DORAL, FLA. — Marcus & Millichap has brokered the $9.1 million sale of Doral Signature Shops, an 11,110-square-foot retail property located at 11401 N.W. 41st St. in Doral. The property’s tenant roster includes Starbuck’s Coffee, Mercantile Commerce Bank and Graziano’s. Scott Sandelin and Edward Romo of Marcus & Millichap’s Miami office represented the seller, a partnership between local developers Gadinsky Real Estate and Armando Codina. The buyer was a limited liability company based in Miami.
WASHINGTON, D.C. — National Harbor, a waterfront retail destination in Washington, D.C., has announced nine new retailers and restaurants now open or coming to the development. The stores and restaurants include Granite City Food & Brewery, Betty, SUCCOTASH, Chipotle Mexican Grill, Starbucks Coffee, Savannah’s Candy Kitchen, Marbles | The Brain Store, The Esplanade, Boating in D.C. and Pinkberry’s. Additionally, a new 190-room AC Hotel by Marriott recently opened at National Harbor, as well as a 262-unit luxury apartment community known as The Esplanade. The 350-acre National Harbor boasts 3,000 hotel rooms including the Gaylord National Resort & Convention Center, 150 stores including Tanger Outlets, and 30-plus restaurants, hundreds of residential and office units, tree-lined promenades and a marina. It is also home to The Capital Wheel, a 180-foot observation wheel overlooking the Washington, D.C., skyline. Additionally, in 2016 MGM Resorts International will open a $925 million casino complex on 23 acres with a 300-suite hotel.
GLEN BURNIE, MD. — Transwestern has brokered the $76.3 million sale of The Coves at Chesapeake, a 469-unit townhome community in Glen Burnie, a city in the Washington-Baltimore corridor. Dean Sigmon and Robin Williams led Transwestern’s Mid-Atlantic Multifamily Group in representing both the buyer, Sage Management LLC, and the seller, Home Properties LP, in the transaction. This is the group’s third sale brokered in Anne Arundel County in the past nine months.
ORLANDO, FLA. — The Courtelis Co., Kislak Organization and HMG/Courtland Properties will break ground next week on Murano at Grande Lakes, a $33.6 million luxury apartment community in Orlando. The trio of South Florida-based developers will build the 240-unit property on a 9.5-acre site at the southeast corner of John Young Parkway and Taft-Vineland Road. The design team includes architect Forum Architecture and Interior Design and general contractor Roger B. Kennedy Inc. Wells Fargo provided construction financing to the development team for the project, which is slated for a summer 2016 completion.
ATLANTA — Atlanta Property Group (APG), an Atlanta-based real estate investment firm, has closed on its acquisition of Securities Centre, a two-building, 531,000-square-foot office campus in Atlanta’s Buckhead submarket. The campus is located at 3490 and 3500 Piedmont Road near the intersection of Piedmont and Lenox roads. APG purchased the office complex from LNR Partners, which had foreclosed on the property in November 2011. APG has purchased 10 office properties spanning 3 million square feet in the metro Atlanta area since mid-2010. APG will lease and manage Securities Centre, with plans to complete a multi-million dollar renovation to the property during its first year of ownership. JLL represented LNR Partners in the transaction.
CONYERS, GA. — MB Real Estate Healthcare Group and McWhirter Realty Partners have broken ground on a 30,000-square-foot medical office building in Conyers Medical Park. Conyers Medical Park is an 11-acre campus situated at 1301 Sigman Road in Conyers, a suburb of Atlanta. The lead tenant for the property is Rockdale Medical Center, a subsidiary of LifePoint Health. Additional tenants include Piedmont Hospital and MD Pain Management. The design team includes general contractor Benning Construction Co. and architect Robertson Loia Roof. The development team expects to deliver the medical office building in the fourth quarter of 2015.
STONE MOUNTAIN, GA. — Crown Bay Group LLC, a Boca Raton, Fla.-based real estate investment and management firm, has purchased Wynview Apartments on Central Drive in Stone Mountain for $3.9 million. This is the company’s first acquisition in the Atlanta area. The garden-style apartment community is situated on a park-like lot and features a swimming pool. Crown Bay Group plans to renovate the property and rebrand it as Parc Central. The renovation will include the upgrade of unit interiors, the addition of new amenities including a playground, picnic area near the pool and a community room that will also house a business center.
LAKE CHARLES, LA. — A joint venture between W.R. Grace & Co. and Chevron Products Co. will invest $135 million to build a residue hydroprocessing catalyst production plant at the existing Grace manufacturing plant in Lake Charles. The joint venture, known as Advanced Refining Technologies (ART), expects to create roughly 30 new direct jobs with the expansion, and Louisiana Economic Development (LED) expects approximately 88 new indirect jobs will be created. Additionally, 190 construction jobs will be created. Grace’s existing 120-acre manufacturing site is located on the Calcasieu River. The facility produces alumina, sodium silicate, fluid-cracking catalysts, hydroprocessing catalysts and zeolites. The state of Louisiana facilitated the investment with an incentive package including a $2.4 million Modernization Tax Credit. ART will also use the LED FastStart workforce development program, as well as Louisiana’s Quality Jobs and Industrial Tax Exemption programs. ART will begin hiring when construction kicks off in late 2015. Completion is slated for early 2018.
BRANDON AND TAMPA, FLA. — Berkadia has brokered the sale of two apartment communities in the Tampa area for a combined $96.4 million. Hamilton Bay Apartments, located at 1801 Princeton Lakes Drive in Brandon, sold for $43.6 million. Tampa-based Blue Rock Partners purchased the 444-unit asset from Nashville-based Covenant Capital Group. Built in 1989, the apartment community’s amenities include two swimming pools, a clubhouse, tennis court, recreation room, playground, laundry facility, controlled-access gate, child care center, complimentary coffee bar, community garden and a dog park. Viera at Westchase Apartments, located at 12401 W. Hillsborough Ave. in Tampa, sold for $52.8 million. Glendale, Colo.-based Forum Real Estate Group purchased the 390-unit property from Covenant Capital Group. Built in 1999, the property’s community amenities include two resort-style swimming pools, a hot tub with a waterfall and grotto, cabana lounges, clubhouse, business center, fitness center, tennis courts and a controlled-access gate.
HOOVER, ALA. — Rock Apartment Advisors has brokered the sale of two apartment communities in Hoover. Cleveland-based Zaremba Management Co. purchased the assets, known as Crowne Falls and Crowne at Galleria Woods Apartments, from Birmingham-based Vista Communities LLC. The two properties are Zaremba’s first multifamily properties in the state of Alabama. Bo Flurry and Justin Uffinger of Birmingham-based Rock Apartment Advisors brokered the transaction. The transaction is the second portion of a $75 million portfolio deal totaling 696 apartment units.