CARROLLTON, TEXAS — The Vitorino Group has arranged the sale of Christian Brothers Automotive, a 4,790-square-foot auto mechanic located in Carrollton. James Mangum of The Vitorino Group marketed the property on behalf of the seller, a private investor from Colorado. The buyer, a Texas-based investor, was represented by an outside broker and bought the asset to fulfill a 1031 tax-deferred exchange.
EDINA, MINN. — Carlyle Realty Partners V LP has sold Centennial Shops in Edina to Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust for $32 million. The sale of the shopping center, located along France Avenue at 3825 Gallagher Drive, is the largest transaction by dollar amount for a retail property in the Minneapolis-St. Paul market so far this year. The 85,200-square-foot lifestyle center was 100 percent leased at the time of sale and includes tenants such as West Elm and the Container Store. George Good, executive vice president in CBRE’s Chicago office, and Jim Leary, senior vice president in Minneapolis, marketed the property for sale.
CINCINNATI AND COLUMBUS, OHIO AND FORT WAYNE, IND. — Walker & Dunlop has closed a $15.5 million loan for the acquisition of four extended-stay properties in Ohio and Indiana by Sandpiper Hospitality. The financing is a three-year, interest-only bridge loan to allow Sandpiper to complete the acquisition while the properties are stabilized. Walker & Dunlop’s Stephen Farnsworth and Geoff Smith led the lending team. Two of the properties were recently constructed and have not yet achieved stabilization, and three of the four will undergo a rebranding from a Value Place to a WoodSpring Suites this quarter. The Value Place franchise is currently in the process of rebranding all of its properties to the new WoodSpring Suites. Extended-stay properties within the portfolio include WoodSpring Suites Easton and Value Place Worthington in Columbus, Value Place Fairfield in Cincinnati, and Value Place Fort Wayne in Fort Wayne.
CLARKSBURG, MD. — Simon has opened Clarksburg Premium Outlets, a 392,000-square-foot outlet mall located at 22705 Clarksburg Road in Clarksburg, about 30 miles north of Washington, D.C. Simon developed the property in a joint venture arrangement with New England Properties and Streetscape. Retailers operating at Clarksburg Premium Outlets include a Nike Factory Store, Under Armour, Ann Taylor Factory, Banana Republic Factory, Gap Outlet, Armani Outlet, Kate Spade New York, Michael Kors, Saks Fifth Avenue OFF 5th, All Saints and Tory Burch. The property is the country’s first two-story outdoor outlet shopping center and Simon’s second LEED-certified Premium Outlet center.
ATLANTA — Novare Group and Batson-Cook Development Co. plan to open Atlantic House, a 32-story high-rise apartment tower in Midtown Atlanta, in mid-November. Located on the corner of 14th and West Peachtree streets, Atlantic House will feature 407 residences, two rooftop pools, a 24-hour fitness center, clubroom, outdoor kitchen, laundry service, 24-hour concierge services, business center and outdoor patio space, as well as a grilling area, tennis court and dog park on top of the attached parking garage. All residences will feature private balconies. The project also features more than 13,000 square feet of ground-floor retail space fronting 14th and West Peachtree streets, with Einstein’s, Caribou and McCray’s Tavern scheduled to open in early 2017. Residents have started to move into their units ahead of the Nov. 17 grand opening.
LOUISVILLE, KY. — City Club Apartments LLC, a multifamily owner and developer led by Jonathan Holtzman, has opened 800 Tower City Apartments, a 29-story high-rise tower in downtown Louisville. Built in 1963 as The 800 Building, the 286-unit property is open following a year-long, $11 million renovation program. The tower’s top floor now features the Sky Club, which includes a gourmet kitchen, fireplace, TVs, lounge seating and an outdoor terrace with a dining and grilling station. The top floor also features a fitness center and Zen garden. The rooftop amenity deck, known as Sky Park, features a swimming pool, sun deck, firepit, outdoor kitchen, bar and outdoor TVs. Other amenities include Bar Vetti on the first floor, a conference room, theater, business center, café, dog park, parking garage and personal concierge services. The renovation included upgrades to the façade, a new pocket rotunda entry, landscaping, lighting and paint. About 80 percent of the apartment residences have been renovated with the rest slated for a late November completion.
ATLANTA — Atlanta-based Monarch Private Capital and Nashville-based BNA Associates have begun the redevelopment of Hotel Clermont in Atlanta’s Poncey-Highland neighborhood. The firms are renovating the iconic hotel using Historic Tax Credits. Upon opening, the new 94-room boutique hotel will feature a restaurant and some of the original hotel’s art-deco design. Monarch and BNA worked closely with the city of Atlanta and the Georgia General Assembly, which passed House Bill 308 last year, raising the maximum tax credit allowance for historic structures from $300,000 annually to $5 million. The Poncey-Highland Neighborhood Association also supported the renovation and preservation of the landmark hotel.
JACKSONVILLE, FLA. — Greystone’s Real Estate Advisors group has arranged the $21.5 million sale of Wyndham Lakes, a 245-unit independent living, assisted living and memory care community in Jacksonville. A private equity group purchased the property from a publicly traded REIT. Formerly operated by Brookdale Senior Living, Wyndham Lakes is situated on 14 acres of land. The community consists of 12 residential buildings and one common area structure. Mike Garbers and Cody Tremper of Greystone represented the seller in the transaction. Tremper also arranged non-recourse acquisition financing through a regional bank.
AURORA, OHIO — Marcus & Millichap has arranged the sale of the UH Walden Health Center, an 11,000-square-foot property located in Aurora, about 28 miles northeast of Akron. The one-story medical center, built in 2003, sold for $3.3 million. The building is leased on a triple-net basis to Robinson Memorial Hospital with just over seven years of base term remaining. Community Healthcare Trust, headquartered in Franklin, Tenn., purchased the asset. Christopher Mitchel, Gino Lollio, Scott Niedergang and Ryan E. Moore, investment specialists in Marcus & Millichap’s Cleveland and downtown Chicago offices, had the exclusive listing to market the property on behalf of the seller, a local developer.
GREEN BAY, WIS. — The Boulder Group has completed the sale of a newly constructed single-tenant building occupied by Dollar Tree at 1940 Main St. in Green Bay for $1.6 million. Dollar Tree is leasing the 10,000-square-foot property for 10 years with three five-year renewal options. The seller was a Midwest-based real estate development company and the buyer was a Midwest-based real estate investment firm. Randy Blankstein and John Feeney of The Boulder Group represented both parties in the transaction.
