SILVER SPRING, MD. — Bethesda, Md.-based Washington Property Co. has closed $35.5 million in financing for its 242,000-square-foot office building in Silver Spring. The office building is located at 8757 Georgia Ave. Walker & Dunlop arranged the loan on behalf of Washington Property Co. Tenants at the office building include Social & Scientific Systems Inc., Corinthian Colleges and Synergy Enterprises.
Southeast
GAINESVILLE, VA. — The Peterson Cos., a commercial real estate developer, plans to open a new 29,000-square-foot Stein Mart store at Virginia Gateway, a 1.3 million-square-foot shopping center in Gainesville. The store is slated to open in October and will be Stein Mart’s third store in the Washington, D.C., area. Following Stein Mart’s lease and the opening of the 300,000-square-foot Promenade at Virginia Gateway lifestyle center in April, the total Virginia Gateway project is 98 percent leased.
ATLANTA — Choate Construction Co. has completed the $24.6 million, 11-floor renovation of office space at Phipps Tower in Atlanta. Choate completed the 275,000-square-foot project for Carter’s Inc., a children’s clothing retailer. The renovation includes a library/coffee bar on all 11 floors, glass wall systems, wood walls and ceilings, high-end lighting, more than 100,000 square feet of wood flooring and two grand staircases. Phipps Tower is located at 3438 Peachtree Road and is LEED certified but is still seeking LEED Gold certification.
MIAMI — Miller Construction Co. has begun site work for Flagler Global Logistics’ new 252,000-square-foot Building 34 at the 900-acre Flagler Station business park in Miami’s Airport West submarket. Miller Construction previously delivered the park’s 171,944-square-foot Building 31. The new property will be located at 9290 N.W. 112 Ave. and will feature 30-foot clear ceiling heights. Architectural firm Ware Malcomb designed the tilt-wall structure. The building is 87 percent preleased to Starboard Cruise Services.
COMMERCE, GA. — Hillwood Investment Partners, in a partnership with Brookfield Asset Management and the Hillwood-Brookfield Industrial Partners fund, has signed Ollie’s Bargain Outlet Inc. to a 962,280-square-foot industrial lease. The bargain retailer has leased space at Commerce 85 Distribution Center in Commerce as its distribution hub for the Southeast. The property is located at 1523 Steve Reynolds Industrial Blvd. The property is Ollie’s first distribution center in Georgia. John Van Buskirk of Jones Lang LaSalle represented Ollie’s in the lease transaction. Greg Haynes of CBRE Inc. brokered the lease on behalf of Hillwood.
KISSIMMEE, FLA. — Marcus & Millichap has brokered the $12 million sale of Pleasant Hill Self Storage, a 981-unit, 106,475-square-foot self storage facility located at 4390 Pleasant Hill Road in Kissimmee. Michael Mele of Marcus & Millichap’s Tampa office, along with Douglas Mandel and C. Todd Everett of the firm’s Fort Lauderdale office, represented the seller, a West Palm Beach, Fla.-based limited liability company, in the transaction. Mele and Everett also represented the buyer, a New York-based private investor.
MIAMI GARDENS, FLA. — Franklin Street Real Estate Services has arranged the $6 million sale of a five-building, 112-unit apartment community in Miami Gardens. The property is located at 611 N.W. 177 St. Deme Mekras, Elliot Shainberg and David Reinke of Franklin Street represented the seller, a local investor named George Dancea, in the transaction. Another local investor purchased the property and plans to invest approximately $1 million to upgrade the property.
NORFOLK, VA. — CBRE | Hampton Roads has arranged the $4.1 million sale of the Virginia Renaissance Center at 2424 Springfield Ave. in Norfolk. The Schaubach Cos. purchased the former Ford plant from VRC Ventures. Ken Benassi and Worth Remick of CBRE | Hampton Roads represented the seller in the transaction.
WEST PALM BEACH, FLA. — McCraney Property Co. has plans to develop a new speculative warehouse/distribution center in its Vista Business Park, a 500-acre, Class A business park in West Palm Beach. The two-building, 100,000-square-foot project is the first new construction at the park in five years. City National Bank provided construction financing, Jose Jaramillo of JJ Architectural Group designed the facility and Michael Falk of Michael Falk & Co. LLC is handling leasing responsibilities. McCraney Property Co. expects to break ground in the first quarter of this year.
MIAMI — FA Commercial has arranged the sale of Plaza 8 St. Neighborhood Shopping Center, located at 9600 S.W. 8th St. in Miami. The 55,814-square-foot shopping center was 96 percent leased at the time of sale to tenants including New Era Health Center and Pizza Hut. The property sold for approximately $8.5 million. Fabio Faerman of FA Commercial represented the undisclosed seller in the transaction.