OWINGS MILLS, MD. — Owings Mills Transit LLC has broken ground on a four-story, 200,000-square-foot Class A office building within Metro Centre at Owings Mills, a mixed-use development in Owings Mills. The office development represents Phase I of the 1.2 million-square-foot office component of Metro Centre at Owings Mills, and will be completed by mid-year 2013. The mixed-use development will also consist of 300,000 square feet of retail space and restaurant space; 1,700 residential units; a hospitality component of up to 250 rooms; and 120,000 square feet of educational facilities. David S. Brown Enterprises LTD is the site manager.
Southeast
SANDY SPRINGS AND MARIETTA, GA. — Atlanta-based Branch Properties LLC has purchased two retail properties in the Atlanta area. The firm acquired City Walk in Sandy Springs for $24.5 million in a special servicer-managed REO sale. City Walk is a 168,100-square-foot shopping center anchored by Kroger and located on Sandy Springs Drive. It is 71 percent leased. Fain Hicks of NAI Brannen Goddard and C-III Realty Services brokered the transaction. Branch Properties LLC also acquired 53,600 square feet of small shop space in three buildings at Merchant’s Festival in Marietta for $13.1 million. The Target-anchored shopping center is located at the intersection of Johnson Ferry and Roswell roads. Target sold the space to Branch Properties but the Target retail space in Merchant’s Festival was not included. Chris DeCoufle and Kevin Reavey of CBRE represented Target in the transaction.
TAMPA, FLA. — Safeguard Self Storage has sold a three-property self-storage portfolio in the Tampa area for approximately $25 million to W.P. Carey. The portfolio totals 2,250 units and 225,569 square feet. The three properties are located at 31100 U.S. Highway 19 North in Palm Harbor, Fla.; 3708 W. Bearss Ave. in Tampa; and 2501 22nd Ave. North in St. Petersburg, Fla. Michael Mele of Marcus & Millichap’s National Self-Storage Group represented Safeguard Self Storage in the transaction.
BALTIMORE — New York-based Promed Acquisition Inc. has purchased a leasehold interest in four floors of the eight-story Johnston Professional Building on the campus of MedStar Union Memorial Hospital in Baltimore. Johnston Professional LP sold the leasehold interest for $21.75 million. The first four floors are owned and operated by the hospital and the top four floors are subject to a long-term air rights lease. The property is located at 3333 N. Calvert St. and is fully occupied with tenants MedStar Union Memorial Hospital and Greater Chesapeake Orthopedic Associates. Jonathan Carpenter, James Wellschlager and Douglas Brinkley of Cassidy Turley represented the seller.
LAKELAND, FLA. — The 236-unit Cleveland Heights multifamily community has sold for $8.65 million in Lakeland. It was built in 1975 and underwent capital improvements this year. The property is located at 3520 Cleveland Heights Blvd. and consists of 31 one- and two-story buildings. Michael Regan and Francesco Carriera of Marcus & Millichap’s Tampa, Fla., office represented the seller, a private investor, and the buyer, a limited liability company.
BEECH BOTTOM, W. VA. — Los Angeles-based Hackman Capital Partners LLC has purchased the former Wheeling Corrugating plant in Beech Bottom at auction from RG Steel Wheeling LLC. The Business Development Corp. (BDC) of the Northern Panhandle, a nonprofit organization, received the property’s title following its auction and sale. Hackman Capital Partners and the BDC will develop and lease the site. Beech Bottom was one of RG Steel’s last held manufacturing facilities after the company filed for Chapter 11 bankruptcy this year. Hackman Capital Partners specializes in sourcing real estate and equipment deals through bankruptcies, turnarounds and financial restructurings. The Los Angeles firm sourced the deal with National Machinery Exchange and Capital Recovery Group, and is working in cooperation with the BDC. The 600-acre site sits on the Ohio River and includes 150 acres available for development.
ORMOND BEACH, FLA. — South Florida-based Stiles, a private full-service commercial real estate company, has purchased the 102,170-square-foot Ormond Beach Mall from an entity affiliated with Lakeland, Fla.-based Odyssey Diversified Properties Inc. Ormond Beach Mall is anchored by Publix and includes tenants Bealls Outlet, Family Dollar and Wells Fargo. Danny Finkle, Luis Castillo and Kim Flores of HFF represented the seller. Ormond Beach Mall is located at 1200-1294 Ocean Shore Blvd. in Ormond Beach.
MIAMI — Laurus Corp., a private real estate investment and development firm, has acquired the Sofitel Miami hotel. The 14-story luxury hotel sits on 10 acres with 281 rooms and 17,351 square feet of meeting and event space. Approximately $4.5 million will be invested in renovations for the hospitality property, and the site includes 1.3 acres for additional development. Sofitel Miami hotel is located at 5800 Blue Lagoon Dr., adjacent to Miami International Airport in Miami.
ATLANTA — The dual-branded Hilton Garden Inn and Homewood Suites by Hilton has opened in Midtown Atlanta. The 12-story hotel is located at 97 10th St. and includes 136 Hilton Garden Inn guestrooms and 92 Homewood Suites studios. North Point Hospitality Group Inc. owns and manages the property. The hotel splits its lobby between the brands, offering two separate check-in desks and lodging and dining areas. Communal areas include meeting rooms, a business center, pool and fitness center.
BUCKNER, KY. — Ralcorp Holdings has tapped IDI, a full-service industrial real estate company, to build a 558,600-square-foot distribution center at 1 Quality Place at its Carriage House Division campus in Buckner. The industrial facility recently broke ground and is scheduled for completion by the end of 2013. Ralcorp Holdings produces a variety of private-brand foods sold under the individual labels of various grocery, mass merchandise and drugstore retailers.