CHARLOTTE, N.C. — ARA has brokered the $41.5 million sale of Cielo, a 205-unit, Class A apartment community located in Charlotte's Montford neighborhood. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented the seller, Cornerstone Real Estate Advisers LLC, in the transaction. Weinstein Properties purchased the property, which was 94 percent occupied at the time of sale.
MIAMI — CBRE has arranged the sale of The Boutique, a 43-unit, two-story apartment community located at 8000 N.E. Bayshore Court in Miami's Shorecrest neighborhood. Bar Invest Realty LLC purchased the community from Boutique at Bayshore LP. The community was fully occupied at the time of sale. Calum Weaver of CBRE represented the seller in the transaction.
CHARLOTTE, N.C. — Charlotte-based Grandbridge Real Estate Capital has recently closed $28.6 million in first mortgage financing for three manufactured housing communities in Florida. The properties include a 293-site community in Ocala, a 213-site community in Homosassa and a 229-site community in Lake Alfred. John Segrest of Grandbridge's Birmingham, Ala., office originated the Fannie Mae DUS loans with a 10-year term and 30-year amortization schedule.
CHARLOTTE, N.C. — Simon Property Group Inc. and Tanger Factory Outlet Centers Inc. have teamed up to break ground on Charlotte Premium Outlets, an upscale, 400,000-square-foot outlet mall in Charlotte. The new property will be located eight miles southwest of uptown Charlotte at the interchange of Interstate 485 and Steele Creek Road. The new outlet mall is expected to employ about 900 full- and part-time employees and add more than 400 local construction jobs during development. More than 90 brands are expected to have a presence at the new development, including Saks Fifth Avenue OFF 5th. The project is a 50/50 joint venture between Simon and Tanger. Simon is providing management services and marketing for the mall, and Tanger is providing site development and construction supervision.
GREENSBORO, N.C. — Owings Mills, Md.-based Black Oak Associates has purchased Hicone Shopping Center, a 90,000-square-foot, grocery-anchored center in Greensboro for $7.2 million. Food Lion and CVS/pharmacy anchor the development, which is located at the intersection of Hicone and Rankin Mill roads, near downtown Greensboro. The property is about 85 percent occupied and includes pad acreage sites for future development. Nancy Cox of NAI Piedmont Triad is the leasing agent for the shopping center. Ed Laycox of West, Lane & Schlanger represented the seller, Hicone Properties LLC, in the transaction. John Hancock Life Insurance Co. provided acquisition financing for the transaction.
FRANKLIN, VA. — Severn Peanut Co. has purchased a 154,982-square-foot industrial facility in Franklin for $2.4 million. The facility is located on a 40-acre site at 32126 General Thomas Highway. The buyer will use the former paper converting facility as an additional peanut processing facility. Robert Thornton of Cushman & Wakefield | Thalhimer represented the seller, International Paper Co., in the transaction.
NORTH CHARLESTON, S.C. — New York-based URS Capital Partners has acquired St. James Crossing, a 280-unit apartment complex in North Charleston. In order to appeal to the nearby expansion of a Boeing facility, URS will renovate and position the apartment complex as an affordable living option for entry-level Boeing employees and middle management. New York-based DJ Capital provided a bridge loan and joint venture equity for the transaction.
WAYNESBORO, GA. — UC Funding has provided a $5.5 million acquisition bridge loan on a 475,000-square-foot industrial complex in Waynesboro, about 29 miles south of Augusta. The property is pre-leased to Stone & Webster Construction, a wholly owned subsidiary of Chicago Bridge & Iron. The property features five single-story warehouse buildings. The sponsor hopes to renovate the property and increase the occupancy, which is now at 20 percent, according to UC Funding.
DOUGLASVILLE, GA. — Industrial parts supplier McMaster-Carr has acquired 112 acres at Riverside at Sweetwater Creek, a 309-acre business park in Douglasville. The company, which currently operates buildings in northwest Atlanta, will consolidate its operations in a new 700,000-square-foot facility. The property will serve as an e-commerce fulfillment center for the products the company supplies to manufacturing plants and additional commercial facilities. McMaster-Carr has received city approval to expand the building to 1 million square feet. General contractor Holder Construction Co. will begin construction before the end of the month, with development expected to take 18 months. Marks Hawks and Scott McGregor with CBRE represented Riverside at Sweetwater Creek's owner, NMR&G LLC, in the land acquisition. Sim Doughtie of King Industrial Realty Inc. represented McMaster-Carr. The business park's development partners include Charles Brewer, Sam Hatcher and Ron Orr.
DELRAY BEACH, FLA. — HFF has arranged $46 million in financing for The Plaza at Delray, a 328,989-square-foot, grocery-anchored shopping center in Delray Beach. Eric Tupler, Chris Drew, Kristian Lichtenfels and Leon McBroom of HFF arranged the 10-year loan through Allianz Real Estate Of Americas on behalf of the borrower, Heitman and Ramco-Gershenson Properties Trust. The center is nearly 98 percent leased to tenants such as Publix, Marshalls, Ross Dress for Less, T.J. Maxx, CVS/pharmacy, Michaels, Anna's Linens and Ulta Salon.
