BETHESDA, MD. — Toll Brothers Inc., a developer of luxury homes, is expanding its services and opening a greater Washington, D.C. office for its new division called Toll Brothers City Living. The new office in Bethesda has been assembled to acquire, develop and build luxury urban residences. Toll Brothers owns two adjacent development sites along the Capitol Riverfront in downtown Washington, D.C. that will become rental communities under its new brand. In addition, the residential development company has acquired a site at 4915 Hampden Lane in Bethesda with plans for a seven-story building with approximately 60 luxury condominium residences and underground parking.
Southeast
WASHINGTON, D.C., AND CHARLOTTE, N.C. — Stream Realty Partners has opened two new offices in Washington, D.C., and Charlotte. Kyle Luby will lead the Washington, D.C., office and Daniel Farrar will lead the Charlotte office. These are the ninth and tenth locations nationwide for Dallas-based Stream Realty Partners, which represents a diverse mix of local, national and international clients as well as leases and manages a portfolio of more than 95 million square feet of office, industrial and retail properties.
MEDLEY, FLA. — A joint venture between Butters Construction & Development and L&B Realty Advisors will develop a $100 million, 918,000-square-foot Class A bulk distribution industrial park called Airport North Industrial Park in Medley. It is located on a 44.5-acre site at N.W. 87th Avenue and N.W. 80th Street. CBRE Capital Markets procured L&B Realty Advisors and its client, the State of Florida, as Butters Construction & Development’s equity partner for the deal. Airport North Industrial Park will include four institutional-quality industrial buildings. Site development will commence in the first quarter of this year and vertical construction in the second quarter of this year.
SLIDELL, LA. — Stirling Properties and CBL & Associates Properties Inc. have formed a 35/65 joint venture to develop Fremaux Town Center in two phases at Interstate 10 and Fremaux Avenue in Slidell. Phase I will include approximately 295,000 square feet with anchors Dick’s Sporting Goods, Michaels, TJ Maxx and Kohl’s. Additionally, Phase II will include up to 300,000 square feet of retail space. Construction on Phase I will begin in March and the grand opening is scheduled for the second quarter of 2014. Fremaux Town Center is more than 70 percent leased.
CHARLOTTE, N.C. — Passco Cos. LLC, a real estate investment firm specializing in the tenant-in-common structure, has acquired The Enclave at Rivergate in Charlotte for $24.8 million. The 216-unit Class A apartment complex is located at 12400 Toscana Way and includes one-, two- and three-bedroom units. Irvine, Calif.-based Passco Cos. received a $13.64 million Fannie Mae loan to finance the acquisition. Southeast Apartment Partners represented the unlisted seller.
GREENVILLE, S.C. — Cabela’s Inc., an outdoor sporting retailer based in Sidney, Neb., will open a 100,000-square-foot store in spring 2014 at Menin Development’s Magnolia Park in Greenville. It will be the first Cabela’s store in South Carolina. The building’s exterior will include log construction, stonework, wood siding, metal roofing and a large glass storefront. Magnolia Park, formerly the Greenville Mall, consists of more than 500,000 square feet of retail and entertainment space on 85 acres. Tenants include Costco, Regal Cinemas, Rooms to Go, Old Navy, Bed Bath & Beyond and Toys “R” Us/Babies “R” Us. Currently, Cabela’s operates 40 stores across the United States and Canada.
MIAMI — A 24,894-square-foot Office Depot near Miami International Airport has sold for approximately $6.6 million. Scott Sandelin of Marcus & Millichap’s Miami office represented the seller, a New York-based real estate investment trust, and the buyer, a limited liability company based in Canada. The Office Depot store is strategically located at the entrance of the Miami International Airport at 3600 LeJeune Rd. in Miami.
TAMPA, FLA. — HFF has arranged $41.5 million in joint venture equity and financing for a three-property, Class A office portfolio totaling 312,543 square feet in Tampa’s Gateway submarket. HFF worked exclusively on behalf of the borrower, Cardinal Point Management LLC, to secure a $28 million, five-year mortgage loan through Wells Fargo. Halstatt Real Estate Partners provided $13.5 million in joint venture equity. The three properties are located at 740, 780 and 800 Carillon Pkwy. close to the Tampa International Airport, and are 94 percent leased to tenants including Allstate, Humana, SunTrust Bank and Lincoln National Life Insurance. Chris Drew, Luis Castillo, Jorge Portela and Jose Carrazana of HFF represented Cardinal Point Management.
KENDALL, FLA. — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale of Lakeside Villas, a distressed 190-unit condominium community in Kendall, for an undisclosed price. Still Hunter III, Evan Kristol and Alex Zylberglait of IPA advised the receivership. A local private investor purchased the 137,840-square-foot multifamily property that is located at 15140 S.W. 75th Circle Lane in Kendall. It was built in 1985 and includes one- and two-bedroom units.
ASHBURN, VA. — The Fresh Market will open a new location in Ashburn. The 23,000-square-foot specialty grocery store is set to break ground this month and will open this fall. This will be the first location for the specialty grocer in Loudoun County, Va. It will be located within One Loudoun, a 358-acre master-planned community featuring 1,040 homes and 702,000 square feet of retail space including fine dining and upscale shopping. One Loudoun Downtown LLC, a joint venture between Miller and Smith and North America Sekisui House LLC, is developing One Loudoun.