TALLAHASSEE, FLA. — The $2.4 million, 9,000-square-foot Midtown Centre, a retail property at 1321 Thomasville Rd. in Tallahassee’s Midtown submarket, is under construction. Osborne & Co. is developing Midtown Centre and Omni Construction is the project contractor. CRA Architects is designing the retail property to complement the nearby Los Robles neighborhood’s architecture.
Southeast
WASHINGTON, D.C. — The Woodner, a 1,072-unit Class B multifamily property in Washington, D.C.’s Mount Pleasant neighborhood, received $74.75 million in financing from Berkeley Point Capital LLC. Two 13-story buildings connected by a lobby comprise The Woodner at 3636 and 3640 16th St. The buildings are owned by separate but related entities and the transaction was underwritten as two separate loans. Proceeds will be used to pay off six existing loans maturing in June 2013 and to provide additional funds for upgrades to the art deco-style common areas. Rob Cantizano of Berkeley Point Capital’s Bethesda, Md. office led the transaction.
ATLANTA — Charlie Heard has been named The Sembler Company’s vice president of development and Southeast market leader based in the firm’s Atlanta office. His duties include pursuing new shopping center development opportunities in Georgia, South Carolina, North Carolina, Tennessee and Virginia. Heard has more than 25 years of real estate experience in retail and residential development as well as commercial land sales in the Southeast. His past retail clients include Publix, Kroger, Target, The Home Depot, Best Buy, CVS/pharmacy and Walgreen’s.
ATLANTA — Boca Raton, Fla.-based Crocker Partners has acquired the 18-story, 432,000-square-foot Class A Prominence office building in Atlanta’s Buckhead submarket for $105 million. Crocker Partners owns and manages approximately 2.5 million square feet of office space in the Atlanta market. “Our strategy focuses on top-tier assets in second-tier cities,” says Tom Crocker, managing partner with Crocker Partners. TIAA-CREF and Equity Office Properties sold the property, which was under contract this past summer.
LADY LAKES, FLA. — Orlando, Fla.-based CNL Healthcare Trust and Vero Beach, Fla.-based Harbor Retirement Associates (HRA) have broken ground on the $21.6 million HarborChase of Village Crossing, an assisted living community on Route 441 across from The Villages Regional Hospital in Lady Lakes. The community will include a two-story building with 96 units and approximately 91,000 square feet of space. HRA will provide management services upon the community’s completion in late 2013.
LEXINGTON, VA. — Nelson Street Realty LLC, an affiliate of Charlotte, N.C.-based Morgan Property Group, has sold 3.14 acres of land on East Nelson Street and U.S. Route 11A in Lexington for $2.1 million. Altoona, Pa.-based Sheetz Inc., a family owned and operated convenience store chain, has signed a ground lease for the development of a convenience store. The City of Lexington approved the land for construction late last summer. Marcus & Millichap represented Nelson Street Realty and Marstellar Realty represented the unlisted buyer.
LAKE WORTH, FLA. — An 18-acre parcel of land at 4411 S. Congress Ave. in Lake Worth has sold for $2 million to Morguard Coral Lakes LLC, an affiliate of Kenner, La.-based Morguard Management Co., that is approved for 169 townhouses. FCB Palm Beach Holdings LLC, an affiliate of Florida Community Bank, sold the site that is located west of Palm Beach State College and north of JFK Medical Center. Fort Lauderdale, Fla.-based Brenner Real Estate Group’s Reese Stigliano represented Morguard Coral Lakes and the seller was self-represented.
ATLANTA — Atlanta-based Regent Partners LLC, a full-service real estate investment and development firm, has acquired Concourse Corporate Center, including Atlanta’s iconic “King and Queen” high-rise office buildings, in the Central Perimeter submarket near the Interstate 285 and Georgia Highway 400 interchange for more than $300 million. The 2.2 million-square-foot Concourse Corporate Center also includes three mid-rise office buildings and is situated on a 64-acre campus. The campus includes a four-star Westin Hotel, the Concourse Athletic Club and KinderCare Child Learning Center, which were not part of the transaction. GEM Realty Capital affiliates, Equity Group Investments affiliates and funds managed by San Francisco-based Farallon Capital Management are part of the new ownership group. Regent Partners’ David Tennery and Adam Allman will lead leasing and marketing for Concourse Corporate Center.
MONTGOMERY, ALA., AND DOUGLAS, GA. — New Hope, Pa.-based National Net Lease Realty has arranged two sales of triple-net leased CVS/pharmacy properties in Alabama and Georgia. National Net Lease Realty’s Terry Marks represented the seller, a Southern California-based limited liability company, in the $4.2 million sale of a 13,706-square-foot CVS/pharmacy property that was built in 2005 at 3050 Zelda Rd. in Montgomery. Another West Coast-based limited liability company purchased the property, including the assumption of a CMBS loan through Wells Fargo. CVS/pharmacy has 19 years remaining on its lease. Marks also facilitated the $3.7 million sale of a 10,880-square-foot CVS/pharmacy at 912 W. Ward St. in Douglas. The pharmacy and retail company has 19 years remaining on this Georgia triple-net lease as well. Marks represented the seller, a Southern California-based limited liability company. A West Coast-based limited liability company purchased the property, which also includes the assumption of a CMBS loan through Wells Fargo.
ATLANTA — The $100 million Emory Point project, a mixed-use development located near Emory University and the Centers for Disease Control (CDC) in Atlanta, has signed three new restaurants and two new retailers, including Burgerfi, Bonefish Grill, Paradise Biryani Pointe, LOFT and Francesca’s Collections. Emory Pointe is 82 percent committed with the addition of these five tenants. Retailers, restaurants and other services are expected to open at Emory Pointe this November. Atlanta-based Cousins Properties Inc. and Gables Residential are collaborating for the first time on Emory Pointe.