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.
Southeast
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.
JACKSONVILLE, FLA. — Greystone has provided a $16.5 million CMBS loan to refinance Eden’s Edge, a 244-unit multifamily property in Jacksonville. The gated apartment community features a swimming pool, resident lounge, business center, fitness center and a playground. Brian Fintz of Greystone’s New York office originated the five-year loan on behalf of the borrower, Real Capital Solutions.
LOUISVILLE, KY. — Associated Bank and MB Financial Bank have closed a $44 million construction loan for student housing near the University of Louisville (UofL). The project is a 271-unit, 758-bed property located to the east of the college at Crittenden Drive and Warnock Street. The developer, HRB Louisville LLC, a joint venture that includes affiliates of Royal Properties and The John Buck Co., expects to complete the property before classes begin in fall 2015. Edward Notz of Associated Bank’s Chicago office originated the loan on behalf of HRB Louisville. Associated Bank will act as the administrative agent for the loan.
BOCA RATON, FLA. — Konover South LLC has purchased Yamato Crossing, a 28,000-square-foot retail center in Boca Raton, for $13 million. The property is currently 92 percent leased to CVS, Panera Bread and a yet-to-be-built Regions Bank outparcel. Konover South purchased the property through a bankruptcy auction. In addition to owning Yamato Crossing, the company plans to lease and manage the asset as well.
MELBOURNE, FLA. — Faris Lee Investments has completed the $5.7 million sale of ULTA & Shops at Viera, a 14,410-square-foot freestanding retail property in Melbourne, a suburb of Orlando. The newly constructed property is fully leased to ULTA, Hair Cuttery and Subway. This is the third phase in a strategy that Faris Lee has completed on the developer’s behalf for the lifestyle center development, which will total 100,000 square feet of retail space upon completion. Matthew Mousavi, Patrick Luther and Nicholas Coo of Faris Lee Investments represented the seller, a private developer based in Florida, in the transaction. Colliers International represented the buyer, a private investor from San Diego who paid all-cash.
ROCK HILL, S.C. — The Boulder Group has arranged the $3.1 million sale of a single-tenant Dollar General Plus store located at 1333 E. Main St. in Rock Hill, 25 miles south of downtown Charlotte. The 12,480-square-foot store is located across the street from a Food Lion approximately one mile from I-77. Dollar General has more than 13 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment firm, in the transaction. The buyer, a South Carolina-based investor, purchased the asset in a 1031 tax-deferred exchange.