HARRISONBURG, VA. — Morgan Property Group (MGP) has acquired land for the development of a new freestanding 7-Eleven store in Harrisonburg. MPG acquired the 1.1 acres from Trenton Inc. for $1 million. 7-Eleven Inc. will lease the project and develop a 2,940-square-foot convenience store with six pumping stations. MPG will break ground on the new store in June. The store is expected to open this fall.
PARAGOULD, ARK. — Belk, the mid-range department store chain, is expanding and remodeling its store at the Town West Shopping Center in Paragould, located in northeast Arkansas. The $1.8 million project will add 10,000 square feet of space for a total of 48,000 square feet. The remodeling project will also include updated decor, new paint, carpet, tile aisles and lighting. The expansion will be complete in late September, prior to the store's grand reopening in October.
NORFOLK, VA. — Town Point Club Inc. has renewed its lease for 18,394 square feet of office space in the World Trade Center, located at 101 W. Main St. in Norfolk. Town Point Club is a private business club comprised of formal and casual dining areas, meeting rooms, business center, bar, lounge and smoking room. The membership includes business executives, military officers and entrepreneurs. Michael Divaris of Divaris Real Estate Inc. represented the tenant in the deal.
JEKYLL ISLAND, GA. — Jekyll Oceanfront Hotel LLC has broken ground on the $41 million Westin Jekyll Island, a 200-room beachfront hotel that will open in September 2014 as part of the Jekyll Island Beach Village project. The property will be located at 110 Ocean Way, adjacent to the new 128,000-square-foot Jekyll Island Convention Center. The hotel will feature a full-service restaurant and green design elements. When complete, New Castle Hotels and Resorts will operate the property.
ATLANTA — The Georgia Institute of Technology has selected Cooper Carry as the architect of record for the school's new 218,000-square-foot Engineered BioSystems Building. The $100 million project, located on the university's campus in Atlanta, will bring the College of Science and College of Engineering together for collaborative bio-engineering research. The project is the first phase of a four-phase expansion for Georgia Tech's bioscience research department. Lake Flato will serve as the design architect for the project and McCarthy Building Group is the general contractor. Completion is slated for 2014.
MOBILE, ALA. — Deerwood Real Estate Capital has arranged a $20.7 million nonrecourse loan for the acquisition of a 381,000-square-foot power center in Mobile. The center is 80 percent leased. Rafi Frankel and Mark Silbersher of Deerwood arranged the 10-year loan, which includes two years of interest-only payments, followed by a 28-year amortization schedule.
ORLANDO — Bell Partners Inc. has acquired the 310-unit Landmark Universal Apartments in Orlando, which will be renamed Bell at Universal. The garden-style community includes a swimming pool, clubhouse, cabana with a fireplace, fitness center, theater room and Internet cafe. The property is adjacent to Universal Studios Orlando. In April, Bell Partners completed the final close of a $200 million capital raise for its Bell Apartment Fund IV. To date, the company has invested more than $150 million in apartment communities.
RIVIERA BEACH AND JACKSONVILLE, FLA. — Oak Grove Capital has arranged two HUD 223(f) loans totaling $37.1 million for the Cornerstone Group, which will use the funds to refinance two affordable housing communities in Florida. Each of the two fixed-rate loans carries a 35-year term and amortization period. The properties include Indian Trace Apartments, a 330-unit property in Riviera Beach; and Mission Pointe Apartments, a 338-unit complex in Jacksonville. Amenities at the communities include a fitness center, car wash and outdoor pool.
FAYETTEVILLE, ARK. — Thompson Thrift Construction has been selected as the general contractor for the West Center, a $25 million student housing project adjacent to the University of Arkansas in Fayetteville. The off-campus project will feature 471 beds in 150 units and utilize modern, green design. Its 2.7-acre site will also include a pool and clubhouse, along with a rooftop sun terrace. Construction will begin this spring and the project is expected to be complete in time for the university's 2014 fall semester. Capstone Development Partners and Specialized Real Estate are the project developers, and Modus Studio Architecture & Prototyping will provide architectural services.
LOUISVILLE, KY. — Granite City Food & Brewery Ltd. plans to open a new location in Louisville. The company signed an agreement to buy 2.5 acres along South Hurstbourne Parkway in the Vinings development. The new Granite City Food & Brewery will be the chain's 31st restaurant and will feature a contemporary, upscale design. The site is located one-half mile from the University of Louisville's ShelbyHurst Campus and is east of two regional malls — Mall St. Matthew's and Oxmoor Mall. The restaurant is slated to open in spring 2014 and will include a wrap-around bar, exposed kitchen and central wood-fired pizza oven. The company also entered a sale-leaseback agreement to sell the restaurant building and land to Store Capital upon completion of the building.
