BROOKLYN PARK, MD. — The Greeysteel Co. has arranged the sale of Arundel Village Plaza, a 54,480-square-foot retail center in Brooklyn Park, five miles south of Baltimore. The property sold for $6.5 million. The property was 88 percent occupied at the time of sale by Taco Bell/Long John Silver’s, Domino’s Pizza, Valvoline Instant Oil Change and The State of Maryland Department of Health & Mental Hygiene. Gil Neuman of Greeysteel led the retail division to represent the seller, BTR Capital Group, and procure the buyer, Oak Tree Management.
Southeast
FORT MYERS, FLA. — Stevens Construction has begun the renovation of a 16,097-square-foot retail property located at 7381 College Parkway in Fort Myers. Physician’s Primary Care and Blue Moon Pizza will lease space at the property. Architect Burt Hill/Pollock Krieg Architects Inc. designed the renovated space for Physician’s Primary Care, and Sheeley Architects designed Blue Moon Pizza’s restaurant space, which includes a 1,410-square-foot covered patio.
CHESAPEAKE, VA. — CBRE | Hampton Roads has arranged the sale of Marina Point Apartments, a 104-unit apartment community located at 1301 Canal Drive in Chesapeake. An affiliate of Frontier Financial purchased the property from Property Capital Group. Dan Johnson and Hank Hankins of CBRE | Hampton Roads, along with Andrew Boyer and Jonathan Greenburg of CBRE’s Washington/Baltimore multi-housing team, represented the seller in the transaction.
JACKSON, MISS. — The Jackson office of law firm Baker, Donelson, Bearman, Caldwell & Berkowitz has leased the top three floors of a 120,000-square-foot office building at The District at Eastover, a mixed-use development in Jackson. The law firm signed the lease with owner The District Land Development Co. Demolition of the old buildings and underground infrastructure is now complete, including crushing the concrete of the old buildings, which will be used for road and parking lot bases throughout the new development. Mass grading, subgrade, road and new infrastructure work will commence at the end of March, and foundation work for Phase I will begin approximately 45 days thereafter. The District at Eastover The design team for the property includes architect Nelsen Partners and developer Holder Properties.
BALTIMORE — HFF has secured $120 million in construction financing for the redevelopment of The Rotunda, a 661,872-square-foot mixed-use development in Baltimore. The Rotunda, which is expected to be delivered in 2016, will feature 379 luxury residential units, 170,675 square feet of retail space including a movie theater, 138,000 square feet of office space and more than 1,000 parking spots in a parking structure and surface lots. Thomas Didio, Cary Abod and Andrew Roland of HFF secured the 48-month financing through Wells Fargo Bank NA on behalf of the borrower, Grande Rotunda LLC, an entity owned by Hekemian & Co. Inc.
GREENVILLE, S.C. — Trade Street Residential has acquired The Aventine Greenville, a new 346-unit, Class A apartment community in Greenville for $42 million, or $121,000 per unit. The community is located at 97 Market Point Drive, adjacent to the Millennium Campus, a 500-acre master-planned corporate and research park. The Aventine Greenville’s amenity package includes a WiFi café, fitness center, pet park, business center, resort-style pool, pool pavilion with TVs and built-in grills. The community was 76 percent occupied at the time of sale. Trade Street obtained a $21 million mortgage to help fund the acquisition.
ATLANTA — Westin Buckhead Atlanta will begin Phase III of its hotel-wide renovation project — a $9 million upgrade to the 365 guestrooms. The hotel is located at 3391 Peachtree Road N.E. in Atlanta’s Buckhead submarket. The bathrooms in each room will be upgraded with new stone and walnut vanities and illuminated mirrors. Also, each unit will feature a 42-inch TV, LED lights in the headboards for reading and USB ports at each desk. The project will begin in April and wrap up in August. This is the final phase of the hotel’s renovation, which includes upgrades to the lobby and 30,000 square feet of meeting space.
MORRISVILLE, N.C. — Cushman & Wakefield | Thalhimer has brokered the sale of a 580,326-square-foot distribution facility located at 900 Aviation Industrial Center in Morrisville, near the Raleigh-Durham International Airport. Ares Management purchased the facility from Pearlmark Real Estate Partners for an undisclosed price. Chris Norvell and Scot Humphrey of Cushman & Wakefield | Thalhimer represented Pearlmark in the transaction. The property was 93 percent leased at the time of sale.
MAITLAND, FLA. — Crocker Partners has acquired a 174,048-square-foot office building located at 851 Trafalgar Court in Maitland, a northern suburb of Orlando. The property is currently 80 percent leased to tenants including Sprint/Nextel, Rasmussen College and Digital Risk. Crocker Partners will manage the property and CBRE will handle the building’s leasing responsibilities. The property will undergo a capital improvement program that will enhance the building’s elevator systems, signage and common area finishes. Including this acquisition, Crocker Partners owns more than 3.2 million square feet of office space in Florida.
The Raleigh-Durham-Chapel Hill market, known as the Triangle, has long been viewed as a market favorable for investors, due to very strong demand metrics. The state capital’s thriving economy and excellent demand drivers have made it a prime renter destination and the new darling for yield-chasing institutional investors. A skilled workforce, transitional student renter pool and national trend of millennials “de-nesting” have continued to keep the apartment market strong and attract institutional investors such as Redwood Capital Group, Guardian Life Insurance and Heitman. As one of the most active firms in the Carolinas, Cassidy Turley has witnessed the transition firsthand as the Triangle has transformed from a regional player into a national powerhouse that has attracted some of the world’s most savvy institutional groups. According to Reis, the apartment vacancy rate in the third quarter of 2013 stood at 3.9 percent, well below the greater South Atlantic region’s average of 4.9 percent. Furthermore, the vacancy rate has actually decreased 20 basis points since last quarter, demonstrating the strong momentum of the local market and the appeal to institutional investors. Contributing factors include: A 20 percent population growth in the Triangle over the last decade The area boasts a total student …