as Taste Unlimited, Jason’s Deli, Chico’s, Sola Salon, Jos. A. Bank, Moe’s Southwest Grill and Surf Rider Restaurant. Commonwealth Commercial Partners, Lingerfelt’s property management affiliate, will handle property management of the retail center, and S.L. Nusbaum will handle leasing and marketing.
LITHONIA, GA. — Wendover Housing Partners plans to begin construction in August on Granite Crossing, a $14.7 million, 75-unit apartment community that will anchor Lithonia Plaza in downtown Lithonia, a southern suburb of Atlanta. According to Wendover, the multifamily property will be the first major construction in the city since 2009. To make way for Granite Crossing, demolition has begun on an 80,000-square-foot, city-owned building that has been vacant since 2009. Wendover Housing partnered with the state of Georgia, Lithonia Downtown Development Authority, the city of Lithonia and Bainbridge GP LLC on the project. Residents are expected to occupy Granite Crossing next summer. The property will comprise one-, two- and three-bedroom apartments with monthly rents ranging from $620 to $800. Amenities will include a clubhouse with a fitness center, computer lab and an activity room for after-school programming. Other amenities include an outdoor splash park and playground equipment.
BOCA RATON, FLA. — The merger agreement between Staples Inc. (NASDAQ: SPLS) and Office Depot Inc. (NASDAQ: ODP) has been terminated. As a result, Office Depot will receive a cash payment from Staples of $250 million on May 19, 2016. The news comes after Office Depot and Staples had recently agreed to extend their merger agreement termination date from February 4, 2016 to May 16, 2016. Staples had begun discussions to acquire Office Depot in September 2014. Simultaneously, Office Depot has successfully extended its asset-based credit facility for an additional 5 years. The new $1.2 billion facility will mature on May 13, 2021. The amended credit agreement reduces the overall fees and applicable spread on borrowing and modifies certain covenants to provide additional flexibility for incremental indebtedness, acquisitions, asset sales and restricted payments. Boca Raton-based Office Depot has annual sales of approximately $14 billion and has approximately 1,800 retail stores. The company operates under several banner brands including Office Depot, OfficeMax, Grand & Toy and Viking.
ORLANDO, FLA. — Tavistock Development Co. has named Columbus, Ohio-based Steiner + Associates as its retail planning, leasing and development partner for Lake Nona Town Center in Orlando. Phase I of the project opened in January, including an 85,000-square-foot office building, a Marriott Residence Inn, Courtyard by Marriott, 16,000 square feet of retail and restaurant space and a five-story parking structure. Upon completion, the 100-acre project will anchor the 11-square-mile, master-planned Lake Nona community, which has had more than $3 billion in construction in the last eight years spanning 7.1 million square feet of residential and commercial properties. Located adjacent to Orlando International Airport, Lake Nona features neighborhoods, schools, the Lake Nona Medical City and United States Tennis Association’s New Home of American Tennis facility, the largest of its kind in the world. Initial phases of Lake Nona Town Center will comprise more than 1 million square feet of retail, restaurant, entertainment, office and hotel space.
COLUMBIA, S.C. — Berkadia has brokered the $24.5 million sale of The Crossroads Apartments, a 622-unit apartment community located at 716 Zimalcrest Drive in Columbia. Built in 1979, the property was 95 percent occupied at the time of sale. Apartment units include fully equipped kitchens, carpeting, hardwood floors, cable and wireless internet access and fireplaces and washer and dryer connections in select units. Community amenities include two swimming pools with sundecks, four tennis courts, two picnic and playground areas, a clubhouse, fitness center and a laundry facility. David Oakley, David Etchison, Mark Boyce and Blake Coffey of Berkadia brokered the transaction between the buyer, Asia Capital Real Estate Management LLC, and the seller, AMAC I Crossroads LLC.
ORLANDO, FLA. — Grandbridge Real Estate Capital has closed the $23 million refinancing of Azul at Baldwin Park, a 178-unit, Class A apartment community located in Orlando’s Baldwin Park district. The multifamily property features a swimming pool, spa, cyber café, business center, clubroom and a fitness center. Bill Mattice and Phillip Cox of Grandbridge arranged the five-year, interest-only loan through an unnamed insurance company on behalf of the borrower, a joint venture between Jefferson Apartment Group and Pacolet Milliken Enterprises Inc.