CAMDEN, S.C. — ProVest Properties LLC has purchased Springdale Plaza, a 179,000-square-foot shopping center located in Camden, for $11.8 million. The property was 94 percent leased at the time of sale to tenants such as Belk, Burke’s, Farmer’s Home Furniture, Goodwill, Dollar Tree, Gamestop, Rue 21 and Hibbett Sports. Marc Birnbaum, Esq. represented Charles Vita of ProVest Properties in the negotiations.
CHARLESTON, S.C. — NAI Avant has secured retail tenants for all five available suites in The Grand at Midtown, a mixed-use apartment community located at the corner of Meeting and Spring streets in downtown Charleston. King of Pops, a gourmet popsicle company, and an unnamed retailer will join existing retailers Edward Jones, Bull Street Market and CHS Revolution at the property, which was formerly known as Elan Midtown. Phillipa Ward of Arthur Ravenel Commercial Realty represented King of Pops in the 615-square-foot lease transaction. Amanda Reeves of Lee & Associates represented the unnamed retailer in the 1,575-square-foot lease deal. Scott Peevy and Ruth Marie Embler of NAI Avant represented the landlord, Meeting Street Realty Co., in the lease negotiations.
MIAMI — The site of the 83-story Panorama Tower in Miami spans 14,677 cubic yards, making it Florida’s largest single foundation in history. The continuous concrete pour held last weekend comprised more than 1,200 loads spread out between 175 cement trucks pouring for a consecutive 22.5 hours. Upon completion, Florida East Coast Realty’s Panorama Tower will be the tallest residential tower on the Eastern seaboard south of New York and the tallest building (830 feet) in the state of Florida. The project includes 16 miles of auger cast piles, more than 3,500 tons of reinforcing steel, 13.5 million pounds of cement, 15.3 million pounds of sand, 25.8 million pounds of rock and 495,000 gallons of water. For the $800 million tower, Florida East Coast Realty is using a $340 million construction loan from Wells Fargo, which is the largest construction loan in South Florida. Mosche Cosicher designed the tower to feature a 2,000-car parking garage, 100,000 square feet of medical office space, a 208-room hotel, 50,000 square feet of retail and restaurant space and 64 stories of residential space totaling 821 rooms.
PEACHTREE CORNERS, GA. — Emma Capital Investments Inc. has purchased Valencia Park Apartments, a 508-unit garden-style apartment community in Peachtree Corners, a suburb of Atlanta. The multifamily investor acquired the asset via 3500 Peachtree Corners LP for $28.2 million. The multifamily community’s amenity package includes a swimming pool with a sundeck, clubhouse and fitness center. Emma Capital plans to implement a renovation program to the common areas and unit interiors upon completion of the sale. Valencia Park is Emma Capital’s second acquisition in north Atlanta within the last three months and its seventh purchase in the United States. The company now owns roughly 2,000 units in the United States.
DELRAY BEACH, FLA. — Pollack Shores Real Estate Group has acquired The Vinings at Delray Beach, a 228-unit apartment community in Delray Beach, a town in South Florida. Built in 1996, the apartment community features a resort-style pool, outdoor grills, volleyball court, fitness center and a business center. Pollack Shores plans to upgrade the unit interiors with vinyl-plank wood flooring, granite countertops, new cabinetry, stainless steel appliances and new lighting fixtures. The company also plans to renovate the clubhouse, fitness center and pool area. Pollack Shores purchased the asset for an undisclosed amount from an unnamed institutional investor. Avery Klann of ARA brokered the transaction. Pollack Shores’ management division, Matrix Residential Inc., will manage The Vinings at Delray Beach. The recent purchase brings Pollack Shores’ current Florida portfolio to more than 4,000 units with a total capitalization of over $500 million.
FREDERICK, MD. — Transwestern has brokered the sale of two industrial properties in Frederick totaling $23.9 million on behalf of the seller, Ruppert Properties. Cabot Properties purchased Stanford Trading Center, a four-building, 175,380-square-foot industrial campus, for $15.9 million. Flying Dog Brewery purchased The Brewery Building, a 46,200-square-foot asset located at 4607 Wedgewood Blvd., for $8 million. Flying Dog is the sole occupant of The Brewery Building. Transwestern’s Mark Glagola and Robert Filley, who is now with Marcus & Millichap, brokered the transaction. Bill Meissner of Ruppert Properties worked with the Transwestern team to facilitate the transaction.
ORLANDO, FLA. — Waterton Associates LLC has acquired Promenade Crossing, a 212-unit garden-style apartment community located roughly three miles northeast of downtown Orlando. The gated community offers one- to three-bedroom floorplans and borders Baldwin Park, an upscale master-planned community. Promenade Crossing is Waterton’s second acquisition in 2015 and brings the company’s Florida multifamily portfolio to more than 2,300 units.
TAMPA, FLA. — Feldman Equities LLC and Tower Realty Partners have reacquired an interest in Wells Fargo Center, a 22-story, 390,000-square-foot office tower located in downtown Tampa. The two firms purchased the equity position in a joint venture partnership with an institutional investor that purchased the building in 2014. Feldman Equities and Tower Realty originally acquired Wells Fargo Center at the end of 2012 in a joint venture partnership with another institutional investor. As part of the agreement, Tower Realty Partners will retain management responsibilities with Feldman Equities providing leasing oversight. Jeff Lanning and Brian Breeding of Cushman & Wakefield have been retained to represent the ownership group in leasing the building. Current tenants include Wells Fargo & Co., Phelps Dunbar and UBS.
WASHINGTON, D.C. — A joint venture partnership between Federal Capital Partners and Self Storage Zone has begun construction on a 1,381-unit self storage facility located at 1850 New York Ave. N.E. in Washington, D.C. The facility will span 112,775 square feet. The joint venture has previously developed and opened a 1,034-unit self storage facility at 645 Taylor St. N.E. in Washington, D.C.
MORRISVILLE, N.C. — TradeMark Properties has brokered the $16.5 million sale of the Concourse Building, a 131,553-square-foot office building located at One Copley Way in Morrisville, roughly 14 miles west of Raleigh. Fred Dickens of TradeMark represented the undisclosed seller in the off-market transaction. The buyer, Virginia Beach-based Continental Capital Partners, has retained TradeMark to lease the Class A property.
