CHATTANOOGA, TENN. — Ziff Properties Inc. has acquired Signal Mountain Shopping Center in Chattanooga for $4.8 million. The 61,284-square-foot center is anchored by a BI-LO grocery. Sharon Bands and Susan Bands of Marcus & Millichap represented the seller. Ziff Properties was self-represented by Christian Chamblee.
ATLANTA — Walker & Dunlop Inc. has structured a $43.6 million acquisition loan for Solace of Peachtree, an apartment community located in Midtown Atlanta. Built in 1952 and renovated in 2009, the property includes a fitness center, underground parking garage, meeting rooms, business center, laundry facility and 34,628 square feet of retail space and vacant office space. The property’s retail tenant roster includes Baraonda Restaurant, Quizno’s and Scandinavian House Grocery Store. The borrower, Atlanta-based Cocke Finkelstein Inc. (CFI), and its affiliated management company CFLane plan to occupy the vacant office space. Will Baker led Walker & Dunlop’s team to structure the 10-year, fixed-rate acquisition loan through Freddie Mac on behalf of CFI. The loan features five years of interest-only payments and 80 percent loan-to-value. Walker & Dunlop teamed up with Michael Ryan and Jeff Walker of Cushman & Wakefield to structure the loan.
TAMPA AND FORT MYERS, FLA. — Devonshire REIT Inc. has purchased two shopping centers in Tampa and Fort Myers for a combined $39.5 million. The privately held REIT purchased The Cypress Shopping Center in Tampa for $24.6 million and The Shoppes at Plantation in Fort Myers for $14.9 million. Built in 2009, the 111,228-square-foot Cypress Shopping Center was 97.5 percent leased to tenants such as Winn-Dixie, LA Fitness, Five Guys Burgers and Fries, Scottrade, Nutrishop, Pita’s Republic and Eye Doctors Optical Outlet at the time of sale. The 71,429-square-foot Shoppes at Plantation was 96 percent leased to tenants such as Winn-Dixie, Great Clips, Jersey Mikes, Suncoast Federal Credit Union and China Dragon at the time of sale. With the two transactions, the REIT has surpassed $500 million in total assets under management.
BOCA RATON, FLA. — CBRE has brokered the $23.8 million sale of Glades Twin Plaza, a 98,312-square-foot boutique office building located at 2300 Glades Road in Boca Raton. Built in 1982 and renovated in 2010, the office property was 77 percent leased at the time of sale. Christian Lee, Jose Lobon, Charles Foschini, Chris Apone and Michael Erickson of CBRE represented the seller, a fund managed by BlackRock, in the transaction. The buyer was Dallas-based L&B Realty Advisors.
MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $9.7 million sale of Shoppes of Ives Dairy, a 24,597-square-foot shopping center located at 19801 N.W. 2nd Ave. in Miami Gardens. Constructed in 2006, the center’s tenant roster includes Chili’s Restaurant & Bar, Bank of America, Starbuck’s Coffee, Wells Fargo Bank, Amscot Financial and Foot Locker. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller, a Miami-based limited liability company, and the buyer, an investment group based in New York.
CHARLOTTE, N.C. — Co-owners Grubb Properties and New York Life Real Estate Investors have signed Frontier Capital, a growth equity firm based in North Carolina, to a long-term lease for the top floor of 525 North Tryon Street, a 19-story office building in Uptown Charlotte. Frontier will use the 12,600-square-foot space as its new headquarters beginning in September. Andy Horsey of Cresa Charlotte represented Frontier Capital in the lease transaction. Jonathan Nance of Grubb Properties, along with Meredith Ball and Mark Holoman of Cushman & Wakefield | Thalhimer, represented the ownership group.
LEXINGTON, KY. — Cushman & Wakefield and Commercial Kentucky Inc., a member of the Cushman & Wakefield Alliance, have teamed up to broker the sale of three apartment communities in Lexington totaling 1,108 units. Priderock Capital Partners purchased the 480-unit Raintree Apartments and the 232-unit Stoney Brooke Apartments for $28.2 million and $13.9 million, respectively. Nashville-based Covenant Capital Group purchased the 396-unit Stoney Falls Apartments for $25.9 million. Mike Kemether of Cushman & Wakefield’s Atlanta office and Craig Collins of Commercial Kentucky represented the seller, Sterling Properties, a New York-based fund, in all three transactions.
COLUMBIA, MD. — Wood Partners LLC plans to break ground this month on Alta Wilde Lake, a $45 million, 230-unit multifamily community in downtown Columbia. The property will be located on 2.8 acres at 5420 Lynx Lane and be a component of the redevelopment at Wilde Lake Village Center. The property will feature two five-story apartment buildings connected via a three-level sky bridge over Lynx Lane. The property will feature a clubhouse with a sports lounge, café, business center, conference room, pet spa, bicycle storage and maintenance room, resort-style saltwater pool, fire pit, outdoor kitchen, grilling stations, fitness center and an aerobic studio. Alta Wilde Lake will also feature 5,000 square feet of ground-floor retail space. JDavis Architects designed the project, and Wood Residential Services will manage the property upon completion. Apartments will be available for lease in summer 2016.
ORLANDO, FLA. — Orlando-based general contractor Williams Co. Southeast is on schedule to complete Phase I of The Crosslands, a $30 million retail center in Orlando. The 427,000-square-foot property will be located at Orange Blossom Trail and Osceola Parkway and is scheduled for a July 30 completion. The development team includes Tupperware Brands Corp., O’Connor Capital Partners, Peter Bergner and ELEVEN18 Architecture.
SEVIERVILLE, TENN. — RealtyLink LLC has broken ground on River Landing, a $25 million shopping center in Sevierville. The 175,000-square-foot project will be located on a 16-acre site along Winfield Dunn Parkway at the site of the Old Reel Theatre. Phase I is slated for completion this September, and Phase II is expected to be complete in February 2016. The property is pre-leased to eight undisclosed retailers. The project team includes general contractor Vannoy Construction, architect Cor3 Design and sub-contractor Blalock Cos.
