LAS VEGAS — The Praedium Group has purchased the 320-unit South Blvd. Apartments in Las Vegas for $41.9 million. The community is located at 10200 Giles Street. It is currently 93 percent occupied. The seller, Nevada West Development, was represented by Hendricks-Berkadia.
ORLANDO, FLA. — KBS Strategic Opportunity REIT, a public non-traded REIT based in Newport Beach, Calif., has purchased Maitland Promenade II, a 230,366-square-foot, Class A office building in Orlando’s Maitland submarket. The REIT acquired the five-story property, located at 495 N. Keller Road, for $31.2 million. The building is 77.2 percent leased to tenants including Star Networks, United Healthcare, Zurich Insurance, Akerman, Senterfitt and Edison and New York Life.
BALTIMORE — Cushman & Wakefield of Maryland Inc. has arranged the sale of a 1.2 million-square-foot distribution center located at 4000 Principio Parkway in Baltimore. Cole Real Estate Investments purchased the Class A industrial property from Weeks Robinson, a private real estate investment and development firm. The center is fully leased to Restoration Hardware. The property includes 32-foot clear ceiling heights, 234 docks and 294 trailer storage spaces.
VIRGINIA BEACH, VA. — Wheeler Real Estate Investment Trust Inc., a Virginia Beach-based REIT that owns 23 properties in eight states, has purchased five grocery-anchored shopping centers in South Carolina for a combined $15.8 million, equating to about $60.38 per square foot. The portfolio spans 261,689 square feet and has an average occupancy rate of 91 percent. The properties include the 45,575-square-foot Clover Plaza in Clover, the 44,350-square-foot South Square in Lancaster, the 59,279-square-foot St. George Plaza in Dorchester County, the 49,750-square-foot Waterway Plaza in Little River and the 62,735-square-foot Westland Square in West Columbia.
RICHMOND, VA. — CBRE has arranged the sale of the Lar Don Portfolio, a three-building office portfolio in Richmond consisting of the Vistas I, Vistas II and One Holland Place. Real Estate Value Advisors LLC purchased the 153,762-square-foot portfolio for $13.1 million. Vistas I and Vistas II are two three-story, Class B office buildings located at 5516-5540 Falmouth St. in the Glenside/I-64 submarket. One Holland is a four-story, Class B office building located at 2235 Staples Mill Road. David Wilkins, Will Bradley and Joe Marchetti of CBRE | Richmond represented the seller, Lar Don Realty LLC, in the transaction.
ALPHARETTA AND ACWORTH, GA. — Atlanta-based Bull Realty has brokered the sales of three office buildings totaling 78,000 square feet in Alpharetta and Acworth. SugarOak Investors acquired 3050 and 3060 Royal Blvd. S. in Alpharetta for $3.9 million. The buildings span a combined 60,352 square feet and are 70 percent occupied. Tom Shafer and John Hinson of CBRE represented the seller, KR Office Investors LLC, in the transaction. Casey Keitchen of Bull Realty represented SugarOak Investors. Keitchen also represented the sellers in the disposition of the 18,000-square-foot Building 800 at 4900 Ivey Road in Acworth. An Israeli-based investor purchased the building for $960,000.
COLUMBUS, OHIO — The Connor Group, a Centerville, Ohio-based real estate investment firm, has purchased Lennox Flats from Kinnear Road Redevelopment LLC for $17 million. The 194-unit community is located within walking distance of Ohio State University and features five different floor plans, as well as a resort-style swimming pool, 24-hour fitness center and private theater. The Connor Group, which specializes in Class A apartment communities in Class A locations, owns nine communities in the Columbus market.
MONTICELLO, MINN. — The Hampshire Cos., in a joint venture with The Lipsitz Cos., have sold an 86,479-square-foot retail building located at 300 Seventh St. W. in Monticello, about 38 miles northwest of Minneapolis. The property was sold to JR&RII LLC. The retail building was under lease with Kmart until November 2015, but was vacated in the first quarter of 2012 as part of parent company Sears Holding Corp.’s efforts to close a number of its underperforming retail stores. The recent sale allows Kmart to exit its lease on the building before its scheduled expiration, according to The Hampshire Cos. Wayne Elam of Commercial Realty Solutions represented the buyer in the transaction.
ELK GROVE VILLAGE, ILL. — Morgan/Harbour Construction has completed an 87,975-square-foot industrial facility for Weiss Rohlig Logistics. CenterPoint Properties is the developer of the new ground-up facility located at 1601 Estes Ave. in Elk Grove Village, a northwest suburb of Chicago. CenterPoint selected Morgan/Harbour as the general contractor for the project that began with the demolition of an existing building. The industrial building is divisible for two tenants and features a glass curtain wall at each entry. Weiss Rohlig will use 57 percent of the space. The property includes 16,000 square feet of office, 15 loading docks and two drive-in doors. Weiss Rohlig Logistics is the partnership of Gebruder Weiss and Rohlig Logistics and its core business is overland transport, air and sea freight and complex logistics solutions. Ben Warriner, vice president of construction, and Noah Warriner, project manager, led Morgan/Harbour’s construction team. Cornerstone Architects provided the architectural services.
MINNEAPOLIS — Dougherty Mortgage LLC has originated an $11.2 million HUD-insured 223(f) loan for the refinancing of Buzza Lofts of Uptown, a 136-unit multifamily property in Minneapolis. The self-amortizing loan features a 35-year term. The property was originally built in 1907 as a warehouse building and was renovated in 2012 into an apartment building. As part of the renovation, the owner secured federal historic preservation tax credits and a matching Minnesota historic preservation tax credit. The property operates as a Section 42 Low Income Housing Tax Credit property with all of the units having restricted rents at 60 percent or less of the area median income.