WASHINGTON, D.C. — Property Group Partners has acquired the fee interest in three blocks of a recessed portion of I-395 in downtown Washington, D.C. The commercial real estate owner and developer will begin preliminary work on the 2.2 million-square-foot Capitol Crossing, a mixed-use project. Capitol Crossing will be built on an undeveloped site extending from Massachusetts Avenue to E Street. It will reconnect the Capitol Hill and East End districts that were cut off by the construction of I-395 in the 1960s. The mixed-use project is designed to achieve LEED Platinum certification. Development of the first office building on the site will begin in 2013. Plans call for five buildings on the site, including a 150-unit residential building and four office buildings spanning between 300,000 and 685,000 square feet. Each building will feature ground-floor retail space designed for restaurants and boutiques. Skidmore, Owings & Merrill designed the project’s master plan and Cassidy Turley is the project’s leasing agency.
Southeast
BELCAMP, MD. — Chambers Street Properties, a self-administered Maryland real estate investment trust, has acquired Gateway at Riverside, an 800,797-square-foot distribution facility in Belcamp. The purchase includes an adjacent 15-acre land parcel with the potential of expanding the facility by up to 400,000 square feet. Gateway at Riverside was built in 1991 and renovated in 2005. It features 30-foot clear height ceilings, 82 dock high loading doors and two outdoor trailer storage areas. The facility is fully leased to a wholly owned subsidiary of a large consumer product manufacturing company.
HARRISONBURG, VA. — The I-81 Distribution Center, a 357,673-square-foot industrial property at 4500 Early Rd. in Harrisonburg, has traded for $16 million. Philadelphia-based BPG Properties sold the bulk distribution center to STAG Industrial, a publicly traded real estate investment trust. The building is fully leased to Ply Gem Holdings Inc. through February 2018.
BOCA RATON, FLA. — Beech Street Capital LLC has closed a $16.5 million Fannie Mae conventional loan to refinance Crystal Palms, a 175-unit garden-style multifamily property in Boca Raton. The borrower, Scully Co., currently operates 30 properties in Pennsylvania, New Jersey, Connecticut and Florida, and manages garden-style and high-rise communities ranging in size from 88 to 1,000 units. Crystal Palms includes two-story, garden-style buildings and amenities include a pool, fitness center and tennis courts.
ALPHARETTA, GA. — The 22,000-square-foot Grasslands Plaza shopping center at 5620 Commerce Blvd. in Alpharetta has traded for $1.8 million. PNC Bank sold the foreclosed property and three acres of land to TAC GrassLands LLC, a regional equity group. Grasslands Plaza was built in 2008 and is currently 69 percent occupied with tenants including Curves, Dollar Tree, Moe’s Southwest Grill and AT&T Cellular. The vacant parcels are approximately 1.32 and 1.73 acres. Grasslands Plaza and the vacant lots are outparcels to a Wal-Mart Supercenter. Ron Whitmire and Bob Kane of Bull Realty represented the bank in the disposition.
RALEIGH, N.C. — Atlanta-based RCG Ventures has completed a Toys “R” Us and Babies “R” Us combination store in Poyner Place Shopping Center, which is adjacent to Triangle Town Center Mall in Raleigh. The project featured ground-up construction of the 59,101-square-foot build-to-suit Toys “R” Us and Babies “R” Us store under one roof. Catamount Constructors worked in conjunction with RCG Ventures.
OCOEE, FLA. — Unicorp National Developments Inc. has broken ground on the $18 million Casa Mirella Apartments, a 216-unit multifamily property located at Maguire and Roberson roads in Ocoee. The apartment complex is slated for completion in December 2013 and amenities will include seven garage buildings, a clubhouse and swimming pool. Altamonte Springs, Fla.-based Roger B. Kennedy Inc. is the construction manager and Slocum Platts Architects P.A., Winter Park is the project architect.
MEDLEY, FLA. — HFF has secured a $9.3 million construction loan for a 185,520-square-foot spec industrial development on an 8.8-acre site in Medley. The site has direct rail access on site through the Florida East Coast Railway and is close to the Florida Turnpike, Okeechobee Road, the Palmetto Expressway and Route 27. Eric Tupler, Jim Dockerty and Josh Simpson of HFF placed a three-year construction loan with a national bank on behalf of Denver-based Industrial Income Trust.
MIAMI — A six-building industrial portfolio built between 1972 and 1984 has traded for $9 million. CBRE, on behalf of the seller Sarahs Canal Co. LLC, arranged the portfolio sale to Maksanium LLC, an entity controlled by Sunrise, Fla.-based Genet Property Group. The buildings are located in the Cutler Bay area of Miami just north of the South Dixie Highway and Florida Turnpike intersection. The portfolio has 138 units and is approximately 220,000 square feet total. Tenants comprise a mixture of small, entrepreneurial businesses.
HIXSON, TENN. — Hixson Crossing, a 12,640-square-foot retail center, has sold for $3.4 million. Bob Havasi of Cooper Commercial Investment Group represented the seller, a Tennessee-based private investor, in the transaction. Hixson Crossing is located in Hixson, a suburb of Chattanooga, Tenn., and is anchored by Aspen Dental. Other tenants include Sun Tan City, Gigi’s Cupcakes, Batteries Plus, Inkredible Cartridge and Achieve Medical Weight Loss. A South Carolina-based private investment group purchased the retail property.