NORTH RALEIGH, N.C. — A joint venture between Forge Real Estate Partners III (FREP) and East Coast Acquisitions has purchased Tarrymore Square for an undisclosed purchase price. FREP is an investment fund between The Sembler Co. and Forge Capital. Tarrymore Square is a 256,805-square-foot shopping center that was 65 percent occupied at the time of sale. Tenants at the center include Walgreens, Rugged Warehouse, Rent-A-Center and Miller-Motte Technical College. The joint venture plans to renovate the shopping center and is working with a regional grocer, as well as a fashion retailer. These leases will boost occupancy to about 85 percent by year-end. The Sembler Co. will serve as the property's manager and leasing agent. This is FREP's second acquisition and its first in North Carolina. The joint venture is seeking additional grocery-anchored shopping centers throughout the Southeast.
Southeast
ATLANTA — Waypoint Residential, a leading apartment investment firm based in Greenwich, Conn., has purchased Village on the Green, a 216-unit apartment complex located in Atlanta’s South Fulton submarket, for an undisclosed price. The property, which was constructed in 2004, is 93.5 percent occupied. The apartment community is Waypoint Residential’s second apartment acquisition in the Atlanta area. The company currently manages approximately 10,000 apartment units in seven states.
FORT MYERS, FLA. — Colliers International Southwest Florida has brokered the sale of the 63,515-square-foot Fairfax II office building, located at 4310 Metro Parkway in Fort Myers. The transaction closed in December 2013 and was the largest single office building sold in Southwest Florida in 2013, according to Colliers International. William Mankin and Jim Tamblyn of Colliers International Southwest Florida represented the property’s special servicer in the transaction. The buyer, Colonial Corporate Center LLC, plans to renovate and lease up the property.
JACKSONVILLE, FLA. — Crocker Partners has unveiled its new identity and capital improvements program to upgrade the former Freedom Commerce Center office park, a 54-acre campus located on the southwest corner of Baymeadows Road and Interstate 95 in Jacksonville’s Butler Corridor. The 752,154-square-foot office park will be known as Prominence. Crocker Partners has also hired Kaycee Gardner and Jesse Shimp of Jones Lang LaSalle to handle the property’s leasing efforts. Crocker plans to spend several million dollars in upgrades to the park, including renovations for the building signage, lobbies, restrooms, elevator cabs, lighting fixtures and parking lots. Current tenants include Chase Bank, ING Financial Services and Incomm.
KISSIMMEE, FLA. — HFF has brokered the sale of LOOP West, a 295,100-square-foot retail center located at 2001 W. Osceola Parkway in Kissimmee, near Walt Disney World and Sea World. An affiliate of North American Development Group purchased the property from O’Connor Capital Partners. The retail center is fully leased to Babies “R” Us, Bealls, T.J. Maxx, Books-A-Million, DSW Shoe Warehouse, Party City and Ulta Beauty. Danny Finkle, Brad Peterson, Luis Castillo and Kim Flores of HFF represented the seller in the transaction.
GASTONIA, N.C. — NorthMarq Capital has arranged $10 million in refinancing for Ashbrook Village Apartments, a 423-unit multifamily community located in Gastonia. Bill Matone of NorthMarq’s Charlotte office arranged the 10-year loan with a 20-year amortization schedule through Freddie Mac.
NORTON, VA. — HREC Investment Advisors has arranged the sale of the 120-room Inn at Norton in Norton, a town in western Virginia. The town is located 20 miles from the Kentucky state line and 45 miles from the Tennessee state line. The hotel recently joined the Quality Inn system. Ted Anka of HREC Investment Advisors’ Chicago office represented the seller in the transaction.
ATLANTA — CoStar Group, a commercial real estate information provider, has expanded its lease at Phipps Tower, a 486,917-square-foot, Class A office tower in Atlanta’s Buckhead submarket. CoStar will expand its current 26,800-square-foot lease to occupy a total of 44,000 square feet. Kirk Diamond, April Hawkinson and Erin Smith of Cassidy Turley represented CoStar in the 10-year lease. John Bell and Sara Terry of Crescent Resources represented the owner, John Hancock Life Insurance, in the lease deal. CoStar plans to hire 90 additional employees as part of a plan to relocate the firm’s Southeast region research functions from its Washington, D.C., headquarters. The research firm plans to occupy the new space in the second quarter.
ARLINGTON, VA. — Cresa Washington DC has arranged a 39,192-square-foot office lease extension at N. Kent St. in Arlington’s Rosslyn neighborhood. Tom Birnbach, Mindy Saffer and Dennis Tapiero of Cresa Washington DC represented tenant International Relief & Development, a nonprofit organization, in the lease transaction. Vornado/Charles E. Smith owns the 12-story, 230,000-square-foot office building known as Rosslyn Plaza E.
LORTON, VA. — CBRE has brokered the $24 million sale of a 90,167-square-foot, Class A office building located at 10555 Furnace Road in Lorton, about 19 miles southeast of Washington, D.C. The Drug Enforcement Administration (DEA) occupies the property, which is located in Gunston Commerce Center. The build-to-suit property houses DEA’s Office of Investigative Technology division. CBRE represented the seller in the transaction. Titanium Real Estate Advisors purchased the facility. The DEA’s lease extends through 2020 and features a five-year renewal option.