SUN CITY CENTER, FLA. — Marcus & Millichap has secured the sale of South Bay Medical Arts, a 32,123-square-foot, Class A medical office property located at 4051 Upper Creek Drive in Sun City Center. The office building sold for approximately $3.8 million. Moe Derbala of Marcus & Millichap’s Tampa office represented the seller and secured the buyer, both local private investors.
Southeast
CHATTANOOGA, TENN. — The Cooper Commercial Investment Group has arranged the $1.9 million sale of a 6,515-square-foot retail center located on Gunbarrel Road in Chattanooga. The center is anchored by FedEx Office and includes other tenants such as T-Mobile, Gigi’s Cupcakes and CPR Cell Phone Repair. Bob Havasi of Cooper Commercial represented the seller, a private investor based in Chattanooga, in the transaction. The buyer was a private investment group based in Chicago.
PIGEON FORGE, TENN. — Colliers International has arranged the sale of Pigeon River Crossings, a 390,248-square-foot shopping center in Pigeon Forge. A private investor based in Tennessee purchased the property for approximately $5.2 million, or $13 per square foot. The shopping center, located at 2655 Teaster Lane, includes tenants such as Nike Factory Outlet, Tuesday Morning, Burke’s Outlet, Burlington Brands, Dress Barn and Old Time Pottery. Joe Montgomery and Tony D’Ambrosio of Colliers International’s Atlanta office, along with Tony Vaughn in the firm’s Nashville office, represented the seller, a subsidiary of Horsham, Pa.-based Capmark Financial Group, in the transaction. Tim Zitzman and Dixon Greenwood of Ball Realty in Knoxville represented the buyer.
RALEIGH, N.C. — Rockbridge Partners has acquired the Raleigh Marriott Crabtree Valley, a six-story, 375-room hotel located in Raleigh. The hotel is located directly across from Crabtree Valley Mall. Rockbridge is planning a $23 million renovation to the hotel, which will involve improvements to guestrooms and bathrooms, a new 10,000-square-foot ballroom, a new patio terrace and pool and reconfigurations to the existing lobby and restaurant. Concord Hospitality will manage the hotel.
JACKSONVILLE, FLA. — Franklin Street Real Estate Services has arranged the $1.1 million sale of Lem Turner Shopping Center, a Walmart- and The Home Depot-anchored shopping center located at 3200 Armsdale Road in northwest Jacksonville. Jonathan Graber, Rafeal Wright and Nicolas Prevolos of Franklin Real Estate Services represented the seller, a national investment firm based in the Midwest, in the transaction. The buyer, also a national investment firm based in the Midwest, plans to make capital improvements to the property, which is currently 50 percent leased.
MEMPHIS, TENN. — Thorofare Capital Inc. has closed a $3.3 million senior bridge loan to refinance The Clarion Hotel Airport/Graceland Area in Memphis. The 245-room, four-story hotel is located at 1471 E. Brooks Road. The hotel features two restaurants and two bars. The borrower, Cedar Street Co., is using proceeds from the loan to retire a portion of a mezzanine portfolio loan used for several of its assets. In 2011-2012, Cedar Street associated the hotel with Choice Hotels International under the Clarion brand and implemented a $3.5 million renovation.
ATLANTA — Cushman & Wakefield has closed a 61,000-square-foot, 15-year office lease with marketing firm Career Sports & Entertainment Inc. The company will lease office space at 150 Interstate North, located in the Interstate North Office Park in Atlanta’s Northwest submarket. Caroline Nolen and Porter Henritze of Cushman & Wakefield’s Atlanta office represented the landlord, Interstate North Office Park LP, in the lease deal. Jimmy Sanders and Mitch Kahlert of ICON Commercial Interests represented the tenant.
Savannah has historically been known as an under-retailed market. Barriers to entry to the market have included expensive land acquisition and development costs, natural geographical barriers such as wetlands and rivers, oddly configured land parcels and stubborn sellers. Savannah is overcoming those barriers with authority as existing retailers expand within the market and previously nonexistent retailers enter. The unusual amount of retail development in an MSA of 360,000 people means Savannah is officially on the radar of quite a few retailers. Westside/Pooler Parkway The largest development within the area broke ground in early September and will be a big win for the entire Southeast. Ben Carter Enterprises commenced construction on The Outlet Mall of Georgia in nearby Pooler, comprising more than 560,000 square feet of retail and restaurant space. The outlet mall will house more than 170 retailers, of whom 70 percent are committed. The $200 million project will employ upwards of 2,000 employees, creating a boon for the local economy. A mix of luxury and traditional retailers is expected, of which 40 percent are reported to be new to the market. Also, 45 acres of adjacent land is being marketed for retail, restaurant and hotel site development. This project …
RICHMOND, VA. — Landmark Apartment Trust of America Inc., a multifamily REIT based in Richmond, has acquired four multifamily communities in Florida, Alabama and Texas for $98.2 million. The properties total 1,346 units and average a 95 percent occupancy rate. The acquired properties include the 408-unit Landmark at Grayson Park in Tampa, Fla.; the 384-unit Landmark at Woodland Trace in Casselberry, Fla.; the 240-unit Landmark at Lancaster Place in Calera, Ala.; and the 314-unit Landmark at Collin Creek in Plano, Texas.
BIRMINGHAM, ALA. — Rock Advisors has arranged the $24.3 million sale of The Enclave at Mountain Brook, a 508-unit apartment community in Birmingham. Joseph Holt of Rock Advisors co-brokered the transaction with Brad Simmel and Shea Campbell of CBRE’s Atlanta office. A private investor based in California purchased the property in an all-cash transaction.