LAFAYETTE, LA. — Carter, a real estate development and advisory firm based in Atlanta, has been selected to oversee the design and construction of two projects at the University of Louisiana at Lafayette (UL Lafayette). Carter will oversee new construction and renovations at UL Lafayette’s Tier-1 Athletics Facilities Master Plan. The multi-phase plan includes a stadium expansion to Cajun Field (UL Lafayette’s football stadium), additions to the existing indoor practice facility and a new track and soccer facility. Carter expects to finish expansions and improvements to the stadium in the fall, while the company plans to deliver the facilities in mid-2015. The design team includes general contractor The Lemoine Co. and architects 360 Architecture and Architects Southwest. UL Lafayette also chose Carter to oversee the construction of a new 1,200-space mixed-use parking facility on the west side of campus. The facility will include 7,800 square feet of commercial space and 1,000 square feet of ground-level retail space, including a food service component. The Lemoine Co. will be the general contractor for this structure also, and Tim Haahs will serve as the architect. Carter expects to deliver the project in early 2015.
Southeast
MIAMI BEACH, FLA. — Imperium Capital and Centurion Realty, both real estate investment firms based in New York City, have purchased a portion of the Lincoln Road Mall, an eight-block walkway in Miami Beach featuring shops, restaurants and cafes. Imperium and Centurion purchased 643-657 Lincoln Road, a 10,000-square-foot building with four retail tenants, for $33 million. The tenants include French Connection, Runway Swimwear, Sushi Siam and Ricky’s Cosmetics. Jay Goldman of USA Commercial represented the undisclosed sellers in the transaction.
CHARLOTTE, N.C. — The Connor Group has purchased The Apartments at Quarterside, a 184-unit apartment community located in Charlotte, for $31.2 million. The Connor Group purchased the community from Quarterside Charlotte Apartments LLC and GFDR Quarterside LLC. The property was built in 2009 and includes a resort-style swimming pool, fitness center, controlled access building entry and garages. The Apartments at Quarterside is The Connor Group’s third acquisition in Charlotte in the last 16 months.
ATLANTA — FelCor Lodging Trust Inc. has sold its 232-room Embassy Suites hotel in Atlanta for $17.2 million. FelCor is using the proceeds of the sale to assume an existing $11 million loan on the property. FelCor has also agreed to sell its 218-room Embassy Suites hotel in Bloomington, Minn., for $24 million. FelCor is a publicly traded real estate investment trust.
PRATTVILLE, ALA. — GBT Realty has inked leases with several new tenants for Cobbs Ford Village, a new shopping center located off Interstate 65 on Cobbs Ford Road in Prattville, about 14 miles northwest of Montgomery, Ala. The new tenants include Firehouse Subs, Aspen Dental, Bama Fever Tiger Pride, Smashburger and Edible Arrangements. The new retailers will join existing tenants Starbucks Coffee and Gigi’s Cupcakes, as well as a new Chipotle Mexican Grill opening on Feb. 11.
ORLANDO, FLA. — ContraVest, a multifamily developer, has begun construction on two apartment developments in Orlando: The Courtney at Lake Shadow and The Courtney at Universal Boulevard. The combined construction cost for the two projects is $82 million. The Courtney at Lake Shadow is a 244-unit community located along Lake Shadow in Maitland, a northern suburb of Orlando. The Courtney at Universal Boulevard is located next to the Orange County Convention Center in south Orlando. The properties both feature a clubhouse, fitness center, resort-style pool, pet wash station, elevators and granite kitchen countertops. ContraVest will also provide general contracting and property management services for the projects. First move-ins are expected to begin in January 2015.
PALM BEACH GARDENS, FLA. — CIT Real Estate Finance, a subsidiary of CIT Group Inc., has provided a $26 million loan to redevelop the PGA Plaza Shopping Center, a retail center located in Palm Beach Gardens. The borrowing entity is a joint venture headed by Menin Development, a commercial real estate owner and developer. CIT Real Estate Finance provided the loan through CIT Bank, the U.S. commercial bank subsidiary of CIT Group.
KNOXVILLE, TENN. AND SAVANNAH, GA. — NorthMarq Capital has arranged $15.3 million to refinance Tillery Ridge Apartments in Knoxville and Buccaneer Trace Apartments in Savannah. Tillery Ridge is a 109-unit, affordable housing property located at 1716 Merchants Drive. Buccaneer Trace is a 208-unit apartment community located at 55 E. Deerwood Drive. Greg Duvall of NorthMarq Capital’s Kansas City regional office arranged both loans with 10-year terms and 30-year amortization schedules through Freddie Mac.
WASHINGTON, D.C. — Calkain Urban Investment Advisors, a division of Calkain Cos., has brokered the sale of a retail condominium unit at 1401 R St. N.W. in Washington, D.C. The 1,278-square-foot unit sold for approximately $1.4 million, or $1,100 per square foot. The property is leased on a long-term, triple net basis to a local restaurateur who is operating a café. Andrew Fallon and Rick Fernandez of Calkain represented the seller, a developer based in Washington, D.C., in the transaction. The buyer was a Washington, D.C.-based real estate firm.
PLANTATION, FLA. — U.S. Capital Holdings Group has broken ground on the first phase of 321 North, a $300 million live-work-play development in Plantation. The first phase is the redevelopment of a seven-story, 160,000-square-foot office tower. The design team includes general contractor GHJ Construction Inc., a subsidiary of Beijing Construction Engineering Group International Co. Ltd. GHJ plans to finish construction in approximately one year. U.S. Capital Holdings has retained CBRE as leasing agent for the new office tower. The redevelopment is the first of five phases for 321 North, which is slated to finish construction in 2017.