PORT ST. LUCIE, FLA. — HFF has arranged the sale of Publix at St. Andrews, a 65,271-square-foot neighborhood shopping center in Port St. Lucie. HFF represented the seller, a client portfolio managed by American Realty Advisors, in the transaction. Publix Super Markets Inc. purchased the unencumbered property for an undisclosed amount. The shopping center is located at 5455-5489 N.W. St. James Drive and is the only grocery-anchored center within a two-mile radius. The 11-year-old property is 87.1 percent leased to tenants including Hair Cutlery, Subway, H&R Block and the UPS Store. Danny Finkle and Luis Castillo of HFF led the sales team in the transaction.
Southeast
ATLANTA — UC Funding LLC has structured and funded a $16.8 million acquisition bridge loan for a 262,000-square-foot office building located in Atlanta's Central Perimeter office submarket. The property is situated with more than 1,000 feet of direct frontage on Interstate 285. Dan Palmier, president and CEO of UC Funding says, “We provided our new sponsor with what they needed to win the deal, a quick commitment and closing in less than 21 days.”
FAYETTEVILLE, ARK. — Bridge Partners, a real estate investment company headquartered near San Francisco, has acquired The Crowne at Razorback apartments, a student housing community near the University of Arkansas (UA) in Fayetteville. The 480-bed property offers amenities including a resort-style pool and sundeck, fitness center, business center, dog park and sand volleyball court. The community is located less than one mile from the UA campus and is located along UA's bus route. The financing of The Crowne at Razorback was executed through a Freddie Mac loan assumption.
MIAMI — Construction has begun on Wynwood Central, the first major ground-up, mixed-use real estate development in the Miami neighborhood of Wynwood. The approximately 385,000-square-foot development will include 69 residences integrated with 40,000 square feet of retail space specifically curated to fit the needs of the community, which is known as an arts hub. It will also provide approximately 50,000 square feet of mixed-use, showroom, office and commercial space for Miami's arts, technology and design sectors. The eight-story atrium building will consist of three floors of retail and commercial space, a parking garage with 420 covered spaces, and a rooftop pool and bar. Marc Kovens and Shawn Chemtov are developing the project. Other parties to the development are Amicon Construction Management and Chariff Realty Group. The project is expected to be completed by mid-2015.
KISSIMMEE, FLA. — Boca Raton, Fla.-based Southern Management and Development LP (SMD) has arranged the sale of Dorado Apartments, a 367-unit multifamily community in Kissimmee. The community, located near Orlando International Airport and Disney World at 1400 W. Donegan Ave., sold for approximately $16.8 million. A group of Florida-based investors purchased the 93 percent occupied community from Dorado Apatments JV Ltd.
ATLANTA, GAINESVILLE AND CARROLLTON, GA. — The Aspen Cos., an affordable housing acquisition and management firm based in Teaneck, N.J., has acquired three HUD multifamily communities in Georgia for approximately $9.2 million. The properties include the 176-unit Paradise East in Atlanta, the 100-unit Linwood Apartments in Gainesville and the 50-unit Paradise Carrollton in Carrollton. The Aspen Cos. purchased the properties from the original developer, a partnership with HJ Russell & Co. Andrew Daitch of Marcus & Millichap brokered the transaction.
COLUMBIA, S.C. — Marcus & Millichap has arranged the $3 million sale of Shandon Crossing, a 152-unit apartment community at 504 S. Beltline Blvd. in Columbia. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap's Charleston, S.C., office represented the seller, a bank/financial institution, in the transaction.
RICHMOND, VA. — CBRE | Richmond has brokered the sale of the Surry Building, a Class B, 33,578-square-foot office building at 1601 Rolling Hills Drive in Richmond. Surry Building Associates LC, an entity managed by Robinson Development Group Inc. (RDG), sold the asset for approximately $1.8 million. Will Bradley and David Wilkins of CBRE | Richmond represented RDG in the transaction.
OPELIKA, ALA. — The Shopping Center Group has arranged the 30,000-square-foot lease of Ollie's Bargain Outlet at Pepperell Corners, a shopping center in Opelika, seven miles east of Auburn. The location is the first Ollie's Bargain Outlet store in Alabama. Jonathan Lindsey and Ray Jones of The Shopping Center Group represented Ollie's in its lease transaction with Atlanta-based RCG Ventures, owner of Pepperell Corners. Other retailers include Goody's, CATO, CitiTrends, Shoe Show and Dollar General. The store is expected to open this summer. Ollie's plans to open 35 stores in Alabama, according to The Shopping Center Group.
NEW ORLEANS — The Domain Cos. has secured financing and begun construction of the second building in The South Market District, a four-block mixed-use development in downtown New Orleans. The Domain Cos. expects development costs for the building to total $21.3 million. The new property, The Park at South Market, will feature 27,000 square feet of retail space, a 2,200-square-foot public plaza and a 440-space parking garage. The property will feature charging stations for electric cars and an open rooftop that will serve as an entertainment venue. New Orleans-based Eskew Dumez and Ripple designed the five-story building, and Woodward Design+Build is the project’s general contractor. First NBC Bank provided a $16 million construction loan for the project and a $2 million New Markets Tax Credit equity investment. The Domain Cos. and Woodward Interests, an affiliate of Woodward Design+Build, provided equity for the project as well. Furniture retailer Arhaus has leased 15,500 square feet at the property, and pet groomer Fetch has leased 1,500 square feet. The Domain Cos. will deliver the property in October.