AUGUSTA, GA. — Bernard Financial Group has arranged a $7.5 million loan to refinance a freestanding, 192,394-square-foot Walmart Supercenter in Augusta. Neil Gorosh of Bernard Financial originated the loan through Ameritas Life Insurance Corp. on behalf of the borrower, BC Investments-Augusta LLC.
Southeast
BALTIMORE — MCR Development LLC has completed a full renovation of the lobby and guestrooms of the 126-room Hampton Inn Baltimore Downtown Convention Center. The lobby offers views of Oriole Park at Camden Yards and features baseball glove seats, baseball-themed floor tiles and baseball bat lighting. The hotel is located adjacent to the Baltimore Convention Center and within walking distance of the University of Maryland Medical Center, M&T Bank Stadium and the new Downtown Harrahs Horseshoe Casino opening this fall.
ATLANTA — Lowe Enterprises Investors (LEI) has formed a joint venture with TriBridge Residential to own and operate City View Apartments, a 202-unit mid-rise apartment building in Atlanta. The multifamily community, built in 2003, is located at 433 Highland Ave. N.E. in Atlanta’s Old Fourth Ward neighborhood near the Beltline. LEI and TriBridge will implement new upgrades to the community, including granite countertops, new appliances and washer and dryer units in each apartment. The property features a 10,000-square-foot CVS/pharmacy on the ground floor and a newly renovated swimming pool and fitness center. Derrick Bloom of JLL represented TriBridge Residential, along with TriBridge’s Andy Green and Steve Broome. John Gaghan and Andy Sands led LEI’s acquisition team.
TAMPA, FLA. — Orlando-based Smith Equities Real Estate Investment Advisors has arranged the sale of two purpose-built student housing communities serving students of the University of South Florida in Tampa. Campus Club, a 64-unit, 256-bed community built in 2005, sold for $10.5 million. College Court, a 92-unit, 356-bed property built in 2004, sold for $11.8 million. Both communities are gated and feature resort-style swimming pools. Paul Guyet and Geoff Harlan of Smith Equities worked with two different sellers to secure one buyer for both properties. Including these acquisitions, Smith Equities has brokered more than $230 million in sales of student housing properties in Florida.
MEDLEY, FLA. — Gramercy Property Trust Inc., a publicly traded REIT, has purchased three auto salvage properties in Medley, part of the Miami MSA, for $17.3 million. The properties, totaling approximately 30 acres, are fully leased through July 2022 to a subsidiary of a large publicly traded global provider of replacement auto and truck parts.
MIAMI — Marcus & Millichap has arranged the $13 million sale of the 21/22 Center, an eight-story, 74,461-square-foot office and retail property in Miami. The asset is located on the corner of Southwest 21st Avenue and Coral Way at 2103 Coral Way. The property includes 18,356 square feet of ground-floor retail space and 56,105 square feet of office space. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented both the buyer and the seller in the transaction. The property has received approximately $2 million in capital improvements in the last two years.
GADSDEN, ALA. — Jason Stinson of Commercial Realty Services of Alabama LLC has brokered the purchase of two retail buildings once occupied by Food World in Gadsden for an undisclosed price. The two assets are approximately 45,000 square feet each and are located in Eastside Plaza Shopping Center and Canterberry Station Shopping Center. Anniston, Ala.-based GB & MH Properties LLC purchased the Eastside Plaza asset, and Birmingham-based Beltline Canterberry LLC purchased the Canterberry Station asset. Beltline Canterberry is the majority owner of the remainder of Canterberry Station Shopping Center.
CHARLOTTE, N.C. — LRC Properties LLC, in a joint venture with Highbrook Capital Management, has purchased Colonial Plaza, a three-story, 211,810-square-foot office building located at 2101 Rexford Road in Charlotte’s SouthPark submarket. The joint venture purchased the Class B asset, also known as the Esplanade, for approximately $25.3 million. The office building’s tenant roster includes Ally Financial, Garretson Firm Resolution Group, Agility Recovery and American Security Mortgage. LRC Properties plans to upgrade the property with the addition of a conference meeting room, lounge and health club. Darren Hirsch will lead LRC Properties’ day-to-day management of Colonial Plaza. Including this transaction, LRC Properties now owns and manages approximately 1.8 million square feet of commercial space in Charlotte.
GERMANTOWN, MD. — NexCore Group LLC, a national healthcare developer, has broken ground on a 79,491-square-foot medical office building on the new Holy Cross Health hospital campus in Germantown, an unincorporated municipality roughly 20 miles northeast of Bethesda. The new facility is located within the Hercules Pickney Life Sciences Park on the Montgomery College campus. Holy Cross Health hospital is slated to open in October. NexCore is building the medical office building to LEED Silver certification standards, with high efficiency air handling units, lighting control system and a green roof. The asset is one of three healthcare facilities around the country that NexCore is developing for CHE Trinity Health.
SUN CITY CENTER, FLA. — Phillips Edison-ARC Grocery Center REIT II Inc. has purchased Kings Crossing, a 75,020-square-foot grocery-anchored shopping center in Sun City Center, part of the Tampa MSA. Publix anchors the shopping center, which also houses Sally Beauty Supply, Subway and The UPS Store. With this acquisition, the REIT’s portfolio features eight properties representing an aggregate purchase price of approximately $116 million.