FREDERICKSBURG, VA. — BPG Properties, Ltd., has acquired two multifamily properties in Fredericksburg totaling 676 units for $83.4 million. Included in the sale was the 200-unit Greens at Falls Run, located at 2500 Green Tree Rd., and the 476-unit Manor at England Run, located at 101 Knights Ct. The properties are 95 percent leased. This is the first multifamily acquisition that BPG has made on behalf of BPG Investment Partnership IX, LP., its newly formed, value-add real estate fund.
TAMPA, FLA. — A joint venture between Global Growth Trust and Crescent Resources has purchased 25-acres to develop the $37 million, 344-unit Circle Crosstown, located at the intersection of Interstate 75 and Lee Roy Selmon Expressway in Tampa. The Class A, garden-style development will include amenities such as a dog walk park, clubhouse and salt water pool. Groundbreaking is slated for the second quarter of this year.
ODESSA, FLA. — Marcus & Millichap has arranged the $1.6 million sale of the 296-unit Storage Haven, a 37,210-square-foot, self-storage facility located at 2135 Gunn Hwy. in Odessa. The property is 94 percent leased. Michael Mele and Adam Wides of Marcus & Millichap's Tampa office represented the seller, a limited liability company, in the transaction and procured the buyer, a private investor.
BRANSON, MO. — Inland Real Estate Acquisitions has acquired two shopping centers in Missouri and Tennessee for a combined $74 million. Inland purchased Shoppes at Branson Hills, a 348,700-square-foot shopping center in Branson for $38.5 million. Tenants include Home Depot, Petco and Bed Bath & Beyond. Inland was represented in-house by Matt Tice in the deal. The company also acquired Hamilton Crossing, a 175,485-square-foot shopping center in Alcoa, Tenn. Both properties were acquired on behalf of Inland Diversified Real Estate Trust Inc.
OXFORD, MICH. — Center Management has acquired The Promenade at Waterside, a retail development in Oxford, for an undisclosed amount. The 67,000-square-foot retail center is located on Lapeer Road. Tenants include Tim Horton's and Chili's. Stokas Bieri Real Estate, an X Team International Partner, represented the buyer in the transaction. Beltway Capital Management, the seller, was self-represented.
BIRMINGHAM, MICH. — Walgreens Co. has signed a 32,487-square-foot lease to occupy a former Borders Books & Music in Birmingham. The property is located at 34300 Woodward Ave. Susan Acciaioli and Brad Rosenberg of Mid-America Real Estate-Michigan Inc. represented the landlord, Related Birmingham LLC, in the transaction. They also represented the tenant.
CHESTNUT HILL, MASS. — The former Macy's building is being demolished to make way for the second phase of redevelopment work at the Chestnut Hill Shopping Center. The 120,000-square-foot space will be used for a Sports Club/LA health and fitness complex, a cinema and several retail stores. The first phase of the redevelopment was completed in 2009 and included the renovation of Star Market. The third phase will begin later this year and include a new, 64,000-square-foot building located on the site that will include retail stores and restaurants. The developer, WS Development, plans to house its corporate headquarters in the building.
NORWALK, CONN. — SalesOne LLC has purchased an industrial property at 16 Fitch St. in Norwalk for $1.5 million. SalesOne is a jewelry and accessories manufacturer and will use the facility to expand its operations. The building was previously occupied by Harco Fitch Co. Bruce Wettenstein of Vidal/Wettenstein LLC represented the buyer in the deal.
SPARTA, N.J. — Seasons at Sparta LLC has closed on its acquisition of the $3.2 million Seasons at Sparta, an age-restricted multifamily property in Sparta. Located at 84 Sparta Ave., the 34-unit community is open to adults age 55 and above. On-site amenities include concierge services, a fitness center and laundry facilities. Stephen Tragash of the Livingston, N.J. office of Gebroe-Hammer Associates represented the seller, 84 Sparta Avenue LLC, in the transaction. Steven Follman, also of Gebroe-Hammer, represented the buyer.
EL PASO — The 461,000-square-foot Freedom Crossing at Fort Bliss, the first-ever open-air shopping center to be part of a U.S. military base, is adding A'GACI, O'shoes and Texas Roadhouse to its tenant roster. A'GACI will open an approximately 8,000-square-foot store with O'shoes, its sister store, and Texas Roadhouse will open a 7,900-square-foot location. Other tenants include The Exchange, Commissary, Grand Theatre Fort Bliss 10, Under Armour, Buffalo Wild Wings, Smashburger, Shamrocks Irish Pub and The Sushi Place. There are several new tenants about to open new stores in the center as well, including Things Remembered, Chi Town Bar-B-Que, Auntie Anne's, Cinnabon and Old Fort Bliss Cigar. ServiceStar Property Management manages the center, which is open to civilians.
