NAPA, CALIF. – A two-property multifamily portfolio in Napa has sold to Ridge Capital Investors, LLC and Redwood Real Estate Partners for $39.5 million. The properties included in this acquisition were the 124-unit Saratoga Downs Apartments and the 54-unit Sheveland Ranch Townhomes. The contiguous Class A properties are located just south of downtown Napa. The combined assets have been rebranded as Saratoga Downs at Sheveland Ranch. They represent the newest apartment product in the Napa market. The new property will be managed by FPI Management. Vince Schwab of Marcus & Millichap’s San Francisco office represented both the buyers and the unnamed seller in this transaction.
ATLANTA — Carroll Organization has acquired two Atlanta-area apartment communities for a combined $46 million. The sale includes the 396-unit Chattahoochee Landing in Roswell and the 200-unit Abbey at East Cobb in Marietta. Chattahoochee Landing, which is 97 percent occupied, is located on 28 acres along the Chattahoochee River. Floor plans average 1,309 square feet. Carroll plans to invest $1 million in upgrades to the property. The Abbey at East Cobb, which is 98 percent occupied, was upgraded in 2005 and 2008. Carroll plans to transform the current clubhouse into a fitness center, while the current gym will serve as a resident lounge.
ATLANTA — Coro Realty Advisors LLC has acquired the 18,537-square-foot retail portion of The Brookwood, an 18-story condominium tower in South Buckhead. The street-level retail space is currently leased to Watershed restaurant, which recently relocated to the tower from Decatur, Ga., and the Saltyard gastropub, scheduled to open later this spring. The Class A tower is located at 1820 Peachtree Road. Joe Montgomery, Tony D'Ambrosio and Coleman Morris of Colliers International represented the seller, ST Residential, in the transaction. Coro Realty Advisors was self-represented.
SAVANNAH, GA. — Choate Construction has been selected to build One West Victory, a 124,000-square-foot, $18 million mixed-use development in Savannah. The project will feature 114 apartments targeting students and a four-level parking deck. Crews will also reposition two historic buildings, formerly occupied by Savannah Ice Co., to include a restaurant with a rooftop space, a fitness center, leasing office, study hall and student lounge. Jamestown Properties is the project developer and Onsite Civil Group is the civil engineer. HKS Inc. will design the apartments; Tim Haahs will design the parking deck; and Gunn, Meyerhoff, Shay will design the renovation of the Savannah Ice buildings. Construction will begin in late May, with completion scheduled for summer 2014.
HUNTSVILLE, ALA. — GBT Realty has completed construction on Huntsville's first Academy Sports + Outdoors. The 72,000-square-foot store, which opened April 26, sits on eight acres on the northeast corner of U.S. Highway 72 and West Nance Road. The sports, outdoor and lifestyle retailer has more than 160 locations throughout the Southeast, including a store in nearby Decatur, Ala. Reed Construction served as the site contractor on the project and Stewart Perry Construction was the general contractor.
SANFORD, FLA. — Marcus & Millichap has arranged the $6.8 million sale of Towne Center Plaza, an 82,098-square-foot retail property in Sanford. The property, located at 100-400 N. Mall Entrance Road, was built in 1998. Tenants include Books-A-Million, West Marine, JoAnn Fabric, Hobby Lobby and Honey Baked Ham. The property shares the same parking as the Seminole Towne Center Mall. Rob Keeler of Marcus & Millichap represented the seller, a limited liability company, in the transaction. He also represented the buyer, a partnership.
TERRE HAUTE, IND. — Indiana State University (ISU) has announced plans to expand student housing options and create new retail space in downtown Terre Haute. Thompson Thrift Development will construct a multi-story building at 500 Wabash Ave., which will include three floors of student housing and ground-floor retail, and retain ownership of it. According to the Tribune-Star, the project is estimated to cost $17.5 million. Diann McKee, vice president for business affairs and finance for ISU, will present a 30-year lease agreement to Indiana State's board of trustees on May 3 that will give the university control over the student housing portion of the building, which will include an estimated 228 beds. The project is expected to be complete in fall 2015.
LEWIS CENTER, OHIO — A private developer has sold a 6,890-square-foot strip center in Lewis Center, located about 20 miles north of Columbus, for $1.9 million, or $276 per square foot. The retail property was fully occupied at the time by Starbucks, Verizon Wireless and Pizza Hut. The buyer was undisclosed. Mark Luttner of Luttner Real Estate Investment Services marketed the property on behalf of the seller.
ROGERS, MINN. — Gander Mountain has signed a 30,000-square-foot lease at 20870 Rogers Drive in Rogers, located about 25 miles northwest of Minneapolis. Gander, an outdoor gear retailer, is occupying a former Best Buy location, which opened Tuesday. Tricia Pitchford, Kim Meyer and Brad Kaplan of Cushman & Wakefield/NorthMarq represented the landlord, LaSalle Investment Management, in the lease transaction. John Ferlita of CBRE represented Gander Mountain.
INDIANAPOLIS — Neher Group South LLC has sold a 23,395-square-foot office/showroom facility located at 7427 Company Drive in Indianapolis. The freestanding facility is situated on a two-acre site. The building was primarily used as an office/distribution facility. Mark Writt of CBRE represented the seller in the transaction. The purchase price was undisclosed.