Southeast

Marcus & Millichap Secures $17.1M Sale of Shopping Center in Durham

by Camren Skelton July 26, 2017

DURHAM, N.C. — Marcus & Millichap has brokered the $17.1 million sale of Homestead Market, a 164,200-square-foot shopping center in Durham. Andrew Margulies of Marcus & Millichap represented the seller, a Raleigh-Durham-based family partnership, in the transaction, and procured the buyer, a Florida-based real estate investment and development company. Constructed in 1988 and renovated in 2014, Homestead Market is home to Roses, Fitness World, Shiki Sushi and Bean Trade’s Coffee. The property was 98 percent leased at the time of sale.

July 26, 2017

Georgia Industrial Southeast

BMW to Break Ground on Training Facility Near Atlanta Airport

by Camren Skelton July 25, 2017

COLLEGE PARK, GA. — BMW will develop a new technical training center on the Georgia International Convention Center (GICC) campus in College Park, roughly two miles from Hartsfield-Jackson International Airport. The facility will span 4.1 acres and will bring approximately 10,000 BMW professionals annually for corporate training. The BMW training facility joins other new developments in College Park including ThePad on Harvard, a multifamily community; the expansion of the Federal Aviation Administration Region IV Headquarters; the creation of a multipurpose arena at the GICC that will become the future home of the Atlanta Hawks Development League team; and plans for expansion of the Chick-fil-A corporate headquarters.

July 25, 2017

Multifamily Southeast Virginia

ARA Newmark Closes $100.5M Sale of Multifamily Portfolio in Metro D.C.

by Camren Skelton July 25, 2017

FREDERICKSBURG, VA. — ARA Newmark has arranged the $100.5 million sale of two Class B apartment communities in Fredericksburg: the 200-unit Madison Falls Run and the 476-unit Madison England Run. Centrally located between Richmond, Va., and Washington, D.C., the properties were acquired by Newport News, Va.-based Chandler Management. Drew White, Mike Marshall and Jim Pope of ARA Newmark represented the seller, Philadelphia-based Equus Capital Partners, in the transaction. Constructed in 1989, Madison Falls Run includes a mix of one- and two-bedroom floor plans. Madison England Run, built in three phases in 1991, 1999 and 2001, features a mix of one-, two- and three-bedroom units. Together, the portfolio features amenities including a swimming pool, fitness center, tennis courts and sundecks. Both properties were 95 percent occupied at the time of sale.

July 25, 2017

Florida Multifamily Seniors Housing Southeast

Marcus & Millichap Arranges $30M Sale of Seniors Housing Community Near Miami

by Camren Skelton July 25, 2017

CUTLER BAY, FLA. — Marcus & Millichap has brokered the $30 million sale of Cabana Club, a 332-unit, Section 42 Low Income Housing Tax Credit community for seniors in Cutler Bay, roughly 20 miles south of Miami. The independent living community features a pool, fitness center and a clubhouse. Evan Kristol and Felipe Echarte of Marcus & Millichap represented the seller, a New York-based investment group, and procured the undisclosed buyer.

July 25, 2017

Georgia Retail Southeast

Big V Capital Acquires 207,404 SF Shopping Center in South Atlanta

by Camren Skelton July 25, 2017

JONESBORO, GA. — Big V Capital LLC has purchased Crossroads South, a 207,404-square-foot shopping center located at 7965 Tara Blvd. in Jonesboro, roughly 17 miles south of Atlanta. The center was 91 percent leased at the time of sale to tenants including Kroger, Badcock Furniture, Planet Fitness, Roses, Subway, UPS and H&R Block. Big V Properties, the property management affiliate of Big V Capital, will manage the retail center. The sales price and seller were not disclosed.

July 25, 2017

Georgia Retail Southeast

Ziff Properties Purchases Retail Center in Metro Atlanta for $8.7M

by Camren Skelton July 25, 2017

MARIETTA, GA. — Ziff Properties Inc. has acquired Burnt Hickory Village, a 56,640-square-foot retail center located in Marietta, roughly 20 miles north of Atlanta, for $8.7 million. Robby Pfeiffer of Marcus & Millichap facilitated the transaction. The seller was not disclosed. Chicken and the Egg, a farm-to-table restaurant, is housed in the center.

July 25, 2017

Florida Multifamily Southeast

Continental Realty Sells Apartment Community in Naples for $67M

by Camren Skelton July 24, 2017

NAPLES, FLA. — Continental Realty Corp. has sold Aventine at Naples, a 350-unit apartment community located at 9300 Marino Circle in Naples, for $67 million. The Baltimore-based real estate company originally purchased the asset in 2013 for $44.3 million, and executed interior and amenity upgrades. ARA Newmark’s Hampton Beebe represented Continental Realty in the sale to Miami-based Advenir Inc. The property features an outdoor kitchen and grilling area, swimming pool, fitness studio, clubhouse and a 24-hour package pick-up room.

July 24, 2017

Florida Office Southeast

Velocis, CREC Acquire Office Tower in West Palm Beach for $42.3M

by Camren Skelton July 24, 2017

WEST PALM BEACH, FLA. — Velocis, in a joint venture with CREC, has acquired One Clearlake Centre, a Class A, 218,461-square-foot office building in West Palm Beach. The sales price was not disclosed, but The Real Deal reports AEW Capital Management sold the asset for $42.3 million. Christian Lee and José Antonio Lobón of CBRE represented the seller in the transaction, and Amy Julian of CBRE represented Velocis and CREC in financing the asset. Constructed in 1986, the 18-story tower is connected to a five-story, 662-space parking garage and is LEED Silver-certified. The joint venture plans to renovate the property, focusing on upgrading the lobby, corridors and bathrooms. A tenant lounge, conference center and multiple spec suites will also be created.

July 24, 2017

Florida Office Southeast

Institutional Property Advisors Arranges $38.9M Sale of Office Building in Boca Raton

by Camren Skelton July 24, 2017

BOCA RATON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $38.9 million sale of 301 Yamato, a 206,946-square-foot, four-story office building in Boca Raton. Douglas Mandel, Todd Everett and Jason Carros of IPA represented the undisclosed seller in the transaction. Mandel and Everett also procured the undisclosed buyer. Eric Fixler of IPA Capital Markets secured $29.5 million in debt on behalf of the buyer. Constructed in 1987, 301 Yamato features an atrium with glass curtain walls, indoor and outdoor water elements and an air-conditioned bridge that connects to a five-story parking garage.

July 24, 2017

Multifamily North Carolina Southeast

ARA Newmark Brokers Sale of 236-Unit Multifamily Asset Near Chapel Hill

by Camren Skelton July 24, 2017

CARRBORO, N.C. — ARA Newmark has brokered the sale of Autumn Woods, a 236-unit apartment community in Carrboro, roughly five miles from the University of North Carolina Chapel Hill. Dean Smith and Sean Wood of ARA Newmark represented the seller, Dayton, Ohio-based The Connor Group. Manhattan- and Dallas-based The Milestone Group acquired the property for an undisclosed price. Constructed in 1997, Autumn Woods includes a mix of one-, two- and three-bedroom floor plans and a features a pool, cabana, fitness center, playground, business center and a car care center. The property was 94 percent occupied at the time of sale.

July 24, 2017

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