GRETNA, LA. — Marcus & Millichap has completed the sale of Pine I and II, a 143-unit distressed multifamily property located in the New Orleans suburb of Gretna. The property is located at 112 and 250 Holmes Blvd. The two communities, which contain a total of 27 two- and three-story buildings, were constructed in 1968 and 1978. They were extensively renovated in 2006 following Hurricane Katrina. Boyan Radic and Mason Green of Marcus & Millichap’s Fort Worth, Texas, office represented the seller, B-G&G Investors LLC, and the note holder, Hudson Advisors. Radic and Green also selected the deal’s stalking horse bidder and eventual buyer, a Florida-based limited liability company.
NEW ORLEANS — Construction will be complete in October for the $52 million renovation of the historic Saenger Theatre in New Orleans. The building was first constructed in 1927 at the corner of Canal and North Rampart Street, and it has been the focus of redevelopment since being damaged by Hurricane Katrina ion 2005. The City of New Orleans, Canal Street Development Corp. and Houston-based ACE Theatrical Group are overseeing the project. The interior paint and veneer is being stripped and replaced with the original color palette. Historic decorative elements are being installed. The stagehouse is also being expanded. The project architect is Washington, D.C.-based Martinez + Johnson, and the general contractor is Metairie, La.-based Broadmoor Construction.
MIAMI — Marcus & Millichap has completed the sale of a retail building located at 2121 Biscayne Blvd. in Miami for $17.38 million. Staples occupies the building on an 15-year net lease that began in 2008. The property is certified LEED-Gold and is zoned for up to 36 stories of future development. Alvin Mansour of Marcus & Millichap’s San Diego office partnered with Alex Zylberglait and Ryan Shaw of the firm’s Miami office to represented the seller, 2121 Biscayne Blvd. LLC, as well as the undisclosed buyer.
ELKRIDGE, MD. — Terreno Realty Corp. has acquired an approximately 349,000-square-foot industrial property in Elkridge for $16.7 million. The property contains two buildings located on 17.9 acres at 6675 Amberton Drive and 6660 Santa Barbara Road. The buildings contain 107 dock-high and 10 drive-thru doors. Occupancy was 64 percent at the time of closing. The property’s estimated stabilized cap rate is 8 percent. The seller’s name was not disclosed.
AVON PARK AND LAKELAND, FLA. — CB Richard Ellis (CBRE) has brokered the sale of a central Florida retail portfolio for $12.1 million. The portfolio comprises three properties: Avon Square, a 112,000-square-foot neighborhood center located in Avon Park; Palm Center, a 132,000-square-foot shopping center located in Lakeland; and Wabash Shopping Center, a 70,000-square-foot center also located in Lakeland. Daniel Baker of CBRE’s Orlando office partnered with Mark Schellabarger of the firm’s Tampa office to represent the sellers, three separate affiliates of Lakeland-based Century Retail. The buyer was Balitmore-based America’s Realty.
NORTH CHARLESTON, S.C. — CBS Productions has leased 200,000 square feet of industrial space at 45000 Goer Drive in North Charleston. The tenant will use the facility for the production of the new television drama series “Reckless.” Hagood Morrison of Colliers represented the undisclosed landlord in the transaction. Brent Case of Coldwell Banker Commercial represented CBS.
BOCA RATON, FLA. — Delray Beach, Fla.-based Dockerty Romer & Co. has secured $10 million in permanent financing for a 74,000-square-foot retail center located at 155-499 Spanish River Blvd. in Boca Raton. The property was fully occupied at the time of closing. The loan carries a 10-year term and a fixed interest rate. Bob Dockerty of Dockerty Romer & Co. arranged the loan on behalf of the borrower, North Dixie Retail LLC. The lender was Florida Community Bank.
Orlando has always shown an uncanny ability to grow, diversify and prosper, all while shrugging off a few economic hiccups along the way. Now, it appears that “the City Beautiful” is doing it again, with apartment development leading the way. Not since Lincoln Property Co. built the 164-unit Aspire apartments in 2008 has any significant multifamily rental development taken place in downtown Orlando. Yet, over the next two years more than 2,000 new rental apartment units are expected to dot the downtown landscape. This represents an untested pace for downtown, higher than any other two-year stretch in Orlando’s history. Although the addition of this many units may raise some concern (especially understanding Orlando’s history of overbuilding), several well established multifamily developers have taken a deeper look into Orlando’s urban lifestyle; and they like what they see. It would appear that through a mix of public/private partnerships, infrastructure improvements and quality of life, downtown is on the verge of moving one step closer in its quest of becoming one of the most robust “live-work” cities in the U.S. Laying the foundation for its continued transformation is the nearly $5 billion in capital investments that have been, or are being, invested in …
METAIRIE, LA. — Holliday Fenoglio Fowler has brokered the sale of Lakeway Center, a three-building, 1.2 million-square-foot office complex located in the New Orleans suburb of Metairie. Lakeway Center comprises three Class-A buildings situated on the shore of Lake Pontchartrain. The complex is 90.5 percent occupied by a tenant roster that includes People’s Health Network, Drug Enforcement Administration, EDG and Fresenius Medical Care. Holliday Fenoglio Fowler represented the seller, Equity Office Properties. The buyer was The Feil Organization. The acquisition price was undisclosed.
MIAMI — Terra Group has broken ground for the development of the Grove at Grand Bay luxury residential condominium project. Located at 2675 S. Bayshore Drive in Miami’s Coconut Grove submarket, the project consists of two 20-story towers containing 98 units. Resident balconies are each 12 feet tall and 12 feet deep with hurricane-proof sliders. Building amenities include a multi-lingual butler, on-site chef, curator-maintained art gallery, a gym, a spa, a pet spa and four swimming pools. Units are priced from $3 million. Terra Group is the developer of Grove at Grand Bay. Bjarke Ingels Group is the project architect. More than 90 percent of the units in the North Tower have already been sold.