LAKELAND, FLA. — Tampa, Fla.-based Blue Rock Partners LLC and Konover South LLC, have purchased the 220-unit Madison at Lake Gibson apartments in Lakeland for nearly $12 million. The property is located at 5233 U.S. Highway 98 N. and will be rebranded as The Park at Cortona. The partnership between Blue Rock and Konover South will spend approximately $1.8 million in exterior renovations in the next 12 months and interior renovations in the next 24 months. The partnership purchased the apartment community from Lake Gibson Apartment Associates LP. Cushman & Wakefield brokered the transaction. This is Blue Rock Partners' fifth Tampa Bay/Orlando acquisition in the past 12 months.
DECATUR, GA. — UC Funding has provided a $10.5 million loan to purchase a discounted mortgage note secured by a 1,069-unit, Class C, garden-style apartment complex in Decatur. The property consists of 41 two- and three-story buildings. The borrower, a repeat sponsor of UC Funding, will complete a $6.3 million renovation to the complex. The borrower has more than 35 years of real estate experience and its portfolio consists of 10,000 multifamily units 490 hotel rooms and 750,000 square feet of office space.
NASHVILLE, TENN. — Cushman & Wakefield | Cornerstone's capital markets group has arranged the $6 million sale of three distribution centers in Nashville. Atlanta-based Johnson Hailey Investments purchased the facilities from ProLogis-Nashville. The properties total 174,600 square feet and are located at 1416 and 1418 Antioch Pike and 1914-1919 Elm Tree Drive.
CHARLOTTE, N.C. — Kite Realty Group Trust has purchased Toringdon Market, a 60,000-square-foot grocery-anchored shopping center in Charlotte, for $15.9 million. The property is located near the intersection of Interstate 485 and Johnston Road. Earth Fare, a specialty grocer, anchors the center, which is 97 percent leased.
FORT MILL, S.C. — Phillips Edison-ARC Shopping Center REIT Inc. has acquired Stockbridge Commons, a 99,473-square-foot shopping center located in Fort Mill, about 18 miles south of Charlotte, N.C., for $15.3 million. Harris Teeter anchors the center, which is 96 percent leased. Harris Teeter is the No.1 grocer by market share in Charlotte, according to Phillips Edison-ARC Shopping Center REIT Inc. The Stockbridge Commons acquisition, along with the public non-traded REIT's purchase of the Dyer Crossing shopping center in Dyer, Ind., brings the REIT's portfolio to 55 properties in 20 states totaling about $801.5 million.
NASHVILLE, TENN. — The CMT Building, an iconic office tower anchored by Country Music Television (CMT) in downtown Nashville, has sold for $11.2 million. Commerce Street Nashville Partnership purchased the 114,038-square-foot, Class A office tower, located at 330 Commerce St. CMT, a wholly owned subsidiary of Viacom, recently signed a seven-year lease renewal for its 86,000-square-foot stake in the building. Cushman & Wakefield | Cornerstone represented the seller, Wells Real Estate Funds, in the transaction.
ATLANTA — Dallas-based Westmount Realty Capital has purchased eight industrial assets in and around Atlanta, totaling nearly 900,000 square feet. The properties are located near I-285 and vary in type, from flex to distribution. The properties are located at 2600/2650 Pleasantdale Road; 4300 Bankers Circle; 2732/2750 S. Cobb Industrial Blvd.; 4490/4492 Commerce Circle; 650 Selig Drive; 3495 Donald Lee Hollowell Parkway; and 3770 and 3735 Zip Industrial Blvd. The properties are around 90 percent leased, according to Westmount. Wilson, Hull & Neal has been retained to lease the properties, and Westmount will provide property management services.
LEXINGTON, S.C. — CBRE's national retail investment group has brokered the sale of Hendrix Crossing, a 61,712-square-foot, Publix-anchored shopping center in Lexington, a suburb of Columbia. Additional tenants of the center include Subway, Great Clips, Yogen Fruz and Bella Nails and Spa. Mike Burkard, Chris DeCoufle, Kevin Reavey and Steve Shields of CBRE represented the seller, Columbia-based EDENS, in the transaction. The buyer was Raleigh, N.C.-based Centrex Properties.
CHARLOTTE, N.C. — A joint venture between Baltimore-based Alex Brown Realty Inc. and Charleston, S.C.-based Chartwell Holdings has acquired Arbor Trace, a 384-unit multifamily community located in southwest Charlotte. The joint venture purchased the Class B community for approximately $23.8 million, or $62,000 per unit. The property was 97 percent occupied at the time of sale. Dean Smith, Blake Okland, John Heimburger and Sean Wood of ARA's Charlotte office represented the seller, Wilmington, N.C.-based Biltmark Corp., in the transaction. The joint venture plans to invest nearly $1 million in exterior and capital improvements at Arbor Trace.
RIVERVIEW, FLA. — Cassidy Turley has arranged the $17.5 million sale of Shoppes of Southbay, a grocery-anchored retail center located in Riverview, a suburb of Tampa. The property is located at Big Bend Road and U.S. Highway 301. Sweetbay Supermarket anchors the center with a 51,000-square-foot location. Other tenants include AT&T, Buffalo Wild Wings, H&R Block and GNC. Drew Fleming and Mark Joines of Cassidy Turley represented the seller, Shoppes of Southbay LLC, in the transaction. Peter Wenzel of Wenzel Investment Group advised the buyer, Terre Investments LLC.