BIRMINGHAM, ALA. — Cypress Equities has acquired Brookwood Village, an 816,000-square-foot mixed-use center in Birmingham’s affluent Mountain Brook neighborhood. A fund managed by Cypress Equities’ real estate investment management group secured the transaction. Brookwood Village consists of a 604,000-square-foot, two-level enclosed mall; a 41,900-square-foot grocery-anchored retail property; and a nine-story, 170,000-square-foot Class A office building. Tenants of the mall include anchors Macy’s, Belk and Books-A-Million, as well as Banana Republic, Brookstone, Jos. A. Bank, LOFT, Victoria’s Secret and Z Gallerie. Additionally, an 18,000-square-foot DSW Designer Shoe Warehouse recently opened a store adjacent to The Fresh Market. The office building is currently 98 percent leased to tenants including Kinder Morgan, Merrill Lynch and PWC. Martin Smith, Scott Tiernan, Kyle Stonis and Pierce Mayson of SRS Real Estate Partners represented Cypress Equities in the transaction. Smith will direct project leasing alongside Cypress Equities’ in-house team.
Southeast
MORROW, GA. — Los Angeles-based Vintage Real Estate has acquired the 1 million-square-foot Southlake Mall, located at 1000 Southlake Circle in Morrow, about 14 miles south from downtown Atlanta. Macy’s and Sears anchor the mall, which is currently 90 percent leased to tenants including Victoria’s Secret, American Eagle Outfitters, Footlocker, Helzberg Diamonds, Aeropostale, Bath & Body Works, Finish Line, New York & Co., Children’s Place, City Gear, DTLR, Kay Jewelers, rue21 and Express. The former owner, General Growth Properties, placed $100 million of debt on the property in 2007. In February 2013, the undisclosed lender foreclosed on the property. Vintage plans to bring in new tenants and upgrade the common areas of the mall. Additionally, Vintage will redevelop an adjacent 160,000-square-foot building that JC Penney vacated in 2011. That property is currently under contract for purchase.
FORT LAUDERDALE, FLA. — CNL Commercial Real Estate Inc. has acquired Sawgrass Lakes Center, a 239,373-square-foot, Class A office building in Fort Lauderdale. CNL purchased the asset through a $300 million joint venture investment with Long Wharf Real Estate Partners LLC. Long Wharf made the investment on behalf of a value-added real estate fund it manages. The property is currently 78 percent leased to tenants including AT&T and JP Morgan Chase.
GREENSBORO, N.C. — Hagan Properties Inc., a commercial real estate firm in the Triangle area, is merging all of its brokerage services operations with CBRE | Triad. David Hagan and Joe Stanley of Hagan Properties will join CBRE | Triad, focusing on industrial and office brokerage. The two have nearly 40 years of combined experience in the Triangle commercial real estate industry. David Hagan founded Hagan Properties in Greensboro in 1989.
DAVIE, FLA. — City National Bank of Florida has provided a $22 million loan to The Ireland Cos. for the renovation of a shopping center in Davie. The property is located at the southwest corner of University Drive and Interstate 595. The shopping center is undergoing construction to welcome two new anchor tenants: Hobby Lobby and Whole Foods.
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.
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.