NORTH FORT MYERS, FLA. — Venture Commercial Real Estate has brokered the $4.5 million sale of a 23,104-square-foot retail building in North Fort Myers fully leased to Northern Tool + Equipment. The building is located at 14571 N. Cleveland Ave. Clay Mote of Venture Commercial represented the seller, DRW Partnership LLLP, in the transaction. The buyer, Realty Income Properties 6, was self-represented.
ATLANTA — Three new restaurants have signed on at Peachtree Center, a mixed-use campus comprising six high-rise buildings in downtown Atlanta. Tin Lizzy’s Cantina and Gus’s World Famous Fried Chicken recently opened locations at Peachtree Center, and Panbury’s Double Crust Pies will open a new eatery there this fall. JLL brokered the lease transactions on behalf of Peachtree Center’s owner, Banyan Street Capital.
It’s no secret that the Sunbelt states have been, and continue to be, the front-runners for corporations looking to relocate to cities with a much lower cost of doing business. With each state taking different approaches, North Carolina does not often offer the relocation incentives that can be found in states such as South Carolina and Texas. Instead, North Carolina favors a system that offers less up-front cash incentives, but tries to offset that with a tax structure and business-friendly climate in an effort to compete for the large, attractive relocations. Because of this, the catalyst for growth in Charlotte has only been moderately associated with the recruitment of out-of-market users looking to relocate headquarters to more affordable and attractive markets. In large part, Charlotte’s growth has been driven by organic growth of existing businesses. In fact, more than 70 percent of the positive absorption in the central business district (CBD) since 2010 has occurred through organic growth. This expansion of existing business has provided for employment growth conditions that work hand-in-hand with the rapidly swelling population. In between new-to-market relocations that provide headline-grabbing bursts of employment, the diverse and impressive growth of Charlotte’s existing companies has attracted talent and …
BIRMINGHAM, ALA. — Berkadia has brokered the sales of nine multifamily communities in Alabama totaling $154.1 million in the past 90 days. The assets total 2,475 units. David Oakley led Berkadia’s sales team in representing the sellers in every transaction. The largest transaction was an Irvine, Calif.-based investment group purchasing Landmark at Magnolia Glen, a 1,080-unit property in Hoover, for $71.5 million. The most recent deal was the sale of two Center Point communities, Devonshire and Sun Valley, that sold together for a combined $14.1 million. Other Birmingham area sales include Inverness Landing, a 322-unit property, which sold for $27.6 million; River Place on the Cahaba, a 213-property, which sold for $17.7 million; Town Park, a 270-unit property, which sold for $15 million; TimberChase, a 94-unit property, which sold for $4.8 million; and Fox Hall, a 36-unit property, which sold for $2.3 million. In Mobile, Woodland Square, a 128-unit property, sold for $4 million. Royce Emerson and William Parkhurst of Berkadia brokered the River Place on the Cahaba and the Town Park transactions, and Josh Jacobs of Berkadia brokered the TimberChase and the Devonshire-Sun Valley transactions.
ATLANTA — Rubenstein Partners LP has sold Sterling Pointe, a two-building, Class A office campus spanning 351,345 square feet in Atlanta’s Central Perimeter submarket. The buyer, a joint venture between Harbert Management Corp. and The Simpson Organization Inc., purchased the office property for an undisclosed price. Mercedes-Benz USA recently leased 89,910 square feet at Sterling Pointe II for its temporary corporate headquarters. William Yowell, Jay O’Meara and Justin Parsonnet of CBRE represented Rubenstein Partners in the sale. Rubenstein recently sold 3.5 acres of former parking lots on the campus for a new hotel and retail space. A hotel is currently under construction and will deliver in January 2016, and a new Corner Bakery Café and other restaurants will open this fall.
LOUISVILLE, KY. — Lincoln Property Co. Southeast has purchased the newly built Jefferson Commons, a 196,488-square-foot shopping center located in Louisville, on behalf of American Realty Capital-Retail Centers of America I & II, a non-traded REIT. Lincoln acquired the center from the center’s developer, GBT Realty Corp., for $36 million. The retail center’s tenant roster includes Academy Sports + Outdoors, H.H. Gregg, Michaels and Shoe Carnival.
MOUNT PLEASANT, S.C. — DSW Inc. plans to open a new 15,000-square-foot shoe store at Bowman Place in Mount Pleasant. The footwear retailer will open the store at 1122 Bowman Road on Aug. 27. Including the new location, DSW operates 453 stores in 42 states. The company also supplies footwear and accessories to 374 locations in the United States. According to DSW, the new Mount Pleasant store will supply 20,000 pairs of men’s and women’s shoes.
ZEPHYRHILLS, FLA. — American House Senior Living Communities has acquired Commons on Pretty Pond, an independent living, assisted living and memory care community in Zephyrhills. The purchase price was not disclosed. The community, which will be renamed American House Zephyrhills, features 132 studio, one- and two-bedroom units including 111 assisted living and 21 memory care apartments. Units range in size from 300 to 892 square feet. American House is a Michigan-based affiliate of REDICO, and is seeking to expand its seniors housing portfolio in Florida.
MIAMI — Miami-based Melo Group has closed a $95 million loan from Ocean Bank to fund the construction of Aria on the Bay, a 647-unit luxury condominium tower under development at 1770 N. Bayshore Drive in downtown Miami’s Arts & Entertainment district. Designed by Arquitectonica, the 53-story condo tower will overlook Margaret Pace Park and Biscayne Bay. Site development is underway and vertical construction is set to begin next month, with delivery slated for 2017. Upon completion, Aria on the Bay will offer one-, two- and three-bedroom condos, as well as three-story upper penthouses, with prices ranging from the $400,000s to more than $12 million. Residence features include private elevator access, floor-to-ceiling glass, wrap-around terraces, bay and city views, open-plan living areas, new finishes and fixtures and European-style kitchens with custom-designed cabinetry. Amenities will include a resort amenity deck on the 14th floor with four pools, a sundeck lounge with fire pits, barbecue grills and outdoor summer kitchens. Additional features include private spa and massage treatment facilities, a fitness center and yoga studio, indoor/outdoor social room and a private screening room with theater seating. The project will also feature about 20,000 square feet of commercial space on the lower floors, …
BEL AIR, MD. — Peak Management, a private multifamily and self storage developer and manager, has broken ground on Avanti Luxury Apartments, a 198-unit multifamily property located along Tollgate Road in Bel Air. Unit sizes will range between 1,000 and 1,500 square feet upon completion, which is scheduled for summer 2016. Site work began in July. The property’s amenity package will include a 5,500-square-foot clubhouse with a fitness center, community room, business center and outdoor pool. Each unit will feature a modern kitchen with stainless steel appliances and granite countertops, nine-foot ceilings, a full-size washer and dryer, private balconies and gas fireplaces. As part of the development agreement that Peak Management negotiated with Harford County, the developer will also construct a stretch of Tollgate Road that will connect Plumtree Road to Bel Air South Parkway.
