DULUTH, GA. — Oak Coast Properties and IMG have acquired Promenade at Berkeley, a 492-unit apartment community located in Duluth, a northeastern suburb of Atlanta. The buyers purchased the community for $33.7 million from Northwoods Lake Partners LLC. Promenade at Berkeley includes a private lake, two tennis courts, fitness center, dog park, walking trails, playgrounds, a car care center and a business center. The buyers plan to renovate the property in the first quarter.
Southeast
BATON ROUGE AND NEW ORLEANS, LA. — Jones Lang LaSalle has arranted the sale of a seven-building, 519,137-square-foot office portfolio in Baton Rouge and New Orleans. The assets include the 101,344-square-foot Sherwood Oaks property in Baton Rouge and the 96,978-square-foot Latter Center West in New Orleans. The other properties, which are all located in the Acadian/College submarket of Baton Rouge, include the 81,923-square-foot Citiplace One, the 76,446-square-foot Corporate Atrium, the 74,086 Acadian Centre, the 56,844-square-foot Corporate Two and the 31,516-square-foot Citiplace Two. Kimco Realty Corp. sold the portfolio to Songy Highroads. Rudy Hubbard, Jimmy Board, Kevin McConn and John Ream of Jones Lang LaSalle brokered the sale and secured a CMBS loan on behalf of Songy Highroads through Deutsche Bank.
FREDERICK, MD. — Matan Cos. has been given the green light to go forward with its new 190,000-square-foot Walmart Supercenter in Frederick. The Frederick Planning Commission approved the measure at its last meeting. The new Walmart will be located on the northwest corner of Moncacy Boulevard and Route 26. Matan purchased the development site in 2010.
KNOXVILLE, TENN. — Blanchard & Calhoun Commercial, an Augusta, Ga.-based real estate developer and brokerage firm, has purchased a 23-acre waterfront property formerly known as Baptist Hospital in Knoxville for approximately $6.3 million. Blanchard & Calhoun plans to develop a $160 million mixed-use project known as Riverwalk at the Bridges at the waterfront site. The project will include luxury apartments, student housing suites, a waterfront hotel, restaurants, retail and office space. The development is expected to create 2,000 new jobs in the area. Demolition of the existing Baptist Hospital will begin early this year.
MIAMI BEACH, FLA. — ADD Inc., an architecture and design firm, has commenced on the $40 million renovation of the bayfront Southgate Towers apartment buildings, located at 900 and 910 W. Ave. in Miami Beach. The project will include a new façade, new design for 495 residences, refurbished lobby and ground-floor amenities (including the clubroom and fitness center) and the addition of pool cabanas, a restaurant and retail spaces. Jonathan Cardello of ADD Inc. will lead the project team. Henrico, Va.-based Gumenick Properties owns and manages Southgate Towers. The renovation project is slated to wrap up in 2015.
ATLANTA — CBRE has arranged a $24.6 million loan for the retail portion of Lindbergh City Center, a 187,751-square-foot mixed-use development located adjacent to the MARTA Lindbergh Center station in Atlanta. Carter developed the transit-oriented project in 2003. Anthem College is the anchor tenant alongside several restaurants and retailers. Bill Tyler, Brian Kelly and Tony Swann of CBRE’s Atlanta office arranged the loan through Prime Finance of New York on behalf of Carter.
GREENVILLE, S.C. — ARA has arranged the sale of two apartment communities in Greenville totaling 559 units. The communities include the Crestmont at Thornblade and Thornblade Park. Blake Okland, John Heimburger, Dean Smith and Sean Wood of ARA represented the seller in the transaction. Levin Realty Advisors LLC, a Chicago-based multifamily acquisition and management consultant, purchased the portfolio.
NAPLES, FLA. — Madison Marquette Retail Services has arranged three long-term lease transactions at Crossroads Market, a 126,834-square-foot shopping center in Naples. The new leases bring the center to 100 percent occupancy. The three new tenants joining anchors Publix and Walgreens are Physicians Regional Healthcare Group, Andis Insurance and Chase Bank. The new leases total 13,650 square feet. Also, Publix has renewed its 56,000-square-foot lease for five years.
FORT LAUDERDALE, FLA. — Q Fort Lauderdale LLC, a member of the Qvale Automotive Group, has purchased two land parcels in Fort Lauderdale for approximately $7.9 million. The city of Fort Lauderdale has recently approved plans for a new $20 million Audi dealership and service center to be developed on the parcels, located at 1200 N. Federal Highway and 1400 Progresso Drive. The dealership will span 159,000 square feet and will feature a two-story glass showroom and a delivery/service center. The development will break ground in March and will employ approximately 90 people upon its opening, which is slated for December. Steve Hyatt of Berger Commercial Realty and Bill Rotella of The Rotella Group represented Q Fort Lauderdale in the land acquisitions. James Fazio sold the 1200 N. Federal Highway land parcel, and 13th Street Progresso and King Broward Holdings sold the 1400 Progresso Drive land parcel.
DURHAM, N.C. — KeyBank Real Estate Capital has closed a $28 million Fannie Mae loan for Century Trinity Estates, a 270-unit, garden-style apartment complex located in Durham. Jane Harrison and Joe Fadus of KeyBank arranged the 10-year, fixed-rate loan on behalf of the borrower, Centennial Holding Co.