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WOODSTOCK, GA. — Developers have broken ground on a new outlet mall in Woodstock, approximately 35 miles northwest of Atlanta, which seeks to draw shoppers from a three-state area. In January, Chattanooga-based CBL & Associates and Horizon Group Properties of Norton Shores, Michigan, formed a joint venture to develop the Outlet Shoppes at Atlanta. The development is scheduled to open in August 2013. The 370,000-square-foot center was originally conceived as an outdoor lifestyle center, says the site's original developer and land owner, Bill Butler, of Ridgewalk Properties Group LLC. Cousins Properties, which had previously planned to build The Avenue, an upscale retail center, pulled out of the project under the weight of market conditions after the recent economic downturn. Another factor is that open-air malls had begun to fall out of favor, says Butler. “We are extremely pleased that Horizon Group and CBL stepped forward to finally complete the long-anticipated project,” says Butler. The site is located off I-575 at the new Ridgeway Parkway exit. The developers said they expect the shopping center could attract about 4 million shoppers a year from Georgia, Tennessee and Alabama. “It is located much closer to the residents of metro Atlanta than existing outlet …

WASHINGTON, D.C. — J.P. Morgan Asset Management has acquired two luxury high-rise apartment buildings, located in Washington, D.C., for $189.2 million. 909 at Capitol Yards, a 237-unit property located at 909 New Jersey Ave., sold for approximately $95.4 million, and the 246-unit Axiom at Capitol Yards, located at 100 Eye St. SE, sold for approximately $93.8 million. “These two properties represent the height of apartment living,” said Bill Roohan, vice chairman of CBRE. “Each offers a lavish amenity package that appeals to the deeply discerning renter seeking luxury, metro-accessible living and the rich amenities that continue to evolve in the exciting Capitol Riverfront neighborhood.” The properties include a variety of amenities such as clubrooms, swimming pools, fitness centers, business centers, conference rooms, designer kitchens, full-sized washers and dryers and walk-in closets. Axiom also features a sports lounge and 909 at Capitol Yards contains a resident pub with HDTV and billiards. Additionally, the properties are within walking distance of two Metrorail stations, as well as The Washington Nationals stadium. Roohan, along with Andy Boyer, Mike Muldowney, Jonathan Greenberg, Michael Rudolph, Brian Margerum, Robert Meehling and Martha Hastings of CBRE’s Washington, D.C., Multi-Housing team represented the sellers, 909 New Jersey Avenue LP. …

CHICAGO — John Hancock Real Estate, the U.S. unit of Manulife Real Estate (TSE: MFC), has purchased 150 North Michigan Avenue, a 41-story office tower located in the East Loop of Chicago’s CBD, for $102 million. With its diamond-shaped roofline and white exterior, the 661,482-square-foot, Class A tower is one of the most unique buildings in the Windy City. John Hancock purchased the property from SEB Investment GmbH, a German real estate fund manager. SEB purchased the office tower for approximately $113.2 million in 1999. John Hancock also owns and manages the 37-story 191 North Wacker Drive on Chicago’s West Loop and the 1 million-square-foot Schaumburg Corporate Center. “John Hancock has been looking for opportunities to grow its real estate investment portfolio, and in the last 12 months we’ve successfully acquired more than $700 million in real estate assets in several diverse markets and property types,” said Kevin Adolphe, COO of Manulife Financial Corp.’s investment division and president and CEO of Manulife Real Estate. “The purchase of 150 North Michigan Avenue supports John Hancock’s continuing strategy to invest in core real estate assets with solid long-term value, located in key markets throughout the United States. We are extremely pleased to …

CHICAGO — Roosevelt University has completed construction on the $123 million Wabash Building, a 32-story tower containing laboratories, classrooms, student life facilities and residential housing for the college. The building, which is located at 425 S. Wabash Ave. in Chicago, will open this Saturday, May 5. “The Wabash Building is special because it is a vertical campus that combines all in one structure 633 student residences, classrooms and laboratories, and student life facilities like a recreation center, meeting rooms, cafeteria and bookstore,” says Tom Karow, assistant vice president of public relations for Roosevelt University. “It is the second tallest university building in the country and the sixth tallest in the world.” The first floor of the building contains the offices of administration, financial aid and advising, as well as the bookstore. On the second floor is a 300-seat dining center, and the following four floors include offices and meeting rooms for student organizations and a fitness center. The tower includes seven conventional classrooms, three tiered classrooms and three auditorium-style classrooms, which increases Roosevelt’s classroom capacity in Chicago by 40 percent. Additionally, three floors include laboratories for physics, biology and chemistry studies. Floors 10 through 12 include the Heller College of …

NEW YORK CITY — Starwood Capital Group has unveiled a new luxury hotel brand, Baccarat Hotels & Residences, which the company says will fill a void at the very top end of the upscale hotel market. The brand shares the name of the world-renowned French crystal maker. Additionally, Starwood Capital and Tribeca Associates have announced plans to build the 46-story, 114-room Baccarat Hotel & Residences New York, located at 20 W. 53rd St. just off Fifth Avenue in New York City. Skidmore Owings & Merrill is the architecture firm for the project and Gilles et Boissier is the interior designer. The hotel, which is slated for completion in 2014, will cost $403 million to build, according to The Wall Street Journal. Some room rates are expected to exceed $800 a night. “A truly iconic luxury European brand now enters the hotel segment,” said Barry Sternlicht, chairman and CEO of Starwood Capital. “Baccarat’s name is synonymous with hand-crafted quality and a nearly 250-year-old pursuit of perfection. We’re excited to introduce a super luxury hotel to the world’s most important travel market, New York City.” The hotel will also feature luxury residences, which will include access to hotel services and amenities, as …

SUNBURY, PA. — Weis Markets (NYSE: WMK), a supermarket chain based in Sunbury, announced it will invest $125 million in building and renovating its stores this year — a 25 percent increase compared to 2011. The plan was announced during the company's annual shareholder meeting Thursday. Vice chairman Jonathan Weis says the budget includes two new stores and 18 major remodels. Among the projects underway this year is a new, 65,400-square-foot Weis Market in Fogelsville, Pa., which is currently under construction. The market will be the first grocery store for residents in the Fogelsville area and is slated to open in 2013. “In addition, we expect to soon complete the purchase of three Genuardi's units near Philadelphia, which we hope to reopen later this summer,” says Weis. The company agreed to buy the supermarkets from Safeway Inc. in February. The Pennsylvania stores are located in Conshohocken, Doylestown and Norristown, and will operate under the Genuardi's Family Markets name until the deal is finalized. Douglas Green, a principal at Philadelphia-based Michael Salove & Associates, a retail real estate brokerage firm, says the remodeling strategy undertaken by Weis will help the company remain competitive in today's marketplace. “Weis is certainly a very …

NEW YORK CITY — Jamestown Properties has purchased a 241,000-square-foot office building, located at 325 Hudson St. in New York City’s Hudson Square area, for $110 million. “325 Hudson St. is an example of Jamestown’s strategy to acquire properties in dynamic neighborhoods with opportunities to add value over time, especially in areas that show promise for media and technology,” said Michael Phillips, COO of Jamestown, in a prepared statement. “Hudson Square is the perfect example of such an area and we are excited to have yet another opportunity to add value in New York City.” The 10-story property is a former industrial building that was redeveloped in 1998 into a telecommunications center. The building offers special telecommunications features, including floors that can support 200 to 250 pounds per square foot and 12-foot ceilings. Jamestown has teamed up with Amerimar Enterprises and Hunter Newby as operating partners. Because of these features, the office building is home to many telecommunication and media tenants. In March, Pearson PLC, a publishing company focused on education materials, signed a 7,400-square-foot lease to become the building’s newest tenant. Jamestown has generated approximately $8 billion in strategic investments during the last 29 years. — Savannah Duncan

SARASOTA, FLA. — Bloomfield Hills, Mich.-based Taubman Centers (NYSE:TCO) has unveiled its plans to construct the $315 million, 880,000-square-foot Mall at University Town Center, located at Interstate 75 and University Parkway in Sarasota. Taubman and Sarasota-based Benderson Development are developing the enclosed mall, which is slated to commence construction later this year. The mall’s anticipated delivery date is fall 2014. Taubman and Benderson will each own 50 percent of the property, while Taubman will be responsible for the development, management and leasing. The mall will feature an 80,000-square-foot Saks Fifth Avenue, a 160,000-square-foot Macy’s and a 180,000-square-foot Dillard’s. The property will also host approximately 115 retailers and restaurants, more than half of which will be new to the market. There will also be a fourth department store added at a future date. Executives of the mall’s three department stores spoke highly of the new development. “We are excited about expanding Saks Fifth Avenue's presence in Sarasota by opening our new store … which will be double the size of our existing store,” said Steve Sadove, chairman and CEO of Saks, in a press release. “We look forward to showcasing our increased assortment of designer offerings in the new space and …

CHICAGO — CME Group has sold two of the buildings that comprise the Chicago Board of Trade Building Complex, located at 141 W. Jackson Blvd. in Chicago, to a joint venture between GlenStar Properties and USAA Real Estate Co. for $151.5 million. The towers include 1.3 million square feet of space. CME Group will sign a 15-year lease for the 150,000 square feet of space it currently occupies in both the north and south buildings, which include the Agricultural Trading Floor, as well as office and trading floor support space. “CME Group, which has been headquartered in Chicago for more than a century, continues to be committed to this city and to maintaining our trading floors and office space in the 141 W. Jackson building,” said Jamie Parisi, CFO of CME Group, in a press release. CME Group will maintain ownership of the 288,000-square-foot east building, which has no third-party tenant space and is primarily comprised of the larger of the two active trading floors which houses the CME Group financial products. The address will be changed to 333 S. LaSalle St. Holly Duran and Jeff Mulder of Chicago-based Holly Duran Real Estate Partners, along with Bruce Miller, Jim Postweiler …

BETHESDA, MD. — StonebridgeCarras, PN Hoffman, Northwestern Mutual and Montgomery County have broken ground on a $200 million, mixed-use development, located at the corner of Woodmont and Bethesda avenues in Bethesda. The project will include the redevelopment of two surface parking lots into a building with 250 residential units and 40,000 square feet of retail space above a 950-car public parking garage. The residential component will include two portions. The 88-unit The Darcy will offer luxury condominiums, and the 162-unit The Flats will contain apartments. “We are truly excited to start the construction of this project to meet the growing demand for luxury residential units in the heart of Bethesda,” said Monty Hoffman, CEO of PN Hoffman, in a prepared statement. “The market’s response to The Darcy condominiums has exceeded our expectations, and we will see interest grow significantly with the construction activity at the project.” PN Hoffman Realty is directing sales for The Darcy and KNLB Retail is handling retail leasing. SK&I Architecture Design Group designed the project and Clark Construction Group is the general contractor. Northwestern Mutual is a financial partner and HFF arranged financing for the development. “We are extremely proud to have been able to get …