COVINGTON, LA. — Dallas-based Cypress Equities has acquired Covington Nord du Lac shopping center, a 460,000-square-foot regional retail power center located in Covington, roughly 40 miles north of New Orleans. The center comprises 214,000 square feet of existing space, 83,000 square feet of partially built improvements and 162,000 square feet of planned development space. Tenants including Hobby Lobby, Academy Sports + Outdoors, Petco and Kohl’s anchor the center. Kyle Stonis, Scott Tiernan and Pierce Mayson of SRS Real Estate Partners represented Cypress Equities in the transaction.
WASHINGTON, D.C. — SunTrust Banks Inc. has closed $32.3 million in financing to fund Phase III of the Town Hall Education Arts Recreation Campus (THEARC), a cultural, educational and social services center located in southeast Washington, D.C. THEARC is run by Building Bridges Across the River (BBAR), a nonprofit established by W.C. Smith for the purpose of building and managing the facility, including THEARC Theater and THEARC Farm. In addition to BBAR, THEARC houses nine nonprofit partners and provides dance, art and music classes, medical and dental care, afterschool activities, performances, education and social services to underserved communities in D.C.’s Wards 7 and 8. Phase III of THEARC will add approximately 92,000 square feet to the existing 110,000-square-foot development. The new addition will be home to an expanded clinic run by Children’s National Medical Center, Appletree Institute for Education Innovation Inc. (classroom, training and administrative space), the Bishop Walker School for Boys and The Phillips Collection. The new building will also include a black box theater. The project will be completed in 2017. The deal was led by SunTrust Community Capital and included $32.3 million in New Markets Tax Credit (NMTC) allocations. Three community development entities (CDEs) each contributed $10 …
ENGLEWOOD, FLA. — Love Funding, a Washington, D.C.-based lender, has provided a $17.8 million construction loan to build Heritage Oaks Assisted Living and Memory Care, a 118-unit seniors housing community in Englewood, located between Tampa and Fort Myers. Tammy Tate of Love Funding secured the 40-year, non-recourse financing through the HUD 232 program. Heritage Oaks will include 86 assisted living units and 32 memory care units in a two-story building. The initial 10-acre site will be part of a larger 60-acre campus. Phase II of development will add independent living to the community. Georgia-based CDH Partners is design architect for the project, which Florida-based Core Construction Services will build. When complete, Beacon Communities will operate the community. No timeline for construction was disclosed.
ROANOKE, VA. — H&R Retail has arranged the sale of Valley View, an 81,789-square-foot shopping center located at 1123 Valley View Blvd. in Roanoke, for an undisclosed price. The center was fully leased at the time of sale to tenants including hhgregg and Dick’s Sporting Goods. Michael Gorsage and Kate Howarth of H&R Retail represented the seller, Valley View SC LLC, in the transaction. David Andrews of The Shopping Center Group represented the buyer, Southeast Holdings LLC.
RICHMOND, VA. — CBRE | Richmond has arranged a 36,125-square-foot lease for a new 2nd & Charles store in Richmond. The new and used goods retailer will replace a former Babies “R” Us store at the Tuckernuck Square shopping center located at 9004 W. Broad St. 2nd & Charles specializes in trading used books, audio books, CDs, DVDs, video game systems, vinyl records and accessories. Brand new merchandise is also available for purchase along with musical instruments and autographed books. According to CBRE | Richmond, each 2nd & Charles store typically has more than 500,000 items and three miles of shelf space. The new store will be the retailer’s second location in the greater Richmond area and third in Virginia. Rob Black, Robby Brownfield and Chris Doyle of CBRE | Richmond represented 2nd & Charles in the transaction.
HOLLYWOOD, FLA. — Kimco Realty Corp. has purchased the remaining 45 percent ownership interest in the Oakwood Plaza shopping center and the Dania Pointe mixed-use development in Hollywood for a gross purchase price of $299.2 million. Kimco acquired the interest and assumed $100 million of mortgage debt from its joint venture partner, Canada Pension Plan Investment Board. The adjacent properties have a combined two miles of frontage on I-95 and are near the Fort Lauderdale-Hollywood International Airport and the Port Everglades international cruise port. Oakwood Plaza is a 900,000-square-foot open-air retail center that is fully leased to tenants such as Home Depot, Marshalls, HomeGoods, Ross Dress for Less, Michaels, PetSmart, BJ’s and Regal Cinemas. Dania Pointe is a mixed-use, ground-up development project that will include approximately 900,000 square feet of retail stores and restaurants, 1,000 luxury apartments, two hotels totaling 300 rooms and two office towers. Phase I will be a traditional 318,000-square-foot open-air retail power center with construction expected to begin in the fall of 2016. Phase II will be a lifestyle center featuring 575,000 square feet of Main Street retail, residential towers and office buildings. Construction for Phase II is scheduled to start at the end of 2017.
BOCA RATON, FLA. — Miami-based Ocean Bank has provided a $50 million construction loan that will fund the development of a 282-unit luxury apartment community at the Park at Broken Sound in Boca Raton. The project will be located on 14.1 acres at the southeast corner of Congress Avenue and Clint Moore Road, a few miles from Florida Atlantic University, Mizner Park, Boca Town Center and the beaches. The apartment complex, which includes a 5,500-square-foot clubhouse, is expected to open in 15 to 16 months. Ralph Gonzalez-Jacobo and Eddie Diaz of Ocean Bank originated the loan on behalf of the Miami-based borrowers, Sergio Rok and James Tate of TR Danburg Boca Holdings. The loan represents 70 percent of the estimated total cost of $71.4 million, or $177,000 per unit, for the development and construction of the property.
FORT LAUDERDALE, FLA. — Blackhawk Properties & Investment LLC has selected Berger Commercial Realty to lease and manage the new seven-story 550 Building that is set to break ground in downtown Fort Lauderdale. Scheduled to begin construction this summer and open in fall 2017, the 70,000-square-foot, Class A office tower will be located at 550 S. Andrews Ave., the former site of the 32,500-square-foot Justice Building. The project will have an attached parking garage and ground-floor retail space. Roughly 10,000 square feet of 550 Building’s office space has been pre-leased. The development team includes Blackhawk, Collins Capital Partners, Craven Thompson & Associates, Douglas Management and Falkanger, Snyder, Martineau and Yates. Steve Hyatt, Joseph Byrnes and Stephanie Bernota of Berger Commercial Realty are the leasing agents for both the office and retail components at the 550 Building.
CARTERSVILLE, GA. — Pattillo Industrial Real Estate has wrapped up construction on a 265,200-square-foot spec industrial facility within Cartersville Business Park. The building is situated on 34 acres at 731 Cassville White Road in Cartersville, a northwest suburb of Atlanta. The facility is roughly a half-mile from I-75 and features 30-foot clear heights, a white reinforced TPO roof system, 185-foot truck court, 24 dock high doors, an ESFR sprinkler system, T5 fluorescent lighting and 61 spaces for trailer parking.
MIDDLEBURG, FLA. — NAI Avant has brokered the $2 million sale of a newly developed Family Dollar store in Middleburg. The 8,320-square-foot, freestanding store is located at 4249 County 218 Road. Dail Longaker of NAI Avant represented the buyer, Mid-Carolina Trading of Florida LLC, in the transaction.