BONITA SPRINGS, FLA. — CORE Construction Florida has completed the construction of Bonita Commons at Spring Creek in Bonita Springs. Located on a 19.5-acre site on U.S. 41, the property offers 61,200 square feet of retail space. Amherst, N.Y.-based Benchmark Group developed the property, which cost an estimated $9.3 million.
Southeast
BONITA SPRINGS, FLA. — CORE Construction Florida has completed the construction of Bonita Commons at Spring Creek in Bonita Springs. Located on a 19.5-acre site on U.S. 41, the property offers 61,200 square feet of retail space. Amherst, N.Y.-based Benchmark Group developed the property, which cost an estimated $9.3 million.
BIRMINGHAM, ALA. — Capmark Finance Inc. has provided $11 million in interim financing for the acquisition and rehabilitation of Century Valley Apartments, a multifamily property located in the Irondale area of Birmingham. CV Apartments LLC, an affiliate of Birmingham-based MDIC Management, acquired the property, which is located at 701 Crest Valley Way. Built in 1980, the property features 270 one-, two- and three-bedroom units. CV Apartments plans to invest $3.75 million in a comprehensive renovation of the property, including exterior and interior upgrades and a complete renovation of the clubhouse/leasing office.
RICHMOND, VA. — Rastek Construction & Development has purchased an approximately 38,000-square-foot office/warehouse property, which is located at 6290 Old Warwick Rd. in Richmond. RCS Holdings LLC sold the property for $1.75 million. R. Scott Douglas and Franklin Bell of Thalhimer, a member of Cushman & Wakefield Alliance, handled the transaction.
ATLANTA — Timothy Kinney of Marcus & Millichap Capital Corp.’s Atlanta office arranged a $10.9 million loan for the refinancing of Brookhaven Station, a 48,345-square-foot retail center located at 4062 Peachtree Rd. in Atlanta. The 10-year fixed-rate loan was provided through a commercial mortgage lender at a 5.65 percent interest rate.
ST. AUGUSTINE AND JACKSONVILLE, FLA. — Brett Chetek of Marcus & Millichap’s Jacksonville office has represented both parties in the $9.5 million sale of Lewis Point Plaza, located at 2469 S. U.S. Hwy. 1 in St. Augustine. New Craft, Inc., sold the retail property to Jacksonville-based Ash Properties. Lewis Point Plaza is an 83,217-square-foot shopping center. In addition, Chetek represented both parties in the $5.5 million sale of Cobblestone Plaza, a 30,363-square-foot shopping strip located at 3031-3033 Monument Rd. in Jacksonville. New Craft, Inc., sold this property to Ash Properties as well.
WASHINGTON, D.C. — Construction has begun on the new home for the Washington Stage Guild at 505 Ninth St. in downtown Washington, D.C. The theater will occupy approximately 13,000 square feet on two levels in Boston Properties’ new office building located along E Street between Eighth and Ninth streets. The neighborhood has emerged as an arts district and cultural center for the city, with a number of theaters, galleries and restaurants. WDG Architecture designed the space for the Washington Stage Guild and the project manager is Thurston Cos. The theater will open in fall 2008.
BETHESDA, MD. — Donohoe Construction Co. has begun construction on the Hilton Garden Inn Bethesda, located on Waverly Street in Bethesda. The hotel, with 216 rooms, as restaurant and lounge, a fitness center, a pool, a business center and meeting space, will be the new centerpiece of the Air Rights Center, a 715,000-square-foot complex of three office towers complemented by retail space, structured parking and restaurants. Upon completion in late 2009, Donohoe Hospitality Services will manage the hotel. Brennan Beer Gorman & Monk is serving as the project architect.
CHARLOTTE, N.C. — Charlotte-based Codgell Spencer has executed a merger valued at $247 million to acquire Marshall Erdman & Associates, effective in late February. The venture allows Codgell Spencer to broaden its healthcare real estate services and expand their clientele. Erdman, a design-build firm specializing in planning, designing and building healthcare facilities, will operate as a subsidiary and remain at their headquarters in Madison, Wis. Scott Ransom will continue to lead Erdman as President and CEO.
BLUFFTON-HILTON HEAD ISLAND, S.C. — Sarasota, Fla.-based American Hotel Development and partner N.Y. based-Glenmont Capital broke ground on a $12 million, 124-room Hilton Head Candlewood Suites on Bluffton-Hilton Head Island. The extended-stay project will feature studios and one- and two-bedroom suites. The hotel is located on U.S. Route 278, seven miles east of the entrance to Sun City Hilton Head, and is slated to open this summer.