CHARLESTON, S.C. — A joint venture between Alex. Brown Realty Inc. (ABR), a privately owned real estate manager, and Lat Purser Associations Inc., a Charlotte-based investment firm, has purchased Ashley Oaks Plaza, a 58,720-square-foot shopping center in Charleston. The companies plan to redevelop the property, which was 81 percent leased at the time of sale. Built in 1985, the unanchored center is located less than six miles from downtown Charleston in the Ashley River Road retail corridor. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $4 million in the joint venture.
ORLANDO, FLA. — Integra Real Estate Capital has arranged a $21 million loan for the refinancing of Shoppes at Alafaya, a 122,600-square-foot shopping center in Orlando. Built in 2011, the property is anchored by Toys “R” Us and Dick’s Sporting Goods. Russell Kimyagarov of Integra arranged the 10-year, non-recourse, fixed-rate loan on behalf of the borrower, an ownership group based in Miami.
GAINESVILLE, FLA. — Butler Enterprises has signed Marshalls to a 22,000-square-foot lease and Ashley HomeStore to a 35,000-square-foot lease at Butler North in Gainesville. Both retailers will open their stores in the fall. The 750,000-square-foot shopping center is the latest phase of a 267-acre, 1.8 million-square-foot retail destination that will include Butler North, Butler Plaza and Butler Town Center, which will break ground this spring and open in 2018. In addition to Marshalls and Ashley HomeStore, Butler Enterprises has executed 18,300 square feet of leases with Jimmy John’s, Orangetheory Fitness, Eyeglass Express, Blown Salon, Florida Credit Union, Lee Nails, Jersey Mike’s and SportClips. Existing tenants at Butler North include Lowe’s Home Improvement, Sam’s Club, Walmart Supercenter and Dick’s Sporting Goods.
MIAMI — Akerman LLP, a prominent law firm, has moved into its 110,508-square-foot office space at Three Brickell City Centre in Miami. Akerman’s office space features a conference center that can accommodate up to 300 people, a café, common areas, war rooms and coffee bars. Three Brickell City Centre is the only office building in the Brickell area with a Metromover attached to its structure (Eighth Street Station), and Akerman will be the only law firm in the area with a Metromover station. Three Brickell City Centre is also pre-certified LEED Gold. With more than 600 lawyers and government affairs professionals and a network of 20 offices, Akerman is a transactions and trial law firm with a specialty in middle market M&A within the financial services and real estate industries, as well as a Latin American practice. Located at 98 S.E. 7th St. in Miami’s Brickell financial district, Three Brickell City Centre is part of Swire Properties’ $1.05 billion Brickell City Centre mixed-use development.
DANIEL ISLAND, S.C. — Crossman & Co. has brokered the sale of Daniel Island Town Center, a Publix-anchored, 68,688-square-foot shopping center located on Seven Farms Drive in Daniel Island in metro Charleston. The property was 98 percent occupied at the time of sale. Publix Super Markets Inc. purchased the shopping center from an unnamed institutional group based in the Northeast.
NEW JERSEY, PENNSYLVANIA AND FLORIDA — Prologis has acquired a 5.4 million-square-foot portfolio consisting of 3.2 million square feet of industrial properties and 2.2 million square feet of retail properties in multiple states. Morris Realty Associates sold the portfolio for an undisclosed sum. Included in the portfolio are ten industrial properties, eight of which are in Northern New Jersey, as well as 13 retail properties in New Jersey, Pennsylvania and Florida. After the initial acquisition, Prologis sold the retail portion of the portfolio to Blackstone Real Estate Advisors for an undisclosed price. The company plans to retain the industrial properties for long-term investment purposes. Thomas Monahan, Noah Balanoff, Anastasia Lazarides and Gerard Monahan of CBRE’s Saddle Brook, New Jersey, office represented Prologis in the acquisition. Bill Kent, also of CBRE, spearheaded the multi-state team that brokered the disposition of the retail properties.
MIAMI — Miami Worldcenter Associates, in collaboration with The Forbes Co. and Taubman, has unveiled plans for the high street retail promenade and plaza at Miami Worldcenter, a $2 billion, 27-acre mixed-use development located in Miami. The retail component will feature a pedestrian-oriented, open-air streetscape surrounded by residential towers, a hotel and exposition center and a variety of dining and entertainment options. The retail promenade will run from northeast 10th Street to northeast 7th Street, and will be located near a large open-air public plaza set to be developed on 1st Avenue. This plaza will be surrounded by shops and restaurants, and will create a central gathering place and outdoor event space within the complex.
ELGIN, S.C. — Cardinal Ventures, a developer based in Mississippi, has broken ground on The Blake at Woodcreek Farms, a seniors housing community located within the 2,300-acre resort-style community of Woodcreek Farms in the Columbia suburb of Elgin. The Blake at Woodcreek Farms will total 88,000 square feet, with a scheduled opening in early 2017. The community will have assisted living and memory care apartments. Development costs and number of units were not disclosed. Blake Management Group will operate the community once complete. The company currently manages other Blake-branded communities in Alabama, Louisiana, Mississippi and Tennessee.
JACKSONVILLE, FLA. — Newly formed Blue Rock Premier Properties LLC has closed on its purchase of a 532-unit, two-property apartment portfolio in Jacksonville from Landmark Apartment Trust for $48 million. The properties had an average 95 percent occupancy at the time of sale. The communities include the 284-unit Landmark at Hampshire Place located at 10023 Belle Rive Blvd. and the 248-unit Landmark at Sage Commons located at 8401 Southside Blvd. Blue Rock Premier will invest $3.4 million in interior and exterior upgrades and rebrand the properties as The Park at Potenza and The Park at Trapani, respectively. Dhaval Patel of CBRE’s Jacksonville office brokered the transaction. Wells Fargo provided debt financing on behalf of Blue Rock Premier.
GAINESVILLE, FLA. — PCCP has provided a $35.5 million senior loan to Arden Group for the acquisition of the leasehold interest in the Hilton University of Florida Conference Center. Arden Group purchased the interest from Xenia Hotels & Resorts. The new ownership plans to upgrade the hotel’s guestrooms, common areas, dining areas and meeting space. The 248-room, seven-story hotel is located at 1714 S.W. 34th St. in Gainesville. The hotel features two restaurant/bar venues, an outdoor pool, fitness center and 25,000 square feet of meeting space.