SMYRNA, GA. — Atlanta-based Halpern Enterprises has begun construction on Belmont, a 48-acre mixed-use development in Smyrna, a northwest suburb of Atlanta. The property will feature restaurants, retail, single-family homes and luxury rental apartments at the site of the former Belmont Hills Shopping Center. David Weekley Homes will build 153 detached single-family homes at the intersection of Windy Hill and Atlanta roads in a neighborhood dubbed the Village of Belmont. Homes will be priced from the high $200,000s to more than $400,000. Wood Partners will build the multifamily portion in a 274-unit property known as Alta Station at Belmont. Pre-leasing is expected to begin in the spring of 2015. Halpern Enterprises will develop the retail portion with the first stores expected to open in the summer of 2015.
Southeast
FARMVILLE, N.C. — Crayton Commercial has completed the redevelopment of Brightleaf Shopping Center, a 98,150-square-foot shopping center in Farmville, about 14 miles west of Greenville. The property is located at the intersection of East Marlboro Road and Main Street. Brightleaf’s tenant roster includes a 43,200-square-foot Roses Discount Store and an 8,470-square-foot Dollar Tree. Crayton Commercial is also launching Phase II of the project on an adjacent 7.8-acre tract of land that calls for an anchor structure and two outparcels. Mike Morton of Morton Commercial Inc. served as the general contractor on the redevelopment project, and Bank of North Carolina and BB&T provided construction financing for the project.
FORT LAUDERDALE, FLA. — CBRE has arranged the sale of Prospect Park IV, a 68,500-square-foot manufacturing and distribution facility located at 3600 N.W. 54th St. in Fort Lauderdale. KTR Capital Partners purchased the asset for an undisclosed price. Prospect Park IV features 16,171 square feet of corporate offices and a showroom, 26-foot ceiling heights, two dock-high doors, four grade-level doors, two van-high doors, a 110-foot truck court and fire sprinklers. Larry Genet, Harry Tangalakis and Tom O’Loughlin of CBRE represented KTR Capital Partners in the transaction.
VIRGINIA BEACH, VA. — Virginia Beach-based Wheeler Real Estate Investment Trust Inc. has purchased three development sites in Virginia and North Carolina for $4.2 million. Wheeler REIT purchased the sites from Development Fund I LLC, an affiliate of Wheeler REIT, and plans to develop the sites into future retail assets. The sites include a 52.9-acre tract in Edenton, N.C., suitable for a 300,000-square-foot development; a 1.3-acre tract in Moyock, N.C., suitable for a 9,000-square-foot property; and a 1-acre parcel in Courtland, Va., suitable for a 8,400-square-foot property.
ATLANTA — Utilizing two loans totaling $50 million from its capital advisor Patterson Real Estate Advisory Group, Pope & Land Enterprises Inc. has refinanced Cumberland Center I and Barrett Office Park in metro Atlanta. Patterson arranged the financing through BBVA Compass for Cumberland Center I and BB&T for Barrett Office Park. Cumberland Center I is a seven-story office building totaling 188,697 square feet in Atlanta’s Cumberland/Galleria office submarket. Sprint Communications fully occupies the asset. Pope & Land developed Cumberland Center I in 1985. Barrett Office Park consists of seven office buildings totaling 502,752 square feet that are more than 80 percent occupied on an aggregate basis. The office park is located off of Barrett Parkway between I-75 and Highway 41 in the Town Center submarket of Kennesaw, a northern suburb of Atlanta.
JOHNS CREEK, GA. — Ebix Inc., a software and e-commerce services provider to the insurance and healthcare industries, has purchased a 100,000-square-foot, Class A office building in Johns Creek Technology Park. The LEED Gold-certified property will serve as Ebix Inc.’s global headquarters after the company begins operations at the facility in 2015. Along with the property, Ebix purchased 11.6 acres of land. CBRE represented the seller, Atlanta-based TPA Group, the developer of Johns Creek Technology Park, in the transaction. Cresa represented Ebix.
HAMPTON AND NEWPORT NEWS, VA. — Gingko Residential has acquired a three-property multifamily portfolio in the Hampton Roads region of southern Virginia. The three Class A, garden-style communities total 641 units. The properties include Bridgewater on the Lake in Hampton, Lake Ridge in Hampton and The Reserves at Arboretum in Newport News. Gingko Residential plans to combine operations at Bridgewater on the Lake and Lake Ridge to maximize efficiency.
GREENSBORO AND BURLINGTON, N.C. — Multi Housing Advisors (MHA) has brokered the sale of two multifamily assets in North Carolina totaling $19.8 million. MHA arranged the $11.4 million sale of the 299-unit Brannon Park in Greensboro and the $8.4 million sale of The Brittany, a 214-unit community in Burlington. San Diego-based Pacifica Cos. purchased Brannon Park from VTT Management, a private investment firm based in Boston. Blue Valley Apartments Inc., an affiliate of Ocwen Financial, sold The Brittany to Harvest Investments, a Connecticut-based investment partnership. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in both transactions.
PENSACOLA, FLA. — KeyBank Real Estate Capital has secured a $15.5 million loan to refinance Park Place Promenade, a 172,086-square-foot retail center in Pensacola. The total collateral for the property is 83,902 square feet. Park Place Promenade was constructed in 2003-2004 and is comprised of five in-line buildings. The property has averaged above 91 percent occupancy since 2008. The unnamed borrower used the loan to pay off an existing CMBS loan that KeyBank originated in 2004.
TAMPA, FLA. — The U.S. Department of Veterans Affairs (VA) and Duke Realty have opened the James A. Haley Veterans’ Hospital Primary Care Annex, a 106,000-square-foot VA clinic in Tampa. Duke Realty developed the two-story property at 13515 Lake Terrace Lane in the Hidden River Corporate Park at Interstate 75 and Fletcher Avenue. The property features a women’s center, radiology, mental health services and dental services. The VA leases the facility from Duke Realty. The facility was designed by Minneapolis-based Hammel, Green and Abrahamson.