KISSIMMEE, FLA. — Boca Raton, Fla.-based Southern Management and Development LP (SMD) has arranged the sale of Dorado Apartments, a 367-unit multifamily community in Kissimmee. The community, located near Orlando International Airport and Disney World at 1400 W. Donegan Ave., sold for approximately $16.8 million. A group of Florida-based investors purchased the 93 percent occupied community from Dorado Apatments JV Ltd.
Southeast
ATLANTA, GAINESVILLE AND CARROLLTON, GA. — The Aspen Cos., an affordable housing acquisition and management firm based in Teaneck, N.J., has acquired three HUD multifamily communities in Georgia for approximately $9.2 million. The properties include the 176-unit Paradise East in Atlanta, the 100-unit Linwood Apartments in Gainesville and the 50-unit Paradise Carrollton in Carrollton. The Aspen Cos. purchased the properties from the original developer, a partnership with HJ Russell & Co. Andrew Daitch of Marcus & Millichap brokered the transaction.
COLUMBIA, S.C. — Marcus & Millichap has arranged the $3 million sale of Shandon Crossing, a 152-unit apartment community at 504 S. Beltline Blvd. in Columbia. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap's Charleston, S.C., office represented the seller, a bank/financial institution, in the transaction.
RICHMOND, VA. — CBRE | Richmond has brokered the sale of the Surry Building, a Class B, 33,578-square-foot office building at 1601 Rolling Hills Drive in Richmond. Surry Building Associates LC, an entity managed by Robinson Development Group Inc. (RDG), sold the asset for approximately $1.8 million. Will Bradley and David Wilkins of CBRE | Richmond represented RDG in the transaction.
OPELIKA, ALA. — The Shopping Center Group has arranged the 30,000-square-foot lease of Ollie's Bargain Outlet at Pepperell Corners, a shopping center in Opelika, seven miles east of Auburn. The location is the first Ollie's Bargain Outlet store in Alabama. Jonathan Lindsey and Ray Jones of The Shopping Center Group represented Ollie's in its lease transaction with Atlanta-based RCG Ventures, owner of Pepperell Corners. Other retailers include Goody's, CATO, CitiTrends, Shoe Show and Dollar General. The store is expected to open this summer. Ollie's plans to open 35 stores in Alabama, according to The Shopping Center Group.
NEW ORLEANS — The Domain Cos. has secured financing and begun construction of the second building in The South Market District, a four-block mixed-use development in downtown New Orleans. The Domain Cos. expects development costs for the building to total $21.3 million. The new property, The Park at South Market, will feature 27,000 square feet of retail space, a 2,200-square-foot public plaza and a 440-space parking garage. The property will feature charging stations for electric cars and an open rooftop that will serve as an entertainment venue. New Orleans-based Eskew Dumez and Ripple designed the five-story building, and Woodward Design+Build is the project’s general contractor. First NBC Bank provided a $16 million construction loan for the project and a $2 million New Markets Tax Credit equity investment. The Domain Cos. and Woodward Interests, an affiliate of Woodward Design+Build, provided equity for the project as well. Furniture retailer Arhaus has leased 15,500 square feet at the property, and pet groomer Fetch has leased 1,500 square feet. The Domain Cos. will deliver the property in October.
BROOKLYN PARK, MD. — The Greeysteel Co. has arranged the sale of Arundel Village Plaza, a 54,480-square-foot retail center in Brooklyn Park, five miles south of Baltimore. The property sold for $6.5 million. The property was 88 percent occupied at the time of sale by Taco Bell/Long John Silver’s, Domino’s Pizza, Valvoline Instant Oil Change and The State of Maryland Department of Health & Mental Hygiene. Gil Neuman of Greeysteel led the retail division to represent the seller, BTR Capital Group, and procure the buyer, Oak Tree Management.
FORT MYERS, FLA. — Stevens Construction has begun the renovation of a 16,097-square-foot retail property located at 7381 College Parkway in Fort Myers. Physician’s Primary Care and Blue Moon Pizza will lease space at the property. Architect Burt Hill/Pollock Krieg Architects Inc. designed the renovated space for Physician’s Primary Care, and Sheeley Architects designed Blue Moon Pizza’s restaurant space, which includes a 1,410-square-foot covered patio.
CHESAPEAKE, VA. — CBRE | Hampton Roads has arranged the sale of Marina Point Apartments, a 104-unit apartment community located at 1301 Canal Drive in Chesapeake. An affiliate of Frontier Financial purchased the property from Property Capital Group. Dan Johnson and Hank Hankins of CBRE | Hampton Roads, along with Andrew Boyer and Jonathan Greenburg of CBRE’s Washington/Baltimore multi-housing team, represented the seller in the transaction.
JACKSON, MISS. — The Jackson office of law firm Baker, Donelson, Bearman, Caldwell & Berkowitz has leased the top three floors of a 120,000-square-foot office building at The District at Eastover, a mixed-use development in Jackson. The law firm signed the lease with owner The District Land Development Co. Demolition of the old buildings and underground infrastructure is now complete, including crushing the concrete of the old buildings, which will be used for road and parking lot bases throughout the new development. Mass grading, subgrade, road and new infrastructure work will commence at the end of March, and foundation work for Phase I will begin approximately 45 days thereafter. The District at Eastover The design team for the property includes architect Nelsen Partners and developer Holder Properties.