CALIFORNIA, MD. — Scheer Partners has signed with SJS-Wildewood S.C. LP to manage Wildwood Shopping Center, a 289,000-square-foot shopping center located in California, Md. The shopping center’s tenants include J.C. Penney, Belk, Bed Bath & Beyond and Sear’s Appliances. Bed Bath & Beyond, set to open in spring 2014, brought the shopping center to 95 percent occupancy. Marc Schlesinger and Charlotte Cassell of Scheer Partners are responsible for managing the property’s day-to-day activities.
Southeast
NEW ORLEANS — HRI Properties has selected Roy Anderson Corp., a subsidiary of Tutor Perini Corp., to build the 225 Baronne mixed-use development project in New Orleans. The contract for the development is valued at $61.3 million. The development involves the conversion of an existing 31-story office building into an apartment project, hotel and public parking garage. The new development will feature on-site property management services, a fitness center, roof-top swimming pools and covered bicycle parking. The project will also include the demolition of the 919 Gravier Building. Roy Anderson Corp. will break ground on the project this month and will wrap up construction in December 2014.
ORLANDO, FLA. — CBRE has arranged the sale of an apartment portfolio totaling 1,596 units in Central Florida. The properties included in the transaction are Wingwood, Sky Pines and Branchwood in Orlando; Applewood in Deland; Oak Shade in Orange City; Nova Glen, Nova Wood, Countryside and Volusia Crossing in Daytona Beach; and Kings Crossing, Stonewood and Pelican Pointe in Jacksonville. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office, along with Brian Moulder and Dhaval Patel of CBRE’s Jacksonville office, represented the seller in the transaction. All 12 apartment communities sold to an Atlanta-based multifamily owner and operator.
BALTIMORE — NexCore Group LP, a national healthcare real estate developer, has completed a $24 million outpatient facility in Baltimore. The facility, the Angelos Medical Pavilion, is located on the campus of Saint Agnes Hospital, which recently underwent a $200 million renovation and expansion. The four-story, 85,800-square-foot Angelos Medical Pavilion is part of the campus expansion. The new facility houses physician office space, clinic space and hospital programs such as the Saint Agnes Cancer Institute and the Saint Agnes Cardiovascular Institute.
NEWPORT NEWS, VA. — Brookridge Apartments LLC has purchased the 553-unit Brookridge Apartments, located at 614 Peninsula Drive in Newport News, for $17.6 million. Alan Meetze and David Hudgins of Drucker & Falk represented the seller in the transaction. The townhouse-style community, built in 1950, is about 89 percent occupied, according to Meetze.
MIAMI — The Hogan Group has arranged a lease for Airbus Americas for 9,000 square feet of office space in Waterford at Blue Lagoon, a Class A, waterfront corporate office park located near Miami International Airport. The office is located in the nine-story 5201 Waterford building. Steve Smith of The Hogan Group represented the landlord, TIAA-CREF, in the lease deal. Catarina Jimenez of Jones Lang LaSalle represented Airbus Americas. With the transaction, Waterford at Blue Lagoon is 93 percent leased.
WASHINGTON, D.C. — Meridian Capital Group LLC has arranged a $134.3 million mortgage to refinance a 13-story office property in Washington, D.C. The 417,383-square-foot, Class A office property is located at 1615 L St. N.W. Rael Gervis of Meridian Capital Group’s New York office arranged the 10-year CMBS loan with a fixed interest rate of 4.61 percent on behalf of the borrower, Spitzer Enterprises.
BALTIMORE — Elm Street Development, a McLean, Va.-based residential real estate developer, will partner with St. John Properties Inc. and Somerset Construction Co. to develop Greenleigh at Crossroads in Baltimore. Greenleigh at Crossroads is a town center, mixed-use development that will include mid-rise, Class A office buildings, retail amenities and housing options. Design Collective Inc. designed Greenleigh at Crossroads, which will be the next phase of Baltimore Crossroads, a 1,000-acre mixed-use community in eastern Baltimore County. The project team will break ground on the community in the summer of 2014.
FORT MILL, S.C. — Dallas-based Venture Commercial Real Estate has arranged a $39 million sale-leaseback with Northern Tool + Equipment for its distribution center in Fort Mill. Northern Tool + Equipment sold its 701,595-square-foot facility, which is located at 1850 Banks Road, to One Liberty Property. Clay Mote of Venture Commercial represented Northern Tool + Equipment in the transaction. Joe Owen of Dallas-based Owen Holdings Inc. represented One Liberty Property, a publicly traded REIT. Northern Tool + Equipment signed a 15-year lease at the distribution center.
ORLANDO, FLA. — McKinley, a multifamily owner and manager, has purchased Bella Capri, a 248-unit, garden-style apartment community located in Orlando. The multifamily community was formerly known as Mission Pointe Apartments. Bella Capri is one of 11 garden-style apartment communities in the theme park submarket of Orlando, which is located between Universal Studios and Disney World. Eight of the 11 properties are owned and managed by McKinley. Bella Capri is located two blocks away from the Mall at Millenia, an indoor mall, and a few blocks west of Universal Studios, which includes the Universal Islands of Adventure and the Wizarding World of Harry Potter. Comerica Commercial Real Estate is providing acquisition financing on behalf of McKinley, and Berkadia Commercial Mortgage is providing long-term HUD financing.