MARGATE, FLA. — Ocean Bank has provided a $17.2 million loan for the renovation and repositioning of a 188,028-square-foot shopping center in Margate, a town in Broward County. The asset has been renamed Margate Centre and will house retail tenants and two charter schools — West Broward Academy and Ascend Career Academy. The borrower, Alliance XVI LLC, plans to wrap up construction by August in time for the 2016-2017 school year. Juan Carlos Barreto of Ocean Bank originated the loan.
MOBILE, ALA. — Moran & Co. Southeast has brokered the $12.8 million sale of Cimarron Ridge, a 248-unit apartment community located at 6427 Grelot Road in Mobile. The property’s average unit size is 695 square feet and residences feature white appliances, vaulted ceilings, walk-in closets, patios and balconies, wood cabinets and fireplaces in select units. Community amenities include two swimming pools, a gazebo with a picnic area, children’s play area, clubhouse with a fitness center and in-building laundry facilities. Atlanta-based Alexander Property Group purchased the asset from Atlanta-based Kaufman Realty Group. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. Southeast brokered the transaction.
BIRMINGHAM, ALA. — CBRE has arranged the $8.4 million sale of The Shops on Montevallo, a 64,851-square-foot shopping center located near I-20 in Birmingham. Built in 1985 and renovated in 2012, the retail center was 97 percent leased at the time of sale to tenants including anchor Planet Fitness. Baltimore-based Continental Realty Corp. purchased the property from local developer Merchants Retail Partners. Craig Taylor of CBRE’s Atlanta office and Cliff Taylor of the firm’s Jacksonville office represented the seller in the transaction.
MURFREESBORO, TENN. — Sterling Organization has signed a lease with Carmike Cinemas to open a new nine-screen, 47,000-square-foot Ovation Cinema Grill at Stones River Mall, a 594,588-square-foot enclosed regional mall located in the Nashville suburb of Murfreesboro. The Ovation Cinema Grill, Carmike’s full-service cinematic dining concept, will feature seat-side food and beverage service and electronic, high-back recliners with reserved seating. The theater will also feature Carmike’s large screen format, BigD. The mall’s food court and retail space currently occupied by Books-A-Million will be demolished to make for the new theater. Books-A-Million will be relocated into space formerly occupied by Hancock Fabrics. Construction is expected to begin in the first quarter of 2017, with the movie theater set to open that fall. Carmike Cinemas currently operates 276 theaters in 41 states nationwide.
ALPHARETTA, GA. — A public-private partnership involving North American Properties (NAP), Long Wharf Real Estate Partners, Stormont Hospitality Group and the city of Alpharetta will break ground tomorrow on The Hotel at Avalon and the connecting 65,000-square-foot Alpharetta Conference Center. The $112 million project will anchor Phase II of the 86-acre Avalon mixed-use development. The 330-bed hotel will be part of Marriott International’s Autograph Collection and will feature a local chef-driven restaurant, 24-hour fitness center, upscale pool, valet service and Club Avalon Concierge. The conference center will feature a 12,500-square-foot exhibit hall, 10,000-square-foot ballroom with six salons, six meeting rooms, boardroom, reception area, pre-function space and outdoor venues. The hotel and conference center are set to open in January 2018. The design team includes architect Cooper Carry and general contractor Brasfield & Gorrie. SunTrust Bank is providing construction financing, and HEI Hotels & Resorts will serve as the manager of the new hotel.
MAITLAND, FLA. — The Allen Morris Co. has begun construction on Maitland City Centre, a $68 million mixed-use development in Maitland, roughly 10 miles north or Orlando. Upon completion in 2018, the project will feature 220 residential units and 35,000 square feet of retail and restaurant space set within a six-story building that will occupy three city blocks near City Hall. Units will range from 700 to 1,300 square feet and will rent for $1,300 to $2,400 per month. Announced tenants at Maitland City Centre include Starbucks Coffee, Subway, Renaissance Med Spa, Nava Pets, an artisan food hall/market, Mesa 21, Doc B’s Fresh Kitchen and a concept from chef Clayton Miller of Dove-Cote in Orlando. SunTrust Bank and TD Bank are financing the development on behalf of a joint venture partnership between Allen Morris, Lamm & Co. Partners and Millenia Partners.
CORAL GABLES, FLA. — A joint venture between Greenstreet Partners and CREC has sold 2121 Ponce, a 164,848-square-foot office building in Coral Gables. A member company of Zurich North America purchased 2121 Ponce for $57.5 million. The property was more than 95 percent occupied at the time of sale to tenants such as Goldstein Schechter, Fox Latin America, Valley National Bank, the Consulate of Barbados and CREC. In addition to office space, 2121 Ponce features a five-story, 586-space parking garage and ground-level retail space including restaurant POC. Warren Weiser, Harry Blyden and Andrew Remick of CREC co-brokered the sale with the CBRE team of Christian Lee, Jose Lobon and Andrew Chilgren. Roy Rosenbaum and Sean Bannon of Zurich Alternative Asset Management LLC advised the buyer.
SANDY SPRINGS, GA. — Master developers Carter and Selig Enterprises have closed on the purchase of private land in Sandy Springs for City Springs, a 14-acre master-planned development comprising government and commercial space. Carter and Selig plan to begin construction on the residential and retail portions of City Springs this summer. The residences will feature 275 apartments and 19 townhomes with high-end finishes and amenities. The retail portion will comprise 30,000 square feet of street-level space bounded by Johnson Ferry and Roswell roads, Sandy Springs Circle and Mt. Vernon Highway. Both the residential and retail portions of City Springs are set for a winter 2017 completion. SunTrust Bank and partner banks Iberia Bank and Trustmark are providing construction financing for City Springs. The development team includes general contractor Brasfield & Gorrie and architect RJTR. City Springs is a public-private partnership between the city of Sandy Springs, Carter and Selig Enterprises.
ATLANTA — HD Supply has broken ground on its Leadership Development Center, an eight-story, 222,500-square-foot office building located at 3400 Cumberland Blvd. in the Atlanta portion of Cobb County. Set to open in early 2018, the property will house 900 HD Supply employees and feature a leadership training and customer support center. The project team includes Atlanta-based developer Greenstone Properties, broker Colliers International and architects HLG Studio and Wakefield Beasley & Associates. HD Supply is an industrial distribution company with 13,000 associates operating in 500 locations across 48 states and six Canadian provinces.
Birmingham’s renaissance has been underway for several years now, but it has taken some time for the rest of the world to find out. This year they started paying attention. The opening of Railroad Park, Regions Field, the Iron City event venue and now the recently restored Lyric Theatre have made it clear that there are intriguing things going on in downtown Birmingham. Lonely Planet, the respected travel information source, included Birmingham in its “2016 Best in the U.S.” list, asking, “Could Birmingham be the coolest city in the South?” Food media giant Zagat named Birmingham “America’s No. 1 Next Hot Food City” and the Travel Channel chose Birmingham to its list of “11 Next Great Destinations.” Foodies and fashionistas are not the only groups showing interest in Birmingham. Multifamily investors have been building new developments and acquiring and repositioning existing properties over the past few years. This activity reflects national trends — investors looking for alternatives to top-tier markets and Millennials gravitating to an affordable urban core. Nonetheless, with its burgeoning downtown food and arts scene, Birmingham has earned a second look. Strong Year for Downtown Developers liked what they saw and acted accordingly. In 2014 and 2015, plans …