LAKE CHARLES, LA. — A Phoenix-based limited liability company has acquired a retail center, located at 545 W. Prien Lake Road in Lake Charles. The 17,678-square-foot center sold for $3.9 million or $221 per square foot. The property is occupied by Petco and Portrait Innovations. Barry Wolfe of Marcus & Millichap represented the buyer and the undisclosed seller in the transaction.
DORAL, FLA. — The City of Doral has broken ground for the development of a new city hall facility, which will be located on a 1.83-acre site in the vicinity of Northwest 53rd Terrace and 84th Avenue in Doral. The $22 million project is being developed by CM Doral Development Co. and Codina Partners. Located within the mixed-use community of Downtown Doral, the three-story property will offer 60,000 square feet of office space and 120 parking spaces. Additionally, the project is seeking LEED Silver certification.
RICHMOND, VA. — Porter Realty Company has brokered the sale of 1101 East Laburnum Avenue, an industrial facility in Richmond. PSR 1101 LLC purchased the 59,800-square-foot property for $1.7 million. Richard Porter of Porter Realty represented the buyer; Kevin Cox, also of Porter Realty, represented the seller, Sovereign Holdings, in the transaction.
OAK RIDGE, TENN. — Florida-based NPP Oak Ridge LLC has acquired Bristol Park at Oak Ridge, a multifamily property located at 790 Emory Valley Dr. in Oak Ridge. The 208-unit property sold for $18.3 million or approximately $88,000 per unit. Built by Bristol Development Group in 2007, the property offers 84 one-bedroom, 108 two-bedroom and 16 three-bedroom units. Scott Tyrone of Cassidy Turley's Nashville, Tenn., office represented the buyer and the seller, Bristol Development Group, in the transaction.
WEST PALM BEACH, FLA. — The South Florida office of ARA has brokered the bulk sale of 179 apartment units within the 300-unit San Michele condominium community in West Palm Beach. The property sold through an open court auction for $11.15 million. The buyer was Bay Harbor, Fla.-based DREA Group. Avery Klann, Hampton Beebe and Marc deBaptiste of ARA's Boca Raton, Fla., office arranged the transaction on behalf of the seller, the bankruptcy trustee Robert C. Furr of Boca Raton.
GREENBELT, MD. — Walker & Dunlop provided a $31.84 million loan to an affiliate of Harbor Group International for the acquisition of Hanover Apartments in Greenbelt. Built in 1966, the property is comprised of nine residential buildings offering one-, two- and three-bedroom units, and a clubhouse. Additional amenities include a business center, a children's playground, a fitness center, a swimming pool, a laundry facility and a picnic and barbeque area. The loan was structured with a 10-year term with 2 years interest only and a 30-year amortization schedule. Stephen Farnsworth of Walker & Dunlop originated the loan and led the firm's team.
WEST PALM BEACH, FLA. — CASA Partners IV, a value-add apartment fund managed by Henderson Global Investors, has acquired Village Place in West Palm Beach. Built in 1986, the 202-unit property offers one-, two- and three-bedroom units, a resort-style swimming pool, a clubhouse and an amenity package. CB Richard Ellis represented the seller, Invesco Real Estate, in the transaction. Terms of the sale were not released.
ORLANDO, FLA. — C.T. Hsu + Associates has completed the renovation and rehabilitation of Airsides 1 and 3 at Orlando International Airport in Orlando. The 24/7 airline operations and passenger service continued without interruption during the $197 million renovation project. Project partners include Aviation Authority, Hensel Phelps Construction Co., the airlines and airport tenants.
SAVANNAH, GA. — The Carlton Hospitality Group has closed a $55 million performing loan sale secured by the Westin Savannah Harbor Golf Resort & Spa on Hutchinson Island in Savannah's River District. A private equity fund sponsored by a major sovereign wealth fund acquired the note from a private equity real estate fund. The 403-room hotel offers 35,000 square feet of indoor and outdoor meeting space and an 18-hole championship golf course, which was designed by Robert Cupp and Sam Snead. Brendan Sullivan of Carlton's Hospitality Group represented the seller in the transaction.
GREENVILLE, S.C. — Hines Real Estate Investments has hired Shane Schofield as a regional director covering Alabama, Arkansas, Georgia, Mississippi, North Carolina and South Carolina. Most recently, Schofield served as vice president/regional director for American Funds. Schofield currently resides in Greenville. Hines Real Estate Investments is the broker/dealer responsible for the distribution of REIT securities sponsored by Hines to the financial services industry.