WASHINGTON, D.C. — Jones Lang LaSalle (JLL) Hotels has secured $31.5 million to refinance the Club Quarters Washington, D.C., a 161-room full-service hotel two blocks from the White House. Mike Huth of JLL Hotels real estate investment banking team led the transaction on behalf of the borrower, Rockwood Capital LLC, which has refinanced three Club Quarters hotels during the past year.
Southeast
DECATUR, GA. — Deerwood Real Estate Capital has closed on $18.5 million in refinancing for Belvedere Plaza Shopping Center in Decatur. The 275,000-square-foot retail property is anchored by Kroger and was originally built in 1956. Other tenants include CW Price, Dollar Tree and Hibachi Grill. David Rosenberg and Mark Silbersher of Deerwood Real Estate Capital negotiated the non-recourse loan on behalf of the unlisted borrower.
PEMBROKE PINES, FLA. — The two-building, 77,209-square-foot Herald Plaza office complex has traded for $9 million in Pembroke Pines. A joint venture between Grover & Corlew LLC, a boutique real estate investment and management firm, and Creek Real Estate Partners LLC, a commercial real estate fund, purchased the office property from Coconut Creek, Fla.-based Butters Group and Boca Raton, Fla.-based Milhous Group. Scott O’Donnell, Jeffrey Kelly, Dominic Montazemi, Marty Busekrus and Miguel Alcivar of CBRE brokered the transaction. Grover & Corlew LLC is led by Mark Corlew, former Stiles Corp. acquisitions chief, and his partner Anuj Grover, a lawyer, accountant and real estate operator.
MIAMI — Schenker Inc. and Schenker Logistics Inc., two divisions of the global transportation and logistics company DB Schenker, have signed leases for 273,000 square feet at DCT Industrial Trust’s DCT Commerce Center at Pan American West in Miami. Schenker Inc. significantly expanded its existing Miami branch facility, which provides air and ocean freight distribution services, by signing a 150,000-square-foot lease in DCT Commerce Center’s Building A at 1801 N.W. 135th Ave. in Miami. This facility is currently under construction and is scheduled for completion in the first quarter of 2013. Schenker Logistics Inc. more than doubled the size of its existing logistics operation in Miami with a 123,000-square-foot lease in DCT Commerce Center’s Building B at 1800 N.W. 133rd Ave. in Miami. This facility is also under construction and will be delivered in the second quarter of 2013. David Albert of CBRE represented Schenker in the leases. Devin White of CBRE negotiated on behalf of the landlord, DCT Industrial Trust Inc.
PORT ST. LUCIE, FLA. — Old Royal LLC, a West Palm Beach, Fla.-based private investment group, has purchased Parkway Plaza, a retail strip center in Port St. Lucie, for $1.8 million. The 42,739-square-foot retail property is located at 6500 Selvitz Rd. and was constructed in 2007. It was 39 percent occupied at the time of the transaction. William Strauss of CBRE represented the seller, Baltimore-based Quality Properties Asset Management Co.
RALEIGH, N.C. — New Boston Fund Inc., a private equity real estate investment, development and management firm, has commenced major renovations at Carolina Place, a Class A office building in Raleigh. The five-story, 99,181-square-foot office property is undergoing renovations to its lobby and common areas including the complete removal and replacement of the glass curtain wall and entry doors to the lobby. The remainder of the lobby will be entirely gutted and replaced with new flooring, walls, trim and lighting in a modern design. The restrooms and elevators are also being gutted and completely updated. LS3P is the renovation architect and Riley Lewis General Contractors is the general contractor. The renovations are scheduled for completion by the end of this year.
MIAMI — The 56-unit Opera Tower, a downtown Miami condominium complex rising above Biscayne Bay, is undergoing a $1.2 million building enhancement program. The redesign includes updates to the recreational room, lobby and pool deck, and is set for completion by the end of the first quarter of 2013. South Florida-based Tibor Hollo, Opera Tower’s original developer, is leading the redesign. Residences at Opera Tower feature stainless steel appliances, European gourmet kitchens, luxurious baths and granite countertops. Amenities include full-time security, concierge services, garage parking and a state-of-the-art fitness center.
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.
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.