RALEIGH, N.C. — Dominion Realty Partners LLC will partner with Prudential Real Estate Investors to develop Wade III, a 105,000-square-foot, Class A office building in Raleigh’s PNC Arena district. Dominion is set to break ground on the four-story office building in mid-summer, with completion slated for summer 2015. The office building is designed to achieve LEED Gold certification. Features of Wade III include card access control systems, an outdoor plaza courtyard, underground parking, park amenities, green building efficiencies and an on-site restaurant. The project team includes architect Rule Joy Trammell + Rubio, general contractor Choate Construction, civil engineer Piedmont Land Design and leasing agent Avison Young.
Southeast
DECATUR, GA. — Lennar Commercial Investors LLC and Sterling Organization have teamed up to acquire North DeKalb Mall, a 622,297-square-foot shopping mall in the northeast Atlanta suburb of Decatur. Lennar and Sterling, along with developer Hendon Properties, plan to convert the enclosed portion of the mall into an open-air concept. Sterling will manage North DeKalb Mall. The current tenants of North DeKalb Mall include AMC Theatres, Burlington Coat Factory, Macy’s, Marshalls and Ross Dress for Less.
WASHINGTON, D.C. — Roadside Development LLC and Dantes Partners have opened Hodge on 7th, a 90-unit, $28 million seniors housing apartment community located in the City Market at O project in Washington, D.C.’s Shaw neighborhood. The City Market at O is 1 million-square-foot urban infill project that features 90,000 square feet of retail, 650 multifamily units, a 182-room Cambria Suites Hotel that opened last week and a 500-car parking garage. The new LEED Silver-certified Hodge on 7th is available for senior citizens older than 55 years old and earning 60 percent or less of the area median income. The project is one of four residential buildings coming to the Shaw neighborhood. According to Roadside Development, the new seniors housing community employs more than 100 people.
GAITHERSBURG, MD. — JBGR Retail has signed two leases for restaurants in Downtown Crown, a 26-acre neighborhood in the Gaithersburg master-planned community of Crown. Matchbox Food Group will open a Ted’s Bulletin, and Bottleneck Management will open an Old Town Pour House. With the two new leases, Downtown Crown now has six restaurants new to Montgomery County: Coastal Flats, Venti Tre Modern Italian, Asian Nine and &pizza are the other four restaurants. Ted’s Bulletin and Old Town Pour House are set to open later this fall.
NORTH CHARLESTON, S.C. — CBRE | Triad has arranged the $14.8 million sale of Jamison Park Apartments, a 216-unit, Class B apartment community located in North Charleston, minutes from downtown Charleston. Constructed in 2001, the apartment community features a clubhouse with a gym, swimming pool and garage storage. Hal Kern and Richard Montana of CBRE | Triad represented seller, Pendergraph Management, in the transaction.
GREENSBORO, N.C. — Greystone has acquired Allerton Place Apartments, a 228-unit multifamily community located in Greensboro. Greystone purchased the asset from Summit Equities for an undisclosed price. Allerton Place was constructed in 1997 and is comprised of 14 garden-style apartment buildings, a clubhouse and a leasing center. Greystone Property Mangement Corp. will manage the apartment community.
COLUMBIA, S.C. — NAI Avant has arranged the $5.3 million sale of a 105,000-square-foot Select Comfort distribution facility, located at 630 Western Lane in Columbia. Dail Longaker of NAI Avant represented the buyer, an unnamed investor, in the transaction.
SUNRISE, FLA. — HFF has secured $16 million in financing for Lake Shore Plaza II, a 128,470-square-foot, Class A office building in Sunrise. The five-story office building is located at 1300 Concord Terrace within the Sawgrass International Corporate Park. Completed in 2008, the property is 97.5 percent leased to tenants such as New York Life, Emerson Electric, T-Mobile, GMMI and Oracle. The office building was the first multi-tenant office building in South Florida to receive LEED Silver certification. Elliott Throne, Dana Brome and Jorge Portela of HFF arranged the 10-year, fixed-rate loan through a life insurance company on behalf of the borrower, Cornerstone Real Estate Advisors, which was acting on behalf of an unnamed institutional investor.
BALTIMORE — KeyBank Real Estate Capital has arranged a $7.6 million CMBS loan for Churchill Manor Townhomes, a 90-unit townhome community located in Baltimore. Kathy Anderson and Ken Broussard of KeyBank arranged the fixed-rate loan on behalf of the borrower, Baltimore-based Quest Management Group. Quest completed a value-add renovation program utilizing a KeyBank bridge loan before obtaining permanent financing from the lender.
RALEIGH, N.C. — Trademark Property Co. plans to develop Carolina Row at Crabtree Valley, a mixed-use development on Glenwood Avenue in Raleigh. The property will feature 125,000-150,000 square feet of retail and restaurant space, a hotel and 700 residential units. There will also be a pedestrian/bicycle bridge connecting Carolina Row to the nearby Crabtree Valley Mall. Construction is set to begin in spring 2015, and the property is expected to open in late 2016.