ABILENE, TEXAS — Cushman & Wakefield’s Capital Markets group has arranged the sale of Shops at Abilene, a 179,122-square-foot power center located at 3517 Catclaw Drive in Abliene. Cronacher Corp. sold the asset to American Realty Capital Partners. Tom Salanty, Chris Harden and Kristopher Von Hohn of Cushman & Wakefield represented Cronacher Corp. in the transaction. National and regional retailers anchor 97 percent of Shops at Abilene’s gross leasable area. Major tenants include Bed Bath & Beyond, Michael’s, Old Navy, PetSmart, Ross, Shoe Carnival and TJ Maxx.
LITHONIA, GA. — A partnership between Tampa-based Blue Rock Partners LLC and Boca Raton, Fla.-based Rose Group has purchased Devon Place, a 415-unit apartment community located at 421 Meadowood Drive in the Atlanta submarket of Lithonia, for $15.8 million. The partnership will invest another $2.5 million in exterior and interior upgrades. Eastern Union Funding arranged acquisition financing on behalf of Blue Rock and Rose Group through The Bancorp. Multi Housing Advisors’ Atlanta office brokered the transaction. Devon Place is Blue Rock’s second Atlanta apartment acquisition in the past three months, having acquired the 240-unit Oak at Ellenwood apartments in November for $9.8 million.
FAYETTEVILLE, ARK. — GMH Capital Partners has made the first acquisition of its new joint venture with Principal Real Estate Investors (PREI). GMH purchased Sterling Frisco, a LEED Gold-certified, Class A student housing community located near the University of Arkansas spanning 219 units and 640 bedrooms, each with its own private bathroom. Sterling Frisco has convenient access to both the university’s campus and downtown Fayetteville. The property features amenities including a 24-hour fitness center, computer lab, study lounges, pool with cabanas, a rooftop deck and a secured parking garage. Each of the units has its own washer and dryer as well as cable and internet included. GMH also plans on additional upgrades, including increased bandwidth, Wi-Fi in all student living areas, enhanced cable package with digital HD service and DVRs, upgraded card access and video surveillance system, as well as additional outdoor living features to the pool patio and rooftop terrace.
TAMPA, FLA. — Marcus & Millichap has brokered the sale of a two-property, 209-unit multifamily portfolio in Tampa. The properties, Country Square Villas and Candlewood I Apartments, sold for $8.2 million, which equates to $38,995 per unit. Country Square Villas is a 146-unit multifamily community built in 1981, and Candlewood I Apartments is a 63-unit apartment complex constructed in 1983. The assets are two miles apart. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and the buyer.
DORAL, FLA. — Norwegian Cruise Line has signed a long-term lease renewal and expansion at Airport Corporate Center, the 1 million-square foot, 11-building office park located in the Miami submarket of Doral. The company extended its existing lease on 206,078 square feet and added an additional 70,296 square feet, for a combined 276,364 square feet. The company, which now occupies The 7650 Building and The 7665 Building, will expand to the new space at The 7300 Building beginning in the fall of 2015 Diana Parker, Richard Bamonte and Janette Driggers of CBRE represented the landlord, CBRE Global Investors, which acquired the property in October 2014. Stuart Gordon of Flagler Brokerage and Management Services LLC, along with Jim Travers and Stewart Niles of Travers Cresa, represented Norwegian Cruise Line. According to CBRE Research, Norwegian Cruise Line’s lease renewal/expansion is the largest office lease signed in South Florida in the past five years.
KNOXVILLE, TENN. — Knoxville-based Wood Properties has brokered the sale of The Historic Farragut Hotel in downtown Knoxville for $3.7 million. The 135,000-square-foot former hotel is located on Gay Street. The buyer, Knoxville-based Family Pride Corp., is planning to implement a mixed-use renovation of the building. George Brown and Brad Blackwell of Wood Properties Inc. represented the undisclosed seller in the transaction.
Here’s the Chicago commercial real estate market’s big secret: the suburbs never went away. While it’s true that office vacancy rates hit the high 20s in 2008, the truth is that suburban absorption never faltered. In early 2014, Savills Studley reviewed all office leasing transactions from 2010 to 2013, a recessionary period for the sector. The analysis revealed that of the nearly 7.4 million square feet of deals tracked, nearly three-quarters of the moves (5 million square feet) involved tenants moving from one suburb to another. Compare that trend to the relocations from the suburbs to the city, which totaled approximately 1.8 million square feet during the same period. The exodus of companies like Hillshire Brands and Motorola Mobility from the suburbs made it seem like the city was the only place to be for high-growth firms. The analysis also showed that firms moving from out of town to the area went to the suburbs rather than the city by a factor of more than 2 to 1: 385,000 square feet versus 160,000 square feet. So, it’s no surprise that the suburban Chicago office market ended 2014 with the lowest vacancy rate since 2008. The 22.6 percent vacancy rate in …
GRAND PRAIRIE, TEXAS — Lee & Associates has arranged the lease of five industrial properties in OakRidge Business Center in Grand Prairie. Mark Graybill of Lee & Associates’ Dallas/Fort Worth office represented the landlord, IndCor Properties, on the leases. The arrangements include renewal and expansion of Lennox Industries’ lease of 9,674 square feet at 1201 WN Carrier Parkway. New leases include Elegant Accents’ 6,000-square-foot flex space located at 1201 WN Carrier Parkway; Easy Sale’s lease of 5,000 square feet; and Veteran Garage Door’s lease of 2,500 square feet located at 1209 WN Carrier Parkway. NAWF will expand to 14,400 square feet at 1213 WN Carrier Parkway. OakRidge Business Center has recently undergone remodeling with new construction and make-ready suites.
DALLAS — Grandbridge Real Estate Capital has arranged a $6 million loan for Acadia Assisted Living, an 88-unit seniors housing community located in Dallas. BB&T Real Estate Funding’s Structured Loan Program provided funding for the acquisition. Richard Thomas and Meredith Davis of Grandbridge originated the transaction. Grandbridge’s seniors housing and healthcare finance team offers construction, non-recourse acquisition/bridge and permanent financing options to seniors housing owners nationwide.
EULESS, TEXAS — CATO Fashions/CATO Plus has leased a 4,000-square-foot space at Glade Parks, which is located at 2951 State Highway 121 in Euless. The fashion retailer joins anchors Dick’s Sporting Goods, ULTA Beauty, Michaels, HomeGoods, Boot Barn and Kirkland’s within this 800,000-square-foot project. Dawn Greiner and Rick Ikeler of SRS Real Estate Partners represented the tenant in the transaction. Steve Ewing and Josh Flores of EDGE Realty Partners represented the landlord, RUBY-12-GLADERETAIL LLC.