TAMPA, FLA. — Marcus & Millichap has arranged the $2.07 million sale of a 16,500-square-foot, Family Dollar-anchored strip center, located at 1727 E. Busch Blvd. in Tampa. The property is fully leased to Family Dollar, Aaron's and Amscot Financial. Leon Brockmeier and Michael Jaworski of Marcus & Millichap's Tampa office represented the seller, a Tampa-based developer, in the transaction and procured the buyer, a Tampa-based private investor.
WASHINGTON, D.C. — Walker & Dunlop has secured $11 million in acquisition financing for the 95-unit La Reine Apartments, located at 5425 Connecticut Ave. N.W. in Washington, D.C. Sandor Biderman of Walker & Dunlop's Washington, D.C., office arranged the 15-year loan with a 25-year amortization schedule on behalf of the borrower, Investors Connecticut Avenue.
SILVER SPRING, MD. — McLean, Va.-based Insight Property Group and partner Arlington, Va.-based Nova-Habitat have plans to begin construction on a $75 million, 310-unit apartment complex, located at 8616 Second Ave. in Silver Spring, in the fourth quarter of this year. The partnership recently closed on the acquisition of the site, which is a former U.S. Post Service property located two blocks from the Silver Springs Metro Station. Bethesda, Md.-based Eagle Bank provided acquisition financing for the property.
OWINGS MILLS, MD. — Owings Mills Transit has plans to break ground on Phase I of the 1.2 million-square-foot Metro Centre at Owings Mills, a mixed-use development located on 45 acres at the intersection of Interstate 795 and Painters Mill Road in Owings Mills. Owings Mills Transit is developing the project and David S. Brown Enterprises will oversee construction and management. The first phase will include 300,000 square feet of office space, up to 100,000 square feet of retail space and approximately 250 apartment units. Additionally, the 120,000-square-foot Owings Mills Learning Center, which is currently under construction, is included in Phase I. The Baltimore County Public Library has signed a lease for 40,000 square feet of the space and the Community College of Baltimore County has leased the remaining 80,000 square feet. Completion for the first phase is slated for the spring of 2013. The State of Maryland and Baltimore County have currently invested more than $57 million in Metro Centre at Owings Mills.
SILVER SPRING, MD. — The $49.5 million, 195-unit Galaxy Apartments, located at 8025 13th St. in Silver Spring, has opened. Amenities include a clubroom with a pool table, flat screen televisions and a Wii station, as well as a cyber cafe with Wi-Fi. RST Development developed the property and Clark Realty Builders was the general contractor. Hercules Real Estate has been retained to lease and manage the property, which includes 82 affordable units and 113 market units. Financing included a tax-exempt bond mortgage of $38.5 million provided by the Montgomery County Housing Opportunities Commission, along with a $5 million loan from the Montgomery County Department of Housing and Community Affairs, from the County's Housing Initiative Fund. Additionally, the county provided a Payment in Lieu of Taxes agreement.
CHARLESTON, S.C. — Charleston-based Middle Street Partners has prepared to break ground on a $32 million, 270-unit luxury apartment complex, located at the intersection of Walt Miller Drive and Mathis Ferry Road in Charleston. Memphis-based MAA has entered into an agreement with Middle Street to purchase the land from the company and provide construction financing. Amenities will include a fitness center, resident lounge/business center and a resort-style pool. Dallas-based Humphreys & Partners designed the project and Jacksonville, Fla.-based Summit Contractors will be the general contractor. The first apartments and clubhouse will be completed in early 2013, with full completion slated for summer 2013.
GULF BREEZE, FLA. — The 107-unit The Blake at Gulf Breeze, an assisted living and memory care community located at 4410 Gulf Breeze Pkwy. in Gulf Breeze, has been sold for $24 million. The property, which includes 70 assisted living units and 37 memory care units, is currently 95 percent leased. Ryan Maconachy and Chad Lavender of ARA's Boca Raton, Fla., office represented the seller, Twin Palms, in the transaction. The buyer was AEW Capital Management, which acquired the property on behalf of AEW Senior Housing Investors. Blake Management Group, the original developer, will operate the property.
DOTHAN, ALA. — Batson-Cook has broken ground on the $25 million, 110,000-square-foot Alabama College of Osteopahtic Medicine (ACOM), a school affiliated with Southeast Alabama Medical Center located at the intersection of Cowarts and Dean roads in Dothan. The three-story structure will contain two auditoriums, laboratory space, study rooms, administrative offices, a student lounge and a teaching clinic that will include exam room mock-ups. Completion is slated for April 2014.
MOBILE, ALA. — Mobile-based White-Spunner & Associates (WSA) has been selected by Publix to build the 74,450-square-foot Hillwood Plaza Shopping Center, located at 2370 Hillcrest Rd. in Mobile. A 45,600-square-foot Publix will anchor the center, which will include an additional 28,850 square feet of retail space. Zito and Russell Architects and Rester & Coleman Engineers have also been selected to work on the project. Ground breaking is slated for late summer 2012, with completion scheduled for summer 2013.
NEW ORLEANS — The 246-room Bourbon Orleans Hotel, located at 717 Orleans St. in New Orleans, has completed a multi-million dollar renovation. Upgrades to guestrooms include new bedding, carpeting, wall colors and coverings, interior plantation shutters and furnishings. The bathrooms received extra counter space, black granite surfaces and black tile and glass-enclosed showers. Property renovations include repainting all exterior balconies and window frames, as well as the addition of an enlarged fitness center. The renovation began in August 2011.
