STUART, FLA. — Konover South LLC plans to develop Stuart Landings, a 30,587-square-foot shopping center located at 3801 S.E. Federal Highway in Stuart. Upon completion in summer 2016, the shopping center will feature a 17,837-square-foot Aldi, 3,500-square-foot Aspen Dental, a 4,000-square-foot fast food restaurant outparcel and another 5,250 square feet of inline retail space. The new development will be situated adjacent to an existing Walmart Supercenter. Konover South purchased the 4.4-acre land parcel from Industrial Development Corp. for approximately $2.3 million. Al Cicchese of SLC Commercial Realty & Development brokered the transaction. The Shopping Center Group represented Aldi in its lease transaction, and Katz & Associates represented Aspen Dental.
SIMPSONVILLE, S.C. —McCrory Construction Co., a South Carolina-based general contractor, has broken ground on The Crossing at Five Forks, an independent living, assisted living and memory care community in Simpsonville, located in Upstate South Carolina. Virginia-based developer Smith/Packett Med-Com LLC is developing the 197,702-square-foot community, which will feature 100 independent living units, 48 assisted living units and 24 memory care units. Development costs are estimated to be $19 million. More than 15 percent of the population in Greenville County, where the community will be located, is above 62 years of age. Studies project that in 10 years, one of every four residents in Greenville will be over 55, according to McCrory. The Crossing at Five Forks is the second seniors housing community McCrory is building in South Carolina for Smith/Packett and its subsidiary Harmony Senior Services. The Crossings at Wescott Plantation, located in Charleston, is scheduled for completion in the fall of 2016.
FORT WALTON BEACH, FLA. — Marcus & Millichap has brokered the $9.5 million sale of Choctaw Plaza, a 97,171-square-foot shopping center located at 111 Racetrack Road N.W. in Fort Walton Beach. The property’s tenant roster includes Big Lots, Dollar General, Rent A Center, Compass Bank, Coldwell Banker and U.S. and Florida government agencies. Marc Strauss and Al Palacios of Marcus & Millichap represented the seller, a partnership based in Destin, Fla., in the transaction. Cory Gross of Marcus & Millichap’s Denver office secured and represented the buyer, a limited liability company based in Syasset, N.Y.
SPARTANBURG, S.C. — Colliers International has brokered the $3.5 million sale of a 133,240-square-foot industrial facility located at 2641 New Cut Road in Spartanburg. Reger Holdings LLC purchased the former Faurecia manufacturing facility from Faurecia Emissions Control Technologies LLC. Faurecia is a manufacturer of automotive seating, interior systems, automotive exteriors and emissions control technologies and is major supplier for BMW, which has a major presence in South Carolina. Colliers is the global real estate services provider for Faurecia, which has 238 production facilities and 38 research and development centers in 33 countries. Chuck Salley, Dave Mathews, Givens Stewart, Sam Myers, Garrett Scott and Brockton Hall of Colliers represented both the buyer and seller in the transaction. Reger Holdings has retained Colliers to lease and manage the facility.
CHAPEL HILL, N.C. — CBRE | Raleigh has arranged a 90,577-square-foot office lease at Carolina Square, a mixed-use development under construction in downtown Chapel Hill. Brad Corsmeier, Lee Clyburn, Charlie Coyne and Christina Coffey of CBRE | Raleigh represented the landlords, Northwood Ravin and Cousins Properties, in the lease deal. The new tenant is UNC Chapel Hill POP Center, a consortium of population research professionals and scholars sponsored by the University of North Carolina at Chapel Hill.
ATLANTA — Vista, an Atlanta-based owner and developer of multifamily communities in the Southeast, has purchased two apartment communities in metro Atlanta totaling $56.8 million, or roughly $106,000 per unit. Vista originally developed both complexes and plans to renovate the assets to best-in-submarket status. The properties include the 312-unit Oakwood Vista in Norcross near I-85 and Jimmy Carter Boulevard and the 224-unit Parkway Vista in Atlanta near the I-85/I-285 junction. Vista originally developed Oakwood Vista in 2003 and Parkway Vista in 2002. Vista funded both acquisitions using a combination of permanent financing from Freddie Mac, preferred equity and equity provided by Eduard de Guardiola, the founder of Vista.
ORLANDO, FLA. — InvenTrust Properties Corp. has acquired Rio Pinar Plaza, a 124,283-square-foot, Publix-anchored shopping center in Orlando, for $34 million. The recently renovated property was fully leased at the time of sale. The shopping center is located at 401 S. Chickasaw Trail near the Florida Hospital East Orlando. As of Sept. 30, InvenTrust Properties, a self-managed REIT, owned 128 multi-tenant retail properties, including 18 joint venture assets, comprising 19 million square feet of retail space in 24 states.
DURHAM, N.C. — CBRE has brokered the sale of Level 51 Ten Apartments, a 242-unit apartment community located at 5110 Old Chapel Hill Road in Durham. Built in 2003 as student purpose-built apartments, the complex features one-, two- and three-bedroom units. The undisclosed buyer plans to invest capital to improve the property’s unit interiors, amenities and operations. Phil Brosseau, Kevin Kempf, Jeff Glenn and Jaclyn Fitts of CBRE represented the seller, Chicago-based Blue Vista Capital Management LLC, in the transaction.
WASHINGTON, D.C. — NorthMarq Capital has arranged an $8.3 million FHA 221(d)(4) construction-to-permanent loan for The Conway Center, a $90 million, 320,000-square-foot mixed-use project in Washington, D.C. The project will be occupied by SOME (So Others Might Eat), an interfaith, community-based, tax-exempt organization. The property will occupy a full city block on Benning Road and will combine affordable housing, job training and healthcare services. The Conway Center is capitalized with public funding, tax credits, tax-exempt bonds and low-interest loans. The Conway Center will annually provide 172 homeless and low-income men and women with affordable housing and 15,000 underserved men, women and children with comprehensive care at the Medical and Dental Health Center operated by Unity Health Care. An estimated 300 adult students will receive job training at SOME’s Center for Employment Training, and 30 homeless and low-income families will be provided with affordable housing. Frank Relihan and Brendan Scanlon of NorthMarq Capital’s Washington, D.C., office arranged the loan, which contributed to the $86.7 million that has been raised for the project thus far. SOME is currently seeking the final $3.3 million to complete the development. Construction for SOME’s facility, which features staff offices and retail space, began Nov. 15 with …
JACKSONVILLE, FLA. — Colliers International’s Northeast Florida office has brokered the $4.4 million sale of a 105,737-square-foot Kmart located at 9600 San Jose Blvd. in Jacksonville. Atlantic Mini-Storage of America Inc. purchased the retail property from Jacksonville KM LLC. Jason Ryals and Gary Montour of Colliers represented the buyer in the transaction.