Southeast

RIVIERA POINT DEVELOPMENT GROUP TO DEVELOP SECOND OFFICE CENTER

by admin July 31, 2013

DORAL, FLA. — Riviera Point Development Group (RPDG) has announced plans for its second South Florida office project. The developer has closed on the acquisition of 2.5 acres at 9000 NW 89th Court and NW 15th Street in Doral, and it plans to construct a 41,000-square-foot, lakeview office building on the site. The $9.5 million project, known as Riviera Point Business Center, will feature flexible office space with suites as small as 2,000 square feet. RPDG is developing the project with funds from the U.S. Citizenship and Immigration Services’ EB-5 program, which offers a fast track to permanent U.S. residency for foreign nationals who invest in commercial enterprises that generate at least 10 jobs for U.S. workers for two years. Corrales Group Architects is designing the project. RPDG also recently topped out on its first two buildings at the $17 million, EB-5 funded Professional Center at Riviera Point, which is being developed in Miramar.

July 31, 2013

NORTHMARQ ARRANGES $13.7 MILLION OFFICE ACQUISITION LOAN

by admin July 31, 2013

VIENNA, VA. — NorthMarq has arranged a $13.7 million loan for the acquisition of a 95,000-square-foot office property in Vienna. The property includes two office buildings located at 8381 and 8391 Old Courthouse Road. Gary McGlynn of NorthMarq’s Washington, D.C. office arranged the loan on behalf of the undisclosed borrower through a non-recourse bridge lender.

July 31, 2013

Retail Southeast

MORGAN PROPERTY GROUP TO DEVELOP TWO 7-ELEVEN STORES

by admin July 31, 2013

CHARLOTTE, N.C., AND VERONA, VA. — Morgan Property Group has announced plans to develop two new 7-Eleven convenience stores in North Carolina and Virginia. In Charlotte, construction will begin in October for a 2,940-square-foot convenience store with six pumping stations and an outparcel. The new store will be located at the corner of North Wendover Road and Marvin Road. Completion is slated for the first quarter of 2014. In Verona, Morgan will retrofit an existing 2,173-square-foot convenience store located at 6 Lodge Lane into a 7-Eleven store. The store will feature four pumping stations and will be attached to a Wendy’s restaurant. Completion is slated for this fall.

July 31, 2013

Retail Southeast

CANADIAN REIT BUYS AMELIA ISLAND SHOPPING CENTER FOR $20.9 MILLION

by admin July 30, 2013

YULEE, FLA. — Canadian real estate investment trust H&R REIT has purchased a 175,000-square-foot shopping center located on northeast Florida’s Amelia Island for $20.9 million. The Village of Amelia is situated on State Road 200 in Yulee. Its anchors include Publix, Kohl’s, TJ Maxx, Ross Dress for Less and JoAnn Fabrics. The CB Richard Ellis team of Donald Jennewein, Michael Strober and Amanda Valenti represented H&R as well as the undisclosed seller in the deal.

July 30, 2013

Office Southeast

USRA ACQUIRES 90,000-SQUARE-FOOT BUILDING FOR NEW HEADQUARTERS

by admin July 30, 2013

COLUMBIA MD. — The Universities Space Research Association, a nonprofit organization charged with advancing space science and technology, has acquired an office building in Columbia to expand its national headquarters. The 90,000-square-foot building, which is almost double the size of its current, leased headquarters, is located at 7178 Columbia Gateway Drive. The seller was South Norwalk, Conn.-based Greenfield Partners. Rich Rhodes, Dan Shapiro and Megan Hixon of Cresa Washington DC represented the buyer in the transaction. Cresa’s Project Management Services division will manage the building’s interior build-out.

July 30, 2013

Seniors Housing Southeast

PRUDENTIAL ACQUIRES 93-UNIT ASSISTED LIVING PROPERTY

by admin July 30, 2013

ALPHARETTA, GA. — Atlanta-based Prudential Real Estate Investors has purchased a seniors housing property in the Atlanta suburb of Alpharetta from Boston-based REIT AEW Capital Management. Arbor Terrace at Crabapple was constructed in 2009. It contains 67 assisted living units and 26 memory care units in a two-story building. Mike Garbers of Atlanta-based ARA represented the seller. The purchase price was not disclosed.

July 30, 2013

Civic Southeast

CHOATE COMPLETES EXPANSION AT KING’S RIDGE CHRISTIAN SCHOOL

by admin July 30, 2013

ALPHARETTA, GA. — Choate Construction Co. has completed a $7.8 million expansion of King’s Ridge Christian School in the Atlanta suburb of Alpharetta. The project featured the construction of the 41,407-square-foot High School building, which contains more than 19 classrooms including science labs, an art room, ceramics room and music room. It can serve approximately 300 students and is the first of a two-phase expansion. The project also included the construction of the 4,015-square-foot Kendrick Center for Life Impact, which contains gathering space, counseling and guidance facilities and multipurpose space. The project architect was Chapman Griffin Lanler Sussenbach Architects.

July 30, 2013

Retail Southeast

BOULDER GROUP BROKERS AUTOZONE NET LEASE SALE

by admin July 30, 2013

OLIVE BRANCH, MISS. — The Boulder Group has brokered the sale of a 7,008-square-foot AutoZone located 23 miles south of downtown Memphis, Tenn., in Olive Branch. The building, which was constructed in 2004, sits on a 40,843-square-foot parcel at 7322 Hacks Cross Road. AutoZone occupies it on a triple-net lease with seven years remaining on its term. The lease features 10 percent rent escalations in the primary term and in each renewal option. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Southeast-based partnership. The buyer was a 1031 exchange investor.

July 30, 2013

Multifamily Southeast

REIT ACQUIRES DORAL WEST APARTMENTS

by admin July 29, 2013

DORAL, FLA. — Richmond Heights, Ohio-based REIT Associated Estates has purchased a south Florida multifamily community. Doral West Apartments was constructed on 22 lakeside acres in the Miami suburb of Doral. The gated, class A community contains approximately 380 units in flat and townhome layouts. Units feature detached and direct-access garages. Robert Given, Zachary Sackley and Gerard Yetming of CB Richard Ellis represented the undisclosed seller.

July 29, 2013

Retail Southeast

REGENCY CENTERS PURCHASES TRADER JOE’S-ANCHORED CENTER FOR $13.6M

by admin July 29, 2013

SILVER SPRING, MD. — Regency Centers Corp. has purchased the Shoppes of Burnt Mills, a 31,316-square-foot neighborhood shopping center located in Silver Spring, for $13.6 million. Constructed in 2004, the property is anchored by Trader Joe’s. Additional tenants include Starbuck’s Coffee, Chico’s and AT&T. Regency completed the purchase in partnership with an undisclosed investor. The seller’s name was also not disclosed.

July 29, 2013

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