NAGS HEAD, N.C. — CBRE | Hampton Roads has arranged the $2.7 million sale of South Beach Plaza, a two-building retail property located at 2424 S. Croatan Highway in Nags Head, part of North Carolina’s Outer Banks barrier islands. The 20,872-square-foot property’s tenants include Dunkin’ Donuts, Viva Mexican Restaurant, Sweet Frog Premium Yogurt and Jersey Mike’s. Patrick Gill and Joanna Hastings of CBRE | Hampton Roads represented the seller in the transaction.
Southeast
PEACHTREE CORNERS, GA. — The city of Peachtree Corners has awarded Fuqua Development the right to build the $150 million Carillon Village, a mixed-use project that will create a pedestrian-friendly environment. The 20-acre development will be located on Peachtree Parkway, approximately 20 miles northeast of Atlanta in Gwinnett County. The project will include 150,000 square feet of retail that will feature a health club, restaurants and fashion tenants. The project will also contain Class A office space above 15,000 square feet of retail, along with 356 multifamily units and a 120-room boutique hotel. Throughout Carillon Village, which will be complete in fall 2014, the streets and sidewalks will connect to open spaces through walkways, plazas and landscaped areas. Fuqua Development will be in charge of developing the retail component of Carillon Village. Pope & Land Enterprises Inc. is the development coordinator. AMLI Residential will focus on the apartment development. Norcross, Ga.-based Cheeley Development is also a partner on the project.
MIAMI — Crews have begun demolition work on an existing structure at the site of Le Parc at Brickell, a planned 12-story luxury condominium building coming to Miami's Brickell neighborhood. The boutique condominium property will break ground later this fall, with an expected delivery in spring 2015. The project is a joint venture between Strategic Properties Group and ALTA Developers — a collaboration between Chile-based Aconcagua and Miami-based Archiplan USA. More than half of the building's 128 units have been sold, with prices ranging from the low $300,000s to about $700,000. The new project will overlook the adjacent Simpson Park. Amenities will include a fourth-floor pool deck, rooftop Skylounge with an outdoor bar/lounge area, fitness center, clubroom, entertainment area, business lounge with conference center, private entrance and garage parking. Le Parc at Brickell offers studio, one-, two- and three-bedroom layouts, along with two-story townhomes. Atton Hotels is developing a new 274-room hotel directly next door.
WEST PALM BEACH, FLA. — Miller Construction Co. has completed an environmentally friendly, 35,000-square-foot Ashley Furniture HomeStore showroom, located at 2101 Palm Beach Lakes Blvd. in West Palm Beach. The $5 million project is Miller Construction's 14th property for owner City Furniture, which operates 25 showrooms throughout southeast and southwest Florida, including 10 Ashley Furniture HomeStore locations. The store is designed to achieve LEED certification with high-efficiency climate control, lighting, plumbing and irrigation systems.
FORT WALTON BEACH, FLA. — Woodbine Development Corp. and InterMountain Management have commenced construction on a four-story, 112-room Marriott TownePlace Suites in Fort Walton Beach. An adjacent, waterfront parcel is also included in the transaction, which will soon house a yet-to-be-named restaurant up to 6,000 square feet. InterMountain will provide management services for the new hotel and Woodbine will provide asset management services for the property. The hotel is set to break ground in the summer of 2014. The project team also includes Jackson, Miss-based Harrell Contracting Group, Monroe, La.-based Architecture+ and Fort Walton Beach-based Choctaw Engineering Inc. Kevin Bethea of Realty House Commercial Properties is marketing the restaurant pad site.
DORAL, FLA. — Jones Lang LaSalle has completed three industrial property sales totaling 60,000 square feet in the Doral submarket of Miami. The sales price for the three acquisitions totaled $8 million. Steven Medwin and Nick Wigoda of JLL represented Smile Market, a cameras and accessories company, in its $2.4 million acquisition of an 18,500-square-foot warehouse at 3381-3389 N.W. 97th Ave. Kaizen Realty represented the seller, Chesapeake Bay International Inc., in the transaction. JLL also represented Vaxtronic LLC in its $2.3 million purchase of an 18,753-square-foot warehouse at 2150 N.W. 102 Place. Vivo Realty represented the seller, MJMB Enterprises Inc., in the transaction. Medwin, Wigoda and JLL's Matt Maciag also represented Americatel Inc. in its $3.3 million sale of a 21,000-square-foot office/flex building at 4045 N.W. 97th Ave. The buyer was Florida City Gas.
ATLANTA — Atlanta-based IDI, a leading full-service industrial real estate company, has merged with Verde Realty in a $1.1 billion transaction. The new entity, which will operate under the IDI name, has combined assets valued at more than $2 billion. The company will have offices in 11 cities in the U.S. and Mexico, and its headquarters will remain in Atlanta with Timothy Gunter retaining the title of president and CEO. The deal doubles the number of buildings in IDI’s portfolio to a total of 179, totaling 45 million square feet. Additionally, IDI now has landholdings available for 53 million square feet of buildable space. Verde Realty is an existing majority-owned real estate holding of Brookfield Property Partners LP (NYSE: BPY, TSX: BPY.UN) and its institutional partners. The transaction makes Brookfield’s portfolio of industrial real estate holdings among the largest in North America.
ATLANTA — Brasfield & Gorrie has completed 77 12th, a 23-story upscale apartment community located in Atlanta's Midtown submarket. Brasfield & Gorrie's construction budget was $57 million, with total development costs for the property reaching $88.7 million. The project comprises 615,000 square feet, with 330 residential units and 23,000 square feet of retail space. The new residential units feature granite countertops, stainless steel appliances, floor-to-ceiling windows and private balconies. The community also features a 20,000-square-foot outdoor plaza that has a saltwater pool, bocce ball courts, a private terrace and several outdoor fireplaces. The rental rates are among the highest in Midtown, according to Brasfield & Gorrie. More than 80 percent of the units have been reserved and nearly all of the retail space has been leased. Brasfield & Gorrie worked with Daniel Corp. and Selig Enterprises on the project. Northwestern Mutual provided construction financing for the new apartment community.
ATLANTA — Colliers International has arranged $80.9 million in financing for a portfolio of 31 industrial properties in metro Atlanta. The 3.1 million-square-foot portfolio is 91 percent leased. Hank Hall and Kevin Troy of Colliers International's Atlanta office arranged the non-recourse, floating rate loan on behalf of Clarion Partners. Prudential Insurance Co. of America provided the loan.
DURHAM, N.C. — Starwood Hotels & Resorts Worldwide will break ground later this year on the 134-room Aloft Durham Downtown, located at the intersection of Blackwell and Vivian streets in the city's American Tobacco Historic District. The hotel will be a key component of the district, which launched a redevelopment and restoration project in 2004 to transform the American Tobacco Co.'s campus into a mixed-use property. Aloft Durham Downtown will feature a pool, bar, 24-hour gym, private parking and 2,230 square feet of meeting space. Davidson & Jones will own the hotel, which is scheduled to open in May 2015. Starwood Hotels & Resorts Worldwide operates more than 75 Aloft hotels in 14 countries. The Aloft brand offers a tech-forward, vibrant experience and a modern style.