ASHLAND, KY. — Emmes Asset Management Co. has sold Midtown Mall, a 153,723-square-foot, grocery-anchored shopping center in Ashland for $11.3 million. BDB Realty was the buyer. Midtown Mall is located at 711 12th St. and is 81 percent leased. Kroger and Big Lots, which both recently renewed long-term leases, anchor the property. Other tenants include Gatti-Land, Rent-a-Center, Subway and Wendy's. Richard Reid led the HFF team that represented the seller in the transaction.
GREENVILLE, S.C. — Summit Hotel Group has acquired the six-story, 120-room Hilton Garden Inn in Greenville for $127,000 per key. Teague Hunter and Trey Scott of Hunter Hotel Advisors represented the seller, Deean Hospitality, in the transaction.
WASHINGTON, D.C. — Rock Creek Property Group has completed its redevelopment of 1100 16th St. N.W., a 28,366-square-foot property at the corner of 16th and L streets in Washington, D.C. In the past eight months, Rock Creek has transformed the former two-building private school into a four-and-a-half-story office building. The property is located three blocks from the White House and features space for up to 130 employees, exposed brick, multiple entrances, ceilings heights of 10 to 20 feet, garage parking and a 1,700-square-foot rooftop deck with views of the Washington Monument. The property will be offered for sale or lease to a single purchaser or tenant.
PLANT CITY, FLA. — NorthMarq has arranged a $6.2 million loan for the refinancing of Townsgate Apartments, a 265-unit multifamily property at 1211 Goldfinch Drive in Plant City. Lee Weaver of NorthMarq arranged the financing on behalf of the borrower, Baker's Pond Group, through AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender. The 10-year loan features a 30-year amortization schedule.
JACKSONVILLE, FLA. — Marcus & Millichap has arranged the $3.5 million sale of Royal Estates, a 176-unit apartment property at 8050 Arlington Expressway in Jacksonville. The transaction was a lender-approved short sale. The property was 50 percent occupied at the time of sale, with “a tremendous amount of deferred maintenance,” according to Marcus & Millichap. The buyer plans to rehab the property. The property, constructed in 1973, includes a leasing center, two swimming pools, courtyards, playground areas, a basketball court, a tennis court and two laundry rooms.
SLIDELL, LA. — Dillard's has signed a 126,000-square-foot lease to anchor the second phase of Fremaux Town Center in Slidell. Phase I of the project, totaling 330,000 square feet, is currently under construction and will be anchored by Kohl's, Dick's Sporting Goods, Michaels, T.J. Maxx and Best Buy. Phase II will include up to 320,000 square feet of additional retail space. Phase I is scheduled for completion in March 2014, with construction of Phase II set to begin around the same time. The second phase is scheduled to open in spring 2015. CBL & Associates Properties Inc. and Stirling Properties are constructing the project.
ORLANDO — Pollack Shores Real Estate Group has acquired its second luxury apartment community in Orlando in the last three months: Sabal Palm Beach at Metrowest II. The 456-unit apartment community is located at 6101 Raleigh St., near Universal Studios and the 408 Expressway. The new owner plans to invest $1.5 million to upgrade the clubhouse, pools, landscaping and other amenities. Matrix Residential will manage the property. Pollack had also purchased the 252-unit Polo Glen Apartments in the Melbourne area in January. Jones Lang LaSalle arranged the debt financing for the transaction.
MEMPHIS, TENN. — Floor and Decor Outlets of America Inc. has signed a 75,134-square-foot lease to open the first Floor & Decor in Tennessee this July. The hard surface flooring store will be located at Perimeter Shopping Center, near the intersection of Interstates 40 and 240 in Memphis. Belz Enterprises Inc. manages the 370,000-square-foot property. The site features a traffic count of more than 100,000 cars per day. The Shopping Center Group represented Floor and Decor Outlets of America Inc. in the transaction.
ATLANTA — Regal Entertainment Group has announced that the soon-to-be constructed Avalon Stadium 12 & RPX along State Route Georgia 400 in Atlanta will include upscale amenities. Every seat will be a recliner with a footrest. The theater will also include table areas for dining, along with a menu that will feature restaurant-quality food and drink selections, as well as traditional cinema snacks. The Avalon lobby will feature a lounge with soft-seating areas and table settings. The theater's largest auditorium will be equipped for the Regal Premium Experience, which will offer the “best in both sight and sound technology,” the company states. The new theater is scheduled to open in 2014.
FREDERICK, MD. — KBS Legacy Partners Apartment REIT has purchased Crystal Park at Waterford, a 314-unit garden-style apartment community in Frederick for $44.9 million. The 12-building complex is located on Route 15 and is 93 percent occupied. The seller, Federal Capital Partners, has invested in capital improvements to the common areas and clubhouse in recent years. Drew White, Ryan Ogden and Mike Marshall of ARA represented the seller in the transaction.
