PINEHURST, N.C. — Argus Development Group LLC, a Charlotte-based developer, has broken ground on PineCroft, a 98,220-square-foot shopping center located at the intersection of U.S. Highway 211 and Main Street in Pinehurst. PineCroft will be anchored by a 76,000-square-foot Harris Teeter and includes 22,200 square feet of specialty shops along with four outparcels. The center is scheduled for completion in fall 2015. The design team includes project architect One on One Design, project engineer BBM Associates and general contractor Montgomery Development. Stanford Garnett of Argus Development Group will handle the leasing for PineCroft.
Southeast
GREENVILLE, N.C. —The Colliers International Student Housing Group has closed the sale of The Landing Apartments in Greenville for $33.5 million. According to Colliers, this sale signifies the demand for value-add student housing communities with opportunities for buyers to make improvements and renovations. The 319,296-square-foot complex is located near East Carolina University (ECU) and Pitt Community College. With 288 units and 888 beds, The Landing is a gated community with access to the ECU bus system for transportation to campus. An undisclosed private equity fund purchased the complex. The seller was Corridor Greenville LLC. Travis Prince, Dorothy Jackman and Sean Baird with the Colliers International Student Housing Group, along with Steven Peden, senior vice president with Colliers International | Raleigh-Durham represented the buyer and seller in the transaction.
ALPHARETTA, GA. — North American Properties (NAP) has announced three new retailers for Phase II of Avalon, a $600 million mixed-use development in Alpharetta. NAP recently secured commitments from Lily Pulitzer, Brooks Brothers and Peek Boutique, which will be joined by 12 more retailers and restaurants in Phase II. The second phase of Avalon will feature 90,000 square feet of upscale retail and restaurants, a 250,000-square-foot Class A office building above retail space, 276 luxury rental homes above retail space, a freestanding 300,000-square-foot office building and a 325-room hotel and conference center. Phase I, which is 97 percent leased, will open to the public on Oct. 30.
ORLANDO, FLA. — Walker & Dunlop Inc. has provided $33.4 million in acquisition financing for Arden Villas, a 336-unit apartment complex in Orlando. Stephen Farnsworth of Walker & Dunlop’s New Orleans office led the team that structured the financing for repeat sponsor Pollack Shores and its joint venture equity partner, DOME Equities. The loan features a 10-year fixed-rate term with four years interest only at 80 percent LTV under Freddie Mac’s Capital Markets Execution (CME) program. The interest rate was locked when the 10-year U.S. Treasury was at a then 12-month low of 2.5 percent, according to Walker & Dunlop.
ATLANTA — Atlanta-based tvsdesign has completed the design of the new College Football Hall of Fame, located on the Georgia World Congress Center campus at 250 Marietta St. in downtown Atlanta. The 94,256-square-foot, $68.5 million facility will open to the general public on Aug. 23. The property, which is expected to draw 500,000 visitors annually, serves to honor college football’s greatest players and coaches. Atlanta Hall Management is the not-for-profit organization established to build and operate the facility. The company chose tvsdesign to design the Hall of Fame as well as its headquarter offices. The property will feature multiple galleries that will include interactive exhibits with a 52-foot touchscreen wall and a system that allows fans to interact with videos and images specific to their favorite college football teams. The property also includes a 45-yard turf field, street-level retail and restaurant space, a 55-foot by 29-foot entry wall and a Hall of Fame shrine on the third floor.
CLEARWATER, FLA. — JE Dunn Construction Co. has been selected to build a new five-story patient and surgical tower at Morton Plant Hospital in Clearwater. The project will feature 230,000 square feet of new construction and 154,400 square feet of renovation. JE Dunn will begin construction on the tower in spring 2015 and will tentatively complete the project in December 2016. The new tower is part of a four-year, $200 million campus transformation program for the hospital, which is a member of BayCare Health System. Gresham Smith and Partners is the architect of record for the project.
JENSEN BEACH, FLA. — CBRE has arranged the $17.3 million sale of Marketplace Square, a 173,292-square-foot retail center located at 3255 N.W. Federal Highway in Jensen Beach. Leon Capital Group purchased the asset from Kimco Realty Corp. The property is 73 percent leased to 20 tenants, including Hobby Lobby, Bank of America, KFC and Sonic. Dennis Carson and Casey Rosen of CBRE represented Kimco in the transaction.
FORT LAUDERDALE, FLA. — HFF has arranged the sale of il Lugano, a 105-suite luxury boutique hotel located at 3333 N.E. 32nd Ave. on the Intracoastal Waterway in Fort Lauderdale. Completed in 2008, the hotel features the da Campo Osteria restaurant, a lobby bar, outdoor event patio, outdoor resort-style pool with a sundeck, 10-slip private marina, fitness center, adjacent water taxi station, private parking garage and approximately 4,000 square feet of meeting space. Max Comess, Daniel Peek, Denny Meikleham, Scott Wadler, Alexandra Lalos and Cecily Nazario of HFF represented the seller, Il Lugano LLC, in the transaction. Il Lugano LLC is owned by the SageCrest Liquidating Trust, which is managed by John Huber, a managing director at SOLIC Capital Advisors. The buyer was an affiliate of Bridgewater, Mass.-based Claremont Cos.
CHARLOTTE, N.C. — SunTrust Bank has expanded its new regional headquarters in the Sharon Square mixed-use development in Charlotte’s SouthPark submarket. SunTrust has expanded its footprint by 19,000 square feet to accommodate the growth in its wholesale banking and private wealth management divisions. Sharon Square is now more than 80 percent leased to tenants such as Whole Foods Market, Corkbuzz Wine Studio and Dogwood Southern Table & Bar. Sharon Square’s ownership, Pappas Properties and Allen Tate Co., inked the lease with SunTrust. The Atlanta-based bank’s regional headquarters is expected to open later this fall.
ISLAMORADA, FLA. — HFF has secured $25.9 million in financing for The Islamorada Resort, an oceanfront property located at 80001 Overseas Highway in the Village of Islamorada in the Florida Keys. The resort is roughly 80 miles from Miami to the north and Key West to the south. The five-story property features 79 guest rooms, an Oceans 80 restaurant/tiki bar, resort-style pool, private beach and marina. Max Comess, Chris Drew, Maxx Carney and Alexandra Lalos of HFF’s Miami office arranged the loan through Bank of the Ozarks on behalf of the borrower, The Carlyle Group. The Carlyle Group is working with the resort’s operator Trust Hospitality and architect Malcolm Berg to renovate and reposition the property.