SHEPHERDSVILLE, KY. — Dermody Properties has commenced construction on LogistiCenter at I-65, a 631,336-square-foot industrial development located in Shepherdsville, about 15 miles south of downtown Louisville. The property will be located at 972 Conestoga Parkway in the Settlers Point Business Park. The development will feature 36-foot clear ceiling heights, T-5 lighting and 2,000 linear feet of exposure on I-65.
CHESTERFIELD COUNTY, VA. — Norfolk, Va.-based Robinson Development Group has plans to break ground on a new Class A, luxury apartment community in Chesterfield County in the fourth quarter. The new community will be located on Charter Colony Parkway within the 725-acre, mixed-use CenterPointe development near the Bon Secours St. Francis Medical Center, about 16 miles west of Richmond. Hank Boyd of BB&T's Norfolk office originated construction financing for the project, which is slated to open in fall 2014. The project is a joint venture between Robinson Development and Drucker & Falk, which will provide leasing and management services for the facility. This will be the joint venture's second apartment project.
SPARTANBURG, S.C. — Marcus & Millichap has brokered the $4.8 million sale of Timber Creek, a 116-unit apartment community located at 501 Camelot Drive in Spartanburg. The community was built in 1972 and renovated in 2008. Timber Creek was 98 percent occupied at the time of sale. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap's Charleston, S.C., office represented the seller and the buyer, both limited liability companies, in the transaction.
GREENVILLE, S.C. — Greenville-based commercial real estate brokerage firm Colonial Commercial has partnered with the South Carolina offices of Avison Young, resulting in the opening of a new Avison Young office in Greenville. The new office is Avison Young's 37th office outside of Canada and its third in South Carolina. The expansion adds eight new members to Avison Young: Reggie Bell, managing director; Kyle Putnam, senior vice president of investment services; Todd Justice, senior vice president of investment services; David Rosenberg, associate; John Odom, associate; John Saunders, associate; Shawn Hammond, associate; and Cort Nagle, associate. Bell, Putnam and Justice are also principals of Greenville operations for the firm. The new Greenville office will be located at 300 E. Coffee St. in downtown Greenville.
DANIEL ISLAND, S.C. — Trade Street Residential Inc., a multifamily community owner/operator, has purchased Talison Row, a 274-unit, Class A apartment community located at 480 Seven Farms Drive in Daniel Island, for $48 million. Daniel Island is a submarket of Charleston. The community is comprised of one-, two- and three-bedroom units that include hardwood floors, private porches/balconies, washer and dryers, designer lighting, granite countertops, subway tile back splashes, stainless steel appliances and crown molding. Talison Row's amenities include a salt water pool, outdoor fireplace and grilling areas, private cabanas, sunbathing lawn, clubhouse, community garden, private covered parking, yoga studio, game room, 24-hour fitness room and an outdoor gourmet kitchen.
BALTIMORE — Cassidy Turley has arranged the sale of a 28-story, 264,126-square-foot office tower located at 201 N. Charles St. in Baltimore's central business district (CBD). Baltimore-based Blue Ocean Realty purchased the property for nearly $19.7 million. The office tower is only LEED EB Gold certified office tower in Baltimore's CBD, according to Cassidy Turley. Jonathan Carpenter and James Wellschlager of Cassidy Turley represented the seller, Lexington Charles Limited Partnership.
ST. PETERSBURG, FLA. — Marcus & Millichap has arranged the $2.3 million sale of Florida Federal Plaza, a 33,147-square-foot retail property located at 850 49th St. in St. Petersburg. Save-a-Lot Grocery and Dollar General anchor the center. Moe Derbala of Marcus & Millichap's Tampa office represented the seller, a private investor, in the transaction. Derbala also secured the buyer, a private investor from Clearwater, Fla.
ATLANTA — Thorofare Capital has funded a $8.2 million recapitalization loan for a three-property multifamily portfolio totaling 420 units in the greater Atlanta area. The properties are owned by an Arizona-based distressed real estate investment and management firm. The three properties include Dwell at the View (80 percent occupied) and Dwell at 55 (67 percent occupied) in Atlanta, in addition to Dwell at 1794 (74 percent occupied) in Marietta, a northern suburb of Atlanta. The sponsor plans to use the proceeds of the loan to pay off existing debt, provide equity for a separate purchase and reserve around $900,000 for capital improvements.
WASHINGTON, D.C. — Rock Creek Property Group, a commercial real estate investment firm based in Washington, D.C., has sold a two-story, 12,325-square-foot building in Washington, D.C., for $5.7 million. Rock Creek sold 1438 U Street NW, located in the 14th and U Street corridor, to the Republic of India, which plans to use the property as a new cultural center. Rock Creek originally purchased the property in December 2010.
SLIDELL, LA. — RCG Ventures has acquired the 144,638-square-foot Village at Northshore, a shopping center located in Slidell, within the New Orleans MSA. Bed Bath & Beyond, JoAnn, Marshalls, Baskins and Dollar Tree anchor the center. Jones Lang LaSalle represented the seller in the transaction.