LYNCHBURG, VA. — Entasis Design Architects a student housing and multifamily architecture firm, and Langley Apartments, a developer and property management company, are currently building The Vue at Cornerstone. Student housing developer and builder CampusWorks is managing the construction. The Vue is a 166 bed, two-phased project consisting of five buildings and two clubhouses with a student lounge that features a double-sided fireplace, billiards and an Internet café. The community is inside the Cornerstone planned community. The project will open for the fall 2013 semester. Entasis Design recently completed The Vue at College Square, which is a townhouse project that is also in the Liberty University market.
NORTH MIAMI BEACH, FLA. — The Boulder Group has arranged the $11 million sale of a triple net-leased Walgreens property at 15050 Biscayne Blvd. in North Miami Beach. The 14,500-square-foot property was built in 2010 and the lease features a unique 11 percent rental escalation in the primary lease term. Walgreens has 22 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Montreal, Canada-based private partnership, in the transaction. The buyer was a Massachusetts-based limited partnership.
LEESBURG, VA. — Developer L4 Capital Partners has selected Cassidy Turley to lease the office component of Courthouse Square, a mixed-use development in downtown Leesburg. The project is slated to begin construction in the fourth quarter of 2013 and includes 110,560 square feet of Class A office and retail space. Bert Harrell, Anthony Chang and Chris Darlingof Cassidy Turley will market the property, which is located across the street from the Loudoun County Courthouse at the intersection of Church and Loudoun streets. The $45 million project is scheduled for completion in 2015. The office component will feature four outdoor terraces, green-roof systems, bicycle storage and a shower room. The development will also include 21,300 square feet of retail and restaurant space.
ATLANTA — Crescent Resources has broken ground on Crescent Terminus, a $67 million mixed-use community that will bring the first apartment-living option to Buckhead's Terminus master development by Cousins Properties. The community will be built on the development's last vacant three acres, adding 355 luxury apartments. The site currently contains dining, retail and office space. The apartments are expected to be available by next spring.
ORLANDO — CBRE has arranged a $28 million acquisition loan for Broadwater Apartments, a 408-unit multifamily property located at 6677 Tanglewood Bay Drive in Orlando. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the 10-year loan through Freddie Mac on behalf of the borrower, Advenir@Broadwater LLC. Apartment units at the property average 817 square feet, and the community consists of 22 two-story buildings. Community amenities include two pools with spa, a fitness center, clubhouse and an indoor racquetball court.
MEDLEY, FLA. — Terreno Realty Corp. has acquired a 49,000-square-foot industrial property at 12600 NW 107th Ave. in Medley, for $5.1 million. The property is fully leased to one tenant and includes dock-high truck loading on two sides and land for trailer storage or building expansion. The estimated stabilized capitalization rate of the property is 6.3 percent.
OLDSMAR, FLA. — Marcus & Millichap has arranged the sale of North Tampa Shores, a 31,022-square-foot retail property in Oldsmar for $5.1 million. The property is located at 4009-4013 Tampa Road and tenants include FedEx, AT&T, Flamestone American Grill and Moe's Southwest Grill. Rob Keeler of Marcus & Millichap represented the buyer, a limited liability company.
CHESAPEAKE, VA. — Transnational Foods has renewed its industrial lease for 141,050 square feet at the Diamond Hill Distribution Center in Chesapeake. The company, which has several distribution centers across the U.S., provides supermarkets, wholesalers, dollar stores and convenience stores a range of products through its own brands and private labels. Diamond Hill Distribution Center includes four buildings totaling more than 712,500 square feet, and is approximately 97 percent occupied. The property is located off Route 64 in the Bainbridge submarket.
JACKSONVILLE, FLA. — Parkway Properties has completed its purchase of eight office properties totaling 1 million square feet in the Deerwood submarket of Jacksonville for $130 million. The properties were developed in phases from 1996 through 2005 and are a combined 93.7 percent occupied. With this acquisition, Parkway now owns approximately 1.4 million square feet and also manages or leases another 2 million square feet, which total 3.4 million square feet in Jacksonville.
KNOXVILLE, TENN. — Developer CHM LLC has broken ground on University Commons, Knoxville's first urban, vertical retail complex. The property will be situated on 12 acres near the University of Tennessee and will include 211,000 square feet of retail space and parking. The shopping and dining development is located on the former Fulton Bellows site. Walmart and Publix will anchor the property and more than 40,000 square feet will be dedicated to smaller retailers and service providers once the project is completed. The complex is expected to fill a grocery and retail void in the downtown and university areas, in what is considered a federally designated “food desert,” says Mike Griffin, a partner with CHM. The Walmart and Publix are slated to open in the summer of 2014.