ATLANTA — Simon Property Group plans to add luxury residences to Phipps Plaza, an upscale shopping mall in Atlanta’s Buckhead district. Simon will team with Columbus Realty Partners Ltd. to develop the 319-unit mid-rise property, which will be named Domain at Phipps Plaza. The community’s amenity package will include a yoga court, outdoor pool, health club, dog park and a rooftop terrace with a resident lounge. Construction will begin on the property in September and wrap up in fall 2015. Dallas-based JHP Architecture/Urban Design will serve as the architect for the project.
Southeast
ORLANDO, FLA. — Cuhaci & Peterson Architects Engineers Planners has completed design work on the retail component of The Grove at Isleworth in Orlando. The mixed-use development, developed by Tavistock Group, is located on Apopka Vineland Road near Conroy-Windermere Road and features roughly 125,000 square feet of retail and restaurant space. The Grove’s tenant roster includes Fifth Third Bank, LA Fitness, Panera Bread and Walgreens.
MELBOURNE, FLA. — CBRE has brokered the $16.7 million sale of Lakeside at Greensboro, a 232-unit apartment community in Melbourne, a suburb of Orlando. The multifamily community’s units average 1,052 square feet and the property’s amenity package includes a swimming pool, heated spa, fitness center and tennis courts. The property was built in 1987 and was 94 percent occupied at the time of the sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office represented the seller in the transaction.
BENTONVILLE, ARK. — Virtus Real Estate Capital, a private equity firm based in Austin, Texas, has purchased a 400-unit self storage facility in Bentonville. The purchase of the 57,750-square-foot property is the fourth facility in Virtus’ joint venture partnership with Absolute Storage Management, a self storage owner and operator based in Memphis. The property was 98 percent occupied at the time of the sale.
WEST PALM BEACH, FLA. — McCraney Property Co. has broken ground on a Class A, 100,000-square-foot warehouse/distribution center in West Palm Beach. The property is located off Okeechobee Boulevard and Jog Road in McCraney’s Vista Business Park. The project is the first new construction in the office park in the past five years. City National Bank provided construction financing for the project, and Michael Falk & Co. LLC will lease the two-building property. The design team includes general contractor Edwards Construction Services Inc. and architect Jose Jaramillo of JJ Architectural Group. Upon completion, which is slated for December 2014, the property will feature 24-foot clear heights and available industrial space ranging from 10,000 to 100,000 square feet.
STERLING, VA. — Rock Creek Property Group has sold Regal Center, a 52,500-square-foot shopping center located at 20921-20955 Davenport Drive in Sterling. The Regal Center LLC/Bernstein Management Group purchased the asset for $18.2 million, or roughly $347 per square foot. Regal Center’s tenant roster includes Domino’s Pizza, 7-Eleven, Firehouse Subs, BB&T, UFC Gym, sweetFrog Yogurt, O’Faolains Irish Pub, Cheng’s Oriental Restaurant, Old Virginia Tobacco Co. and The Good Shepherd Alliance.
BOCA RATON, FLA. — Atlantic Commercial Group Inc. has brokered the $12.3 million sale of The Shoppes at Village Pointe, a 73,000-square-foot shopping center in Boca Raton. The property is located on Southwest 18th Street between Military Trail and Powerline Road. Gary Broidis of Atlantic Commercial Group represented the buyer, Boca SVP LLC, an entity controlled by Janoura Realty & Management.
MELBOURNE, FLA. — Faris Lee Investments has arranged the $10 million pre-sale of a recently constructed, 46,000-square-foot retail building in Melbourne. The property, located at 2314 Remi Drive, is fully leased to TJ Maxx and HomeGoods for 10 years. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the buyer, a private investor based in South Florida, in the transaction. Mousavi and Luther also represented the seller, a Florida-based developer.
ATLANTA — The Shoptaw Group and its capital advisor Patterson Real Estate Advisory Group have closed a $16 million for Miller Station on Peachtree, a Class A, 192-unit apartment building in Atlanta’s Chamblee submarket. Shoptaw purchased the asset, then known as Battery at Chamblee Station, in late 2012. Patterson Real Estate Advisory Group arranged the refinancing through MetLife.
BOCA RATON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap serving institutional and major private investors, has arranged the $74.7 million sale of Mizner Court at Broken Sound, a 450-unit multifamily community located at 6503 N. Military Trail in Boca Raton. Still Hunter III of IPA represented the seller, CLP Mizner Court LLC, in the transaction. The buyer was Mizner Court Holdings LLC. The apartment community’s amenity package includes a recently remodeled lakefront clubhouse, two lakefront resort-style pools, two poolside spas, lakefront lounge areas, a fitness center, two lighted tennis courts, lakefront walking paths and a gated entrance with a guardhouse.