MIAMI — Sedgwick LLP and Veritext Legal Solutions have signed leases totaling 27,000-square-foot at One Biscayne Tower, a 700,000-square-foot office tower located in downtown Miami. The two 10-year leases have a combined value of $9 million. Ryan Holtzman of Taylor & Mathis represented the landlord in the two lease transactions. Catarina Jimenez of Jones Lang LaSalle represented Sedgwick LLP and Ryan Ackerman of CBRE represented Veritext Legal Solutions.
GREENSBORO, N.C. AND NASHVILLE, TENN. — Landmark Apartment Trust of America Inc., a multifamily REIT based in Richmond, Va., has purchased two apartment communities in two separate transactions for $37 million. The apartment communities include the 240-unit Landmark at Battleground Park, formerly known as Mission Battleground Park, in Greensboro and the 360-unit Landmark at Glenview Reserve, formerly known as Mission Briley Parkway, in Nashville. The apartment communities have an average 95 percent occupancy.
ROCK HILL, S.C. — Morgan Property Group (MPG) has sold a freestanding Walgreens drugstore at the intersection of Heckle and Herlong boulevards in Rock Hill, part of the Charlotte MSA. MPG sold the store for about $6.4 million to Zosime LLC. MPG, through its affiliate Rock Hill I Realty LLC, developed the drugstore, which opened in July. The store is MPG's third Walgreens development in the Carolinas. Stream Capital Partners represented the buyer in the transaction. General Realty Partners LLC, the brokerage arm of MPG, and Paisley Gordon of CPG Real Estate Inc. represented the seller.
MIAMI — Marcus & Millichap has arranged the $6 million sale of Shoppes of Tamiami, a 12,909-square-foot retail strip center located at 14200 S.W. 8th St. in Miami. The center, which was developed in 2007, is 90 percent leased to Starbucks Coffee, Smoothie King, Mattress Firm, Massage Envy and T-Mobile. Drew Kristol and Kirk Olson of Marcus & Millichap's Miami office represented the seller, a Miami-based limited liability company, in the transaction. The buyer is also a Miami-based limited liability company.
CARY, N.C. — CBRE | Raleigh has brokered the sale of a 97,707-square-foot big box retail property, located at 960 Kildaire Farm Road in Cary. March Pottery LLC purchased the former Kmart from Liberty Bankers Life Insurance Co. for approximately $3.3 million. Barry Bowling and Charlie Coyne of CBRE | Raleigh represented the seller in the transaction. Rich Roy of Casto represented the buyer.
TITUSVILLE, FLA. — MBA Hotel Brokers Inc., a member of Hotel Brokers International, has arranged the $1.6 million sale of the Ramada Inn Titusville/Kennedy Space Center in Titusville, about 35 miles outside of Orlando. The 124-room hotel is located at 3500 Cheney Highway near Interstate 95, beach communities, the Kennedy Space Center. Charlie Fritsch of MBA Hotel Brokers represented the seller, Painter Bay Trust, in the transaction. Fritsch also procured the buyer, Shivstar Investments LLC, which plans to covert the hotel to a different brand. The seller recently invested $300,000 to upgrade the hotel.
Retail is looking up in Richmond. Following a recession characterized by a dearth of new retail development, the Richmond retail market is once again poised for growth. Decreases in the overall vacancy rate, positive employment growth, increases in retail rents and an upswing in overall retail construction suggest that the market is amidst a retail recovery. Historically, these economic factors have driven robust expansions. While “robust” might be a bit dramatic for 2013, several retail projects are in the pre-development and development phases, coupled with a number of significant retail transactions. Those are encouraging signs that point to recovery. Several noteworthy retail developments fill the pipeline. Walmart recently acquired a 10-acre site at Reynolds Crossing, a 90-acre, mixed-use development in Richmond’s established “near west end” suburb, with plans to build a 90,000-square-foot store with a garden center. Expected to open in spring 2014, Walmart is set to anchor the development that includes small shop and restaurant space in addition to outparcels. Likewise, Kroger is under construction with its third Kroger Marketplace in the Richmond MSA. This 124,000-square-foot grocery concept anchors Staples Mill Marketplace, which will also include outparcels and small shop and restaurant space. After 10 years of planning, Gumenick …
SILVER SPRING, MD. — Bethesda, Md.-based Washington Property Co. has obtained $75 million in permanent financing for its Solaire-Metro community, a 295-unit luxury apartment building located at 1150 Ripley St. in Silver Spring. The property is currently 95 percent occupied. ING Investment Management LLC provided the 20-year loan to Washington Property Co. Walker & Dunlop and Sage Capital represented Washington Property Co. in the transaction.
TRINITY, FLA. — LTC Properties Inc. has entered into an agreement to purchase a 120-bed skilled nursing property in Trinity for $14.4 million. An affiliate of Traditions Management operates the property, which is located in the Tampa-St. Petersburg-Clearwater MSA. The seniors housing facility was built in 2008. The property's new master lease, which includes four other properties leased by Traditions Management, has a 10-year term with two five-year renewal options.
RICHMOND, VA. — CBRE | Charlottesville has brokered the sale of Glen Lea Centre, a 78,493-square-foot shopping center located at 3802-3804 Mechanicsville Turnpike in Richmond. Save-A-Lot anchors the center, which also includes Dollar General, Rent-A-Center, KFC and Kool Smiles Children's Dentistry. PK Kamath of CBRE | Charlottesville, along with William Kent and Gary Lawrence of CBRE's Washington, D.C., office, represented the seller, PCS Glen Lea LLC, in the transaction.
