ORLANDO, FLA. — Orlando-based Pineloch Management Corp. is developing Southgate Office/Restaurant/Retail project, which is located at the intersection of South Orange Avenue and Southgate Commerce Boulevard near downtown Orlando. The 11,600-square-foot mixed-use development will consist of a free-standing, one-story, 3,000-square-foot Tijuana Flats restaurant, and a two-story, multi-tenant building offering 4,300 square feet of ground-level retail space and 4,300 square feet of office space on the second level. Orlando-based Cuhaci & Peterson provided architectural services for the project, which is slated for completion in first quarter 2008.
Southeast
GREENSBORO, N.C. — RockBridge Capital LLC has closed a $20.5 million first mortgage investment to finance the acquisition of a 175-room Doubletree Hotel in Greensboro. Boca Raton, Fla.-based Milestone Hotel Partners acquired the property, which re-opened in October 2007 after completing a $16.5 million renovation project. The renovation project included improvement to all guestrooms, guest bathrooms, the lobby, meeting spaces, the restaurant, the fitness center and pool, and all other public spaces.
SILVER SPRING, MD. — Behringer Harvard and Brookfield Real Estate Opportunity Fund have invested in Fairfield Residential’s development of Cameron House. Located in Silver Springs, the 15-story, Class A apartment building will offer approximately 302,469 square feet of rentable space, which will include 325 apartments with a mix of one- and two-bedroom floor plans. Additionally, the project will feature a clubhouse, a rooftop swimming pool and 7,330 square feet of ground-level retail space. The investment amount was undisclosed.
DALLAS, GA. — Roberts Commercial Real Estate Services has acquired Citizens Square Shopping Center, a 75,000-square-foot retail center located in Dallas, for approximately $6.44 million. The center recently underwent substantial renovations. John Harrison and Gil Russell of Roberts Commercial represented the company in the acquisition; Brooks Patterson of The Ben F. Kushner Company represented the seller. The acquisition was completed by Roberts using equity from its Roberts Commercial Opportunity Fund I, a $20 million real estate investment equity fund. The debt for the transaction was provided by a conduit loan from J.P. Morgan.
VIENNA, VA. — Jones Lang LaSalle Hotels, on behalf of Prudential Real Estate Investors, has completed the disposition of Embassy Suites Tysons Corner, a full-service hotel located in Vienna. HEI acquired the property for an undisclosed price. The 234-room hotel features 220 two-room king guest suites, 1,720 square feet of flexible meeting space, a state-of-the-art fitness center, an indoor swimming pool, Carnevale Café and a lobby lounge.
PORTSMOUTH, VA. — Grubb & Ellis Apartment REIT Inc. has acquired The Myrtles at Olde Towne, a 246-unit apartment community located in Portsmouth, for an undisclosed price. Built in 2004 and 2005, the property consists of six three-story apartment buildings that offer five floor plans ranging in size from 751-square-foot one-bedroom/one-bath units to 1,137-square-foot two-bedroom/two-bath units. Unit amenities include balconies or patios, 9-foot ceilings, track lighting, walk-in closets, washer/dyers and built-in surround sound speakers. The community features a luxury clubhouse with veranda, a modern movie theater, a state-of-the-art fitness center, a billiards room with wet bar and a resort-style swimming pool. The seller was The Myrtles at Olde Towne, LLC. Financing for the acquisition was primarily provided by Freddie Mac.
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.
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.