SUNRISE, FLA. — West Palm Beach, Fla.-based Kennedy Contractors Inc. has completed an $8 million, 160,000-square-foot renovation and expansion of Sawgrass Mills Mall in Sunrise. The Mills Co., an affiliate of Simon Property Group, owns the retail property. The renovation included demolition of Wannado City, a children’s educational and play facility, and construction of a new mall entrance as well as expansion of the mall’s primary promenade. Two dozen new tenants were added including Columbia Sportswear and Calvin Klein, and the existing Forever 21 was expanded by 30,000 square feet. The new wing is part of Sawgrass Mills’ ongoing expansion, which includes a 35,000-square-foot addition to The Colonnades, which is the mall’s outdoor lifestyle center.
ATLANTA — A joint venture between Admiral Capital Real Estate Fund and Wood Partners has acquired 209 apartment units within The Brookhaven, a Class A 17-story building located at 3833 Peachtree Road in Atlanta's Buckhead submarket. The property was built in 1985. Interior renovations, including hardwood floors, new cabinetry and enclosed sunrooms, were completed in 2008. Wood Partners plans to further renovate The Brookhaven with a new fitness center, outdoor bar and bocce ball court, as well as expanded parking. Amenities already featured at the property include a heated pool, saunas and a lighted tennis court. Admiral Capital Real Estate Fund, based in San Antonio, Texas, is a joint venture between USAA Real Estate Co. and Admiral Capital Corp. David Gutting and Derrick Bloom of Jones Lang LaSalle's Capital Markets represented the joint venture in the transaction.
ATLANTA — A joint venture between Los Angeles-based Carlaris Capital, an affiliate of Charles Dunn Co., and Beverly Hills, Calif.-based ARKA Properties Group has acquired a multi-tenant industrial property at 4099 Old Dixie Hwy. in Atlanta near Hartsfield-Jackson International Airport for $8 million. Jack Haden and Brad Pope of NAI Brannen Goddard represented the joint venture as well as the seller, I&G Henry Ford LLC/Jones Lang LaSalle. The industrial property includes two buildings known as 4100 Henry Ford II, Buildings 1 and 2. It is 46 percent occupied and new ownership plans to invest approximately $750,000 in marketing and capital improvements including the build-out of speculative office spaces.
ORLANDO, FLA. — A Dollar General store at 3081 Curry Ford Rd. in Orlando has traded for $1.6 million. The Gainesville, Fla.-based developer sold it to an Apollo Beach, Fla.-based investment company. Bryan Belk of Franklin Street represented the seller in an all-cash transaction. The store is a new construction Dollar General with a 15-year triple net lease.
LIVONIA, MICH. — Monmouth Real Estate Investment Corp. has acquired a 172,005-square-foot industrial building at 38401 Amrhein Road in Livonia for $14.3 million. The property is net leased to FedEx Ground Package System for 10 years. The property is situated on 12 acres.
BELLEVUE, NEB. — NorthMarq Capital has arranged a $13.8 million loan for the refinancing of Summit Apartments, a 294-unit multifamily property in Bellevue. John Brendon of NorthMarq arranged the 10-year loan through Freddie Mac. The loan carries a 30-year amortization schedule.
ROGERS, MINN. — Chambers Street Properties has acquired 20000 S. Diamond Lake, a 280,000-square-foot warehouse and distribution building in Rogers, a Minneapolis suburb. The building, developed in 2004, is fully leased and features 32-foot clear ceiling heights, 32 loading doors and 215 parking spaces. The building is located in an established industrial park with regional highway access.
CLEVELAND — Cooper Commercial Investment Group has arranged the $1.3 million sale of an Advance Auto Parts property on Borokpark Road in Cleveland. Advance Auto recently extended its triple-net lease for 10 years. Dan Cooper of Cooper Commercial represented the seller, a private investor out of Cleveland. Brian Parmacek, also of Cooper Commercial, represented the buyer, a private group of investors.
WALES, WIS. — Marcus & Millichap has arranged the $680,000 sale of Cymric Corners, an 8,400-square-foot shopping center in Wales, about nine miles west of Waukesha, Wis. Jeff Rowlett and Jason Ladner of Marcus & Millichap represented the seller, a locally based investor. The buyer is a private investor form New York.
NEW YORK CITY — The Orbach Group has acquired two portfolios across New York City and Pennsylvania totaling 635 apartment units for $70 million. In the first acquisition, The Orbach Group purchased a six-building, 105-unit Manhattan portfolio for $30 million. Five buildings are located on Amsterdam Avenue with the sixth building at Cathedral Parkway. The portfolio also included six retail stores, with tenants such as Dunkin' Donuts and Domino's Pizza. In the second transaction, the company purchased a 572-unit portfolio in Pennsylvania for $40 million. The assets include a 352-unit apartment complex in Bensalem and a 175-unit complex in Norristown. The sellers were not disclosed.