BONITA SPRINGS, FLA. — Real Capital Solutions (RCS) has acquired North Bay Village in Bonita Springs from CWCapital Asset Management for $7.45 million. Situated at 26381 S. Tamiami Trail, the distressed property totals 114,545 square feet and was developed in 2004. It includes a three-story, 28,819-square-foot office building; a 25,726-square-foot, small-shop retail space; and a 60,000-square-foot retail outparcel. The small-shop space features Bonefish Grill, First Watch, Mattress Giant, Edible Arrangements, Keller Williams Realty and a hair salon. The outparcel was formerly a Robb & Stucky Furniture Showroom, and RCS plans to target a similar tenant with its leasing efforts, which will be handled by Trinity Commercial Group.
CORAL GABLES, FLA. — Agave Holdings has delivered 17,800 square feet of street-level retail and restaurant space at its 396 Ahambra office development in Coral Gables. The newly completed space fronts Coral Gables’ Restaurant Row and is one block away from the city’s Miracle Mile. Danet Linares and Andres del Corral of Blanca Commercial Real Estate have been named leasing agents of the space. 396 Alhambra is a $140 million development that comprises two office towers totaling 282,000 square feet and 34,000 square feet of ground-floor retail space. The Class A towers are currently 78 percent leased.
STAFFORD COUNTY, VA. — Cushman & Wakefield | Thalhimer has brokered the sale of approximately 1.52 acres of land located at the intersection of Deacon Road and Cleremont Drive in Stafford County. The buyer, VADG LLC, plans to develop a Dollar General retail store on the site. Mike Degan of Thalhimer represented the seller, Degen-Gallahan LLC. The parcel traded for $445,000.
Charlotte has become one of the most desirable and sought-after investment markets in the nation with a diverse economy fueling job growth, attracting new talent and enticing investors. In fact, Charlotte had the largest population growth rate for urban areas of 1 million people or more in the decade from 2000 to 2010 and is expected to increase its population by another quarter-million people by 2020, fueled by diverse industries such as banking, energy, healthcare, manufacturing and transportation. With 37,000 jobs created in 2012, Charlotte’s employment has added back every job lost during the recent recession, eclipsing its previous high-water mark set in 2007. Approximately 50 companies have announced major expansions or relocations in the Charlotte area over the past year-and-a-half. Highlights include Metlife announcing plans to establish a hub for its U.S. retail business in Charlotte bringing 1,300 jobs to the city and Convergys, the business process outsourcing giant, announced plans to create 1,600 jobs. From a multifamily operations perspective, the Charlotte MSA has seen outstanding performance over the last two years with both total occupancy and average rents at their highest levels in the past 10 years. With current occupancy levels above 95 percent (increased by approximately 490 …
ATLANTA — Franklin Street Properties Corp. has acquired a 28-story office building located in Atlanta’s Midtown submarket from Jamestown Properties for $157.9 million. Situated at 999 Peachtreet St., the property was constructed in 1987 and contains approximately 621,000 rentable square feet and a parking garage. Occupancy was 95 percent at the time of closing. Jamestown first purchased the tower in 2007 and since then has made improvements that resulted in the 2009 LEED-EB certification of the building. Jamestown also repositioned the tower’s street-level retail space with tenants that include restaurant Empire State South. Eastdil Secured represented Jamestown in the deal.
ASHEVILLE, N.C., AND HOT SPRINGS, VA. — Omni Hotels & Resorts has acquired two resort hotels from KSL Capital Partners. The newly christened Omni Grove Park Inn is located in Asheville. It contains 514 guestrooms and features restaurants, a golf course, a tennis and fitness center, a 40,000-square-foot spa and convention facilities. It is currently undergoing a $25 million renovation, which will be complete this summer. The second property is the renamed Omni Homestead Resort, which is located on 2,000 acres in Hot Springs. The 483-room resort features 72,000 square feet of meeting space, restaurants, golf courses, a water attraction, a downhill ski area and an equestrian center. It is currently in the midst of a $26 million renovation. The two resorts were part of a five-property, 2,362-room portfolio purchase that also included resorts in Texas and California. The acquisition price was not disclosed.
HOLLYWOOD BEACH, FLA. — Liberty Grand LLC has broken ground for Costa Hollywood, a 307-unit luxury condominium project located at 777 N. Ocean Drive in Hollywood Beach. The units will feature seven floor plans in studio through two-bedroom layouts ranging in size from 400 to 1,500 square feet. Residences feature private glass-railed terraces with oceanfront views. Community amenities include butler service, a rooftop pool, a cigar lounge, a day spa and a gym. Units are priced from $220,000 to $800,000. Completion is slated for spring 2015.
FAYETTEVILLE, ARK. — Carter Validus Mission Critial REIT has acquires Physicians Specialty Hospital in Fayetteville for $22.6 million The short-term, acute care surgical hospital totals 55,740 square feet. It contains 20 beds along with four operating rooms, one procedure room, an emergency department, an in-house diagnostic lab and a radiology department. The property was most recently renovated in 2009, when it was converted into a surgical hospital. The seller’s name was not released.
FAYETTEVILLE, N.C. — Construction is advancing for Glensford Way, a new 183,000-square-foot shopping center located in Fayetteville. Anchor BJ’s Wholesale Club has already opened its doors within the center, which is located at the intersection of Glensford Drive and Campground Church Road. When complete in spring 2014, the center will contain two junior anchor spaces, approximately 20,000 square feet of small-shop space and three outparcels, one of which has already been leased to Bonefish Grill. The Shopping Center Group is handling leasing for the project. The owner is Armstrong Ventures 2 LLC.
MIAMI — Dallas-based Lincoln Property Co., acting on behalf of a large pension-fund client, has purchased an 847,000-square-foot business park in Miami. Medley International Business Park West comprises 11 buildings that are located at the intersection of 105th Avenue and Okeechobee Road. The property was 93 percent occupied at the time of closing. Lincoln Property plans to reposition in the asset in the near term and has retained Americas Industrial Realty Corp. to lease the remaining space. With this purchase Lincoln Property now controls an industrial portfolio in south Florida totaling 1.3 million square feet. The seller in this transaction was TA Associates.