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.
RICHMOND, VA. — Capstone Advisors, a real estate investment, development and advisor firm based in Carlsbad, Calif., has purchased The Shops at Wellesley in Richmond. The 42,250-square-foot center is located in the Short Pump area of suburban Richmond and serves the affluent Wellesley neighborhood. Current tenants include daycare center Minnieland, Wellesley Animal Hospital and Vinnie's Italian Grill. Capstone Advisors plans to hold the center for a long-term investment. The center is part of a three-property, $16 million acquisition that Capstone recently announced. The other two properties are located in California and Arizona.
PARAGOULD, ARK. — Belk has announced its 10,000-square-foot expansion at Town West Shopping Center in Paragould, a city in northeast Arkansas. The $1.8 million project will include updated decor with new paint, carpet, tiled aisles and lighting. The remodeled 48,000-square-foot store is set for a mid-October grand reopening. Real Estate Southeast LLC handled the lease expansion.
ESSEX, MD. — NorthMarq Capital has arranged $2.5 million in first mortgage refinancing for Townhomes at River's Crossing, a 66-unit multifamily property located in Essex, about eight miles east of Baltimore. Nancy Ferrell of NorthMarq's Baltimore office arranged the 10-year loan with a 30-year amortization schedule through a life company lender.