AUBURN, ALA. — Hull Storey Gibson has acquired the 523,948-square-foot Village Mall in Auburn. Belk, Dillard's, JC Penney and Sears anchor the center. The buyer plans to enhance the appearance and shopping experience of the mall by making gradual improvements and reconfigurations, such as displaying historical photographs that celebrate the history of the area.
Southeast
TEMPLE HILLS, MD. — Rockville, Md.-based The Donaldson Group has finished a $6 million renovation of the 459-unit Heather Hill, an apartment community located at 5837 Fisher Road in Temple Hills. The new amenities include a fitness center, business center and a youth education/activity room. The refurbished apartments have modern kitchens, updated bathrooms with water-conserving features, new carpeting, individual washer-dryer units, new windows, sliding doors and new balcony railings. The Donaldson Group acquired the property with equity partner, New York-based Angelo, Gordon & Co. in 2010.
YULEE, FLA. — The Roseview Group has announced the sale of the 33,707-square-foot Amelia Station and a 13.62-acre development tract located at the intersection of State Road 200 and Amelia Concourse in Yulee, for $2.8 million. Purchased by a California-based investor, the tract has development rights for an additional 108,000 square feet of retail or office space. Winn-Dixie anchors the center, which contains a Domino’s Pizza, Dollar Store and many local restaurants. The property is 71 percent leased. Cliff Taylor of CBRE Group represented the seller, The Roseview Group’s bank client, in the transaction.
BALTIMORE — Lexington Realty Trust has arranged a $55 million loan for the 476,000-square-foot Transamerica Tower, an office building located in Baltimore. The mortgage loan carries a fixed interest rate of 4.32 percent. The Transamerica Tower is 95 percent leased.
CHATTANOOGA, TENN. — Beech Street Capital has closed on a $23.5 million FHA-insured loan to refinance the 316-unit Carriage Parc Apartments, a multifamily complex located in Chattanooga. The fixed-rate loan has a 35-year term with a 35-year amortization schedule. Chad Thomas Hagwood from Beech Street’s Birmingham, Ala., office originated the loan.
HANOVER, MD. — The Cordish Company has opened the $500 million, 330,000-square-foot Maryland Live! Casino, located at 7002 Arundel Mills Circle in Hanover. The casino includes 3,200 Las Vegas-style slot machines and electronic table games. Restaurants include Bobby's Burger Palace, The Cheesecake Factory, Phillips Seafood, Live! Market Buffet and Noodles and R Bar. Between July and October, Maryland Live! will also open Rams Head Center Stage, a concert venue, The Prime Rib, the Shop Live! retail store and an additional 1,550 slot machines and games.
NORTH BETHESDA, MD. — Bethesda-based LCOR has broken ground on the $86 million, 341-unit Aurora, a luxury apartment tower located in the 32-acre North Bethesda Center, a mixed-use development project in North Bethesda. The 18-story property is the second residential phase in the development. The first is the 312-unit Wentworth House, which opened in 2008. Amenities include a fully equipped business center, roof deck, state-of-the-art fitness center, swimming pool and community gardens. Sovereign/Santander provided a $43 million construction loan for the project, which is expected to begin leasing in early 2014.
CHARLOTTE, N.C. — Developer Crescent Resources has started construction on the $52 million Circle South Park, a 321-unit luxury apartment community located on Carnegie Boulevard near SouthPark mall in Charlotte. Circle South Park is being financed by an equity investment from Crescent, construction financing from J.P. Morgan and mezzanine financing from Nationwide Real Estate Investments. The project team includes architect The Preston Partnership; landscape architect LandDesign; civil engineer Colejenest & Stone; interior designer Vignette Interior Design; general contractor State Building Group and property management firm Greystar. Circle South Park will feature a cyber lounge, business center, Wi-Fi throughout the amenity areas and a clubroom with a show kitchen and gaming area. The project will also feature a multistory health club; resort-style saltwater swimming pool with aqua sundeck, outdoor kitchen and lounging area; two-acre dog park and a pond with walking trail. The first apartments are expected to be available in summer 2013.
COLUMBIA, MD. — The Archon Group has purchased the 215,662-square-foot Lakeview I & II, a four-building office portfolio located at 9801, 9821, 9841 and 9861 Broken Land Parkway in Columbia, for $30.2 million. The portfolio is 79 percent leased. Jonathan Carpenter and James Wellschlager of Cassidy Turley represented the seller, the Goldstar Group, in the transaction.
CASSELBERRY, FLA. — IMT Capital and its affiliate IMT Residential have purchased the 476-unit Newport Colony, a garden-style apartment community located at 1166 Pointe Newport Terrace in Casselberry. Kevin Judd, Patrick Dufour and Matt Wilcox of ARA’s Orlando, Fla., office represented the seller, a real estate investment advisor, in the transaction. Constructed in 1991, Newport Colony has undergone significant capital improvements since 2005, including replacement of all roofs, the addition of new cement board siding, installation of new gutters and an additional 80 balconies on 1BR floor plans.