PALM BEACH HARBOR, FLA. — Phillips Edison-ARC Shopping Center REIT Inc. has acquired Crystal Beach Plaza, a 59,015-square-foot shopping center located in Palm Beach Harbor, about 30 miles northwest of Tampa. The shopping center is anchored by a 39,203-square-foot Publix. The REIT’s current portfolio includes 59 properties in 21 states, with an aggregate portfolio purchase price of about $857 million.
Southeast
MAITLAND, FLA. — Morrison Commercial Real Estate has arranged the sale of two office buildings located in the Keewin Lexington Office Park in Maitland, about eight miles north of Orlando. The two assets sold for approximately $1.2 million. The office buildings are the 3,760-square-foot 220 Lookout Place and the 4,962-square-foot 237 Lookout Place. Michael Sieg of Prudential Results Realty represented the buyer, Tony LLC, in the 220 Lookout Place acquisition. MacMillan Straus Co. LLC purchased 237 Lookout Place for its holistic healthcare practice, The Center of Wellness. Christi Davis of Morrison Commercial Real Estate represented the seller, Maitland-based CRS Real Estate Holdings LLC, in both transactions.
JACKSONVILLE, FLA. — Capital Advisors has arranged $10.5 million in refinancing for the 288-unit Gregory Cove Apartments, a garden-style apartment community located at 5601 Edenfield Road in Jacksonville. The apartment features a swimming pool, fitness center, business center, a picnic/park area and a library. Philip Rachels of Capital Advisors’ Jacksonville office arranged the loan through Prudential Mortgage Capital Co. LLC on behalf of the borrower, Vestcor Fund XXII Ltd. The 10-year non-recourse loan features a 30-year amortization schedule.
NEW ORLEANS — The Howard Hughes Corp. has announced the tenant roster for the redevelopment of the Riverwalk Marketplace in downtown New Orleans into The Outlet Collection at Riverwalk. The property’s tenants that are new to New Orleans include Last Call Studio by Neiman Marcus, Coach Men’s Factory Store, Tommy Bahama, Toby Keith’s I Love This Bar & Grill, Hartstrings Childrenswear, U.S. Polo Assn. Outlet, It’s Sugar, Sunglass Warehouse, Red Mango and New Balance Factory Stores. Additional tenants include Coach Factory Store, Café du Monde, Kenneth Cole Co. Store, LOFT Outlet, Chico’s Outlet, Clarks/Bostonian Outlet, Gap Outlet, Guess Factory Store, Kay Jewelers, Raising Cane’s, Sunglass Hut Outlet and The Fudgery. The redevelopment will expand the property’s footprint by about 50,000 square feet to an approximate total of 250,000 square feet. Interior demolition and other construction activities are underway. The property is scheduled to reopen in late spring/early summer of 2014.
CLERMONT, FLA. — Plaza Advisors has brokered the sale of Clermont Crossings at Lost Lake, a 149,698-square-foot shopping center located in Clermont, a suburb of Orlando. The property was 91 percent leased at the time of sale. The property includes a 11,254-square-foot strip center tenanted by Jimmy Johns and Flippers Pizzeria. Commons at Twin Lakes Associates LLC purchased the shopping center from KMH LLC. Jim Michalak and Mike Cvetetic of Plaza Advisors represented the seller in the transaction.
CHARLOTTE, N.C. — The Connor Group, a real estate investment firm based in Ohio, has purchased The Retreat at McAlpine Creek, a 400-unit apartment community in south Charlotte. The apartment community is The Connor Group’s third multifamily acquisition in the Charlotte area, which it entered in 2011. The Retreat is located near Quail Hollow Club, site of the 2017 PGA Championship. The apartment community features two pools, a 24-hour fitness center and tennis and basketball courts.
VIRGINIA BEACH AND CHESAPEAKE, VA. — CBRE | Hampton Roads has arranged $42.9 million in long-term, non-recourse financing for five multifamily communities in the Hampton Roads area of Virginia. The five properties, all owned by Clark Whitehill Enterprises, include Windsor Lake Apartments, South Lake Apartments and Shoreline Apartments in Virginia Beach, as well as Phases I and II of Greenbrier Woods Apartments in Chesapeake. Clark Whitehill owns and manages approximately 1,500 multifamily units in eight apartment communities. John Richards of CBRE arranged the financing through an unnamed life insurance lender.
LANHAM, MD. — Greystone has provided $15.9 million in Fannie Mae DUS financing for Whitfield Towne Apartments, a 322-unit apartment community located in Lanham. Andrew Ellis of Greystone originated the loan. The borrower, Rockville, Md.-based Avis-R Co., will use $2.4 million from the loan for capital improvements. Marc Troop of Eastern Union Commercial assisted in the transaction.
MURFREESBORO, TENN. — Dollar General Corp. has opened its 11,000th store, located in Murfreesboro, about 34 miles south of Nashville. Dollar General anticipates opening 650 new stores in 2013 and creating approximately 6,000 new jobs. The company has created nearly 30,000 new jobs since 2007.
Lease renewals and, in some instances, expansions into larger layouts, are occurring in Atlanta as employers create new jobs. The metro has also landed some plum relocations recently. State Farm and General Motors have chosen the metro as the site for regional headquarters, and the firms will create thousands of jobs during the next several years. Many of the GM jobs are new information technology positions and they are coming here in response to the metro’s highly skilled and educated work force. As the region becomes an information technology hub in the Southeast, other employers are also adding workers. AT&T has expanded its presence by filling 600 IT positions and plans to hire an additional 1,000 employees throughout the state. Additionally, Airwatch, a mobile software firm, has already hired 200 Atlanta workers and expects to create 600 more positions by year end. Other companies, such as InfoSystems, ExactTarget, PulteGroup Inc. and Spanx, are also planning to expand operations in the metro. Scheduled expansions by these employers and recent additions to payrolls have helped to fill office space that has been vacant since the trough of the recession. The Atlanta office market will make strides by the end of this year, …