GERMANTOWN, TENN. — The Boulder Group has brokered the $4.2 million sale of a Bank of Bartlett branch at 1870 Kirby Parkway in Germantown, roughly 22 miles southeast of Memphis. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Southeast-based partnership, in the transaction. The buyer was an institutional investor based in Tennessee. The bank has five years remaining on its lease.
POMPANO BEACH, FLA. — Marcus & Millichap has brokered the $2.9 million sale of Santa Barbara Arms, a 22-unit apartment community located at 811 and 831 S.E. 22nd Ave. in Pompano Beach. The apartment property sits on one of Lake Santa Barbara’s finger canals. Brandon Rex and Evan Kristol of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor based in Pompano Beach. Felipe Echarte, also with Marcus & Millichap’s Fort Lauderdale office, represented the buyer, a limited liability company based in Avon, Conn.
CHARLOTTE, N.C. — A joint venture between Childress Klein Properties and a pension fund advised by CBRE Global Investors has sold RiverGate Shopping Center in Charlotte. The 236,579-square-foot property is located in southwest Charlotte’s Steele Creek submarket adjacent to a Super Target and Home Depot. Childress Klein constructed RiverGate in 2006-2007. The shopping center was 98 percent leased at the time of sale to tenants such as Marshalls, PetSmart, Old Navy, Best Buy, Office Max, Starbucks Coffee, Bath & Body Works, Rack Room, Dress Barn, Verizon Wireless, Mattress Firm and Massage Envy. Mike Burkard and Steve Shields of CBRE represented the joint venture in the transaction. The undisclosed buyer has retained Childress Klein to manage the property.
RALEIGH AND DURHAM, N.C. — Berkshire Group has acquired two Class A multifamily communities from Crescent Communities in the Raleigh-Durham area: Crescent Cameron Village in Raleigh and Crescent Ninth Street in Durham. Berkshire purchased the assets for an undisclosed price. Berkshire Communities, the property management division of Berkshire Group, will manage both properties. Cameron Village is a 282-unit community completed in 2014 that features a clubroom, business center, fitness center, pool and outdoor common spaces with a grilling area and fire pit. The 303-unit Ninth Street was also completed in 2014 and includes a fitness center, pool, business center with conference rooms, and outdoor common spaces with grilling areas and a dog park.
MIAMI GARDENS, FLA. — Wal-Mart Stores Inc. has opened a new Walmart Neighborhood Market located at 3791 N.W. 167th St. in Miami Gardens. The new store is expected to employ roughly 95 people. The 41,000-square-foot location will feature groceries, health and beauty aids, a pharmacy, pet products and cleaning supplies.
GREENSBORO, N.C. — Atlanta-based Hospitality Ventures Management Group (HVMG) has acquired the 299-room Greensboro-High Point Airport Marriott in Greensboro for an undisclosed amount. The company will manage the hotel, bringing its management portfolio to 38 hotels in 15 states. The hotel is located at One Marriott Drive, adjacent to the Piedmont Triad International Airport. HVMG will implement an $11 million renovation to update the hotel’s meeting space and guest rooms. The hotel underwent a $6 million renovation in 2012.
JACKSON, MISS. AND CAMPBELLSVILLE, KY. — Namdar Realty Group, a private real estate investment and management firm based in New York, has recently purchased a freestanding Dollar General store in Jackson and a freestanding Kroger in Campbellsville. CVS Caremark has subleased the 11,000-square-foot store in Jackson to Dollar General and the discount retailer has two years remaining on its lease agreement. Winston Rego sold the asset to Namdar Realty Group for an undisclosed price. Stan Johnson Co. brokered the transaction. The 34,000-square-foot Kroger is located at 1505 E. Broadway in Campbellsville and has three years remaining on its lease. The seller, a private group, sold the grocery store to Namdar Realty Group for an undisclosed price. Al Isaac of NAI Isaac brokered the transaction. Joel Gorjian of Namdar Realty Group led the company’s acquisition team in both deals.
GREENSBORO, N.C. — McConnell Center Two LLC, a joint venture between Goria Properties and Richardson Properties, will soon begin construction on a new 300,000-square-foot speculative industrial building in McConnell Center Industrial Park. This will be the third speculative industrial property in the park, which is located off I-40 near McConnell Road in Greensboro. The joint venture has selected Triad Commercial Properties to lease the asset. General contractor Windsor Commercial is expected to complete shell construction in July 2015.
BOCA RATON, FLA. — Crocker Partners and Cornerstone Real Estate Advisers LLC have teamed up to acquire Boca Center, a 476,000-square-foot mixed-use development in Boca Raton. The development features three Class A office buildings totaling 360,000 square feet and a high-end retail center totaling 116,000 square feet. The office component was 91 percent leased at the time of sale to tenants such as FINRA, UBS and Sun Capital. The retail component was 98 percent leased to tenants such as Rocco’s Tacos, Morton’s, Joseph’s Classic Market and Total Wine. Boca Center also features a 256-room Marriott hotel, which wasn’t part of the transaction. Crocker and Cornerstone purchased Boca Center from TIAA-CREF for an undisclosed price.
MYRTLE BEACH, S.C. — KBS Strategic Opportunity REIT II has acquired Springmaid Beach Resort, a 30-acre hotel and campground property in Myrtle Beach, for $40 million. KBS purchased the asset in a joint venture partnership with an affiliate of Integrated Capital LLC. The resort features 491 hotel rooms, a 36,000-square-foot conference center, 187-unit recreational vehicle campground and a 1,060-foot pier. The property’s primary hotel towers were built in 1992, 1995 and 2001. The new owners will operate the property as an independent resort until Hilton Worldwide repositions the asset into a DoubleTree Resort, which is expected to occur in 2016.
