CORAL GABLES, FLA. — Deutsche Asset & Wealth Management’s Alternatives and Real Assets division has purchased a Class A office complex in Coral Gables, a city in Miami’s metro area. The property, known as The Alhambra, spans 326,415 square feet and comprises two towers. The buildings, known as Alhambra Plaza and Alhambra West, are 14 stories and seven stories, respectively. Deutsche purchased the complex for an undisclosed amount on behalf of a foreign institutional investor.
HAMPTON, VA. — MCR Development LLC has completed the renovation of the 149-room Hilton Garden Inn Coliseum Central in Hampton. The renovation included updates to the hotel’s guestrooms and common areas. Each unit received new furniture and design décor, and the pool, meeting rooms, event space and fitness center were updated. The hotel is located off I-64 and in close proximity to the Boo Williams Sportsplex, NASA’s Langley Research Center and the headquarters of Riverside Health System.
FREDERICKSBURG, VA. — Coldwell Banker Commercial Elite has brokered the $5.6 million sale of The Free Lance-Star’s headquarters in downtown Fredericksburg. The 90,000-square-foot office building is located at 616 and 620 Amelia St., and the property’s 2.9-acre parking lot, which is part of the sale, is located at 700 and 710 William St. Local developer William Vakos Jr. purchased the property. Sandton Capital Partners, owner of Free Lance-Star Publishing Inc., says the newspaper plans to continue to operate out of the building for another year. Ben Keddie and Heather Hagerman of Coldwell Banker Commercial Elite brokered the transaction.
COVINGTON, LA. — Monmouth Real Estate Investment Corp., a publicly traded industrial REIT based in Freehold, N.J., has purchased a 175,315-square-foot industrial facility for $18.4 million. Located at 450 Northpointe Court in Covington, a suburb of New Orleans, the distribution center is net-leased for 10 years to FedEx Ground Packaging System Inc. The property is situated on a 19.2-acre lot near I-12 and the Port of New Orleans. This is the first acquisition in Louisiana for Monmouth, which now owns 14.4 million square feet of industrial space in 29 states.
MURFREESBORO, TENN. — GBT Realty Corp. plans to develop The Shoppes of Northgate, a $16 million shopping center located along Memorial Boulevard in Murfreesboro. GBT Realty acquired the 13.1-acre site across from the Walmart Supercenter in November for $2.4 million. The new shopping center will feature a 30,000-square-foot Sprouts Farmers Market, as well as a PetSense, Liquor Barn and Newk’s Eatery. The new Sprouts store will be the fourth Sprouts that GBT Realty has developed this year. Construction on The Shoppes of Northgate is expected to begin this month, with store openings set for spring 2016. GBT Realty currently has $161 million of commercial space under development in the Nashville region.
DULUTH, GA. — SRS’ Southeast investment sales team has brokered the $16.4 million sale of Pleasant Hill Square, a 282,137-square-foot regional power center located in Duluth, an Atlanta suburb in Gwinnett County. Located at 2205 Pleasant Hill Road near the Satellite Boulevard intersection, the property is anchored by Toys “R” Us, Jo-Ann and Staples. Wells Fargo NA sold the shopping center to GW Real Estate of Georgia LLC. Kyle Stonis and Pierce Mayson of SRS, along with Tony Bartlett and Chip Sipple of Lincoln Property Co., represented Wells Fargo in the transaction. The buyer was self-represented.
SANDY SPRINGS, GA. — The RADCO Cos. has sold Sierra Place, a 130-unit, Class B apartment community in Sandy Springs, for $7.2 million. RADCO originally purchased the 1970s era property in June 2012. The Atlanta-based multifamily investor sold the asset to a group of three investors. Multi Housing Advisors brokered the transaction. RADCO has four other properties under contract for sale and has three properties totaling 1,100 units in contract for acquisition.
LEXINGTON, KY. — Shake Shack, a popular burger restaurant that began as a hot dog cart in New York City in 2001, plans to open its first Kentucky eatery in Lexington. The restaurant will join the tenant roster of The Summit at Fritz Farm, a mixed-use food hall development that will feature national retailers, chef-driven restaurant concepts, Class A office space, a boutique hotel and upscale apartment residences. The project is set to open in March 2017. The one-level, 3,000-square-foot Shake Shack will anchor The Green, a communal area of the development. Other retailers joining Shake Shack include Whole Foods Market, Kendra Scott, J. McLaughlin, Brooks Brothers, Pottery Barn, J. Alexander’s, Babalu Tacos & Tapas, Steel City Pops and Arhaus.
ATLANTA — North American Properties (NAP) has closed on a nearly $170 million deal to purchase and redevelop Colony Square, a two-tower mixed-use complex in Midtown Atlanta. The property is located at the intersection of 14th and Peachtree streets and features 700,000 square feet of office space, the W Atlanta-Midtown (not included in the sale),140,000 square feet of retail space and a 2,000-stall, covered parking garage. NAP and its capital partner purchased the project from Tishman Speyer and Rialto Capital Management, according to the Atlanta Business Chronicle.
TEMPLE HILLS AND LAUREL, MD. — Federal Capital Partners (FCP) has sold two apartment communities in Prince George’s County in Maryland for a combined $88.7 million. The properties include the 390-unit South Pointe Apartments in Temple Hills and the 386-unit Montpelier Crossing in Laurel. FCP purchased both assets in 2011 and executed capital improvements to both projects during its ownership. Dean Sigmon and Robin Williams of Transwestern represented FCP in the South Pointe transaction, and Bill Roohan, Mike Muldowney and Martha Hastings of CBRE represented FCP in the Montpelier Crossing deal.
