BOCA RATON, FLA. — CB Richard Ellis (CBRE) has brokered the sale of an 11,000-square-foot, multi-story medical office building located at 1450 S. Dixie Highway in Boca Raton. Dr. Alan Bauman purchased the property for $1.6 million and plans to relocate his practice, Bauman Medical Group, to the building. CBRE’s Dominic Montazemi, Scott O’Donnell and Miguel Alcivar represented the seller, 1450 Dixie LLC.
VIRGINIA BEACH, VA. — A limited liability company led by Bruce L. Thompson has acquired The Cavalier Hotel in Virginia Beach from a court-appointed receiver for $35.7 million. Situated on 21.2 beachfront acres, the property features the original seven-story, 11-room hotel that opened in 1927; an 11-story, 282-room hotel that opened in the 1970s; and a 50,000-square-foot conference center. Amenities include an indoor pool in the original hotel, an outdoor pool adjacent to the newer hotel, outdoor tennis courts, a fitness center, a kids’ play room, food and beverage options at both hotels, and below-grade parking. The property also contains an owner/manager residence, employee housing and an automobile repair garage. The buyer is planning a $259 million capital improvements project that will include the restoration of the original hotel. Representing the receiver, Charles Goldstein of Protiviti, in negotiations was Mike Matlat of DJM Realty and the CBRE|Hotels team of Doug Henkel, Tom Ives, Lew Miller, Andy Wimsalt and Kym Halsted.
COLUMBIA, MD. — Fernau LeBlanc Investment Partners has purchased Rivers Business Commons from an affiliate of Greenfield Partners. The four-building office park is located at 8945-8975 Guilford Road in Columbia. It contains 101,596 square feet of class A office space. It was 87 percent leased to a tenant roster that includes St. Agnes Hospital, Black & Veatch, and Beazer Homes. Cristopher Abramson, Brian Kruger, Nicholas Signor and Jonathon Chalkley of Cushman & Wakefield represented the seller.
DORAL, FLA. — Riviera Point Development Group (RPDG) has announced plans for its second South Florida office project. The developer has closed on the acquisition of 2.5 acres at 9000 NW 89th Court and NW 15th Street in Doral, and it plans to construct a 41,000-square-foot, lakeview office building on the site. The $9.5 million project, known as Riviera Point Business Center, will feature flexible office space with suites as small as 2,000 square feet. RPDG is developing the project with funds from the U.S. Citizenship and Immigration Services’ EB-5 program, which offers a fast track to permanent U.S. residency for foreign nationals who invest in commercial enterprises that generate at least 10 jobs for U.S. workers for two years. Corrales Group Architects is designing the project. RPDG also recently topped out on its first two buildings at the $17 million, EB-5 funded Professional Center at Riviera Point, which is being developed in Miramar.
VIENNA, VA. — NorthMarq has arranged a $13.7 million loan for the acquisition of a 95,000-square-foot office property in Vienna. The property includes two office buildings located at 8381 and 8391 Old Courthouse Road. Gary McGlynn of NorthMarq’s Washington, D.C. office arranged the loan on behalf of the undisclosed borrower through a non-recourse bridge lender.
CHARLOTTE, N.C., AND VERONA, VA. — Morgan Property Group has announced plans to develop two new 7-Eleven convenience stores in North Carolina and Virginia. In Charlotte, construction will begin in October for a 2,940-square-foot convenience store with six pumping stations and an outparcel. The new store will be located at the corner of North Wendover Road and Marvin Road. Completion is slated for the first quarter of 2014. In Verona, Morgan will retrofit an existing 2,173-square-foot convenience store located at 6 Lodge Lane into a 7-Eleven store. The store will feature four pumping stations and will be attached to a Wendy’s restaurant. Completion is slated for this fall.
YULEE, FLA. — Canadian real estate investment trust H&R REIT has purchased a 175,000-square-foot shopping center located on northeast Florida’s Amelia Island for $20.9 million. The Village of Amelia is situated on State Road 200 in Yulee. Its anchors include Publix, Kohl’s, TJ Maxx, Ross Dress for Less and JoAnn Fabrics. The CB Richard Ellis team of Donald Jennewein, Michael Strober and Amanda Valenti represented H&R as well as the undisclosed seller in the deal.
COLUMBIA MD. — The Universities Space Research Association, a nonprofit organization charged with advancing space science and technology, has acquired an office building in Columbia to expand its national headquarters. The 90,000-square-foot building, which is almost double the size of its current, leased headquarters, is located at 7178 Columbia Gateway Drive. The seller was South Norwalk, Conn.-based Greenfield Partners. Rich Rhodes, Dan Shapiro and Megan Hixon of Cresa Washington DC represented the buyer in the transaction. Cresa’s Project Management Services division will manage the building’s interior build-out.
ALPHARETTA, GA. — Atlanta-based Prudential Real Estate Investors has purchased a seniors housing property in the Atlanta suburb of Alpharetta from Boston-based REIT AEW Capital Management. Arbor Terrace at Crabapple was constructed in 2009. It contains 67 assisted living units and 26 memory care units in a two-story building. Mike Garbers of Atlanta-based ARA represented the seller. The purchase price was not disclosed.
ALPHARETTA, GA. — Choate Construction Co. has completed a $7.8 million expansion of King’s Ridge Christian School in the Atlanta suburb of Alpharetta. The project featured the construction of the 41,407-square-foot High School building, which contains more than 19 classrooms including science labs, an art room, ceramics room and music room. It can serve approximately 300 students and is the first of a two-phase expansion. The project also included the construction of the 4,015-square-foot Kendrick Center for Life Impact, which contains gathering space, counseling and guidance facilities and multipurpose space. The project architect was Chapman Griffin Lanler Sussenbach Architects.
