SIMPSONVILLE, KY. — Horizon Group Properties Inc. and CBL & Associates Properties Inc. have formed a joint venture to develop The Outlet Shoppes at Louisville in Simpsonville. Located along I-64, the 370,000-square-foot project will serve residents of Louisville, Lexington and Frankfort. It will be the only outlet center located in the state of Kentucky, according to a statement by the joint venture. Construction will begin in June with completion set for late summer 2014. The property is currently more than 75 percent leased and retailers include Coach, Banana Republic, Brooks Brothers, Chicos, Nike and Saks Fifth Avenue OFF 5TH.
CHAPEL HILL, N.C. — Trinitas Ventures held a groundbreaking ceremony May 8 for the Bicycle Apartments in Chapel Hill, N.C., near the University of North Carolina. The 608-bed, 194-unit community will be available to students in August 2014. As the name implies, biking will be encouraged, and the community will feature storage for up to 400 bicycles. According to The Daily Tar Heel, a student newspaper for the university, the development costs approximately $20 million.
JACKSONVILLE, FLA. — Marcus & Millichap has arranged the $7.5 million sale of The Columns, a 244-unit apartment complex in Jacksonville, for $7.5 million. The gated community features a clubhouse with leasing office, fitness center, three resort-style swimming pools, 24-hour clothes care center, recreation areas and 24-hour emergency maintenance. Tal Frydman, Daniel Cunningham, Derek Gibbs and Allan Holbrook of Marcus & Millichap represented the seller, a limited liability company. Frydman, Cunningham, Gibbs and Holbrook, also represented the buyer, a limited liability company.
ASHLAND, KY. — Emmes Asset Management Co. has sold Midtown Mall, a 153,723-square-foot, grocery-anchored shopping center in Ashland for $11.3 million. BDB Realty was the buyer. Midtown Mall is located at 711 12th St. and is 81 percent leased. Kroger and Big Lots, which both recently renewed long-term leases, anchor the property. Other tenants include Gatti-Land, Rent-a-Center, Subway and Wendy's. Richard Reid led the HFF team that represented the seller in the transaction.
GREENVILLE, S.C. — Summit Hotel Group has acquired the six-story, 120-room Hilton Garden Inn in Greenville for $127,000 per key. Teague Hunter and Trey Scott of Hunter Hotel Advisors represented the seller, Deean Hospitality, in the transaction.
WASHINGTON, D.C. — Rock Creek Property Group has completed its redevelopment of 1100 16th St. N.W., a 28,366-square-foot property at the corner of 16th and L streets in Washington, D.C. In the past eight months, Rock Creek has transformed the former two-building private school into a four-and-a-half-story office building. The property is located three blocks from the White House and features space for up to 130 employees, exposed brick, multiple entrances, ceilings heights of 10 to 20 feet, garage parking and a 1,700-square-foot rooftop deck with views of the Washington Monument. The property will be offered for sale or lease to a single purchaser or tenant.
PLANT CITY, FLA. — NorthMarq has arranged a $6.2 million loan for the refinancing of Townsgate Apartments, a 265-unit multifamily property at 1211 Goldfinch Drive in Plant City. Lee Weaver of NorthMarq arranged the financing on behalf of the borrower, Baker's Pond Group, through AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender. The 10-year loan features a 30-year amortization schedule.
JACKSONVILLE, FLA. — Marcus & Millichap has arranged the $3.5 million sale of Royal Estates, a 176-unit apartment property at 8050 Arlington Expressway in Jacksonville. The transaction was a lender-approved short sale. The property was 50 percent occupied at the time of sale, with “a tremendous amount of deferred maintenance,” according to Marcus & Millichap. The buyer plans to rehab the property. The property, constructed in 1973, includes a leasing center, two swimming pools, courtyards, playground areas, a basketball court, a tennis court and two laundry rooms.
SLIDELL, LA. — Dillard's has signed a 126,000-square-foot lease to anchor the second phase of Fremaux Town Center in Slidell. Phase I of the project, totaling 330,000 square feet, is currently under construction and will be anchored by Kohl's, Dick's Sporting Goods, Michaels, T.J. Maxx and Best Buy. Phase II will include up to 320,000 square feet of additional retail space. Phase I is scheduled for completion in March 2014, with construction of Phase II set to begin around the same time. The second phase is scheduled to open in spring 2015. CBL & Associates Properties Inc. and Stirling Properties are constructing the project.
ORLANDO — Pollack Shores Real Estate Group has acquired its second luxury apartment community in Orlando in the last three months: Sabal Palm Beach at Metrowest II. The 456-unit apartment community is located at 6101 Raleigh St., near Universal Studios and the 408 Expressway. The new owner plans to invest $1.5 million to upgrade the clubhouse, pools, landscaping and other amenities. Matrix Residential will manage the property. Pollack had also purchased the 252-unit Polo Glen Apartments in the Melbourne area in January. Jones Lang LaSalle arranged the debt financing for the transaction.