ATLANTA — AmREIT Inc. has announced the acquisition of Fountain Oaks Shopping Center, a 160,600-square-foot, Kroger-anchored shopping center in the north Buckhead submarket of Atlanta, for $27.7 million. The property benefits from more than 72,000 people living within a three-mile radius of the property, daytime employment within the same radius of over 110,000 and average household income of $104,000 within a one-mile radius. The AmREIT team was able to extend the Kroger anchor lease to a 10-year term while the property was under contract to purchase. The acquisition was financed through AmREIT’s credit facility. Kroger, which occupies 59,134 square feet, has served the north Buckhead community from its location in Fountain Oaks since 1988.
TUSCALOOSA, ALA. — The Opus Group has completed construction on a new 42,300-square-foot building in Tuscaloosa for St. Paul, Minn.-based retailer Gander Mountain. Additionally, Opus has been awarded a contract from the retailer for a 45,600-square-foot building in Albany, Ga., which will be Opus’ fourth project with Gander Mountain. Opus Development Co. LLC provided development services, Opus Design Build LLC was the design builder for the project and Opus AE Group LLC provided architecture and engineering services.
NORFOLK, VA. — CBRE | Hampton Roads has brokered the sale of Franklin Condominiums at 220 W. Brambleton Ave. in Norfolk for $2.67 million. The four-story, 57,630-square-foot mixed-use development includes 19 high-end condominiums ranging from 1,395 to 3,800 square feet. Property amenities include a covered, drive-up entrance way, security, interior courtyard with patios and water features and about 70 parking spaces. Patrick Gill, Chad Lesley and Joanna Hastings of CBRE | Hampton Roads handled the transaction. GTG Financial LLC purchased the property, located in the Freemason District of downtown Norfolk.
PRINCE GEORGE’S COUNTY, MD. — George Smith Partners has arranged $46.3 million in construction and mezzanine financing on behalf of its clients, Walton Westphalia Development Co. and Walton Westphalia Europe LP, for Phase I construction on a new, 310-acre mixed-use development in Prince George’s County, a suburb of Washington, D.C. When complete, the project, known as Westphalia Town Center, will include a mix of residential, retail, office and hotel products. The construction loan closed with a combined loan-to-value of 59.1 percent and 66.7 percent combined loan-to-cost. Walton Group of Cos. managed the borrowers. Malcolm Davies, Peter Kleinberg and Drew Sandler of George Smith Partners originated the financing. The Westphalia Town Center project will span 310 acres and is anticipated to consist of 845 single-family residences and townhomes, 884 rental apartments, 600 hotel rooms, 2.2 million square feet of office space and 534,000 square feet of retail space.
LANDOVER, MD. — Marcus & Millichap Capital Corp. (MMCC) has arranged $6.4 million in financing for the purchase of a church in Landover. Kevin Thurman of MMCC’s Washington, D.C., office arranged the financing. Stacy Milam of MMCC’s Washington, D.C., office represented the buyer in the transaction, which is currently under contract. The five-year loan is fixed at 5.5 percent with a 30-year amortization schedule.
LADY LAKE, FLA. — The Orlando office of ARA has recently brokered the sale of the 356-unit Courtney Villages in Lady Lake for $30.2 million. Kevin Judd, Patrick Dufour and Matt Wilcox of ARA’s North Florida-based sales team represented the seller, Orlando, Fla.-based Contravest, in the transaction. Jacksonville, Fla.-based GMC Property Management purchased the asset, which was 96 percent occupied at the time of sale.
BALTIMORE — St. John Properties Inc. has initiated construction activities on the first building within its new Route 100 Tech Park, an 18-acre mixed-use development configured to support more than 120,000 square feet of office, R&D/flex and retail space upon final build-out. Located at 1743 Dorsey Road in Baltimore, the inaugural building under construction is a single-story, 24,190-square-foot building that features 16-foot ceiling heights, ample glass lines and an adjacent surface parking lot. The project is a joint venture with Michael Stavlas and Jon Zhoulis of Hanover Princess LLC. The new building is also designed to achieve LEED Silver certification.
MIAMI — Equity One Inc. has sold Plaza Alegre and Meadows, two Publix-anchored centers totaling 163,935 square feet in the Miami submarket of West Kendall, for an aggregate purchase price of $35.9 million. A fund managed by the Goldman Sachs Real Estate Investment Group purchased the assets free and clear of existing debt. Completed in 2003, the 88,411-square-foot Plaza Alegre is situated on nearly eight acres. The center is 94.6 percent leased to tenants including Publix, Goodwill and Wells Fargo. Meadows features 75,534 square feet of retail space that is 95.5 percent leased. Tenants include Publix, Supercuts and GNC. Danny Finkle, Luis Castillo and Rob Saracco with HFF represented the seller.
TUSCALOOSA, ALA. — The Opus Group has completed the construction of a 42,300-square-foot retail building for Gander Mountain, an outdoor specialty retailer offering hunting, fishing, camping and marine lifestyle products. The store is located at the former site of Bear Bryant Motors in Tuscaloosa. Opus Development Co. LLC provided development services, Opus Design Build LLC was the design-builder for the project and Opus AE Group LLC provided architecture and engineering services. In addition to the Tuscaloosa location, Opus also built the new Gander Mountain store in Valdosta, Ga., and provided construction management services for the location in Opelika, Ala. Opus was also recently awarded a contract from the company for a 45,600-square-foot store in Albany, Ga., which is scheduled to open in October.
MORRISVILLE, N.C. — Four new tenants have signed on to Phase III of Park West Village, located at the southwest corner of Cary Parkway and NC-54/Chapel Hill Road in Morrisville. ULTA Beauty, Chico's, White House | Black Market and Soma Intimates will all open in spring 2014. Park West Village is a 100-acre mixed-use development that includes a town center district, community center, restaurants and a movie theater. The development will also feature a residential, office and hospitality component.