AUSTIN — Muskin Commercial LLS has arranged the sale of the 124-unit Summer Grove Apartments located at 7905 San Felipe Blvd. in northwest Austin. Summer Grove sits on 5.4 acres and was acquired by a private investment group from Chicago. Ellen Muskin and Daniel Elam with Muskin Commercial represented the seller, California-based CREVI II Summer Grove LLC. The apartments consist of 68 one-bedroom units and 56 two-bedroom units. There are eleven buildings on-site with amenities including a pool and clubhouse. Roscoe Properties, of Austin, will manage the property.
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OKLAHOMA CITY — Virtus Real Estate Capital, a real estate private equity firm based in Austin, has acquired a self-storage facility in Oklahoma City. The company has acquired Pro Storage, Virtus’ seventh acquisition in the Oklahoma City area since 2012. The purchase is the second in the firm’s joint venture partnership with Advantage Self-Storage. Pro Storage is a 65,475-square-foot Class A facility with 516 units. It was 94 percent occupied at the time of sale. Virtus plans to expand the building by 15,000 square feet, adding 124 units by the second quarter of 2015.
ATLANTA — The Marketing Directors LLC has unveiled 675 N. Highland, a mixed-used community in Atlanta’s Poncey Highland neighborhood. The project plans calls for 124 condominiums, 12,500 square feet of street-level restaurants and retail, 7,500 square feet of office space and 385 parking spaces. Joe Laster of Abraham Properties, the project’s developer, plans to break ground in January. The Marketing Directors is selling condominium units at the new development, and SRS Real Estate Partners is handling the leasing of the restaurant and retail space.
TUSCALOOSA, ALA. — Coldwell Banker Commercial Moore Co. has arranged six anchor leases for The Shoppes at Legacy Park, a $40 million power retail center in Tuscaloosa. The 175,000-square-foot development’s tenant roster includes Dick’s Sporting Goods, Fresh Market, Bed Bath & Beyond, Cost Plus, World Market, DSW Shoe Warehouse and PetSmart. The Shoppes at Legacy Park is set to break ground in September for an anticipated opening in October 2015. Coldwell Banker Commercial Moore Co. will continue to lease and manage the shopping center upon completion.
JACKSONVILLE, FLA. — CBRE has secured a $27.4 million acquisition loan for The Waterford at Mandarin Apartments, a 232-unit apartment property at 11247 San Jose Blvd. in Jacksonville’s Mandarin submarket. The property, built in 1990, features one- to three-bedroom units averaging 1,065 square feet. The community’s amenity package includes two swimming pools, racquetball and tennis courts, a laundry center, playground, fitness center, dog park and sand volleyball court. Christian Lee, Christopher Apone and Charles Foschini of CBRE’s Debt & Structured Finance group arranged the seven-year Freddie Mac loan on behalf of Norfolk, Va.-based Harbor Group International with two years of interest-only payments.
WEST MONROE, LA. — Lexerd Capital Management LLC has purchased Glenwood Townhomes, a 120-unit apartment complex in West Monroe, for an undisclosed amount. Lexerd will rebrand the property as Shadow Glen. First Choice Management Group will manage the property, which Lexerd purchased through its Lexerd Capital Partners High Yield Fund.
CHARLOTTE, N.C. — Lincoln Harris has arranged a 10,207-square-foot lease at Piedmont Town Center, an upscale mixed-use complex at 4725 Piedmont Row Drive in Charlotte’s SouthPark submarket. Piedmont Town Center includes two office buildings totaling 420,000 square feet, 87,500 square feet of retail space and 180 luxury apartment units. Campbell Walker of Lincoln Harris represented the landlord, Piedmont Row Drive LLC, in the transaction. Brent Royall and Brad Grow of Colliers International represented the tenant, Southeast Series of Lockton Cos. LLC.
WESTWOOD AND RIVER VALE, N.J. — HFF has brokered the sale of a four-property multifamily portfolio totaling 276 units in Westwood and River Vale. Kushner Companies purchased the portfolio from Hartz Mountain Industries for $56.5 million. The fully stabilized portfolio includes one- and two-bedroom units averaging 798 square feet. The portfolio consists of the 103-unit Coventry Square at 20-46 Charles St. in Westwood; the 71-unit Stanford Place at 500 Center Ave. in Westwood; the 56-unit The Madison at 99 Madison Ave. in Westwood; and the 46-unit Village on the Green at 229 Collignon Way in River Vale. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Michael Oliver of HFF represented the seller in the transaction.
NEW YORK CITY — New York City-based Savanna in partnership with another New York-based company has acquired the controlling interest in One Court Square, a 1.5 million-square-foot Class A office and retail building in Long Island City. Designed by Skidmore, Owings & Merrill LLP, One Court Square is comprised of a 51-story Class A high-rise tower and a four-story low-rise annex building. The tower features 31,000-square-foot floor plates and views of the Manhattan skyline. Turner Construction built the property in 1989. David Werner and his investor group, which sold the controlling interest, will also remain a partner in the deal.
MADISON, N.J. — CBRE Group has brokered the sale of 2 Giralda Farms, a 146,366-square-foot office building in Madison. Maersk Inc. sold the property for $53.3 million to American Realty Capital Global Trust Inc. The property was originally designed as a build-to-suit for the North American headquarters of Maersk. Jeffrey Dunne, Kevin Welsh, Brian Schulz, Frank Maresca and Alec Monaghan of CBRE represented the seller, Maersk, in the transaction. Maersk has relocated its North American headquarters nearby to 180 Park Avenue in Florham Park. An undisclosed tenant had signed a long-term lease at 2 Giralda Farms before the sale took place.