SIMPSONVILLE, S.C. — Phoenix Senior Living is set to open the doors next week on The Pearl at Five Forks, a 48-unit memory care community located at 15 Five Forks Road in the Greenville suburb of Simpsonville. Phoenix, a privately held seniors housing developer based in Kennesaw, Ga., hired a team of certified dementia practitioners to deliver care at the community. The company also partnered with Memory Care Centers of America for the project.
JACKSONVILLE, FLA. — ARA Newmark has brokered the $20.1 million sale of Eden’s Edge, a 244-unit, garden-style apartment property located near Interstate 295 in Jacksonville. Situated west of the St. John’s River, Eden’s Edge features a mix of one-, two- and three-bedroom layouts with washer and dryer units, fully-equipped kitchens and breakfast bars in each unit. The property’s amenity package includes a pool with sundeck, 24-hour fitness center and cyber café with Wi-Fi. Steve Lear and Erik Bjornson of ARA Newmark represented Colorado-based Real Capital Solutions in the sale to Jacksonville-based Apartment Asset Advisors. Lear and Bjornson were formerly of Walchle Lear, a Jacksonville-based multifamily brokerage firm that was recently acquired by ARA Newmark’s parent company Newmark Grubb Knight Frank, a division of BGC Partners Inc.
SOUTHAVEN, MISS. — Conn’s HomePlus, an appliance and furniture retail chain based in The Woodlands, Texas, has sold Stateline Square, a nearly 220,000-square-foot shopping center located at 550 Stateline Road and 570 W. Main St. in Southaven, a Mississippi suburb of Memphis. Built in 1995 and renovated in 2007, the shopping center’s tenant roster includes Conn’s HomePlus, Burlington Coat Factory, Essex Bargain Hunt and Home Décor. The property also features a 1.4-acre parcel for an outparcel tenant. Ryan West of HFF represented Conn’s HomePlus in the transaction. The buyer and sales price were undisclosed. Conn’s currently operates more than 110 retail locations in the Sunbelt.
CHARLOTTE, N.C. — Haven Campus Communities plans to build an 887-bed student housing community located directly across from the University of North Carolina at Charlotte campus on University City Boulevard. The development will offer fully furnished one-, two-, four- and five-bedroom units with bed-to-bath parity. Community amenities will include a cyber lounge with charging stations; coffee bar; fitness center; tanning room; gaming room; computer center with private study rooms featuring Smart TVs; gathering areas with built-in seating; bocce ball and horseshoes; fire pits; an open courtyard; and a pool area with a large pavilion, TVs, a tanning deck, cabanas and built-in grilling stations. The development will also offer the company’s Smart Apartment technology, created in partnership with Airwave Networks that include voice command technology through Amazon Echo; keyless entry that can be integrated with smartphones through a mobile application; and voice-controlled smart lighting, thermostats and ceiling fans. Haven Campus expects to deliver the student housing property in fall 2018.
NORTH CHARLESTON, S.C. — Holder Properties has begun construction on River Oaks Center, a 106,000-square-foot, Class A office building located on Leeds Avenue off I-526 in North Charleston. The four-story property is Holder’s fifth office development within Charleston’s largest office park, The Executive Park at Faber Place. The project team includes architect Warner Summers and general contractor Harper Corp. River Oaks Center will be ready for new tenants this fall.
ORANGE PARK, FLA. — Robbins Electra has acquired Maple Glen, a 358-unit apartment community located at 1863 Wells Road in Orange Park, a suburb of Jacksonville. Robbins Electra purchased the asset, which will be rebranded as The Parkland at Orange Park, from a Starwood entity for $35.1 million. The community features one-, two- and three-bedroom layouts with average monthly rents of approximately $850. The property was 95 percent occupied at the time of sale. Community amenities include a business center, clubhouse, fitness center and two swimming pools. Robbins Electra will carry out a multimillion dollar property renovation, upgrading apartment interiors and adding or enhancing community amenities. This is Robbins Electra’s eighth property in the Jacksonville region and its first acquisition of 2017. Last year, the company completed over $1 billion in multifamily acquisitions across the Southeast.
PALM BEACH GARDENS, FLA. — NAI/Merin Hunter Codman has brokered the $18.5 million sale of a 10-story office building located at 4400 PGA Blvd. in Palm Beach Gardens. Dr. A. John Merola of Jupiter, Fla., purchased the 80,300-square-foot building from Admiralty Acquisition Co. LLC, an entity formed by Ray Celedinas of Celedinas Insurance Group and local investors. The office building was 99 percent leased at the time of sale to tenants such as Pulte Homes, the U.S. Army Corps of Engineers, GAI Consultants, Celedinas Insurance, A Marsh & McLennan Agency and the Scott Harris law firm. Neil Merin of NAI/Merin Hunter Codman represented the seller, and Summit Commercial Real Estate Group represented the buyer in the transaction.
GREENVILLE, S.C. — CBRE has brokered the $16.7 million sale of 750 Brookfield, a 106,649-square-foot office building located at 750 Brookfield Parkway in Greenville. The office building was 93.5 percent leased at the time of sale to tenants such as Ford Motor Credit Co., which occupies nearly 70 percent of the building. Patrick Gildea, Tripp Sellers and Charles Gouch of CBRE represented the seller, Chicago-based J.L. Woode Ltd., in the transaction. CCP Commercial Real Estate was the buyer.
FLOWERY BRANCH, GA. — Cushman & Wakefield’s Atlanta multifamily team has brokered the sale of TreePark, a 456-unit apartment community located in Flowery Branch. Toronto-based Venterra Realty purchased the asset from Atlanta-based Watkins Real Estate Group for $58.8 million. The community was developed in 2006 on 38 acres east of Lake Lanier. Amenities include a resort-style clubhouse, swimming pool, lighted tennis courts, walking trail, park area with green space, spa and parking areas for RVs and boats. Brandon Whitesell, Chris Spain and Alex Brown of Cushman & Wakefield represented Watkins in the transaction. TreePark was 93.4 percent occupied at the time of sale.
SEMINOLE, FLA. — Greystone has arranged a $48.5 million refinancing for Lake Seminole Square, a seniors housing community in the Tampa suburb of Seminole. Brookdale operates the entrance-fee continuing care retirement community. Further details were not disclosed. Greystone’s seniors housing lending team of Scott Kavel, Neal Raburn and Cary Tremper completed the Fannie Mae financing.
