DORAL, FLA. — Miller Construction Co. breaks ground on Gateway Center Doral, an 84,000-square-foot mixed-use development in the metro Miami city of Doral. The $9 million project will feature retail and high-end boutique office space in Doral’s N.W. 87th Avenue retail and restaurant corridor. The project team includes developer DBH Properties Ltd. and architect DYNAMICA ARCHITECTURE + INTERIOR DESIGN. Miller Construction expects to deliver the property in spring 2015.
Southeast
HYATTSVILLE, MD. — ECHO Realty LP and its partner The Bernstein Cos. have broken ground on The Gateway at University Town Center, an 83,400-square-foot mixed-use property in Hyattsville. The two-story asset will be located at the intersection of East-West Highway and America Boulevard. The property will be anchored by a 54,400-square-foot Safeway and feature tenants such as Unleashed by Petco, Phenix Salon and an undisclosed medical office practice. ECHO has selected Facchina Co. Inc. as the site work contractor for the development and will select a general contractor for the development in the near future.
CHARLOTTE, N.C. — Trinity Capital Advisors has purchased two office buildings in Toringdon Office Park (Toringdon 3 and 5), a six-building office park in south Charlotte. Trinity Capital now owns the entire office park, including 12 acres of land and a three-level parking garage. Trinity Capital purchased Toringdon 3 and 5 in a joint venture with Stockbridge Capital. The 527,392-square-foot park is leased to 16 tenants, including Nationwide Insurance, Ally Bank and Verizon Wireless. Trinity Capital also plans to develop a 175,000-square-foot, Class A office building at the park. Trinity Partners is responsible for the leasing and property management of Toringdon Office Park.
LARGO, FLA. — Marcus & Millichap has arranged the $18 million sale of Bay Pointe Apartments, a 417-unit multifamily community in Largo, part of the Tampa Bay area. The property is located at 2770 Roosevelt Blvd., within two miles of the St. Petersburg-Clearwater International Airport. The property features a tennis court, business center and two swimming pools. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented both the buyer and the seller in the transaction.
UNIONDALE, N.Y. — Arbor Commercial Funding LLC has funded six loans totaling $31.1 million for apartment properties in North Carolina and Kentucky. Michael Zysman of Arbor Commercial Mortgage originated all six loans. The loans included: · a 10-year, $7.5 million Fannie Mae DUS loan for the acquisition of the 250-unit Bella Vista Apartments in Gastonia, N.C. · a 10-year, $5 million Fannie Mae DUS loan for the acquisition of the 196-unit Wingate Place Apartments in Charlotte · a 10-year, $5 million Fannie Mae DUS loan for the acquisition of the 176-unit Highlands Apartments in Charlotte · a seven-year, $4 million Fannie Mae DUS ARM loan for the acquisition of the 192-unit Hanover Landing Apartments in Charlotte · a 10-year, $2.3 million Fannie Mae DUS loan for the acquisition of the 98-unit Four Seasons Townhomes in Greensboro, N.C. · a 10-year, $2 million Fannie Mae DUS Small Loan refinance for an unnamed 66-unit asset in Winston-Salem, N.C. · a 10-year, $1 million Fannie Mae DUS Small Loan refinance for an unnamed 48-unit asset in Winston-Salem, N.C. · a two-year, $4.3 million Arbor Realty Trust Bridge Loan for the acquisition of an unnamed 252-unit property in Lexington, Ky.
GAINESVILLE, FLA. — InterContinental Hotels Group (IHG) has signed a deal to bring a 120-room Hotel Indigo to Celebration Pointe, a new 125-acre mixed-use neighborhood being developed in Gainesville. The hotel will be located within the project between S.W. 49th Terrace and S.W. 50th Terrace. The hotel will feature a neighborhood bar and an interactive touchscreen display called Neighborhood Guide that guests can use to explore the area. The $170 Celebration Pointe development is scheduled to open by fall 2016. The Hotel Indigo Gainesville is also expected to open in 2016. Celebration Pointe Hotel Partners LLC owns the hotel, and Driftwood Hospitality will manage it upon completion.
ORLANDO, FLA. — The Shopping Center Group has brokered the sale of two Orlando shopping centers for an aggregate purchase price of $26.6 million. Orange Blossom Center, a fully leased, 161,000-square-foot asset in south Orlando, sold for approximately $16.3 million. The center’s tenant roster includes Save-A-Lot, Planet Fitness, CitiTrends and Walgreens, which wasn’t included in the sale. The Shopping Center Group represented the seller, an affiliate of California-based PICOA Inc., in the transaction. A private investor from New York was the buyer. Additionally, Century Plaza, a fully leased, 135,000-square-foot shopping center in east Orlando, sold for $10.3 million. The asset’s tenant roster includes Aldi, Ross Dress for Less, Big Lots and dd’s Discounts. The Shopping Center Group represented the seller, Kimco Realty, in the sale of the asset to ARC Centers.
MCLEAN, VA. — Finmarc Management Inc. and SPMC Urban Properties has sold a two-story, 32,857-square-foot retail store located at 8209 Watson St. in McLean. Constellation 107th Street LLC purchased the asset for $22 million. The two-story building, which also features a two-story parking garage, is fully leased to Recreational Equipment Inc. (REI). The property is adjacent to Tysons Corner Center and the new Silver Line of the Washington Metro Transit System. Jonathan Hipp, Andrew Fallon and Jonathan Florin of Calkain Cos. LLC represented both the buyer and the sellers in the transaction.
CHESTER, S.C. — Newmark Grubb Wilson Kibler has arranged an 806,000-square-foot lease transaction for industrial space at 648 Wilson St. in Chester. The tenant was International Auto Logistics, a storage and maintenance shop for private vehicles for military personnel serving overseas. George McCutchen of Newmark Grubb Wilson Kibler represented the landlord, Breton Equity Corp., in the lease transaction.
MIAMI — CREC has secured a lease for a new 30,000-square-foot Ross Dress for Less at Miller Square Shopping Center, a 196,323-square-foot center in Miami. The asset is located at the southwest corner of 137th Avenue and Southwest 56th Street in Miami’s West Kendall submarket. CREC worked with owner Principal Real Estate Investors and manager Schiff Properties to demolish an underutilized 21,000-square-foot portion of Miller Square to make room for the new Ross store. Steven Henenfeld and Ruben Suarez of CREC arranged the lease deal on behalf of the landlord. Construction is expected to wrap up in 2015.