SANDY SPRINGS, GA. — Franklin Street Real Estate Services has arranged the $10.9 million sale of Powers Ferry Shopping Center in Sandy Springs, a northern suburb of Atlanta. The two-story shopping center is anchored by CVS/pharmacy and includes a Subway and Bruegger’s Bagels. The asset was 85 percent leased at the time of the sale. Mac McCall and John Tennant of Franklin Street represented the seller, a local partnership that originally developed the property. The buyer was a 1031 exchange investor based in New York.
Southeast
GAINESVILLE, FLA. — MedProperties Holdings LLC and Equity Inc. are partnering to build a replacement skilled nursing center for the Gainesville Health Care Center, located at 4816 S.W. Archer Road in Gainesville. The nonprofit company Gainesville Council on Aging will lease the entire 97,000-square-foot, 180-bed facility, which MedProperties and Equity will jointly own. The new property will offer short-term rehabilitation, long-term care, memory care, palliative care and hospice care. Construction is slated to last 12 to 14 months.
LOUISVILLE, KY. — HREC Investment Advisors has arranged the sale of the 271-room Holiday Inn Louisville East in Louisville. Lakshmi Narayan Hospitality Group Louisville LLC purchased the asset from a national special servicer for an undisclosed price. Monty Levy, Tom Sommer and Scott Stephens of HREC represented the seller in the transaction.
LARGO, FLA. — NorthMarq Capital has arranged a $30 million construction loan for Boulevard Apartments, a 260-unit apartment community in Largo. The multifamily property will be located at 2098 Seminole Blvd. Larry Curry of NorthMarq’s Tampa, Fla., office arranged the three-year loan with a 30-year amortization schedule through a national bank on behalf of the borrower, Dockside Investors LLC. Upon completion, the project will feature elevators, fitness facilities, an indoor lap pool/spa, nature trails, a pet park and concierge services.
DORAVILLE, GA. — Marcus & Millichap has arranged the $20.7 million sale of the 190,172-square-foot Doraville Plaza in Doraville, a suburb of Atlanta. Burlington Coat Factory anchors the property, located at 5706 Buford Highway. The acquisition also included four outparcel properties occupied by Krispy Kreme, Wells Fargo, McDonald’s and Chick-fil-A. Doraville Plaza was fully leased at the time of the sale. Don McMinn and Zachory Taylor of Marcus & Millichap’s Atlanta office represented the seller, an Atlanta-based owner and developer, in the transaction.
STUART, FLA. — The Shopping Center Group has brokered the sale of Salerno Village Square, a 77,677-square-foot shopping center anchored by Winn Dixie in Stuart, a city in South Florida. Toronto-based Slate Properties purchased the property for approximately $8.6 million. Anthony Blanco of The Shopping Center Group represented the seller, Equity One Inc., a publicly traded REIT. The shopping center, which also includes a CVS/pharmacy, was 85 percent leased at the time of the sale.
ST. PETERSBURG, FLA. — Publix Super Markets has purchased a freestanding, 28,800-square-foot Publix supermarket at Carillon Town Center in St. Petersburg. Publix purchased the single-tenant retail property from White Development for $5.2 million. The property is located at 120 Carillon Parkway. Mike Milano and Ron Schultz of Colliers International’s Tampa Bay office represented the seller in the transaction.
NORCROSS, ATLANTA AND MARIETTA, GA. — Merric Millwork and Seating has completed millwork renovations to the common areas of three Courtyard by Marriott hotels in Georgia. The work for each project was done simultaneously. The hotels include the Courtyard by Marriott Peachtree Corners in Norcross, Courtyard by Marriott Windy Hill in Atlanta and Courtyard by Marriott Marietta in Marietta. The millwork renovations included work on the focal wall, quick print station, library, business center and other common area features. The design team includes general contractor Artistic General Contracting and developer Sage Hospitality.
MOBILE, ALA. — Marcus & Millichap has arranged the $18.4 million sale of a 200,084-square-foot Walmart Supercenter, located at 685 Schillinger Road S. in Mobile. The store was constructed in 1997 on a 6.7-acre parcel. Walmart recently extended its lease at the property through July 2028. Bob Horvath and Todd Tremblay of Marcus & Millichap’s Boston office represented both the seller, H&R Mobile LLC, and the buyer, Wells Ventures LLC. Eddie Greenhalgh of Marcus & Millichap’s Birmingham, Ala., office served as the Alabama broker of record in the transaction.
CHAMBLEE, GA. — Construction is underway for a new four-story, 124-room Value Place hotel in Chamblee, about 14 miles north of downtown Atlanta. The hotel will be located at 2877 Dresden Drive, near the intersection of I-85 and Chamblee Tucker Road. EMJ Hospitality will manage the hotel upon completion, which is slated for February 2015.