ANDERSON, S.C. — The RADCO Cos. has purchased two apartment communities totaling 316 units in Anderson for $11 million. The properties — the 180-unit Country Club and 136-unit Cobblestone — are RADCO’s first apartment acquisitions in South Carolina. The assets are both located off Clemson Boulevard across from Anderson Mall. RADCO plans to invest approximately $3 million to renovate the assets, as well as rebrand the properties as Ashford Pointe (formerly Country Club) and Ashford Village (formerly Cobblestone). RADCO’s portfolio now spans 6,600 units in six cities in the Southeast and Midwest. RADCO financed the acquisition through bridge debt from BBVA Compass and its own privately funded equity. The Atlanta-based multifamily investor purchased the assets from two unnamed limited liability companies.
Southeast
MIAMI — A joint venture between Duncan Hillsley Capital and Pebb Capital has partnered with Canyon Capital Realty Advisors to acquire the retail component of Downtown Dadeland, a 127,000-square-foot retail and dining destination in Miami across Kendall Drive from Dadeland Mall. The investors purchased the asset for $38.9 million. The new ownership has selected Continental Real Estate Cos. to lease and manage the property. Completed in 2009, Downtown Dadeland is 71 percent leased to tenants such as West Elm, Chil’s Bar & Grill, Men’s Wearhouse and Panera Bread.
PASADENA, MD. — A joint venture between The Dolben Co. and Klein Enterprises, named Stoney Creek Phase I LLC, has purchased The Reserve at Stoney Creek, a 90-unit, Class A apartment community in Pasadena, for $15 million. The property is located near the intersection of Maryland Route 100 and Maryland Route 10. Construction on Phase II of The Reserve at Stoney Creek will begin in the third quarter.
ST. MARYS, GA. — Ackerman & Co. has arranged the $10 million sale of Harbor Pines Apartments, a 200-unit multifamily community located in St. Marys, roughly 38 miles north of Jacksonville, Fla. The asset was 94 percent occupied at the time of the sale. Chitra Subbarayan and Andy Sutton of Ackerman & Co. represented the seller, Harbor Pines Partnership Inc., in the transaction. The buyer was a private investment firm based in New York.
FRANKLIN, TENN. — HFF has arranged the sale of Franklin Marriott Cool Springs, a 300-room hotel located at 700 Cool Springs Blvd. in the Cool Springs office district in Franklin, a suburb of Nashville. The hotel includes three restaurants, a fitness center, business center, indoor pool and three concierge floors. The hotel is connected to the Cool Springs Conference Center. Daniel Peek, K.C. Patel and Cyrus Vazifdar of HFF represented the seller in the transaction.
DORAL, FLA. — Blanca Commercial Real Estate has arranged a 50,363-square-foot lease for warehouse space at Prologis Beacon Centre, located at 8578 N.W. 23rd St. in Doral, a suburb of Miami. Juan Ruiz of Blanca represented the tenant, NeutraLogistics LLC, a logistics firm specializing in freight management, imports, exports, trucking and brokerage. George Pino and Ed Lyden of State Street Realty represented the landlord, Prologis.
GREER, S.C. — Liberty Property Trust plans to break ground on two properties totaling 312,000 square feet in Caliber Ridge Industrial Park in Greer, roughly 12 miles northeast of Greenville. The assets are located at 120 and 140 Caliber Ridge Drive, near I-85 and Highway 101 in close proximity to Greer’s new inland port. The 156,000-square-foot facility at 140 Caliber Drive is a build-to-suit for Bosch Security Systems. The 156,000-square-foot 120 Caliber Drive facility is a speculative property, but Pilot Freight has pre-leased 41,600 square feet at the project. Both assets are expected to be delivered by the end of the year. Brian Young, Elliott Fayssoux and Kacie Jackson of Cushman & Wakefield | Thalhimer, along with Bryan Blythe of Liberty Property Trust, served as the landlord representation for the two lease transactions. Charlie Whitmire of Cushman & Wakefield | Thalhimer and Kent Ilhardt of Cushman & Wakefield’s Chicago office represented Bosch Security Systems, and Frank Larsen, Trey Pennington and Ryan Koop of CBRE represented Pilot Freight.
WILMINGTON, N.C. — Coldwell Banker Commercial Sun Coast Partners has arranged the $13.9 million sale of Lumina Commons, an 84,000-square-foot grocery-anchored shopping center in Wilmington. The center’s tenant roster includes Harris Teeter, West Marine, Jersey Mikes, The Seasoned Gourmet, Crest Fitness and David’s Deli. Nicholas Silivanch of Coldwell Banker Commercial Sun Coast Partners represented the buyer, Phillips Edison-ARC Shopping Center REIT Inc., in the transaction.
WEST PALM BEACH, FLA. — Jamestown has purchased Village Commons, a 169,118-square-foot, Class A shopping center located at 701-971 Village Blvd. in West Palm Beach. The Publix-anchored shopping center was 92 percent leased at the time of the sale to tenants such as Panera Bread, Cold Stone Creamery, Massage Envy, Edible Arrangements, Weight Watchers and Duffy’s Sports Grill. Jamestown plans to implement a $4.5 million capital improvement program that will expand Publix to 45,600 square feet as part of a new 20-year lease.
ZEPHYRHILLS, FLA. — RCG Ventures has purchased Merchants Square, a 74,837-square-foot shopping located at the intersection of Gall Boulevard and Pretty Pond Road in Zephyrhills, a suburb of Tampa Bay. The property is anchored by Hobby Lobby, Hibbett Sporting Goods and Anytime Fitness. Anthony Blanco of The Shopping Center Group represented the unnamed seller in the transaction. RCG Ventures was represented internally by Scott Tarbet.