LADY LAKES, FLA. — Orlando, Fla.-based CNL Healthcare Trust and Vero Beach, Fla.-based Harbor Retirement Associates (HRA) have broken ground on the $21.6 million HarborChase of Village Crossing, an assisted living community on Route 441 across from The Villages Regional Hospital in Lady Lakes. The community will include a two-story building with 96 units and approximately 91,000 square feet of space. HRA will provide management services upon the community’s completion in late 2013.
Southeast
LEXINGTON, VA. — Nelson Street Realty LLC, an affiliate of Charlotte, N.C.-based Morgan Property Group, has sold 3.14 acres of land on East Nelson Street and U.S. Route 11A in Lexington for $2.1 million. Altoona, Pa.-based Sheetz Inc., a family owned and operated convenience store chain, has signed a ground lease for the development of a convenience store. The City of Lexington approved the land for construction late last summer. Marcus & Millichap represented Nelson Street Realty and Marstellar Realty represented the unlisted buyer.
LAKE WORTH, FLA. — An 18-acre parcel of land at 4411 S. Congress Ave. in Lake Worth has sold for $2 million to Morguard Coral Lakes LLC, an affiliate of Kenner, La.-based Morguard Management Co., that is approved for 169 townhouses. FCB Palm Beach Holdings LLC, an affiliate of Florida Community Bank, sold the site that is located west of Palm Beach State College and north of JFK Medical Center. Fort Lauderdale, Fla.-based Brenner Real Estate Group’s Reese Stigliano represented Morguard Coral Lakes and the seller was self-represented.
ATLANTA — Atlanta-based Regent Partners LLC, a full-service real estate investment and development firm, has acquired Concourse Corporate Center, including Atlanta’s iconic “King and Queen” high-rise office buildings, in the Central Perimeter submarket near the Interstate 285 and Georgia Highway 400 interchange for more than $300 million. The 2.2 million-square-foot Concourse Corporate Center also includes three mid-rise office buildings and is situated on a 64-acre campus. The campus includes a four-star Westin Hotel, the Concourse Athletic Club and KinderCare Child Learning Center, which were not part of the transaction. GEM Realty Capital affiliates, Equity Group Investments affiliates and funds managed by San Francisco-based Farallon Capital Management are part of the new ownership group. Regent Partners’ David Tennery and Adam Allman will lead leasing and marketing for Concourse Corporate Center.
MONTGOMERY, ALA., AND DOUGLAS, GA. — New Hope, Pa.-based National Net Lease Realty has arranged two sales of triple-net leased CVS/pharmacy properties in Alabama and Georgia. National Net Lease Realty’s Terry Marks represented the seller, a Southern California-based limited liability company, in the $4.2 million sale of a 13,706-square-foot CVS/pharmacy property that was built in 2005 at 3050 Zelda Rd. in Montgomery. Another West Coast-based limited liability company purchased the property, including the assumption of a CMBS loan through Wells Fargo. CVS/pharmacy has 19 years remaining on its lease. Marks also facilitated the $3.7 million sale of a 10,880-square-foot CVS/pharmacy at 912 W. Ward St. in Douglas. The pharmacy and retail company has 19 years remaining on this Georgia triple-net lease as well. Marks represented the seller, a Southern California-based limited liability company. A West Coast-based limited liability company purchased the property, which also includes the assumption of a CMBS loan through Wells Fargo.
ATLANTA — The $100 million Emory Point project, a mixed-use development located near Emory University and the Centers for Disease Control (CDC) in Atlanta, has signed three new restaurants and two new retailers, including Burgerfi, Bonefish Grill, Paradise Biryani Pointe, LOFT and Francesca’s Collections. Emory Pointe is 82 percent committed with the addition of these five tenants. Retailers, restaurants and other services are expected to open at Emory Pointe this November. Atlanta-based Cousins Properties Inc. and Gables Residential are collaborating for the first time on Emory Pointe.
GAITHERSBURG AND GERMANTOWN, MD. — H&R Retail, the largest retail-only brokerage firm in the Washington, D.C./Baltimore metropolitan area, has completed three retail leases. LA Fitness leased 39,192 square feet at Crown Farm, Sam Eig Highway and Fields Road in Gaithersburg from JBG Associates. H&R Retail’s Marc Katz, David Ward and Geoffrey Mackler represented LA Fitness. Buffalo Wings and Beer leased 4,418 square feet at Kingsview Shopping Center on Leaman Farm Road in Germantown from Giant of Maryland. H&R Retail’s Jim Crilley represented the landlord in the transaction. Finally, Education Outlet leased 2,040 square feet at Diamond Square Shopping Center on Bureau Drive in Gaithersburg from Giant of Maryland. Crilley represented Education Outlet.
BIRMINGHAM, ALA. — Birmingham-based EGS Commercial Real Estate Inc. (EGS), a company specializing in tenant representation, leasing, management, sales and commercial real estate development, has completed four industrial lease transactions in the Birmingham area, including two at Cahaba Valley Business Park, one at the Distribution Center and one at Southside Business Center. Cintas/American First Aid, a supplier of first aid safety equipment and related services, renewed its 11,250-square-foot lease at 602-612 Cahaba Valley Pkwy. at Cahaba Valley Business Park. Graham & Co.’s Jack Brown represented the tenant. Astral Industries, a steel purchaser that produces finished powder coated products, signed a 3,750-square-foot lease at 227 Distribution Center Dr. at the Distribution Center in Birmingham. Graham & Co.’s Ogden Deaton represented the landlord and EGS’s Stuart Brock represented the tenant. Computer Resources Inc., which provides software, hardware, training, support and other services to the communications industry, renewed its 3,300-square-foot lease at 300-304 Cahaba Valley Pkwy. at Cahaba Valley Business Park. EGS’s Brad Moffatt and Brock represented the landlord. Finally, Goodwyn, Mills & Cawood Inc., an architectural firm, renewed its 3,300-square-foot lease at 2501-2523 Fifth Ave. at Birmingham’s Southside Business Center. Moffatt and Brock represented the landlord.
WASHINGTON, D.C. — Walker & Dunlop has arranged $93 million in financing for a portfolio of mixed-use properties in Washington, D.C. The four-property portfolio totals 257,000 square feet in D.C.’s Chinatown neighborhood. Deutsche Bank provided $55 million in permanent financing for two of the properties. A 119,000-square-foot building at 800 F St. N.W. includes the International Spy Museum, office tenants Varian Medical Systems, Washington Media and Ziemba Waid Public Affairs, and nine apartment units. A 35,000-square-foot property at 425 Seventh St. N.W. includes a cluster of three-story buildings with office and retail space, featuring restaurants Carmine’s and Luke’s Lobster. RBS Citizens provided $38 million in interim financing for the other two properties, including 704-718 Seventh St. N.W. and 726-738 Seventh St. N.W./702 H St. N.W. Those properties total more than 100,000 square feet in several buildings and Douglas Development is headquartered in the space.
CORAL SPRINGS, FLA. — The 26,184-square-foot Coral Springs Plaza, a shopping center at 7891 W. Sample Rd. in Coral Springs, has sold for $2.85 million. Barry Wolfe of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, a Pembroke Pines, Fla.-based personal trust. The retail property draws from a base of local tenants including LaSpada’s Original Hoagies.