FORT PIERCE, FLA. —The SRS Southeast investment sales team has brokered the sale of a 74,090-square-foot office property in Fort Pierce that is currently occupied by Virginia College. The property, located at 2810 South Federal Highway, sold for approximately $7.6 million. The property underwent a complete renovation in 2013. Kyle Stonis and Pierce Mayson in the SRS Atlanta office, along with Josh Burmeister and Buff Teague of Jones Lang LaSalle, represented the unnamed seller in the transaction. The undisclosed buyer did not have broker representation.
Southeast
WASHINGTON, D.C. — The Greysteel Co. has arranged the sale of Vito Terrace Apartments, a 44-unit multifamily community at 734 Longefellow St. in Washington, D.C. The elevator-served property is located in the city’s Brightwood Park neighborhood south of Parks of Walter Reed, the redevelopment of the former Walter Reed Army Medical Center. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian and Mike Bediones of Greysteel represented the seller, Urban Investment Partners LP, in the transaction. The buyer, Manna Inc., plans to work with property’s Tenant Association to preserve the property’s affordability and make moderate improvements. The sales price was undisclosed.
CHARLOTTESVILLE, VA. — CBRE | Charlottesville has brokered the sale of a 10,190-square-foot building, located at 925 E. Market St. in downtown Charlottesville. The buyer, CMB Development LLC, plans to develop a seven-story, mixed-use building at the location. The property will feature 18,000 square feet of Class A office space with units ranging from 2,500-6,000 square feet on the first four floors. Leigh Hughes and Rob Stockhausen of CBRE | Charlottesville, along with Duffy Birkhead of Frank Hardy Inc., represented the unnamed seller in transaction. Rob Stockhausen and Mason Graham of CBRE | Charlottesville are handling the commercial sales of the renovated project, which is scheduled for a spring 2015 completion.
ALPHARETTA, GA. — The Connor Group has sold Addison Place, an apartment community in Alpharetta, an affluent suburb of Atlanta. The Connor Group sold the asset to Resource Real Estate for $70.5 million, making it the largest sale in The Connor Group’s history. The Ohio-based investor purchased the apartment community in 2008 for $60 million.
MIAMI BEACH, FLA. — ARA has arranged the sale of a 1.1-acre waterfront development site at 6800 Indian Creek Drive in Miami Beach for approximately $11.3 million. The site has previously been approved for an 80-unit, 14-story residential building with 18 proposed boat slips. ARA represented the seller, Windsor Capital, in the transaction. A private real estate investment group purchased the site.
MIAMI — Marcus & Millichap has brokered the sale of ZP Apartments, an 89-unit multifamily community at 5610 N. Miami Ave. in Miami. An undisclosed buyer purchased the asset for approximately $4.4 million. Evan Kristol and Felipe Echarte of Marcus & Millichap represented the seller, a local private investor, in the transaction.
AUGUSTA, GA. — Cassidy Turley has arranged the sale of Daniel Village, a 172,438-square-foot, grocery-anchored shopping center in Augusta, on behalf of the seller, Equity One. B&C Southeast LLC purchased the property for an undisclosed price. Bi-Lo anchors the center, and its other tenants include Rite Aid, Wells Fargo, Rent-A-Center and The UPS Store. Drew Fleming and Mark Joines of Cassidy Turley represented Equity One in the transaction.
MIAMI — CBRE’s debt and structured finance group has arranged a $6 million loan to recapitalize Capital Lofts, a 16-story loft-style condominium project at 117 N.E. 1st Ave. in Miami. CBRE arranged the two-year, floating rate loan through Doral Bank on behalf of the borrower, Coast Capital Partners. The borrower will use the loan to buy out an investment partner and complete the sell-off of the remaining 46 units in the project. The landmark condominium property is listed on the National Register of Historic Places. Christopher Apone, Charles Foschini and Christian Lee of CBRE arranged the loan.
CASSELBERRY, FLA. — Cortland Partners has entered the metro Orlando market with the $40 million purchase of Harbor at Lake Howell, a 408-unit garden-style apartment market in Casselberry. Cortland purchased the asset from Casselberry Harbor Investors Inc. Atlanta-based Cortland owns roughly 19,000 units, located primarily in the Southeast and Texas.
RALEIGH, N.C. — Passco Cos. LLC has acquired Carrington at Brier Creek, a 270-unit luxury apartment community in Raleigh, for $37.3 million. The seller, The Connor Group, purchased the property in 2007 for $34.9 million. Passco Cos. plans to improve the community with the additions of a cyber-lounge and pet spa, as well as an upgraded fitness center and model unit. The transaction is the third multifamily acquisition in the Raleigh-Durham area during the past nine months.