Top Stories

NAPLES, FLA. — Marcus & Millichap has brokered the sale of Bermuda Island Apartments, a 360-unit, luxury multifamily community located in Naples. The community is situated on approximately 23 acres on Vanderbilt Beach Road, across from the Ritz-Carlton Golf Resort Hotel and Tiburon Golf Course. It consists of 12 three-story buildings with a combination of one-, two- and three-bedroom residences, with units averaging 1,046 square feet in size. Amenities at the community include a grand plantation-style clubhouse that features a formal dining hall, a business center, a 2,000-square-foot fitness center and a screened outdoor lanai with ceiling fans and built-in grills. A resort-style swimming pool overlooks a 3-acre lake. The property was initially planned as a condominium conversion but now operates as an apartment community. Occupancy at the community was 90 percent at the time of the sale. Jamie May of the JBM multifamily brokerage team of Marcus & Millichap's Tampa, Fla., office partnered with Matt Mitchell of the firm's National Multi Housing Group to represented the sellers, Terragon Corp. and Bank of America. The buyer was New York-based TGM Associates. “Bermuda Island is an A- asset in a AAA location that was purchased well below replacement cost,” said May …

DURHAM, N.C. — Hines Global REIT, a subsidiary of Houston-based real estate firm Hines, has entered into an agreement to acquire Durham's Hock Plaza for $98.3 million. In a filing with the Securities and Exchange Commission, Hines Global REIT states that it will fund the purchase with proceeds from its current public offering as well as the assumption of an existing $80 million mortgage, which has already been approved by its board of directors. The loan matures in December 2015 and carries a 5.58 percent fixed interest rate. Hines expects the transaction to close this June, but if the deal does not consummate, it will forfeit $5 million in earnest money deposits. Hock Plaza is a 12-story, 327,160-square-foot office building located at 2424 Erwin Road in the city's North Durham submarket. Constructed in 2004 by Hock Development, the Class A structure is anchored by Duke University Medical Center, which is leasing approximately 160,000 square feet of it. Other Duke affiliates occupy the remainder off the building, which has an overall occupancy rate of 98 percent. The seller in the deal is New York-based Brickman, which purchased the property in 2005. Representing the seller was the Holliday Fenoglio Fowler team of …

HAMPTON, VA. — The grand opening has been held for Peninsula Town Center, a $276 million mixed-use project located in Hampton. Developed by a joint venture between Mall Properties and Steiner + Associates, the project is located within the city's Coliseum Business District on 75 acres at the Interstate 64 interchange. The project totals 1.1 million square feet, comprising 400,000 square feet of anchor retail space, 340,000 square feet of specialty retail space, 115,000 square feet of Class A office space, 158 resident apartment units and 55,000 square feet of restaurant space. Major retail tenants include Barnes & Noble, JC Penney, Macy's and Target. “Opening a project of this size and scope during these challenging economic times is a tremendous accomplishment. It is a true testament to our location, our leasing and development teams, and this great community,” said Ann Mastin, executive vice president of leasing for Steiner + Associates, in a statement. Other tenants at the project include Aéropostale, Aveda Animare Salon, Bath & Body Works, Blue Ridge Mountain Sports, Chico's, Chipotle, Five Guys Burgers & Fries, Forever 21, Kay Jewelers, Lane Bryant, Outback Steakhouse, The Wine Loft and Victoria's Secret. Additional tenants will be announced in the coming …

BURLINGTON, MASS., AND CHICAGO — Burlington-based senior housing firm The Northbridge Companies, along with its Portland, Maine-based partner Sandy River II, has entered into a $100 million joint venture with Chicago-based private equity firm Harrison Street Capital Partners. The purpose of the joint venture is for the development, operation and acquisition of senior housing facilities focusing on memory care support and assisted living, with a regional emphasis in New England. The companies will primarily focus on developing a portfolio of AVITA-branded senior housing communities. The facilities will exclusively provide care to seniors in need of health-related services and cognitive care. The first AVITA facility is already under construction in Needham, Mass. The $15 million project will consist of a 62-unit assisted living community located at 880 Greendale Ave. It will specifically cater to individuals with memory loss and is slated for completion in spring 2011. A second facility is in the planning stages. “We are very fortunate to have found the perfect partner in Harrison Street for this venture, given their knowledge of the senior housing industry and their long-term approach to partnerships. We are further excited about the first site for our AVITA product. This is an excellent property …

HOUSTON — Cadence McShane Construction Co. has been selected to build a new facility for Robert Lee Frost Elementary School in Houston. The approximately $12 million project will consist of a single-story, 89,383-square-foot building located on 11 acres at 5002 Almeda Genoa Road. It will feature 40 classrooms, two science laboratories, a library and a cafeteria. The project is also applying for LEED-Silver certification, with sustainable features that include energy-efficient HVAC and mechanical systems, lighting controls, domestic hot water systems, low-emitting interior materials and the diversion of construction waste. The facility will be able to house 750 students and is slated for a April 2011 completion. It is replacing the current Frost Elementary School, which is located at 5650 Selinsky Road, also in Houston. RDC Architects is designing the project. In a statement, Chuck White, vice president and division manager for Cadence McShane, said, “Cadence McShane has contributed its expertise within the educational construction field to numerous school districts throughout the state of Texas. We are pleases to receive this assignment and bring a deep scope of knowledge and expertise to this new LEED construction project for the Houston Independent School District.” — Coleman Wood

SUGAR LAND, TEXAS — The topping out ceremony has been held for the Hyatt Place Houston/Sugar Land, the newest hotel offering from the Hyatt Place brand and its first newly built hotel in the greater Houston area. The nine-story building will contain 214 guestrooms featuring amenities such as an ergonomic work center and a state-of-the-art media center. The hotel will also feature a fitness center, a coffee and wine bar, and a restaurant. Completion of the hotel is slated for early 2011. The new Hyatt Place is being developed by a joint venture between a subsidiary of Hyatt Hotels & Resorts and Dallas-based Woodbine Development Corp. The hotel is being built on 3.7 acres within Lakepointe Town Center, a 190-acre mixed-use community Woodbine is developing at the intersection of highways 59 and 6 within the larger Sugar Land master-planned community. The new hotel will overlook the 37-acre Brooks Lake. — Coleman Wood

EVANSVILLE AND NEWBURGH, IND. — Scottsdale, Ariz.-based Healthcare Trust of America (HTA), a self-managed, non-traded REIT, has acquired a five-building medical office portfolio located in Evansville and Newburgh. The approximately 260,500-square-foot portfolio, which is master leased to Deaconess Clinic, an affiliate of Deaconess Health System, sold for $45.25 million. “The Deaconess Portfolio provides us with the opportunity to own core real estate assets essential to the healthcare delivery model in Southern Indiana,” said Mark Engstrom, executive vice president – acquisitions with HTA, in a press release. “This portfolio is consistent with the new era of healthcare, which involves hospitals and physicians working together in new ways to meet the needs of their communities.” Deaconess Clinic is comprised of approximately 110 primary care and specialty physicians. Additionally, the properties are located within close proximity to hospitals, including the 365-bed Deaconess Hospital and the 116-bed Gateway Hospital. The seller and additional terms of the transaction were not released. — Amy Bigley

ATLANTA — With 60 new stores in development in North Georgia, SUBWAY Restaurants has announced plans to open at least seven locations in emerging southwest Atlanta submarkets within the next 8 months, including Northside Drive, Sandtown Crossing, Bolton Road and Greenbriar Mall locations. “We have seen the plans presented by the Atlanta Development Authority and feel the city is serious about redeveloping these corridors,” says SUBWAY development agent Joseph Hart. “We want to be a part of the revitalization effort and support the local communities we serve. Being here at the front end of that gives us a competitive advantage. We encourage other retailers to take a look at these areas and join us.” On April 5, a renovated store will reopen at 2151 Campbellton Road, a corridor currently experiencing retail leakage of more than $200 million due to the lack of retail quality and variety. SUBWAY prefers locations near MARTA (Metro Atlanta Rapid Transit Authority) stations, due to the significant number of employees and customers that rely on public transit, and also looks for sites near schools and in stable neighborhoods. In addition, SUBWAY will roll out several non-traditional units located inside gas stations. The sandwich chain’s growth strategy …

FAIRBURN, GA. — USAA Real Estate Co. and Industrial Developments International (IDI) will develop a 1,145,378-square-foot distribution warehouse for The Clorox Sales Co. in Fairburn. Located within the Southcreek Industrial Park off Interstate 85 south of Atlanta’s Hartsfield-Jackson International Airport, the property will be owned by US Industrial REIT III Distribution, an affiliate company of USAA Real Estate, when completed in February 2011. The Clorox Sales Co., a subsidiary of consumer-product manufacturer The Clorox Company, signed a 10-year lease on March 20 for the massive cross-docked facility, which will feature 164 docks, 328 trailer storage spaces and an additional 223 auto spaces. The distribution warehouse will be situated on approximately 72 acres in the south Atlanta submarket, the city’s second largest in terms of distribution space. “Selecting outstanding and easily accessible sites makes sound business ventures for all parties involved,” says Pat Duncan, chairman and CEO of USAA Real Estate Co. USAA Real Estate recently signed a 10-year lease agreement with Clorox at its Redlands, Calif., location, and is developing a similar build-to-suit property for the Oakland, Calif.-based company in Chicago. Also, USAA Real Estate and IDI recently collaborated on a build-to-suit development in Columbia, S.C., for The Home Depot. …