ST. PETERSBURG, FLA. — Marcus & Millichap has brokered the $10.2 million sale of Gandy at 4th Street Storage, a 720-unit, six-building self storage property in St. Petersburg. The property, constructed in 2007, is located at 10111 Gandy Blvd. Michael Mele of Marcus & Millichap’s Tampa office represented the seller, a local developer, and the buyer, a national self storage REIT. The sales price ($143 per square foot) is the highest price per square foot for a self storage property that Marcus & Millichap has seen since the downturn, according to Mele. Units range in size from nine square feet to 300 square feet. Approximately 82 percent of the units are climate controlled.
Southeast
BRUNSWICK, GA. — Blanchard & Calhoun Commercial has brokered the $4.7 million sale of Cypress Mill Square, a 260,516-square-foot shopping center in Brunswick. The retail property is located at the intersection of Cypress Mill Road and Altama Avenue. Cypress Mill Square was 92 percent leased at the time of sale to tenants such as Winn Dixie and Big Lots. Ryan McArdle, Steve Collins and David Rivers of Blanchard & Calhoun brokered the transaction. The team worked with the buyer, RCG Ventures, and the seller, Halpern Enterprises. Scott Tarbet of RCG Ventures and Bill Brown of Halpern Enterprises assisted in the transaction.
DAYTONA BEACH, FLA. — CBRE has arranged the $17.9 million sale of Indigo Plantation, a 304-unit multifamily community located at 100 Powell Blvd. in Daytona Beach. Built in 1989, the apartment community is currently 97 percent occupied and features a resort-style swimming pool, fitness center, dog park, tennis courts and barbecue areas. Shelton Granade, Luke Wickham and Justin Basquill of CBRE led the sales team in representing the undisclosed seller in the transaction.
DURHAM, N.C. AND FLORENCE, S.C. — Grandbridge Real Estate Capital has closed $17.1 million in first mortgage loans for The Shops at Erwin Mill in Durham and Crossroads Shopping Center in Florence. Taylor Williams of Grandbridge’s Jacksonville, Fla., office originated both loans. The 10-year loan for the refinancing of the 86,901-square-foot Shops at Erwin Mill was arranged through an unnamed life insurance company. The 10-year loan for the refinancing of the 110,675-square-foot Crossroads was arranged with a 30-year amortization schedule and two years interest-only payments through an unnamed CMBS lender.
PENSACOLA, FLA. — Marcus & Millichap has brokered the $4.1 million sale of a net-leased retail property located in Pensacola. Walmart Neighborhood Market has a 20-year ground lease on the asset. Don McMinn and Zachary Taylor of Marcus & Millichap’s Atlanta office represented the seller, a Tennessee-based developer, in the transaction. Patrick Furlong of Marcus & Millichap’s Seattle office secured and represented the buyer, a private investor based in California that purchased the asset in a 1031 tax-deferred exchange. Kirk Felici of Marcus & Millichap assisted in the transaction.
ASHEVILLE, N.C. — Pine Tree Commercial Realty LLC has acquired Riverbend Marketplace, a 142,617-square-foot shopping center in Asheville. Pine Tree purchased the asset in the city’s Tunnel Road Corridor in partnership with Wanxiang America Corp. Riverbend Marketplace’s tenant roster includes Kohl’s, rue 21, Great Clips, Family Christian Stores and PetSmart. The shopping center is Pine Tree’s first asset in North Carolina.
PEARL, MISS. — The Boulder Group has brokered the $2.3 million sale of a single-tenant retail property located at 1039 Centre Pointe Blvd. in Pearl, 10 miles east of downtown Jackson. The newly constructed, 20,317-square-foot property is leased to Safelite AutoGlass for 15 years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Florida-based real estate investment firm, in the transaction. The seller was a real estate developer based in Texas.
DUNDALK, MD. — Enterprise Homes has opened The Greens at Logan Field, a 102-room affordable seniors housing facility in Dundalk, a suburb in Baltimore County. The $15.2 million development has apartments available to low- and moderate-income seniors earning up to 60 percent of the area median income. The four-story property totals approximately 97,000 square feet and features several patios, a sunroom, fitness room, activity/computer room, laundry facility, TV lounge, community room and hospitality suite. Bank of America provided construction financing for the project. Other financing was comprised of developer equity and debt from Baltimore County, Maryland Department of Housing and Community Development, Rental Housing Works, Elderly Rental Housing Program, EmPOWER Maryland, as well as a Federal Home Loan Bank Atlanta grant.
NASHVILLE, TENN. — Multi Housing Advisors (MHA) has brokered the $22.8 million sale of Creekstone Apartments, a 316-unit apartment community located at 266 Stewarts Ferry Pike in Nashville. Built in 1987, the apartment community features a pool, volleyball courts, tennis courts, fitness center and a business center. Brett Kingman of MHA’s Atlanta office represented the seller, Creekstone TN LLC, in the transaction. Monsey, N.Y.-based White Eagle Property Group LLC acquired the property.
NAPLES, FLA. — HFF has arranged the sale of Crossroads Market and Neapolitan Way, two Publix-anchored shopping centers in Naples. Danny Finkle, Luis Castillo and Kimberly Flores led the HFF investment sales team that represented the seller, Madison Marquette Retail Services, in the transaction. A private real estate fund advised by Crow Holdings Capital-Real Estate purchased the two assets. Crossroads Market is located at 6029 Pine Ridge Road and is 98.4 percent leased to tenants such as Publix, Walgreens, Crunch, Physicians Regional Health Care and Chase Bank. Neapolitan Way is located at 4601 Tamiami Trail and is 92.9 percent leased to tenants including Publix, Walgreens and Bill Smith Appliances.