MIAMI — A joint venture between Mayan Properties, Concord Hospitality and Travelers Hotel Group has begun building the Hyatt Place Miami Airport, a 135-room hotel in Miami. The hotel is located at 3549 LeJeune Road near Miami International Airport. The joint venture expects to open the hotel in the fourth quarter of 2014. The $21 million hotel is the first Hyatt Place hotel in Miami to be constructed from the ground up, according to Mayan Properties. Aztec Group, an affiliate of Mayan Properties, recently secured a $15 million construction loan and raised additional equity for the project. Concord Hospitality will manage the hotel once construction is complete. The project team includes general contractor RCI Inc. and architects PFVS Architecture, Israel Bigelman and MoniOmi Design. The new hotel will include 42-inch TVs in the guestrooms, a pool deck, outdoor terrace, fitness center and a market featuring Starbucks Coffee, bars and dining options.
Southeast
MARIETTA, GA. — HFF has arranged the sale of Shallowford Falls, a Kroger-anchored shopping center located in Marietta’s East Cobb neighborhood. The retail center is located at the intersection of Johnson Ferry and Shallowford roads, about 15 miles northwest of downtown Atlanta. The property’s other tenants include Ace Hardware, Subway and The UPS Store. Jim Hamilton, Richard Reid, Mike Allison and Pete Anastasi of HFF represented the seller in the transaction. Branch Properties LLC was the buyer.
WASHINGTON, D.C. — Cassidy Turley has negotiated 21 coterminous leases for the relocation of the Washington Design Center, a collection of showrooms featuring interior design architectural firms in Washington, D.C. The Washington Design Center will relocate to 120,000 square feet of space at Franklin Court, a 440,874-square-foot office building located at 1099 14 St. N.W. in downtown Washington, near the new CityCenterDC development. Starting in mid-2014, the following showrooms will be featured in the new Washington Design Center: AmericanEye, Arc-Com Fabrics, Century Showrooms, Cowtan & Tout, Doris Leslie Blau, Duralee Fabrics, F. Schumacher & Co., Fabricut, Galleria International, Hines & Co., Holland & Sherry, Holly Hunt, J. Lambeth & Co., Kravet, Michael Cleary, Osborne & Little, Pindler & Pindler, Robert Allen, Romo, Scalamandre and Stark Carpet. The new space will occupy the second, third and fourth floors, with additional retail offered on the ground level. Each showroom will feature a glass storefront and access to the plaza level of Franklin Court for product displays and events. Art Santry, Kurt Richter, Richard Bernstein, Jared Thal, and Steve Braun of Cassidy Turley represented the tenants in the transaction. Richard Tonner, Laurie McMahon and Zeke Dodson, also of Cassidy Turley, represented Franklin Court’s …
SUNRISE, FLA. — HFF has brokered the $16.1 million sale of The Gateway at Seagrass, a 40,136-square-foot retail center in Sunrise. The retail center’s tenant roster includes Starbucks Coffee, Chipotle Mexican Grill, GameStop, Mattress Firm and Subway. South Florida’s only IKEA store shadow anchors the property. Danny Finkle, Luis Castillo and Rob Saracco of HFF represented the seller, Stiles, in the transaction. Karen Reiter, Michael Matluck and Adam Freeman of ICS Realty represented the buyer, Gateway at Sawgrass Investments LLC. Alex D. Sirulnik Esq. was the buyer’s legal counsel.
CHAPEL HILL AND HIGH POINT, N.C. — NorthMarq Capital has arranged two acquisition loans totaling approximately $13.7 million for two apartment communities in North Carolina. The communities include the 144-unit Timberlyne Apartments at 200 Westminster Drive in Chapel Hill and The Crossing at Chester Ridge Apartments, a 152-unit apartment complex at 2122 Crossing Way in High Point. Brett Mason of NorthMarq’s Raleigh office arranged a three-year loan through a bridge lender for the Timberlyne Apartments acquisition. Mason also arranged a 10-year loan for the The Crossing at Chester Ridge purchase. Mason arranged the loan with a 30-year amortization schedule through a Fannie Mae DUS lender.
PARKVILLE, MD. — The Greysteel Co. has arranged the sale of Joppa-Perring Retail Center, a 39,500-square-foot property fully leased to Savers Thrift Superstore, the largest for-profit thrift store chain in North America. The store, which sold for approximately $6.9 million, is located in Parkville, about seven miles northeast of Baltimore. The property also includes a Checker’s restaurant. Gil Neuman of Greysteel represented the seller, Heritage Properties Inc., and procured the buyer, Joppa Mart LLC, in the transaction.
CHESAPEAKE, VA. — CBRE|Hampton Roads has brokered the sale of Great Bridge Apartments, a 100-unit multifamily community located in Chesapeake’s Great Bridge neighborhood near Battlefield Boulevard. Dan Johnson and Hank Hankins of CBRE|Hampton Roads represented the seller, Baltimore-based Property Capital Group, in the transaction. North Bay Group purchased the apartment community from Property Capital for an undisclosed amount. Great Bridge Apartments is part of an eight-property, 1,640-unit multifamily portfolio that CBRE is marketing.
RALEIGH, N.C. — Grubb Properties and Rubenstein Partners have teamed up to acquire a two-building office campus totaling 467,000 square feet in the Research Triangle Park. The Class A office buildings were built and formerly occupied by telecommunications company Ericsson. Grubb and Rubenstein plan to renovate and reposition the two properties.
COLUMBIA AND NORTH CHARLESTON, S.C. — ElmTree Net Lease Fund II has acquired a 16,000-square-foot office building in North Charleston and a 42,000-square-foot office building in Columbia for a combined $6.9 million. URS Corp. will occupy both properties under a 10-year lease. The North Charleston building is part of the Riverview Corporate Park and the Columbia building is in the SCRA Carolina Research Park.
JUPITER, FLA. — The Fresh Market has signed on as the anchor tenant of The Shops at Fisherman’s Wharf in Jupiter. The shopping center is located at the intersection of East Indiantown Road and Intracoastal Pointe Drive. The Fresh Market’s 20,900-square-foot store is expected to open in the summer of 2014. The shopping center’s new owner, Elion Partners, is implementing a multimillion dollar renovation to the property. The project team for the shopping center includes assistant developer Michael Hotte with Echion, leasing broker Atlantic Retail Properties and property manager Transwestern. Prime Sites Inc. represented The Fresh Market in the deal.