NORFOLK, VA. — Mid-Atlantic Maritime Academy has leased 20,833 square feet of office space at 5301 Robin Hood Road in Norfolk Commerce Park II. The three-story, Class A property includes a renovated lobby, onsite cafe and onsite management. Perry Frazer and Matt Wilbricht of CBRE | Hampton Roads represented the landlord, Norfolk Commerce Park II, in the transaction. Don Crigger of CBRE | Hampton Roads represented the tenant.
MIAMI GARDENS, FLA. — Marcus & Millichap has arranged the $8.2 million sale of Dolphin Plaza, a 93,991-square-foot shopping community at 17201-17237 N.W. 27th Ave. in Miami Gardens. The property, which is 90 percent occupied, is anchored by a recently renovated Winn-Dixie. Additional tenants include Foot Locker, BP Gas Station, Rent-A-Center and Rainbow Fashions. Jason Yukins of Marcus & Millichap represented the buyers, business partners from Canada, in the transaction.
GREENSBORO, N.C. — Parkstone Capital has selected The Woodlark Cos. as management operating partner for The District, a 228-bed student housing property near the University of North Carolina in Greensboro. Woodlark will lead an $800,000 renovation and rebranding effort that includes interior renovations, new landscaping, parking lot repairs and enhancements to the pool and the pool deck. Woodlark's total management portfolio is 18,962 beds, and its ownership portfolio is 13,807 beds.
COLUMBIA, S.C. — South Carolina United FC, the state's largest youth soccer club, has acquired 24.5 acres of land in Columbia to develop a facility consisting of six full-sized soccer fields and related amenities. The facility, located along the I-20 corridor, will serve as the club's central training facility for its junior academy and select-level soccer players. It will also serve as an additional venue for its recreational soccer players. Rob Lapin of NAI Avant represented the buyer in the transaction.
SAVANNAH, GA. — An affiliate of Noble Investment Group has acquired the Staybridge Suites Savannah Historic District, a 104-room extended-stay hotel located at 301 E. Bay St. in Savannah. The five-story property was completed in 2006 and is comprised of both newly constructed and historic building features, such as a restored 1870s-era banquet facility. The sale also included an adjacent, 16,200-square-foot development site. Daniel Peek, Holden Lim, Max Comess, Christopher Lingerfelt and Alexandra Lalos led the HFF team that represented the seller, Savannah Hospitality Properties LLC, in the transaction.
MIAMI — Littler Mendelson P.C., a labor law firm, and Studley, a commercial real estate services firm, have signed long-term leases for 17,137 square feet and 7,580 square feet, respectively, at Wells Fargo Center in Miami. The leases have an estimated value of more than $14 million. The firms will join tenants such as Wells Fargo Bank and Deloitte in the 750,000-square-foot Class A tower. Brian Gale of Taylor & Mathis represented the owner, MetLife, in the transaction. Carter Hopkins of CBRE represented Littler Mendelson and Studley was self-represented by Greg Katz.
SUNNY ISLES BEACH, FLA. — A private foreign investor has acquired the 17-unit Bella Apartments, located at 225 179th Drive in Sunny Isles Beach, for $5.7 million, or $251 per square foot. Completed in 2007, the gated seven-story property is fully occupied. Apartment amenities include private terraces, luxury appliances, 9-foot ceilings and storage facilities. The units average 1,337 square feet. CBRE represented the seller, Unimar Property Holdings of Miami, in the transaction.
COLUMBIA, S.C. — UC Funding LLC has arranged a $4.7 million bridge loan for the acquisition and renovation of a 180-unit, Class C apartment complex in Columbia. The borrower is a real estate professional with more than 15 years of experience in acquiring multifamily properties in Texas, South Carolina and Florida. The borrower currently owns and manages 5,300 units.
ST. PETERSBURG, FLA. — Senior Management Advisors Inc. (SMA) and ValStone Partners have acquired the Palazzo Di Oro, a former assisted living facility that closed in 2011 in St. Petersburg, for $2 million. The buyer plans to renovate and reopen the 150-unit community, named Grand Villa of St. Petersburg, which will offer assisted living and memory care services. Construction is expected to be complete in late 2014. The property was built as a hotel in 1971 and converted into an assisted living facility in the 1990s. A syndicate of lenders foreclosed on the property in 2011. This is the 11th senior living community SMA and ValStone have acquired, renovated and rebranded.
CHARLOTTE — Cedar Ridge Group LLC has acquired the Markets at Cedar Ridge, a 27,920-square-foot retail center located at 7520 S. Tryon St. in Charlotte. Shane Buckner of NorthState Capital Partners and David Dupree of BCB Investments represented the buyer in the transaction. David Morris of Legacy Real Estate Advisors represented the seller. The center is less than 72 percent occupied, and the value-add deal falls under the company's strategy of buying “real estate assets in good locations that can be acquired below replacement cost,” says Buckner.
