NEWPORT NEWS, VA. — The Greysteel Co. has arranged the sale of Newport Crossing Shopping Center, a 194,000-square-foot, grocery-anchored center located in Newport News. The shopping center, located at 419 and 439-467 Oriana Road, sold for approximately $12.9 million. The center is 80 percent leased to tenants such as Food Lion, Dollar Tree, Citi Trends, USA Discounters, First Virginia Financial Services and Riverside Health System. Gil Neuman of Greysteel represented the seller, Harbour Group International LLC, and procured the buyer, Coastal Equities Real Estate.
Southeast
KENNER, LA. — Kingfish Development II LLC has acquired a 133,312-square-foot office building, located at 2400 Veterans Blvd. in Kenner, a western suburb of New Orleans. The five-story property is currently 80 percent leased. Kingfish plans to renovate all the common areas of the property and tenant suites this year. Joe Gorman of Max J. Derbes Inc. will manage the property.
WASHINGTON, D.C. — L’Enfant DC Hotel LLC has purchased L’Enfant Plaza Hotel, a landmark, 372-room hotel in downtown Washington, D.C., for an undisclosed amount. The hotel is located near The National Mall, The Washington Monument and The Smithsonian. L’Enfant Plaza Hotel features 21,000 square feet of conference and banquet space, a 700-seat ballroom, two restaurants, two bars, a coffee kiosk, retail spaces, health club, business center and a rooftop pool. The buyer plans to renovate the hotel and bring it to Four Diamond status. The hotel is slated to re-open in 2015.
ALPHARETTA, GA. — Velocis, a private equity real estate fund, has purchased Royal Center I, a 152,057-square-foot, Class A office building located in the Royal 400 master-planned office park in Alpharetta, a northern suburb of Atlanta. The office building is the first purchase for Velocis in the Atlanta market. Jones Lang LaSalle will provide property management and leasing services for the asset.
ATLANTA — PMZ Realty Capital LLC, a real estate investment/banking firm, has arranged a $20 million loan for The Glenn Hotel in Atlanta. The Glenn Hotel is a 110-room property located in downtown Atlanta’s Luckie Marietta district. The hotel is part of the Marriott Autograph Collection.
NORTH CHARLESTON, S.C. — Cushman & Wakefield | Thalhimer has arranged a 101,500-square-foot industrial lease at 7391 Pepperdam Ave. in North Charleston. Philip Owens of Cushman & Wakefield | Thalhimer represented the tenant, Brown Distribution Centers Inc., a third-party logistics company.
FORT LAUDERDALE, FLA. — Berger Commercial Realty has brokered the sale of a 24,000-square-foot office building in downtown Fort Lauderdale for approximately $2 million. The four-story property is located at 955 S. Federal Highway. Sapphire Investment Fund LLC purchased the office asset from the AIDS Healthcare Foundation Inc. Sapphire plans to invest $2 million to renovate the office building.
MIAMI — Rilea Group, a Miami-based developer, has broken ground on The Bond on Brickell, the first condominium project planned for Brickell Avenue in Miami since the recession. The Bond will feature 328 units with one-, two- and three-bedroom floorplans, as well as loft and penthouse residences. The 44-story condo tower will be located at 1080 Brickell Ave. Rilea Group expects to deliver the tower in early 2016. Alicia Cervera Lamadrid of Cervera Real Estate is leading the sales efforts for the project. Architect Loguer Design is designing the project with a British theme, including vintage photographs of British celebrities and an original British Telecom phone booth on the outside of the project. Rilea Group is partnering with private equity firm MDR Toledo LLC, a subsidiary of MDR Americana, for the development.
HOOVER, ALA. — Red Capital Partners LLC has closed a $25 million balance sheet loan for Somerby St. Vincent’s One Nineteen, a 199-unit, Class A seniors housing facility located in Hoover, an affluent suburb of Birmingham, Ala. The facility offers independent living, assisted living and memory care services. The financing is anticipated to be refinanced by a Fannie Mae permanent loan. Dominion Partners LLC developed the seniors housing facility, while Somerby Senior Living Services LLC is operating the property.
GRIFFIN, GA. — Equity One, a shopping center developer and owner, has sold Spalding Village, a 235,000-square-foot neighborhood shopping center located in Griffin, approximately 40 miles south of Atlanta, for an undisclosed price. Mark Joines and Drew Fleming of Cassidy Turley’s Southeast retail group represented Equity One in the transaction. RCG Ventures LLC, a privately funded real estate investment group, purchased the center. Spalding Village’s tenants include Goodwill, Fred’s Stores, GNC and T-Mobile.