JUPITER, FLA. — Jones Lang LaSalle (JLL) Project and Development Services has completed the Max Planck Florida Institute for Neuroscience, a LEED Gold-certified research center, in Jupiter. It is the first U.S.-based institute for the Germany-based Max Planck Society, a global scientific research organization. The three-story, 100,000-square-foot facility includes 57,600 square feet dedicated laboratory space and is situated on six acres at Florida Atlantic University’s John D. MacArthur Campus. The project was primarily funded by the State of Florida and Palm Beach County, which received more than $180 million in public funding including $66 million for the facility’s construction. ZGF Architects LLP designed the building, and The Weitz Co. and DPR Construction were construction managers. The Florida Institute’s scientists are focused on the nervous system, its capacity to produce perception, thought, language, memory, action and emotion. Their primary goal is better research and treatments for brain disorders.
Southeast
ATHENS, GA. — Athens-based Landmark Properties has purchased the former Athens Hardware building in downtown Athens and has broken ground on a student housing project on the site. The Standard at Athens, aimed at University of Georgia (UGA) students, will offer 610 beds and 24,788 square feet of ground-level retail when it opens in 2014. The property will be owned by a joint venture. Harrison Street Real Estate Capital is investing 50 percent of the capital for the project, and Landmark is providing the other half. The project costs a reported $30 million.
DOTHAN, ALA. — Corvias Campus Living, a privately owned real estate company, will construct and manage three residential apartment buildings for the Alabama College of Osteopathic Medicine (ACOM) in Dothan. It is the company’s first student housing project and will include three 30,864-square-foot buildings with 117 bedrooms and a 3,000-square-foot clubhouse. The on-campus residences will open in July 2013, welcoming ACOM’s inaugural class of 150 students. The college’s mission is to address the critical need for primary care physicians to serve the rural and medically underserved areas of Alabama. Corvias has a Dothan office and has been responsible for military housing at Fort Rucker in Alabama since 2006.
WASHINGTON, D.C. — Jones Lang LaSalle (JLL) Hotels has secured $31.5 million to refinance the Club Quarters Washington, D.C., a 161-room full-service hotel two blocks from the White House. Mike Huth of JLL Hotels real estate investment banking team led the transaction on behalf of the borrower, Rockwood Capital LLC, which has refinanced three Club Quarters hotels during the past year.
DECATUR, GA. — Deerwood Real Estate Capital has closed on $18.5 million in refinancing for Belvedere Plaza Shopping Center in Decatur. The 275,000-square-foot retail property is anchored by Kroger and was originally built in 1956. Other tenants include CW Price, Dollar Tree and Hibachi Grill. David Rosenberg and Mark Silbersher of Deerwood Real Estate Capital negotiated the non-recourse loan on behalf of the unlisted borrower.
PEMBROKE PINES, FLA. — The two-building, 77,209-square-foot Herald Plaza office complex has traded for $9 million in Pembroke Pines. A joint venture between Grover & Corlew LLC, a boutique real estate investment and management firm, and Creek Real Estate Partners LLC, a commercial real estate fund, purchased the office property from Coconut Creek, Fla.-based Butters Group and Boca Raton, Fla.-based Milhous Group. Scott O’Donnell, Jeffrey Kelly, Dominic Montazemi, Marty Busekrus and Miguel Alcivar of CBRE brokered the transaction. Grover & Corlew LLC is led by Mark Corlew, former Stiles Corp. acquisitions chief, and his partner Anuj Grover, a lawyer, accountant and real estate operator.
MIAMI — Schenker Inc. and Schenker Logistics Inc., two divisions of the global transportation and logistics company DB Schenker, have signed leases for 273,000 square feet at DCT Industrial Trust’s DCT Commerce Center at Pan American West in Miami. Schenker Inc. significantly expanded its existing Miami branch facility, which provides air and ocean freight distribution services, by signing a 150,000-square-foot lease in DCT Commerce Center’s Building A at 1801 N.W. 135th Ave. in Miami. This facility is currently under construction and is scheduled for completion in the first quarter of 2013. Schenker Logistics Inc. more than doubled the size of its existing logistics operation in Miami with a 123,000-square-foot lease in DCT Commerce Center’s Building B at 1800 N.W. 133rd Ave. in Miami. This facility is also under construction and will be delivered in the second quarter of 2013. David Albert of CBRE represented Schenker in the leases. Devin White of CBRE negotiated on behalf of the landlord, DCT Industrial Trust Inc.
PORT ST. LUCIE, FLA. — Old Royal LLC, a West Palm Beach, Fla.-based private investment group, has purchased Parkway Plaza, a retail strip center in Port St. Lucie, for $1.8 million. The 42,739-square-foot retail property is located at 6500 Selvitz Rd. and was constructed in 2007. It was 39 percent occupied at the time of the transaction. William Strauss of CBRE represented the seller, Baltimore-based Quality Properties Asset Management Co.
RALEIGH, N.C. — New Boston Fund Inc., a private equity real estate investment, development and management firm, has commenced major renovations at Carolina Place, a Class A office building in Raleigh. The five-story, 99,181-square-foot office property is undergoing renovations to its lobby and common areas including the complete removal and replacement of the glass curtain wall and entry doors to the lobby. The remainder of the lobby will be entirely gutted and replaced with new flooring, walls, trim and lighting in a modern design. The restrooms and elevators are also being gutted and completely updated. LS3P is the renovation architect and Riley Lewis General Contractors is the general contractor. The renovations are scheduled for completion by the end of this year.
MIAMI — The 56-unit Opera Tower, a downtown Miami condominium complex rising above Biscayne Bay, is undergoing a $1.2 million building enhancement program. The redesign includes updates to the recreational room, lobby and pool deck, and is set for completion by the end of the first quarter of 2013. South Florida-based Tibor Hollo, Opera Tower’s original developer, is leading the redesign. Residences at Opera Tower feature stainless steel appliances, European gourmet kitchens, luxurious baths and granite countertops. Amenities include full-time security, concierge services, garage parking and a state-of-the-art fitness center.