HOMESTEAD, FLA. — Kennedy Contractors will begin construction on a freestanding, 27,000-square-foot hhgregg at the 375,000-sqaure-foot Homestead Pavilion shopping center in July. The project, which is scheduled for an early 2012 opening, will complete Phase I of the development. Developers Diversified Realty develops and owns Homestead Pavilion, which is the largest retail center in Homestead.
Southeast
JUPITER, FLA. — Fort Lauderdale, Fla.-based Moss & Associates has been selected to construct an 1,100-foot extension of the Riverwalk at Harbourside Place located at Indiantown Road and U.S. 1 in Jupiter. The pedestrian walkway along the Intracoastal Waterway will also include a new seawall and public dock system. Construction on the Riverwalk component of the $144 million, mixed-use Harbourside Place is scheduled to begin today with completion in March 2012. The developer on the project is West Palm Beach, Fla.-based Allied Capital & Development of South Florida and the architect is Gentile Holloway O'Mahoney & Associates. Moss & Associates is the general contractor, with Jupiter's Community Redevelopment Agency providing the funding.
WASHINGTON, D.C. — Cassidy Turley has arranged the $167.5 million sale of the 420,000-square-foot National Press Building in Washington, D.C. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley’s Washington, D.C. office represented the seller, Press Building, LLC. Affiliates of AEW Capital Management and Quadrangle Development Corp. acquired the property. The buyers will manage and lease it.
NORTH CHARLESTON, S.C. — The Generation Companies has topped out the Home2 Suites by Hilton located near the Charleston International Airport in North Charleston. The 122-room extended stay hotel is slated to open in late 2011.
BALTIMORE — Brick, N.J.-based Tryko Partners has purchased the 495-unit Loch Raven Village, located at 1711 Edgewood Rd. in Baltimore, for $26 million from GA Loch Raven Baltimore, LLC. The buyer will complete a $4 million renovation, including adding air conditioning to all units, upgrading landscaping and remodeling kitchens, bathrooms, entryways, common areas. CB Richard Ellis' Baltimore office represented the seller.
MEBANE, N.C. — Kevin Jenkins of NorthMarq’s Charlotte, N.C., office has arranged $10.78 million in first mortgage financing for 192-unit Ashbury Square Apartments, a multifamily property located in Mebane. Financing was secured by Arbor Commercial Funding DUS and based on a 10-year term with a 30-year amortization schedule.
LAKELAND, FLA. —Marcus & Millichap has brokered the $14.15 million sale of the 300-unit Willowbrooke Apartments, located at 1100 Oakbridge Pkwy. in Lakeland. The property features a clubhouse, swimming pool, sundeck, fitness center and tennis and basketball courts. Casey Babb of Marcus & Millichap’s Tampa, Fla., office represented the Birmingham, Ala.-based Drummond Co., the seller, and the buyer, a Toronto-based investor, was self-represented.
MELBOURNE, SEBRING & ST. PETERSBURG, FLA. — J. Cary Monroe and Michael Giordano of Monroe & Giordano’s Tampa, Fla., office have arranged $12.5 million in financing for three manufactured home communities totaling 477-sites. The 112-site The Villages of Ponce de Leon in Melbourne received an acquisition loan of $5.8 million. The purchaser and seller formed a new joint venture. The 95-site Thunderbird Hill South in Sebring received $1.5 million in financing and the 270-site Palm Haven in St. Petersburg was refinanced with a conduit loan of $5.2 million.
WILTON MANORS, FLA. — Mark Grace of NorthMarq Capital’s Los Angeles office has arranged $8.5 million in first-mortgage financing for the 150-unit Wilton Tower Apartments. The financing was based on a 5-year fixed term with a 30-year amortization schedule. Financing was provided by AmeriSphere Multifamily Finance, a Fannie Mae DUS Lender.
SALISBURY, MD. — CB Richard Ellis’ Baltimore-Washington DC Multi-Housing Investment Team has arranged the sale of the 104-unit Tide Mill, located at 623 Edgewater Dr. in Salisbury. Fairfax Station, Va.-based Fairfax Station Enterprises purchased the community for $6.8 million from an entity owned by Douglas Margerum, a principal of Annapolis-based Cove Property Management and Michael B. Gross. Bill Roohan, Mike Muldowney, Michael Rudolph, Brian Margerum, Martha Hastings and Trish Bonebrake of CBRE’s Baltimore office, and Joe Schneider of Schneider, Richardson & Davis, LLC, represented the seller in the transaction.