ATLANTA — SRS Real Estate Partners’ Southeast investment sales team in Atlanta, led by Kyle Stonis and Pierce Mayson, has executed five retail sales transactions since Aug. 21 totaling more than $60 million. Stonis and Mayson, along with Ray Uttenhove and Scott Tiernan of SRS, represented an entity affiliated with Cypress Equities in the acquisition of Promenade Tannehill Shopping Center, a regional power center consisting of approximately 347,000 square feet in Bessemer, Ala., from Colonial Properties Trust. The property is located at 4965 Promenade Parkway, within the Birmingham–Hoover metropolitan area. The shopping center is anchored by Publix, Michaels, JC Penney, PetSmart and Ross Dress for Less. The Suwanee Jubilee Shopping Center in Suwanee, Ga., was purchased by Urbana Suwanee Jubilee LLC, which Stonis and Mayson represented. The 73,521-square-foot neighborhood shopping center, located at 1500 Peachtree Industrial, is anchored by The Fresh Market. Miller Group Investment Corp. sold 14 Monticello Road in Weaverville, N.C., which is currently occupied by a 23,627-square-foot Tractor Supply Co., to Cole Credit Property Trust IV Inc. The property is located about 10 miles north of Asheville, N.C. Stonis and Mayson represented the seller in the transaction. Cole Real Estate Investments Inc. was represented internally by Dan …
SIMPSONVILLE, S.C. — Fitesa Simpsonville Inc., a nonwoven fabric solutions designer and manufacturer, will invest $50 million to upfit and remodel its existing 190,000-square-foot manufacturing facility. The property is located at 840 S.E. Main St. in Simpsonville. The investment is expected to generate at least 32 new jobs, which the company will begin to hire in the spring. Fitesa Simpsonville expects to finish the facility improvements in November 2014.
HYATTSVILLE AND BRENTWOOD, MD. — Marcus & Millichap has brokered the sale of two apartment communities in Prince George’s County in Maryland. The two apartment communities — the 213-unit Newbury Square in Hyattsville and the 115-unit Finchley Square in Brentwood — sold for more than $23.7 million combined. David Weber, Daniel Cunningham, Derek Gibbs and Tal Frydman of Marcus & Millichap represented both the buyer and the seller, two limited liability companies, in both transactions.
ATLANTA — NXT Capital has provided a $39.3 million first mortgage loan for the acquisition and renovation of Park at Briarcliff Apartments, a 982-unit, Class B apartment community located in Atlanta’s Druid Hills submarket. The apartment was 92 percent occupied at the time of the sale. Richard Jordan and Robert LaChapelle of CBRE Capital Markets’ Atlanta office arranged the three-year loan with two years of interest only payments on behalf of the borrower, The RADCO Cos.
WEST CHESTER, OHIO — TriHealth and Duke Realty have broken ground on the 48,910-square-foot Group Health Medical Office – West Chester in suburban Cincinnati. Indianapolis-based Duke Realty will develop, own and manage the facility, located at 8040 Princeton Glendale Road in West Chester, about 20 miles north of Cincinnati. The design of the facility will be based on a medical home model, which includes practices and services that are in close proximity and shared spaces such as check-in/check-out and administration. The design is intended to minimize the amount of time patients need to move around the facility for care, according to Jerry Oliphant, executive vice president and COO of Cincinnati-based TriHealth. GBBN Architects is designing the facility. The medical office building development is slated for completion by September 2014.
NEW BERLIN, WIS. —Walmart Real Estate Business Trust has purchased a 0.5-acre parcel in New Berlin, a western suburb of Milwaukee, for its new supercenter development. Highland Memorial Park Inc. sold the land, which is located at 15355 W. Greeenfield Ave. and includes a residential house. Kevin Barry and James Young of Cassidy Turley Barry represented Highland Memorial Park in the transaction. Yoni Zvi of EDG 18 represented Walmart Real Estate Business Trust in the transaction.
CHICAGO — Essex Realty Group Inc. has arranged the $1.1 million sale of 7031 N. Ridge Ave., a 13-unit, walk-up building located in Chicago’s Rogers Park neighborhood. The property is situated on the southeast corner of Ridge and Greenleaf avenues, about three blocks west of the Rogers Park Metra Station and numerous CTA bus routes. The property includes a mix of five one- and eight two-bedroom units. Doug Imber and Kate Varde of Essex Realty represented the sellers, and Matt Welke, also of Essex, represented the buyer.
PELHAM MANOR, N.Y. — Acadia Realty Trust has sold Pelham Manor Shopping Plaza, a 228,000-square-foot retail property in Pelham Manor, for $58.5 million. Retail Properties of America Inc., a publicly traded REIT based in Chicago, purchased the property. BJ’s Wholesale Club anchors the property, which is located approximately 10 miles north of Manhattan. Developed in 2008 by Acadia, the center is 98 percent leased to a mix of national tenants, including Michaels, PetSmart, Five Below and Chase. Jeffrey Dunne and David Gavin of CBRE’s New York institutional group represented the seller and procured the buyer in the transaction.
NEW YORK CITY — JMC Holdings LLC has purchased 40-07 73rd St., a newly built residential and retail property in the Jackson Heights neighborhood of Queens for $20 million. Developer Vig Properties sold the property. JMC Holdings has re-launched the property as The Roosevelt, a high-end rental building featuring 31 one, two- and three-bedroom apartments, a 6,930-square-foot, ground-floor retail space and two levels of below-grade parking. The firm has retained Citi Habitats to oversee residential leasing at The Roosevelt and SRS Real Estate Partners to market the property’s retail space. Monthly rents at the apartments range from $2,500 to $3,000.
MALDEN, MASS. — Fantini & Gorga has arranged a $16.5 million loan for the development of The Residences @ Malden Station, an 80-unit, transit-oriented apartment property in suburban Boston. Derek Coulombe, managing director, along with John Gorga, president and principal of Fantini & Gorga, represented the borrower in the transaction. The five-story apartment property is being constructed on a 68,000-square-foot site that the developer purchased from the city of Malden. The property will include a mix of studios, one- and two-bedroom units. A large regional bank provided the loan.