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.
ATLANTA — Atlanta-based Pellerin Real Estate has announced the name of its $20 million, 110,000-square-foot redevelopment project in Atlanta’s Grant Park neighborhood — The Beacon Atlanta. The project is a revitalization of six warehouses at 1039 Grant St. along the Atlanta BeltLine’s Southside Trail within blocks of Zoo Atlanta. Upon completion, The Beacon Atlanta will feature retail space, a fitness studio, wellness center, beauty salon, food market, loft office space and food and beverage production facilities. Construction is set to begin in late 2016, with a planned opening in the late summer of 2017.
FAYETTEVILLE, ARK. — Grandbridge Real Estate Capital has provided a $12.2 million acquisition loan for Garden Park Apartments, a 246-unit apartment community in Fayetteville. Alan Tapie of Grandbridge originated the 10-year, non-recourse loan with a 30-year amortization schedule through Freddie Mac’s CME program. The loan was structured with an interest rate fixed below 4 percent and featured an interest-only period, according to Tapie. The non-student housing property is primarily occupied by University of Arkansas students and features a business center, swimming pool with sundeck, hot tub, fitness studio and a basketball court.
LAWRENCEVILLE, GA. — Avison Young’s Atlanta office has arranged a 91,000-square-foot office lease at 1715 N. Brown Road in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County. Sage Software, an accounting and business management software firm, will lease the space for five years. Chet Koenig of Avison Young represented the landlord, Clarion Partners, in the lease transaction.
