LAUREL, MD. — Terreno Realty Corp., an owner and operator of industrial real estate in U.S. coastal markets, has acquired an 85,000-square-foot industrial property for approximately $7 million at 14851 Sweitzer Lane in Laurel’s Maryland I-95 Business Park. The rear-load distribution building was built in 1995 and is fully leased to one tenant. Maryland I-95 Business Park is situated adjacent to I-95 between Maryland Highways 198 and 200.
Southeast
CHATTANOOGA, TENN. — Chattanooga-based CBL & Associates Properties Inc. will renovate and redevelop Chattanooga’s Northgate Mall. Phase I will include redevelopment of the adjacent T.J. Maxx-anchored retail center with Ross Dress For Less and Michaels as new tenants. Construction will begin in early 2013 and is scheduled for completion in fall 2013. Additionally, CBL will renovate the interior and exterior of Northgate Mall. Remodeling will include updates to the main entrance, repaving of the parking lot, and new flooring inside.
WASHINGTON, D.C. — Cathedral Commons, a 264,272-square-foot mixed-use development at 3336 Wisconsin Ave. in Washington, D.C.’s Cathedral Heights neighborhood, has secured $91 million in construction and permanent financing. The project will include 137 luxury multifamily rental units, eight luxury townhomes, and 128,852 square feet of ground-floor retail space anchored by a 56,000-square-foot Giant Food grocery store. Mark Remington and Daniel McIntyre of HFF worked on behalf of the borrower, a joint venture between Giant of Maryland and The Bozzuto Group, to secure the 13-year, fixed-rate loan through Northwestern Mutual.
MIAMI — The 49-unit Vedado Apartments, located at 119 Southwest Sixth Ave. in Miami, has sold for $6.5 million. The multifamily property was constructed in 2010 with structured parking, a secure front entrance, a secure parking garage elevator entrance and a pool with city views. It was 100 percent occupied at the time of the transaction between two South Florida-based limited liability companies. Paul Nudelman and Felipe Echarte of Marcus & Millichap represented the seller and buyer, respectively.
RALEIGH, N.C. — Toronto-based Avison Young, Canada’s largest independently owned commercial real estate services company, has entered into a definitive agreement to acquire Raleigh-based Thomas Linderman Graham Inc., a full-service commercial real estate services company. The acquisition will add 61 employees to Avison Young and new offices in Raleigh and Chapel Hill, N.C. The Raleigh market will represent Avison Young’s 19th market outside of Canada. John Linderman, Rex Thomas, Jack Graham, Lee Clyburn, William Allen, Arnold Siegmund, Gina Ide and Elizabeth Gates will join as principals.
CARY, N.C. — Raleigh, N.C.-based Dominion Realty Partners LLC is developing the 205-unit Tryon Place Apartments at Cary Parkway<
ROCK HILL, S.C. — A 315,000-square-foot high bay distribution facility, located at 2751-2805 Commerce Dr. in Rock Hill, has sold for $5.1 million to a Midwestern life insurance company in partnership with <
CAMBRIDGE, MD. — A 157,000-square-foot light manufacturing facility located at 807 Woods Rd. in Cambridge has traded. The industrial property is situated on 10 acres and was originally known as Airpax. Henry Hanna of Sperry Van Ness – Miller Commercial Real Estate represented both the seller, Sensata Technologies, and the buyer, JPJ807 Co. Sean Lynch of Jones Lang LaSalle also represented the seller. The buyer plans to redevelop and lease the property to businesses seeking manufacturing space and office space.
ORLANDO, FLA. — The 315-room Westin Imagine Hotel, located adjacent to the Orange County Convention Center at 9501 Universal Blvd. in Orlando, has sold to ERGS WI Orlando REO LLC. A bank group named REDUS Imagine LLC foreclosed on the hospitality property earlier this year. Daniel Peek, Max Comess, Michael Weinberg, Paul Hsu and Cyrus Vazifdar of HFF represented the seller, which was legally represented by the Orlando law office of Lowndes, Drosdick, Doster, Kantor & Reed. The Pittsburgh, Pa., office of Eckert Seamans Cherin & Mellott and the Miami office of Greenberg Traurig represented the buyer. Pyramid Hotel Group operates the Westin Imagine Hotel and will remain in place.
CHARLOTTE, N.C. — Charlotte-based Pappas Properties and Allen Tate Co. have finalized plans for Phase II of Sharon Square. The $52 million Phase II will include 239 luxury residences and 22,000 square feet of retail space at the corner of Sharon and Fairview roads, adjacent to Phillips Place, in Charlotte. Phase II is scheduled to open in the fall of 2013. LS3P and Niles Bolton Architects designed Sharon Square, and Adolfson and Peterson is the general contractor. Charlotte’s first Whole Foods Market opened in the first phase of the project.