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WASHINGTON, D.C. — Clarion Partners has commenced construction on the $32 million renovation of Chevy Chase Pavilion, a mixed-use development located at 5335 Wisconsin Ave. in Washington, D.C. Included in the property is a 198-room hotel, 154,292 square feet of retail space and a 200,248-square-foot office tower. The renovation will include new finishes, the removal of the atrium canopy, new vertical transportation and a new media venue with a 30-by-60 foot, synchronized LED wall. In addition, a 14,000-square-foot RANGE restaurant will be added, as well as the 5,500-square-foot The Civil Lounge, a small plate eatery and cigar lounge. Completion is slated for mid-September.
LOGGINS CORNERS SELLS FOR $5.25M
Loggins Corners has sold for $5.25 million.
JEFFERSON, GA. — The Shopping Center Group has negotiated the $5.25 million sale of the 29,800-square-foot shops portion of Loggins Corners, located at the intersection of Old Pendergass Road and U.S. Highway 129 in Jefferson. A 78,829-square-foot Kroger and Fuel Center shadow-anchors the small shop space, which is 97 percent leased to tenants including Beef 'O' Brady's, H&R Block, Northeast Georgia Health System, State Farm, Little Caesars and Verizon Wireless. The Shopping Center Group represented the seller, an Atlanta-based development company, in the transaction. The buyer was a Colorado-based private investor.
PORT ORANGE AND CASSELBERRY, FLA. — Walker & Dunlop has arranged $30.3 million in acquisition financing for the 296-unit Ocean Oaks Apartments, located at 1645 Dunlawton Ave. in Port Orange, and the 336-unit Reflections, located at 100 Reflections Cir. in Casselberry. Will Baker of Walker & Dunlop's Bethesda, Md., office arranged the 10-year loans with 4-years interest only, followed by a 30-year amortization schedule, through Freddie Mac's CME program.
BEECH STREET ARRANGES $3.36M LOAN
SODDY DAISY, TENN. — Beech Street Capital has secured $3.36 million in acquisition financing for the 69-unit Blackberry Creek Apartments, located at 9516 Dayton Pike in Soddy Daisy. Chad Hagwood of Beech Street Capital's Birmingham, Ala., office arranged the 10-year loan with a 9.5-year yield maintenance payable on a 30-year amortization schedule through Freddie Mac's CME program.
TSCG MERGES WITH N.Y. FIRM
ATLANTA — An Atlanta-based retail real estate services provider has expanded its reach to the northeast after merging with one of New York's top 10 retail brokerage firms. Northwest Atlantic Real Estate Services, best known as the Manhattan representative for Starbucks Coffee and Whole Foods, is joining The Shopping Center Group (TSCG), and will take the TSCG banner. The merger adds one office and 13 employees to TSCG. The firms decided to merge in order to broaden Northwest Atlantic's services into investment sales and landlord representation, and to give TSCG a foothold in the northeast, specifically New York. Headquartered in White Plains, N.Y., North Atlantic represents some of the strongest names in retail, including Costco and Staples. The firm completed more than half a million square feet of deals in the Northeast last year.