MELBOURNE, FLA. — CBRE has brokered the $16.7 million sale of Lakeside at Greensboro, a 232-unit apartment community in Melbourne, a suburb of Orlando. The multifamily community’s units average 1,052 square feet and the property’s amenity package includes a swimming pool, heated spa, fitness center and tennis courts. The property was built in 1987 and was 94 percent occupied at the time of the sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office represented the seller in the transaction.
Southeast
BENTONVILLE, ARK. — Virtus Real Estate Capital, a private equity firm based in Austin, Texas, has purchased a 400-unit self storage facility in Bentonville. The purchase of the 57,750-square-foot property is the fourth facility in Virtus’ joint venture partnership with Absolute Storage Management, a self storage owner and operator based in Memphis. The property was 98 percent occupied at the time of the sale.
WEST PALM BEACH, FLA. — McCraney Property Co. has broken ground on a Class A, 100,000-square-foot warehouse/distribution center in West Palm Beach. The property is located off Okeechobee Boulevard and Jog Road in McCraney’s Vista Business Park. The project is the first new construction in the office park in the past five years. City National Bank provided construction financing for the project, and Michael Falk & Co. LLC will lease the two-building property. The design team includes general contractor Edwards Construction Services Inc. and architect Jose Jaramillo of JJ Architectural Group. Upon completion, which is slated for December 2014, the property will feature 24-foot clear heights and available industrial space ranging from 10,000 to 100,000 square feet.
STERLING, VA. — Rock Creek Property Group has sold Regal Center, a 52,500-square-foot shopping center located at 20921-20955 Davenport Drive in Sterling. The Regal Center LLC/Bernstein Management Group purchased the asset for $18.2 million, or roughly $347 per square foot. Regal Center’s tenant roster includes Domino’s Pizza, 7-Eleven, Firehouse Subs, BB&T, UFC Gym, sweetFrog Yogurt, O’Faolains Irish Pub, Cheng’s Oriental Restaurant, Old Virginia Tobacco Co. and The Good Shepherd Alliance.
BOCA RATON, FLA. — Atlantic Commercial Group Inc. has brokered the $12.3 million sale of The Shoppes at Village Pointe, a 73,000-square-foot shopping center in Boca Raton. The property is located on Southwest 18th Street between Military Trail and Powerline Road. Gary Broidis of Atlantic Commercial Group represented the buyer, Boca SVP LLC, an entity controlled by Janoura Realty & Management.
MELBOURNE, FLA. — Faris Lee Investments has arranged the $10 million pre-sale of a recently constructed, 46,000-square-foot retail building in Melbourne. The property, located at 2314 Remi Drive, is fully leased to TJ Maxx and HomeGoods for 10 years. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the buyer, a private investor based in South Florida, in the transaction. Mousavi and Luther also represented the seller, a Florida-based developer.
ATLANTA — The Shoptaw Group and its capital advisor Patterson Real Estate Advisory Group have closed a $16 million for Miller Station on Peachtree, a Class A, 192-unit apartment building in Atlanta’s Chamblee submarket. Shoptaw purchased the asset, then known as Battery at Chamblee Station, in late 2012. Patterson Real Estate Advisory Group arranged the refinancing through MetLife.
BOCA RATON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap serving institutional and major private investors, has arranged the $74.7 million sale of Mizner Court at Broken Sound, a 450-unit multifamily community located at 6503 N. Military Trail in Boca Raton. Still Hunter III of IPA represented the seller, CLP Mizner Court LLC, in the transaction. The buyer was Mizner Court Holdings LLC. The apartment community’s amenity package includes a recently remodeled lakefront clubhouse, two lakefront resort-style pools, two poolside spas, lakefront lounge areas, a fitness center, two lighted tennis courts, lakefront walking paths and a gated entrance with a guardhouse.
OCEAN CITY, MD. — Vista Capital Co. has arranged $47 million in financing for a 210-room, 13-story Holiday Inn Hotel & Suites in Ocean City. The hotel features an oceanfront pool, an oceanfront children’s pool with a lazy river and water slides, a four-story atrium, three restaurants and approximately 1,000 square feet of meeting space. Vista Capital arranged the non-recourse, fixed-rate loan through a European investment bank. The borrower is using the loan to refinance an existing loan from 2007.
ATLANTA — NXT Capital has provided a $17 million acquisition loan for Cityscape at Midtown, a 192-unit apartment community in Atlanta’s Midtown neighborhood. Faron Thompson and John Bray of JLL arranged the loan, which is NXT Capital’s fourth transaction in Midtown Atlanta.