WILMINGTON, N.C. — Coldwell Banker Commercial Sun Coast Partners has arranged the $13.9 million sale of Lumina Commons, an 84,000-square-foot grocery-anchored shopping center in Wilmington. The center’s tenant roster includes Harris Teeter, West Marine, Jersey Mikes, The Seasoned Gourmet, Crest Fitness and David’s Deli. Nicholas Silivanch of Coldwell Banker Commercial Sun Coast Partners represented the buyer, Phillips Edison-ARC Shopping Center REIT Inc., in the transaction.
Southeast
WEST PALM BEACH, FLA. — Jamestown has purchased Village Commons, a 169,118-square-foot, Class A shopping center located at 701-971 Village Blvd. in West Palm Beach. The Publix-anchored shopping center was 92 percent leased at the time of the sale to tenants such as Panera Bread, Cold Stone Creamery, Massage Envy, Edible Arrangements, Weight Watchers and Duffy’s Sports Grill. Jamestown plans to implement a $4.5 million capital improvement program that will expand Publix to 45,600 square feet as part of a new 20-year lease.
ZEPHYRHILLS, FLA. — RCG Ventures has purchased Merchants Square, a 74,837-square-foot shopping located at the intersection of Gall Boulevard and Pretty Pond Road in Zephyrhills, a suburb of Tampa Bay. The property is anchored by Hobby Lobby, Hibbett Sporting Goods and Anytime Fitness. Anthony Blanco of The Shopping Center Group represented the unnamed seller in the transaction. RCG Ventures was represented internally by Scott Tarbet.
PENSACOLA, FLA. — KeyBank Real Estate Capital has secured an $11.7 million fixed-rate CMBS loan for Jasmine Creek Apartments, a 200-unit garden-style apartment complex in Pensacola. KeyBank also secured a $7.6 million fixed-rate CMBS loan for Flats at Ninth Apartments, a 168-unit multifamily property located in Pensacola. Both loans were used to pay off existing KeyBank credit facilities. The sponsor for both loans was The Kislak Organization, a private investor based in Miami.
MOUNT PLEASANT, S.C. — Daniel Corp. has broken ground on Bridgeside at Patriots Point, a 324-unit apartment community in Mount Pleasant. Daniel Corp. is developing the asset on behalf of MetLife Inc. and plans to deliver it in the spring of 2016. The property will feature one- and two-bedroom floorplans and offer views of Charleston Harbour. The community will include covered parking, a resort-inspired clubhouse, pool area, fitness center and gardens. The project team includes general contractor Choate Construction Co., civil engineer Seamon Whiteside & Associates and architect Wakefield Beasley & Associates.
WESTON, FLA. — CBRE has arranged the $32.3 million sale of Weston Road Shopping Center, a 105,929-square-foot retail center located at 4410 Weston Road at the entrance of the city of Weston. An institutional investor purchased the asset from Coral Gables-based Game Properties. The property is roughly 98 percent leased to tenants such as Office Depot, AC Moore, Sprint, Dunkin’ Donuts, AT&T, Pinch-A-Penny, Honey Baked Ham and T-Mobile. Dennis Carson, David Donnellan and Casey Rosen of CBRE represented Game Properties in the transaction.
KENNESAW, GA. — Cushman & Wakefield has arranged the sale of TownPark Ravine, a three-building, 367,090-square-foot office park in the northern Atlanta suburb of Kennesaw. The office park provides immediate access to Interstates 75 and 575. David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield represented the seller, Taylor & Mathis Inc., in the transaction. The purchase price was not disclosed. Cushman & Wakefield also arranged a $41.1 million acquisition loan on behalf of the buyer, America’s Capital Partners LLC. Mike Ryan, Brian Linnihan, Jeff Walker and Larry Johnson of Cushman & Wakefield arranged the long-term, fixed-rate loan through GE Capital Corp.
SIMPSONVILLE, S.C. — NAI Earle Furman has brokered the $4.9 million sale of Village Park Apartments, a 132-unit complex located at 110 Village Park Drive in Simpsonville. Built in 1976, the asset was 96 percent occupied at the time of the sale. Tony Bonitati and Kay Hill of NAI Earle Furman represented the seller, Gastonia, N.C.-based Southwood Realty, in the transaction. The buyer was Brooklyn-based Two Bridges Asset Management LLC.
ALPHARETTA, GA. — Lavista Associates Inc. has arranged the sale of Shiloh Crossing, a two-building, 71,640-square-foot industrial facility in Alpharetta, a northern suburb of Atlanta. The property, located in The Meadows, a Class A business park, was fully leased at the time of the sale. Will Grogan and Charlie Fiveash of Lavista represented the owner and developer, Childress Klein Properties, in the transaction. The buyer was Passive Income Fund, a private REIT based in Australia.
The center cores of Baltimore and Washington, D.C., are located approximately 40 miles apart, and talk has renewed about the possibility of connecting the two metropolises by a Maglev rail system. The Baltimore/Washington region is generally considered the fourth largest in the country, boasting nearly 9 million people in the common area. But, when it comes time to rate the demographics, quality of life and overall attributes between the two, Baltimore assumes its secondary status in most comparisons, especially among some professionals in the retail real estate industry. Yet, given the recent successes of retail ventures that have opened in Baltimore City within the past year, prospects for future developments that promise to reinvigorate oft-neglected sections of the city and planned expansions of other mixed-use projects, Baltimore is currently enjoying a “charmed” life. The iconic advertising campaign for National Bohemian beer, which referred to Maryland as “The Land of Pleasant Living,” seems like an appropriate descriptor these days. The project that still has Baltimoreans buzzing is The Shops at Canton Crossing, the 330,000-square-foot retail shopping center situated within the city’s east side that opened last fall, and could easily serve as a national model for successful brownsfield development. Abandoned warehouse …