NEW ORLEANS — The Domain Companies is developing South Market District, a mixed-use, transit-oriented development in downtown New Orleans. The encompassing five blocks, the project will offer 450 luxury apartments and 170,000 square feet of upscale retail, restaurants and entertainment venue space. Cooper Carry Architects is providing architectural services for the project. Domain plans to break ground on the first phase in late 2011, with completion expected in the late 2013.
WASHINGTON, D.C. — First Potomac Realty Trust has acquired Longfellow Plaza at 1211 Connecticut Avenue in Washington, D.C. The eight-story, 137,754-square-foot office property sold for $49.5 million. The 100-percent leased building was originally built in 1967 and renovated in 1998 and 2008. The buyer plans to renovate the property's façade and lobby. Norfolk, Va.-based Harbor Group International sold the property. Holliday Fenoglio Fowler brokered the transaction.
CHESAPEAKE, VA. — 201 Dexter LLC has acquired a 452,000-square-foot industrial property for $6 million. The buyer will occupied a portion of the property, which is located on approximately 20 acres at 201 W. Dexter St. in Chesapeake. The seller was Chesapeake Hardwood Products. Clay Culberth of Thalhimer and Stephanie Sanker of S.L. Nusbaum Realty Co. represented the buyer in the transaction.
ARLINGTON, VA. — USAA Real Estate Co. has purchased a fully entitled 1.73-acre development site, located within the Arlington's Courthouse District, from ZOM Inc. for an undisclosed price. The project, 1900 Wilson, will offer 191 multifamily units, totaling 149,915 square feet, and 17,317 square feet of street-level retail space. ZOM has been retained as development manager to oversee the development, construction and lease up of the urban transit-oriented property.
CORAL GABLES, FLA. — Florida East Coast Realty (FECR) has developed Villa Majorca, a luxury multifamily community in Coral Gables. The property offers 36 residences in a mix of two-bedroom or three-bedroom-plus-den apartment and townhome floorplans. The community offers a clubroom, a rooftop garden with a Jacuzzi spa, a sun deck with outdoor grills and a fitness center. Residences feature Whirlpool appliances, porcelain flooring, European-style cabinetry, granite countertops and marble vanity counters with double sinks in the master bathrooms.
FT. LAUDERDALE, FLA. — Kalik LLC, a Buenos Aires, Argentina-based restaurant operator, has acquired a 12,700-square-foot property located at 3300 E. Commercial Blvd. in Ft. Lauderdale. Built in 1970, the vacant, waterfront property sold for $5.5 million. Peter Filomena of Reichel Realty & Investments represented the seller, Stan's on the Water Inc., representatives of the Gus Boulis estate, in the transaction.
WASHINGTON, D.C. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has closed on a $2.92 million loan for Delshah Valery Place in Washington, D.C. The 10-year loan, which carries a 30-year amortization schedule, was funded under the Fannie Mae DUS Small Loan product line. The loan was originated by Alexander Kaushansky of Arbor's New York office. The borrower was not disclosed.
JACKSONVILLE, FLA. — Locally based David E. Gonzales Corp. has acquired Baywood Center, an office complex located at 9424-9428-9432 Baymeadows Road in Jacksonville's Butler-Baymeadows suburban office market, for $6.8 million. Developed in 1985, the property consists of one six-story building and two two-story buildings offering a total of 162,864 square feet of office space. The complex is anchored by CH2M Hill and Golder & Associates. Karl Johnson of Cushman & Wakefield represented the seller, Boston-based KBS Realty Advisors, in the transaction.
SPRINGFIELD, GA. — The U.S Department of Housing and Urban Development (HUD) has committed to insure a $31 million mortgage loan to Effingham County Hospital Authority in Springfield. The loan will be used to finance the construction of an addition and renovation to the area's existing hospital. The addition will include a new emergency room, new inpatient and outpatient surgery areas, a new laboratory and new imaging departments. Additionally, the loan will be used to renovate the existing Alzheimer's unit. The loan was financed through FHA's Section 242 Hospital Mortgage Insurance Program.
ALEXANDRIA, VA. — PACE-Beacon Hill has acquired a Walgreens store, which is located at 6717 Richmond Highway in Alexandria. The 14,469-square-foot drugstore sold for $10.57 million or $731 per square foot. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller; Phil Sambazis of Marcus & Millichap's San Diego office represented the undisclosed New York-based buyer in the transaction. David Feldman of Marcus & Millichap's Washington, D.C., office also provided representation.