CORAL SPRINGS, FLA. — Inland Real Estate Income Trust Inc. has purchased the North Hills Square Shopping Center, a 63,829-square-foot property located in Coral Springs, about 15 miles southwest of Boca Raton, Fla. Inland purchased the asset for approximately $11.1 million. Walmart Neighborhood Market anchors the center, which was 98 percent leased at the time of the sale to tenants such as Wendy’s and Manhattan Bagel. Matthew Tice of Inland Real Estate Acquisitions Inc. and Lou Quilici of IREIT Business Manager & Advisor Inc. facilitated the purchase of the property.
Southeast
ATLANTA — Following the renovations of Lenox Square, Simon Property Group Inc. will implement a facelift of Phipps Plaza, an upscale mall in Atlanta’s Buckhead district. Phase I will include an extensive interior makeover, featuring upgraded LED lighting, new paint scheme, new wood accents, an updated railing system, luxury lounging areas with Wi-Fi connectivity and chargers, upgraded restrooms and a new concierge service center. Additionally, Simon will make major improvements to the parking decks and entrances. Construction is slated to begin this summer and wrap up before the holiday shopping season. Future renovations will include improvements to the mall’s Peachtree Road entrance, a new streetscape with storefronts and landscape improvements. New additions to the mall include 320 luxury residential units and a 164-room hotel with upscale dining.
CHARLOTTE, N.C. — Terwilliger Pappas Multifamily Partners has begun construction on Solis Dilworth, a 184-unit luxury apartment community in Charlotte. The multifamily property will be located on Morehead Street at Kenilworth Avenue, near the Carolina Medical Center, Uptown Charlotte, the Little Sugar Creek Greenway and the merchants and eateries lining East Boulevard. The property will feature a central courtyard with a resort-style saltwater pool and cabana. Other amenities will include a lounge and game room, fitness center, yoga room and pet exercise/grooming facilities. The project team for the development includes architect Rule Joy Trammell + Rubio, landscape architect Cole Jenest Stone and general contractor Adolfson & Peterson Construction.
SANDY SPRINGS, GA. — Franklin Street Real Estate Services has arranged the $10.9 million sale of Powers Ferry Shopping Center in Sandy Springs, a northern suburb of Atlanta. The two-story shopping center is anchored by CVS/pharmacy and includes a Subway and Bruegger’s Bagels. The asset was 85 percent leased at the time of the sale. Mac McCall and John Tennant of Franklin Street represented the seller, a local partnership that originally developed the property. The buyer was a 1031 exchange investor based in New York.
GAINESVILLE, FLA. — MedProperties Holdings LLC and Equity Inc. are partnering to build a replacement skilled nursing center for the Gainesville Health Care Center, located at 4816 S.W. Archer Road in Gainesville. The nonprofit company Gainesville Council on Aging will lease the entire 97,000-square-foot, 180-bed facility, which MedProperties and Equity will jointly own. The new property will offer short-term rehabilitation, long-term care, memory care, palliative care and hospice care. Construction is slated to last 12 to 14 months.
LOUISVILLE, KY. — HREC Investment Advisors has arranged the sale of the 271-room Holiday Inn Louisville East in Louisville. Lakshmi Narayan Hospitality Group Louisville LLC purchased the asset from a national special servicer for an undisclosed price. Monty Levy, Tom Sommer and Scott Stephens of HREC represented the seller in the transaction.
LARGO, FLA. — NorthMarq Capital has arranged a $30 million construction loan for Boulevard Apartments, a 260-unit apartment community in Largo. The multifamily property will be located at 2098 Seminole Blvd. Larry Curry of NorthMarq’s Tampa, Fla., office arranged the three-year loan with a 30-year amortization schedule through a national bank on behalf of the borrower, Dockside Investors LLC. Upon completion, the project will feature elevators, fitness facilities, an indoor lap pool/spa, nature trails, a pet park and concierge services.
DORAVILLE, GA. — Marcus & Millichap has arranged the $20.7 million sale of the 190,172-square-foot Doraville Plaza in Doraville, a suburb of Atlanta. Burlington Coat Factory anchors the property, located at 5706 Buford Highway. The acquisition also included four outparcel properties occupied by Krispy Kreme, Wells Fargo, McDonald’s and Chick-fil-A. Doraville Plaza was fully leased at the time of the sale. Don McMinn and Zachory Taylor of Marcus & Millichap’s Atlanta office represented the seller, an Atlanta-based owner and developer, in the transaction.
STUART, FLA. — The Shopping Center Group has brokered the sale of Salerno Village Square, a 77,677-square-foot shopping center anchored by Winn Dixie in Stuart, a city in South Florida. Toronto-based Slate Properties purchased the property for approximately $8.6 million. Anthony Blanco of The Shopping Center Group represented the seller, Equity One Inc., a publicly traded REIT. The shopping center, which also includes a CVS/pharmacy, was 85 percent leased at the time of the sale.
ST. PETERSBURG, FLA. — Publix Super Markets has purchased a freestanding, 28,800-square-foot Publix supermarket at Carillon Town Center in St. Petersburg. Publix purchased the single-tenant retail property from White Development for $5.2 million. The property is located at 120 Carillon Parkway. Mike Milano and Ron Schultz of Colliers International’s Tampa Bay office represented the seller in the transaction.