Southeast

Sterling Organization Acquires 319,518 SF Retail Property Near Baltimore for $31.6M

by Christina Cannon November 6, 2015

PASADENA, MD. — Sterling Organization has acquired a 319,518-square-foot retail center in Pasadena, approximately 15 miles south of Baltimore. Sterling Organization purchased Pasadena Crossroads in an off-market transaction from Pasadena Crossroads LLC for $31.6 million. The shopping center is anchored by Kmart, Shoppers Food & Pharmacy, Babies “R” Us, LA Fitness and Gardiner Wolf Furniture. The center is currently 100 percent occupied and was built in the 1970s. Pasadena Crossroads is located across the street from a new 120,000-square-foot Walmart, which is set to open this month.

November 6, 2015

Office South Carolina Southeast

NAI Avant Arranges 5,400 SF Office Lease in Downtown Columbia

by Christina Cannon November 6, 2015

COLUMBIA, S.C. — NAI Avant has arranged a 5,400-square-foot office lease in downtown Columbia. The Mariner Group has relocated its headquarters to the TD Bank Building located at 1501 Main St. Mariner is a provider of maritime situational awareness and response management solutions and services. Paul Hartley, Roger Winn and Paul Paschal of NAI Avant represented Mariner in the transaction.

November 6, 2015

Multifamily Southeast Tennessee

Berkshire Group Acquires 153-Unit Apartment Complex in Nashville

by Christina Cannon November 6, 2015

NASHVILLE, TENN. — An affiliate of Berkshire Group has acquired a 153-unit apartment complex in Nashville. Artisan on 18th is a Class A community that was purchased for an undisclosed price. The complex is located in the Music Row neighborhood and is close to Vanderbilt University, the Medical District, the Tennessee State Museum, Bridgestone Arena and Honkey Tonk Row. The asset is a five-story, wood-frame building. Community amenities include two outdoor courtyards, grills, fire pits, a resident lounge, business center, television room, fitness center and bike storage. Stonehenge Real Estate Group developed and sold the property. Berkshire Communities will manage the property.

November 6, 2015

Florida Office Southeast

Binswanger-Gateway Completes 20,600 SF Office Lease in Miami

by Christina Cannon November 6, 2015

MIAMI, FLA. — Binswanger-Gateway has arranged a 20,600-square-foot office lease for Compass, a residential real estate brokerage firm. Compass will occupy the penthouse in the Art Deco building, located at 605 Lincoln Road in Miami Beach, for 10 years. The historic 72,000-square-foot building was constructed in 1936 by architect Robert E. Collins and was the former home of Sony Music. Pedro Garcia and Zach Binswanger of Binswanger-Gateway brokered the transaction. Lincoln Road Penthouse LLP is the landlord and was represented by Gordon Messinger of Cushman & Wakefield.

November 6, 2015

Georgia Multifamily Southeast

MHA Brokers Sales of Four Metro Atlanta Apartment Communities for $71.7M

by Haisten Willis November 5, 2015

NORCROSS, GA. — Multi Housing Advisors (MHA) has arranged, in separate transactions, the sale of four apartment communities located in Norcross, Ga. for a total of $71.7 million. Josh Goldfarb and Tyler Averitt of MHA’s Atlanta office represented the Boston-based seller, Realty Financial Partners, in the transactions. In the first transaction, King Rook Capital, with corporate offices in New York, purchased Highland Reserve for $23.3 million. The 416-unit property was built in 1987. In the second transaction, Emma Capital Properties purchased Highland Valley for $18.8 million. The 300-unit property was built in 1985 and was subsequently renamed Princeton Heights Apartments. In the third transaction, Atlanta-based Audubon Communities purchased Highland Corners for $16.2 million. The 252-unit property was built in 1979. In the fourth transaction, Atlanta-based Marquis Investments purchased Highland Lakes for $13.4 million. The 240-unit property was built in 1985.

November 5, 2015

Florida Retail Southeast

Stiles Realty Brokers $18.2M Sale of Retail Space in Boynton Beach, Fla.

by Haisten Willis November 5, 2015

BOYNTON BEACH, FLA. — Stiles Realty has sold the 62,573-square-foot retail component of Renaissance Commons, a mixed-use commercial complex in Boynton Beach, Fla. The property was sold for $18.2 million. Dan Coyle of Stiles Realty represented both parties in the transaction. Cohen Commercial Properties was the buyer, and Wells Fargo Bank affiliate Redus One LLC was the seller. Located at 1880 N. Congress Ave. and 1500 W. Gateway Blvd., the retail component of Renaissance Commons includes 17 ground floor units across two buildings. The retail space is 80 percent leased to tenants including Bonefish Grill, Starbucks, Village Tavern Restaurant and AT&T. Renaissance Commons includes 293,000 square feet of office condos, office rentals and a self-storage facility. Stiles Realty and Stiles Property Management, both of which had been leasing and managing the property since Wells Fargo foreclosed on it in early 2014, were retained under the new ownership.

November 5, 2015

Alabama Multifamily Southeast

Berkadia Arranges Sale of 172 Units in Alabama for $3.8M

by Haisten Willis November 5, 2015

ALEXANDER CITY AND RAINBOW CITY, ALA. — Berkadia has arranged the sale of a multifamily portfolio encompassing a total of 172 units for $3.8 million. The properties include Azalea Court I & II, Sherwood Forest and Wildhaven. The properties are located in Alexander City and Rainbow City, Ala. David Oakley and Josh Jacobs of Berkadia’s Alabama office negotiated the portfolio sale representing the Birmingham-based seller. Suit Properties of Gadsden, Ala. was the buyer.

November 5, 2015

Multifamily North Carolina Southeast

LEM Capital Secures $6.5M Joint Venture Transaction in Durham, N.C.

by Haisten Willis November 5, 2015

DURHAM, N.C. — LEM Capital has funded a $6.5 million joint venture investment for the acquisition and renovation of Emerald Forest, a 320-unit multifamily property located in Durham, N.C. The property is set to undergo value-add renovations. Emerald Forest is a garden-style asset that was built in 1985 and features a mix of studios, one-, two- and three-bedroom units.

November 5, 2015

Retail South Carolina Southeast

BJ’s Wholesale Club to Open New Location in South Carolina

by Haisten Willis November 5, 2015

SUMMERVILLE, S.C. — GBT Realty Corp. will develop a new BJ’s Wholesale Club in Summerville, S.C. The $12 million development is situated on a 10.5-acre site at the southeastern corner of Interstate 26 and North Main Street. The 87,800-square-foot membership warehouse club will feature a BJ’s gas station and is expected to open in late 2016. Construction is set to commence immediately following the acquisition of the site in December. Summerville is located 20 miles northwest of Charleston. BJ’s Wholesale Club Inc. currently has more than 200 locations in 15 states with, the closest store located in Charlotte, N.C.

November 5, 2015

Loans Mississippi Multifamily Southeast

NorthMarq Arranges Financing for Apartment Complex in Mississippi

by Haisten Willis November 4, 2015

RIDGELAND, MISS. — Greg Duvall of NorthMarq Capital’s Kansas City regional office has arranged acquisition financing of $24.5 million for Arbors at Natchez Trace, a 328-unit multifamily property located at 715 Rice Road in Ridgeland, Miss. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. Property amenities include a fitness center, pool, tennis court, walking/biking trails, picnic area, laundry facilities and wheelchair accessible rooms.

November 4, 2015

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