MIAMI — Marcus & Millichap has brokered the sale of Virginia Gardens Apartments, a 66-unit apartment community located at 2890 Virginia St. in Miami's Coconut Grove neighborhood. The property sold for approximately $6.5 million. Paul Nudelman of Marcus & Millichap's Miami office represented the seller, a Miami-based limited liability company, in the transaction. Arthur Porosoff and Jorge Ruiz of Marcus & Millichap's Miami office represented the buyer, a developer based in Miami's Coral Gables submarket.
ATLANTA — Cushman & Wakefield's capital markets team in Atlanta has arranged the sale of a nine-building, 2.4 million-square-foot industrial portfolio in Atlanta. The properties are located in Atlanta's two strongest industrial submarkets — I-20 West and Airport/South Atlanta. The portfolio is fully leased to tenants such as Electrolux, Iron Mountain, Aaron's and TOTO Americas. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield represented the seller, Clarion Partners, in the transaction. The buyer was Exeter Property Group, a private real estate investment firm based in Plymouth Meeting, Pa.
JACKSON, MISS. — Colliers International Atlanta has secured a $55 million construction loan for the Outlets of Mississippi, a 300,000-square-foot outlet shopping center under development in Jackson. The loan represents 70 percent of the overall development cost. The property is located five miles east of downtown Jackson and includes 80 designer and name-brand tenants, including Nike, Saks OFF Fifth, Coach, Michael Kors, American Eagle Outfitters, Banana Republic, Gap, Adidas, Lane Bryant, Aeropostale, Osh Kosh, Clark's Bostonian, Reebok, Nine West, Claire's, Hot Topic and Cole Haan. Forrest Speed led the Colliers Atlanta capital markets team in the transaction. Speed arranged the loan through a regional bank on behalf of the borrower, Bloomfield Investments LLC, the operating subsidiary of the developer, Spectrum Capital LLC. Colliers will also represent the developer in securing the future permanent mortgage.
WASHINGTON, D.C. — Marcus & Millichap has brokered the sale of two boutique apartment buildings in northwest Washington, D.C., totaling 44 units. Marty Zupancic of Marcus & Millichap's Washington, D.C., office and his team represented both the buyer and seller in the sale of a 21-unit building at 6921 Georgia Ave. N.W. The property, located across the street from the Walter Reed Army Medical Center, sold in a Chapter 7 Bankruptcy Trustee Sale for approximately $1.8 million. Zupancic also represented the seller in the sale of the Longfellow Street Apartments, located at 614 Longfellow St. N.W. The property sold for approximately $1.5 million.
SUITLAND, MD. — Washington, D.C.-based Greysteel has brokered the sale of Regency Court Apartments, a 115-unit walk up apartment community in Suitland. The multifamily property is located near the Suitland Federal Center, Andrew Air Force Base and is across the street from the Suitland Metro Station. Ari Firoozabadi, John Mullen, Kyle Tangney, Caleb Brown, Lance Ahmadian and Mike Bediones of Greeysteel represented the seller, Miles-Suitland LLC, in the transaction. Regency Court DNB LLC was the buyer.
GRIFFIN, GA. — Dominium, an affordable housing development and management firm, has acquired the 36-unit Poplar Grove apartments in Griffin. Dominium has managed the Section 42 complex since April 2012. Recent improvements to the facility include a renovated clubhouse and deferred maintenance projects.
EAST JACKSONVILLE, FLA. — ARA has arranged the $12.5 million sale of the 224-unit Huntington at Hidden Hills, an apartment community located in East Jacksonville. Jacksonville-based Michaelson Group purchased the multifamily community, which was 96 percent occupied at the time of sale. Matt Wilcox, Kevin Judd and Patrick Dufour of ARA's Jacksonville office represented the sellers, Los Angeles-based Ares Management LLC and San Francisco-based McDowell Properties, in the transaction.
ATLANTA — Jones Lang LaSalle has arranged the $8.7 million sale of two office-flex buildings in the Peachtree Technology Center in Atlanta's Northeast submarket. The properties include a 50,084-square-foot property at 5923 Peachtree Industrial Blvd. and a 30,375-square-foot facility at 5854 Peachtree Corners East. The properties are fully leased to three tenants. Shan Gastineau, Paul Hanna and Katie Elliot of Jones Lang LaSalle's capital markets team represented the buyer, GASCO Real Estate Holdings LLC, in the transaction. CBRE represented the seller, VIFII Peachtree Technology.
RALEIGH, N.C. — Vitus Enterprises has purchased two Class A office buildings in Raleigh totaling 48,000 square feet in a sale-leaseback transaction. Vitus purchased the facilities, located at 6870 and 6880 Perry Creek Road in Raleigh's Highway 1/ Capital Boulevard office submarket, for $6.2 million. The seller, SST, and Thompkins Associates will occupy one of the buildings, and Vitus will occupy the second facility at a reduced rental rate. Sam DiFranco and Sam DiFranco Jr. of Trinity Partners represented the buyer in the sale-leaseback transaction. York Properties represented the seller.
ATLANTA — Newport Beach, Calif.-based KBS Strategic Opportunity REIT has signed three new leases totaling 36,853 square feet in its Northridge Center I & II office buildings, located in Atlanta's Central Perimeter submarket. The lease transactions include a 17,325-square-foot lease with Allstar Financial Group, a 10,166-square-foot lease with Woolpert and a 9,362-square-foot lease with One Source Relocation.