CHARLOTTE, N.C. — EDENS, a shopping center owner, developer and operator based in Columbia, S.C., has purchased Myers Park Center in Charlotte for an undisclosed price. The 75,075-square-foot shopping center is anchored by a two-story Harris Teeter and is located in Charlotte’s affluent Myers Park neighborhood. EDENS owns other shopping centers in Charlotte, including Park Road Shopping Center, Atherton Mill and Kenilworth Commons.
MIAMI — Aztec Group has brokered the $8.6 million sale of Miami River Inn, Miami’s longest operating hotel. Vagabond Group, led by developer Avra Jain, purchased the 58-room hotel, which is located along the Miami River at 118 S.W. South River Drive. Vagabond Group plans to renovate the hotel, which was built in 1906. Jason Katz of Aztec Group represented Vagabond in the transaction. Alfonso Jaramillo of Fortune International Realty represented the seller, Habitat Group.
ATLANTA — The Atlanta Braves and Omni Hotels & Resorts have partnered to develop a new Omni hotel in the mixed-use development adjacent to SunTrust Park in Cobb County. Known as the Omni Atlanta Northwest Hotel, the property will span 16 floors and feature 260 guest rooms. The hotel will comprise 12,500 square feet of meeting space, a signature restaurant and an elevated pool deck and bar overlooking the plaza and ballpark. Groundbreaking for the Omni Atlanta Northwest Hotel is expected to occur later this year. The Dallas-based hospitality company has 60 hotels and resorts in the top markets across the U.S., including the Omni Atlanta Hotel at CNN Center. SunTrust Park is set to open by April 2017 and will be the new home to the Atlanta Braves.
ASHBURN, VA. — Security Properties has purchased the 168-unit Grove at Flynn’s Crossing, an apartment community located at 21892 Blossom Hill Terrace in Ashburn, for $31 million. The acquisition marks Security Properties’ first acquisition in the northern Virginia/Washington, D.C. area. Built in 1999, the property contains a mix of one-, two- and three-bedroom apartments and includes washer and dryer hookups in each unit, a fitness center, clubhouse, pool and playground. The Grove at Flynn’s Crossing consists of affordable apartments for individuals and families earning up to 60 percent of area median income. Jeff Kunitz and Brandon Grisham of Marcus & Millichap represented the undisclosed seller in the transaction. Tim Leonhard of Oak Grove Capital arranged acquisition financing through Fannie Mae on behalf of Security Properties.
RALEIGH, N.C. — CBRE|Raleigh has brokered the sale of Grove Towers, a three-building, 115,413-square-foot office campus in Raleigh. The office park is located at 1001, 1100 and 1110 Navaho Drive in the Six Forks/Falls of Neuse office submarket. Nearby attractions include retail destination North Hills, downtown Raleigh, neighborhoods inside the beltline and Duke Raleigh Hospital. The buyers, Iron Point Partners and Hobbs Properties, purchased the office campus from GT Company LP for an undisclosed amount. Ben Kilgore, Jeff Glenn and Jim McMillan of CBRE|Raleigh represented the seller in the transaction.
BIRMINGHAM, ALA. — Berkadia has brokered the $4.1 million sale of Element 26, a recently remodeled apartment community in Birmingham. The 66-unit property is located on 14th Avenue and 17th Street on Birmingham’s south side. Element 26’s units average roughly 650 square feet that rent for an average $1.11 per square foot. The asset was fully occupied at the time of sale. Element 26 LLC, an investment group based in Birmingham, purchased the asset from Birmingham-based Highland Ridge LLC for $61,742 per unit. Joshua Jacobs of Berkadia represented the seller in the transaction. The new owner has retained ArbourValley to manage Element 26.
DECATUR, GA. — Redstone Investments has brought the retail portion of its mixed-use property in Decatur to full occupancy. The development is located at 315 W. Ponce de Leon Ave. and includes 10,000 square feet of street-level retail space, a 125,000-square-foot office building, shared parking deck and new multifamily residences. The property’s retail tenant roster includes Highland Bakery, Taziki’s and Orangetheory Fitness. The mixed-use project was jointly planned by Redstone Investments and Carter. The first phase of the residential component above the retail was completed in December 2014 and was 100 percent occupied within weeks of delivery. The final phase of the residential development will be completed this summer. Steve Wohl of Oakhurst Realty is the leasing agent for the property.
WELLINGTON, FLA. — HFF has brokered the $53.5 million sale of Wellington Green Commons, a Whole Foods-anchored retail center in Wellington, a village in South Florida’s Palm Beach County. Built in two phases in 2008 and 2010, the 112,354-square-foot center was 98.5 percent leased at the time of sale to tenants such as AT&T, Chili’s Grill & Bar, Macaroni Grill, Jason’s Deli, Moe’s Southwest Grill, Massage Envy Spa, Orange Theory Fitness, AmTrust Bank, Posch Boutique, My Community Pharmacy and BP Amoco/Dunkin’ Donuts. Daniel Finkle, Luis Castillo, Nat Scarmazzi and Kim Flores of HFF represented the seller, Schmier & Feurring Properties, in the transaction. The buyer was Weingarten Realty Investors.
KENNESAW, GA. — Atlanta-based shopping center owner RCG Ventures has formed a joint venture with DRA Advisors to purchase Cobb Place, a 335,190-square-foot shopping center located along Ernest Barrett Parkway in Kennesaw, a northern suburb of Atlanta. The joint venture acquired the center from an undisclosed seller for $46.5 million. The property’s tenant roster includes Bed Bath & Beyond, Cost Plus World Market, DSW Shoe Warehouse, Ashley Furniture and American Signature Furniture. CBRE represented the seller in the transaction, and RCG Ventures was represented internally by Matt Klump.
FORT LAUDERDALE, FLA. — CBRE has arranged the $13.1 million sale of Merrill Lynch Plaza, a 77,878-square-foot office campus located at 2601-2611 E. Oakland Park Blvd. in Fort Lauderdale. An unnamed equity investor from Israel purchased the asset from BE ML FLL LLC. The office campus was 84.9 percent leased at the time of sale to tenants such as Merrill Lynch, Centennial Bank, Africa Adventure Co., Exit Ryan Scott Realty and The Darwin Agency. Dominic Montazemi, Miguel Alcivar, Greg Miller, Jason Hochman and Scott O’Donnell of CBRE represented the seller in the transaction.
