MIAMI BEACH, FLA. — On behalf of Oaktree Capital, Jones Lang LaSalle Hotels has brokered the $24.8 million sale of the Breakwater Edison Hotel in Miami Beach to Nakesh. LaSalle was retained by the appointed bankruptcy trustee for the hotel, Barry Mukamal of Rachlin LLP. The property, which combines two buildings that can accommodate 94 guestrooms, is undergoing significant redevelopment.
CARY, N.C. — Regency Centers has completed the redevelopment of Shoppes of Kildaire, a retail center located at the intersection of Cary Parkway and Kildaire Farm Road in Cary. Redevelopment of the center began earlier this year, with Phase II renovations including exterior façade upgrades, new and wider sidewalks, and a new lighting package. Several merchants have signed leases in the development that is anchored by Trader Joe’s, Staples and Gold’s Gym.
CHARLOTTE, N.C. — Colliers Pinkard has brokered the $22.4 million sale of the 240,760-square-foot portfolio of five multi-tenanted flex buildings in South Point Business Park located off of Carowinds Boulevard in Charlotte. Windsor Realty Fund VII, sponsored by Boston-based General Investment & Development Co., has acquired four buildings totaling 176,360 square feet in size, and a tenant has bought one building totaling 64,400 square feet. Rob Cochran, John Cashion and Keith Bell of Colliers represented the owner, Carlson Real Estate Co.; Tom O’Brien of CBRE represented the tenant in the single-building purchase.
ORLANDO, FLA. — Grubb & Ellis | Commercial Florida has arranged the $15.1 million sale of approximately 5.6 acres of land at Downtown Plaza to 400 North Orange LLC. Located at 400 N. Orange Ave., this was the last large parcel in the center of downtown Orlando. The seller, Downtown Plaza LLC, was represented by David Calcanis and Jeffrey Sweeney of Grubb & Ellis | Commercial Florida. The site has been approved for four towers with 907,000 square feet of offices, 76,000 square feet of retail and restaurants, 150 residential condos, 150 hotel rooms, 50 residential/office lofts, and a 2,547 vehicle parking garage.
LAGRANGE, GA. — Batson-Cook, as general contractor, has broken ground on the $8 million expansion of Diverse Power’s LaGrange headquarters. The expansion includes a new 16,000-square-foot utility maintenance facility and garage, a new fuel station and truck wash, and a 26,000-square-foot expansion of the current sheltered truck storage space. Additionally, Diverse Power has acquired 20 acres of land to house the member-owned electric cooperative’s newly formed Georgia Right of Way division. A one-story, 15,000-square-foot truck shed and a small operations office will be built onsite.
GREENWOOD, S.C. — Marcus & Millichap’s Michael Bennett of the Downtown Chicago office and Andrew Margulies of the North Carolina office have represented both buyers and sellers in the $2.95 million sale of the Commons strip center. Located across from Wal-Mart Supercenter in Greenwood, the 16,144-square-foot retail center sits on a 1.82-acre site.
HUNTSVILLE, ALA. — ACTS Retirement-Life Communities has acquired Carlton Cove from Carlton Cove, Inc. for $27.25 million. The entrance fee continuing care retirement community is situated on 43 acres in Huntsville. The property includes 49 single-family and duplex homes, 113 independent living apartments, and a 91-unit, 105-bed health center.
BOYNTON BEACH, FLA. — Fort Myers, Fla.-based Eagle Concrete Systems has started construction on Valencia Square in Boynton Beach. The Publix-anchored shopping center will feature six buildings totaling 83,4000 square feet. Keene Construction Co. is serving as general contractor.
CHARLOTTESVILLE, VA. — Perkins + Will have completed Phase I of the Snyder Building on the University of Virginia campus. The 86,000-square-foot, 4-story facility houses wet and dry lab space, two MRI suites, one animal suite, a vivarium, offices and conference space. Phase II will result in a total of 120,000 square feet upon completion.
ROANOKE, VA. — Star City Lodging has acquired Rodeway Inn at an undisclosed price from Mountain Valley Associates. The buyer, a regional, multi-unit owner and operator, plans to renovate the property. It will remain in the Choice Hotels brand family. David Mumford and Ed James of the Mumford Company structured the sale.