BRADENTON AND COCOA BEACH, FLA. — HFF has closed on the $24.5 million sale of two Publix-anchored centers in Central Florida. The properties include the 120,990-square-foot Beachway Plaza in Bradenton and the 68,577-square-foot Cornerstone Plaza in Cocoa Beach. Beachway Plaza is 84.8 percent leased to tenants such as Bealls Outlet and Staples. Cornerstone Plaza is 86 percent leased to tenants such as Cocoa Beach Realty and Beef O’Brady’s. Danny Finkle and Luis Castillo of HFF represented the seller, Retail Properties of America Inc., in the transaction. In addition to the sale, HFF also arranged $10.1 million in acquisition financing for the purchase of Beachway Plaza. Chip Sykes of HFF arranged the five-year loan through Guggenheim Commercial Real Estate Finance LLC on behalf of the borrower, Atlanta-based Branch Properties LLC.
Southeast
WASHINGTON, D.C. — Rock Creek Property Group, a Washington, D.C.-based real estate investment company, has sold a three-story, 43,000-square-foot office building in Washington, D.C., for approximately $14.9 million. Lakritz Adler Real Estate Investments purchased the asset, located at 5185 MacArthur Blvd. N.W. Tenants at the property include Starbucks Coffee and UPS.
LITHONIA, GA. — Griffin-American Healthcare REIT III Inc. has purchased DeKalb Professional Center, a 19,000-square-foot medical office building in the Atlanta suburb of Lithonia. The property is located at 5461 Hillandale Drive, roughly one mile from DeKalb Medical Hillandale, a 100-bed acute care hospital. The property is currently 81 percent leased to four tenants, including RMS Lifeline and The Emory Clinic. The REIT purchased the asset in an all-cash transaction from McWhirter Realty Partners LLC for an undisclosed price. Lee Asher and Chris Bodnar of CBRE represented the seller in the transaction.
PIKESVILLE, MD. — An affiliate of Harbor Group International LLC (HGI) has purchased Annen Woods, a 131-unit, Class B apartment community in Pikesville, a suburb of Baltimore. The property is currently 94 percent leased. HGI plans to invest roughly $1.1 million to complete upgrades to the property. HGI currently owns more than 4,800 multifamily units in the Baltimore/Suburban Maryland metro area.
BOCA RATON, FLA. — ARA has arranged the $80.3 million sale of San Marco at Broken Sound, a 336-unit luxury villa and townhome community in Boca Raton. The asset was 96 percent occupied at the time of the sale. Hampton Beebe and Avery Klann of ARA represented the seller, Chicago-based Capri Capital Partners LLC, in the transaction. Marc deBaptiste and Richard Donnellan of ARA assisted in the sale. The buyer was Miami-based BC Property Investments.
WEST PALM BEACH, FLA. — New England Development plans to open Marketplace at the Outlets, a 300,000-square-foot retail center currently under construction, in the fall. The center is located adjacent to the recently opened Palm Beach Outlets in West Palm Beach. The center will feature 20 stores, including Bed Bath & Beyond, DSW Designer Shoe Warehouse, Nordstrom Rack, Old Navy, PetSmart, Pier 1 Imports, Sports Authority, T.J. Maxx, Ulta Beauty and Whole Foods. New England Development, also the developer of Palm Beach Outlets, partnered with Eastern Real Estate in the development of Marketplace at the Outlets.
NASHVILLE, TENN. — Southeast Venture has purchased a 20,000-square-foot mixed-use building located at 714 8th Ave. in Nashville for approximately $4.3 million. The asset sits at the northeast corner of 8th Avenue and Division Street in Nashville’s Gulch East submarket. The property’s tenant roster includes Alfred Williams & Co., Studio Eight Design and Flyte, an upscale restaurant and wine bar. Southeast Venture was represented internally by Tarek El Gamel. The seller, AWC Partners, worked directly with the buyer without a broker.
WASHINGTON, D.C. — The Greysteel Co. has arranged the sale of a government-leased, five-floor office building on Embassy Row in Washington, D.C. The Embassy of the Republic of Georgia has leased the asset, located at 2209 Massachusetts Ave. N.W., since 2007. Ari Firoozabadi, Gil Neuman, Kyle Tangney, John Mullen, Henry Schuldinger and Caleb Brown of Greysteel represented the seller, Delshah Capital, in the transaction. The buyer, RezRoss Investment Group LLC, purchased the building for an undisclosed price.
NORCROSS, GA. — Pembrook Capital Management LLC has closed a $22 million bridge loan that will finance the renovation of two multifamily communities in Norcross, a suburb of Atlanta. The two properties, Centre at Peachtree Corners and Summit at Dawson, were constructed in 1972 and 1983, respectively, and include 434 units combined. Pembrook provided the loan to a joint venture between Audubon Communities and Five Mile Capital. The joint venture will utilize the loan for exterior and interior renovations at both apartment communities.
DURHAM, N.C. — Crown Realty & Development has sold a five-building, Class A industrial portfolio totaling 705,365 square feet in Durham. Liberty Property Trust purchased the portfolio, located within Imperial Business Park, for approximately $44.3 million. Chris Norvell, Bill Simerville and David Meline of Cushman & Wakefield represented the seller in the transaction.