CORAL GABLES, FLA. — Marcus & Millichap has brokered the $17.4 million sale of Santona Corner, a 37,130-square-foot retail property in Coral Gables. The property is located at 1430 S. Dixie Highway, across the street from the University of Miami campus. Douglas Mandel and Benjamin Silver of Marcus & Millichap procured an unnamed buyer on behalf of the seller.
Southeast
CHARLOTTE, N.C. — ARA has arranged the $7.7 million sale of The Edison, a 53-unit apartment community in Charlotte’s historic Plaza Midwood neighborhood. Constructed in 2013, The Edison was fully occupied at the time of sale. Dean Smith, Blake Okland, John Heimburger and Sean Wood of ARA represented the seller, Charlotte-based Lat-Purser & Associates Inc., in the transaction. Raleigh-based Chaucer Creek Capital purchased The Edison, which is the company’s second investment in the Charlotte area.
ORLANDO, FLA. — Landmark Apartment Trust has acquired Landmark at West Place, a 342-unit garden-style apartment community located at 753 Sherwood Terrace Drive in Orlando. Constructed in 2002, the asset was 94 percent occupied at the time of the sale. Landmark funded the acquisition through a 1031 tax-deferred exchange, using proceeds from a previous disposition. Formerly known as Villa Tuscany, the property’s amenity package includes a resort-style swimming pool, fitness center, playground, clubhouse with billiards room, movie theater, dog park and business center.
FAIRFAX, VA. — Capital One Multifamily Finance has provided a $70 million Fannie Mae fixed-rate loan for the acquisition of Wheelhouse of Fair Oaks, a 491-unit apartment community in Fairfax. The property’s amenity package includes a clubhouse, swimming pool and sundeck, 24-hour fitness center, tennis court, racquetball court and private lake. Sadhvi Subramanian and Brian Gormley of Capital One Commercial Real Estate originated the five-year loan with five years of interest-only payments and a 30-year amortization schedule.
ROCK HILL, S.C. — Charlotte-based Beacon Partners plans to break ground on Riverwalk Commerce Center, a speculative industrial building within Riverwalk Business Park in Rock Hill, a suburb of Charlotte. Riverwalk Commerce Center will span 277,290 square feet and feature 32-foot clear heights, a 185-foot truck court with trailer parking and an ESFR sprinkler system. Beacon plans to break ground in mid-September and complete the project in the first quarter of 2015. The project team includes architect Merriman Schmitt, general contractor Choate Construction and project lender Regions Bank. This is the second speculative industrial building that Beacon is currently developing.
ORLANDO, FLA. — Rivergate Partners has purchased Beacon Hill, a 192-unit apartment community in Orlando’s Northwest submarket, for nearly $10 million. The property is less than six miles from downtown Orlando and three miles from Metro West. Constructed in 1999, the property was 96 percent occupied at the time of sale. Rivergate Partners purchased the property at approximately 50 percent of replacement cost. Beacon Hill features a mix of two- and three-bedroom floor plans averaging 1,134 square feet. Rivergate Partners is a Miami-based venture between real estate investors Jay Massirman and Oscar Vila.
LENOIR CITY, TENN. — Halpern Enterprises has purchased Franklin Centre, a 31,153-square-foot shopping center, for roughly $4 million. The property is located at 913 Highway 321 North in Lenoir City, about 20 miles outside of Knoxville, Tenn. Franklin Centre is 95 percent leased to tenants such as Dollar Tree, Sally Beauty Supply and Shoe Show. Joe Montgomery and Tony DeAmbrosio of Colliers International’s Atlanta office brokered the transaction. Ziff Properties was the seller.
The first half of 2014 has produced a tremendous amount of activity in the Richmond retail market. The vacancy and unemployment rates have both seen a reduction within the past 12 months. The overall vacancy rate for retail in Richmond is 8.3 percent, down from 8.6 percent this time last year, and unemployment is down 70 basis points to 5.6 percent for the same period. The main drivers of activity throughout the Richmond MSA are grocery stores. The most impactful announcement is Wegmans committing to open two stores in the market, one in Short Pump and one in Midlothian. Another newcomer to the market is A Southern Season, a gourmet food emporium based in Chapel Hill, North Carolina. A Southern Season will open a 53,000-square-foot gourmet food emporium in the new Libbie Mill at MidTown development. The grocer’s offerings include cooking classes, a restaurant, gift baskets, accessories, cookware, and a large selection of specialty food items. Libbie Mill is a mixed-use project that Gumenick Properties LLC is developing on Staples Mill Road near Willow Lawn. Kroger has also been active in Richmond with two new Marketplace format stores in the last 12 months and a third to-be-built in Colonial Heights. …
UNION CITY, GA. — USAA Real Estate Co. has acquired the I-85 Distribution Center, a 744,000-square-foot warehouse in Union City within the South Atlanta industrial submarket. The property is located within a half mile of I-85 and nine miles from Hartsfield-Jackson Atlanta International Airport. Panattoni Development Co. developed the property in 2006 with 32-foot clear heights, ESFR fire sprinklers, 60-foot deep speed bays, 185-foot truck court and trailer and automobile parking. Sean Boswell and Scott Plomgren of Colliers International’s Atlanta office are coordinating the leasing of the property, which has 517,000 square feet of vacancy.
SLIDELL, LA. — HFF has arranged the $14.6 million sale of Stirling Slidell Centre, a 139,460-square-foot retail center in the New Orleans suburb of Slidell. Retail Centers of America purchased the asset from LaSalle Investment Management. The property is located on the northwest corner of Interstate 12 and Airport Road. The property’s tenant roster includes David’s Bridal, Ross Dress for Less, PetSmart, Men’s Wearhouse, Shoe Carnival, Party City, AT&T and Dickey’s Barbeque Pit. Jim Batjer, Jim Hamilton and Richard Reid of HFF led the sales team that represented LaSalle.