NORCROSS, GA. — PointOne Holdings, a commercial real estate investment firm, has purchased Grove Park Apartments, a 312-unit garden-style apartment community located in Norcross. PointOne Holdings purchased the property for approximately $12.8 million through Auction.com from CW Capital, the property’s special servicer. A10 Capital provided acquisition and renovation financing for PointOne Holdings. The company plans to invest $2.5 million in capital improvements to the property, which will include interior upgrades, siding replacement, mechanical systems enhancements and a boost in curb appeal. PointOne Holdings will also add a business center, dog park, security cameras and outdoor barbecue areas.
Southeast
BOCA RATON, FLA. — Allen Edmonds, a U.S.-based manufacturer of premium men’s footwear and accessories, has signed a 10-year lease for retail space at The Shops at Boca Center, a 116,000-square-foot mixed-use lifestyle center in Boca Raton. The Shops at Boca Center, located at 5050 Town Center Circle, is fully leased to tenants including AT&T Wireless, Panera Bread, Starbucks Coffee, Morton’s, Brio Tuscan Grille, Total Wine & More and Verizon Wireless. Allen Edmonds has 47 stores in the United States. Lisa Ferrazza of CBRE represented the landlord in the lease transaction. Drew Schaul of Robert K. Futterman & Associates represented Allen Edmonds.
ATLANTA — Lincoln Property Co. Southeast has arranged two leases totaling more than 22,500 square feet at 1165 Northchase Parkway, an office building in Atlanta’s Galleria/Cumberland submarket. The four-story property is located in the Northchase Office Park development. Hunter Henritze and Jeff Henson of Lincoln Property Co. Southeast represented the landlord, JP Partners, in both transactions. The transactions include Crane Materials International signing a five-year lease for 14,484 square feet and Pinkerton & Laws signing a five-year lease renewal/expansion for a total of 8,093 square feet. Ryan Cone of Cone Middour Partners represented Crane Materials in its lease negotiations, while Gary Waddell of Cushman & Wakefield represented Pinkerton & Laws in its lease renewal/expansion.
ATLANTA — Novare Group, Batson-Cook Development Co. and Ackerman & Co. have broken ground on SkyHouse Buckhead, a $72 million luxury apartment building. The 26-story SkyHouse Buckhead, located on Stratford Road just off Peachtree Road, will include 362 one-, two- and three-bedroom units. The high-rise building will be connected to the Buckhead Marta station. SkyHouse Buckhead will feature a clubroom, fitness area and outdoor plazas with an infinity swimming pool and fireplaces. The property is the eighth SkyHouse branded project for the team and its third in Atlanta, following SkyHouse Midtown and SkyHouse South. The building is scheduled for completion in the first quarter of 2015.
WASHINGTON, D.C. — Cassidy Turley has arranged $65.5 million in acquisition financing for 1401 New York Avenue, a 210,260-square-foot office building located in Washington, D.C. The building is located a block away from the White House. The property was 40 percent occupied at the time of sale. John Campanella and Paul Spellman of Cassidy Turley arranged the loan on behalf of the borrower, a joint venture between Minshall Stewart Properties and an affiliate of Heitman LLC.
FORT MYERS, FLA. — Tampa, Fla.-based Blue Rock Partners LLC, in a partnership with Konover South LLC, purchased a 512-unit multifamily portfolio in Fort Myers from IMT for approximately $28.2 million. The portfolio includes two communities: Reflections located at 3891 Solomon Blvd. and The Place at Summerlin located at 4757 Barkley Circle. The properties will be rebranded as The Park at Veneto and The Park at Murano, respectively. Blue Rock and Konover South plan to invest $4.3 million to renovate the two properties. Hampton Beebe of ARA brokered the transaction, and Ares provided acquisition financing. The communities were 95 percent occupied at the time of the sale.
BIRMINGHAM, ALA. — Hendricks-Berkadia Real Estate Advisors has arranged the sales of three apartment communities in Alabama totaling $14.6 million. The communities include the 180-unit Chadwick Place in Huntsville, the 160-unit Alpine Village in Hoover and the 27-unit Medford Manor in Fairfield. Dexter, Mo.-based Southeast Holdings purchased Chadwick Place from The Hallmark Cos. of Atlanta for $7.5 million. David Oakley, Hal Warren, Cole Whitaker and Jason Stanton of Hendricks-Berkadia represented The Hallmark Cos. of Atlanta in the transaction. Oakley also represented the seller, Birmingham-based Ruffner Mountain Management in the sale of Alpine Village. Hackensack, N.J.-based Cofinance Inc. purchased the community for $6.5 million while also assuming the existing Fannie Mae loan. David Etchison and Josh Jacobs of Hendricks-Berkadia represented a California-based seller in the sale of Medford Manor. In 2013 alone, the Alabama office of Hendricks-Berkadia brokered the sale of 39 communities spanning more than 9,050 units for approximately $510 million.
TAMPA AND OCALA, FLA. — NorthMarq Capital's Tampa office has arranged two loans totaling $14.8 million for Sunstate Pioneer Industrial Parks in Tampa and Triple Crown Plaza in Ocala. Sunstate Pioneer is a 332,143-square-foot industrial park located at 4891-4907 W. Waters Ave., 8404-8434 Sunstate St. and 5402-5444 Pioneer Park Blvd. in Tampa. Worldwide Parts and Associates is the major tenant at the property. Robert Hernandez of NorthMarq arranged the three-year loan totaling $11.3 million through a life insurance company on behalf of the borrower, WM Industrial Portfolio LLC. Triple Crown Plaza is a 27,975-square-foot retail property located at 11100 S.W. 93rd Court Road in Ocala. The retail property's major tenants include IHOP and Beef O'Brady's. Hernandez arranged the $3.5 million loan with a 10-year term and a 30-year amortization schedule through a CMBS lender on behalf of the borrower, Morni Ocala LLC.
BALTIMORE — Finmarc Management, a Bethesda, Md.-based commercial real estate services firm, has sold a 272,000-square-foot retail development in Baltimore for $35 million. The property features a 142,000-square-foot Walmart and a 130,000-square-foot Sam's Club, which closed in 2008. Finmarc sold the waterfront property, located on a 58.7-acre site, to 2701 Port Covington Drive LLC.
WASHINGTON, D.C. — Resmark Land and Housing, a division of The Resmark Cos., and Madison Homes have teamed up to develop 69 luxury condominiums at 1745 and 1755 N St. N.W. in Washington, D.C.'s Dupont Circle neighborhood. The affluent neighborhood is located less than one mile from the White House and many international embassies. The District of Columbia Historic Preservation Review Board recently approved the plans for the project. The developers plan to convert some of the existing four- and five-story historic row homes to 31 condominium units. The developers also plan to building a seven-story building at 1755 N St. with 38 condominium units. The project team includes architect PGN Architects, based in Washington, D.C. Resmark and Madison Homes plan to begin construction in the summer and deliver the units in late 2015.