LAWRENCEVILLE, GA. — Middle Street Partners LLC, along with an undisclosed joint venture partner, has purchased The Overlook at Gwinnett Stadium, a 410-unit apartment community in Lawrenceville, a suburb east of Atlanta. Middle Street’s joint venture partner was a private family office. The property was built in 2012.
PEMBROKE PINES, FLA. — HFF has closed the $95.5 million sale of and arranged acquisition financing for Phase I of Modera Pembroke Pines, a two-phase, luxury multifamily community located at 10170 S.W. 7th St. in Pembroke Pines. Phase I was completed earlier this year and totals 422 units, which are currently 95 percent occupied. The 278-unit Phase II is scheduled for a second quarter 2015 completion. Modera Pembroke Pines is the first component of a mixed-use, master-planned community known as Pembroke Pines City Center. The apartment community features two beach-entry swimming pools, two fitness centers, two business centers, two demo kitchens, two game rooms, two clubhouses and private garages and storage units. Manny de Zarraga, Matthew Lawton, Jaret Turkell, Matt Mitchell and Maurice Habif of HFF represented the seller, a joint venture between affiliates of Mill Creek Residential Trust LLC and Clarion Partners. AVR Realty Co. was the buyer. Elliott Throne on HFF arranged acquisition financing through New York Life Real Estate Investors on behalf of AVR Realty. New York Life Real Estate Investors will also provide acquisition financing for Phase II of Modera Pembroke Pines.
ORLANDO, FLA. — CBRE has arranged the $16 million sale of a 10-acre, lakefront site located at 1711 and 1887 Jake St. in Orlando’s Baldwin Park neighborhood. The buyer, a joint venture partnership between ZOM Development Inc. and AIG Global Real Estate, is planning a $100 million, 483-unit apartment community at the site known as Baldwin Harbor. Construction is expected to commence in November. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Baldwin Newco.
RICHMOND, VA. —Thalhimer Realty Partners Inc. has purchased Cornish Brewery and the Kinney Street Apartments in Richmond for a combined $4.6 million. The two apartment communities total 49 units and are located on Virginia Commonwealth University’s Monroe Park Campus. Mac Wilson of Cushman & Wakefield | Thalhimer represented Thalhimer Realty in the transaction. Thalhimer Realty has tapped Cushman & Wakefield | Thalhimer’s student housing management group to manage the two properties. Thalhimer Realty Partners is the investment and development subsidiary of Cushman & Wakefield | Thalhimer.
QUITMAN, GA. — Grandbridge Real Estate Capital’s seniors housing and healthcare finance team in Atlanta has arranged a $7.1 million loan for the 204-bed Presbyterian Home and Retirement Community of Quitman in Quitman, a town near the Georgia-Florida border. BB&T referred Grandbridge to the transaction. Richard Thomas of Grandbridge originated the fully amortizing, 35-year refinance loan through FHA’s 232/223(a)(7) program.
UNION CITY, GA. — Atlanta-based Rooker has partnered with 404 Studio Partners to develop a movie and television studio known as Atlanta Metro Studios. The 345,000-square-foot project will be located in Union City, 17 miles southwest of downtown Atlanta. Phase I of the studio will feature 130,500 square feet of soundstages, 60,000 square feet of office space and 50,000 square feet of construction/flex space. Rooker, which purchased the 90-acre property in February, will be the developer and general contractor of the studio complex. 404 Studio Partners, led by a team of film and television production professionals, will be the exclusive sales, marketing and operations management company for the studio facilities. The site of the studio complex is currently home to the former Shannon Mall, which is currently being demolished. Additionally, Rooker is developing a 1.1 million-square-foot distribution center at the site. The property will feature 36-foot clear heights, 60-foot-wide bay spacing, ESFR fire suppression and 900 parking spaces. Colliers International is the leasing agent for the distribution center. Vertical construction on both the studio facility and the distribution center will begin in March 2015 with completion expected in fourth-quarter 2015.
NASHVILLE, TENN. — Brasfield & Gorrie has signed a lease to occupy office space at 1201 Demonbreun, a $50 million, 15-story office tower in Nashville’s Gulch neighborhood. Brasfield & Gorrie is the general contractor of the 680,000-square-foot project, which includes 305,000 square feet of office space and a 375,000-square-foot parking deck with 950 spaces. The project team includes developer Eakin Partners and architect Hastings Architecture Associates. Brasfield & Gorrie expects to deliver 1201 Demonbreun in late 2016 and move in to its office space in spring 2017. Other committed tenants include talent agency William Morris Endeavor, law firm Neal & Harwell and Sony Music Nashville.
ROME, GA. — Crossman & Co. has brokered the $21 million sale of Charles Hight Square, a Publix-anchored shopping center located in Rome. The property’s tenant roster includes Wells Fargo, AT&T, Jimmy John’s and Mattress Firm. John Zielinski, Mark Thompson and Leah Harrington of Crossman & Co. represented the seller in the transaction.
ANDERSON, S.C. — HLC Equity has sold a 192,000-square-foot Walmart Supercenter located at 3812 Liberty Highway in Anderson. Wal-Mart Stores Inc. currently has 13.7 years remaining on its triple-net lease. The property is part of a 330,000-square-foot power retail center that includes a Sam’s Club and a 5,000-square-foot strip center. CBRE represented HLC Equity in the transaction.
RALEIGH, N.C. — Grandbridge Real Estate Capital has arranged an $8.3 million loan for Six Forks Square, a 149,372-square-foot office campus in Raleigh. The office park was fully leased to the State of North Carolina at the close of the transaction. Robert Hukill and Wesley Fricks of Grandbridge originated the loan through BB&T Real Estate Funding on behalf of the owner, Heritage Capital Group, which purchased the office park for $12.4 million. The loan features three years of interest-only payments and a 25-year amortization schedule.
