RIVERVIEW, FLA. — The 351-unit The Preserve at Alafia, located at 10110 Gibsonton Dr. in Riverview, has opened. Tampa, Fla.-based Garrison Developer Group of Florida constructed the complex, which features one-, two- and three-bedroom garden and mid-rise apartments. The Preserve at Alafia is the first phase of a $100 million mixed-use development, which will feature retail and office space and a Holiday Inn upon completion.
MOUNT PLEASANT, S.C. — Mumford Company has arranged the sale of the 119-room Masters Inn, located off Highway 17 near Interstate 526 in Mount Pleasant. The buyer, OTV Masters, will continue hotel operations under the Masters Inn brand until it finalizes future plans for the property. David Mumford of Mumford’s Newport News office, with Steve Kirby, Burton Brooks and David Holcombe of the firm’s Atlanta office advised the seller, Supertel Hospitality.
FAYETTEVILLE, N.C. — Crayton Commercial has commenced construction for the 54,000-square-foot River Landing Shopping Center, to be located at 3650 Ramsey St. in Fayetteville. The redevelopment will include the conversion of the former 43,780-square-foot Kroger into four new tenant spaces. Three of the spaces have already been leased to Dollar Tree, It’s Fashion Metro and Shoe Show. Other construction will include redevelopment of the building façade to incorporate new storefronts, glass, doors, split-faced block, stucco and paint. Crayton Commercial will also install new rear-loading pads and ramps, HVAC units, lighting, plumbing and electrical systems. Completion is scheduled for early 2012.
NAPLES, FLA. — Stan Johnson Co. has negotiated the $5.35 million sale of a 13,824-square-foot retail property fully leased to CVS/pharmacy, located at 6800 Collier Blvd. in Naples. Mike Parker and Jim Gibson of Stan Johnson Co.'s Houston office represented the seller, Phoenix-based S3G Holdiings, and Lincoln, Neb.-based RTG, the buyer, was self-represented.
DORAVILLE, GA. — Burlington Coat Factory has signed a lease with Halpern Enterprises to occupy 85,000 square feet at the 200,000-square-foot Doraville Plaza Shopping Center, located at 5766 Buford Hwy. in Doraville. Gail Faragason of The Shopping Center Group's Atlanta office represented the tenant in the transaction and the landlord was self-represented by John Brozovic of Halpern Enterprises.
CORAL GABLES, FLA. — Renovations on the seven-story South Tower, a Class A office building located within the 273,000-square-foot 396 Alhambra, a mixed-use development in Coral Gables, have finished. The 87,000-square-foot building has already leased 30,000 square feet of office space to tenants including RTKL Associates; Terra Networks; Citibank; and KabooKaboo. Work on 396 Alhambra, located at 396 Alhambra Circle in Coral Gables, began in early 2009. Renovations to South Tower included replacement of the building's windows with hurricane resistant glass, in addition to an overhaul of the plumbing systems, HVAC units, elevator cabs and electrical components. Due to the modernizations, South Tower is set to achieve LEED Silver certification. Miami-based The Fullerton Group designed the building, which is being constructed by Balfour Beatty.
JACKSON, TENN. — Freeman Webb Investments has acquired three apartment communities, totaling 311 units, in Jackson for $13 million. The portfolio includes the 160-unit Northridge Apartments on Constellation Circle; the 101-unit Cedarwood Apartments on Walker Road; and the 50-unit Whispering Oaks Apartments on Campbell Street. The properties were bought from the lender, The Morgan Stanley Capital 1 Inc., Commercial Mortgage Pass-Through Certificates, Series 2007-1Q15, at a 40 percent discount to the previous loan amounts. William Kirkland of the Brentwood, Tenn.-based The Kirkland Company brokered the transaction.
HALLANDALE BEACH, FLA. — Miami-based Edwards Realty Services has arranged the sale of the Hallandale Beach Hotel, located at 2000 S. Ocean Dr. in Hallandale Beach, for $10 million. The hotel is a Regency Resort and Spa property. Richard Edwards represented the seller, Bosta Co., and the buyer, GBP Regency, was unrepresented.
MIAMI — Denver-based DCT Industrial Trust has acquired 14.68 acres of land in the Doral/Airport submarket from Jacksonville, Fla.-based Everbank for $6.26 million. DCT Industrial plans to develop industrial distribution space available for lease. The company closed on the two-parcel property in July with the second phase scheduled to close by the end of the year. David Albert, Devin White and Ronald Marrero of CB Richard Ellis' Miami office negotiated the transaction of the bank-owned asset on behalf of the buyer.
ORLANDO, FLA. — New York-based GDC Properties has selected Baker Barrios Architects to provide planning, landscape services, and architectural design for a 247-unit apartment complex to be located at 899 N. Orange Ave. in Orlando. The six-story building will feature 15,000 square feet of restaurant and retail space, and a 400-space parking garage, in addition to the residential units. The property is scheduled for summer 2013.