NORTH POINT, FLA. — Symcor Capital Properties has acquired the Fountains at North Port, a 312-unit apartment community in North Port, for $19.7 million. The property, located at 1015 Panacea Blvd., is 95 percent occupied and units average 923 square feet. Community amenities include a clubhouse, computer center, fitness center and swimming pool and spa. Elliott Throne and Todd Adams of HFF arranged a 10-year, $14.6 million acquisition loan on behalf of the buyer through GE Capital Real Estate. Matt Mitchell and Jaret Turkell led the HFF team that represented the seller in the transaction.
Southeast
MORRISVILLE, N.C. — Carter Validus Mission Critical REIT has acquired the Raleigh Data Center in Morrisville for $19.5 million. The 143,770-square-foot property, originally constructed in 1997, is fully leased to four tenants. The property is situated on 12.2 acres.
RALEIGH, N.C. — Marcus & Millichap has brokered the $9.8 million sale of a Food Lion-anchored center in Raleigh. The 75,927-square-foot property is 98 percent occupied. The center sold at an 8.69 percent cap rate. The population within five miles of the center includes 98,346 people. Sonny Molloy with Marcus & Millichap represented both the buyer, River City Capital LLC, and the seller, EIG Wakefield Crossing LLC.
FORT LAUDERDALE, FLA. — Valley Forge Fabrics has acquired a 76,000-square-foot industrial building, located at 1650 W. McNab Road in Fort Lauderdale, for $1.9 million, or $25.33 per square foot. 1650 West McNab Road Holdings LLC was the seller. Les Byron Associates developed the property in 1975. Les Byron of Sperry Van Ness Commercial Realty represented the buyer in the transaction. The building previously sold for $5.2 million. “Over the years, the market has changed and the building became challenged due to its size and configuration,” says Byron. “The buyer will invest in considerable renovations and upgrades.”
ST. PETERSBURG, FLA. — CBRE has arranged $15 million in permanent financing for Crossroads Shopping Center, a 341,682-square-foot power center in St. Petersburg. The loan will be used to refinance a mortgage originally placed in 2004. Crossroads Shopping Center is fully occupied by a mix of tenants, including Home Depot, T.J. Maxx, West Marine and Ross Dress for Less. Michael Strober, Donald Jennewein and Amanda Valenti of CBRE arranged the loan through a correspondent life company.
DURHAM, N.C. — EdR plans to develop a $46.1 million collegiate housing community at Duke University in Durham, through a joint venture with Javelin 19 Investments. The 368-bed community is slated for completion in summer 2014. The community is designed to appeal to graduate students and upperclassmen, whose housing needs are not met on the Duke University campus. Graduate students constitute more than half of the total 2012 enrollment of 14,591 students. Amenities will include a lounge, coffee bar, fitness center, yoga area and a swimming pool.
POOLER, GA. — GBT Realty Corp. has closed on its purchase of 20 acres along Pooler Parkway for the development of Village on Pooler Parkway. The retail development will consist of more than 143,000 square feet when completed in the first quarter of 2014. T.J. Maxx, Ross Dress for Less, Michael's and PetSmart, which have all executed leases for the center, will anchor the property. Additional retailers will include Rack Room Shoes, Moe's Southwest, Jersey Mikes and Palm Beach Tan. The development also has building pads for freestanding buildings and outparcels. Panera Bread has a lease to locate in a freestanding building with a drive-thru. The project team will include general contractor Stewart Perry, MJM Architects and Wolverton & Associates, which will provide engineering services.
MARIETTA, GA. — 58 Twelve LLC has acquired a 304-unit distressed apartment property, Notting Hill Apartments, in Marietta for $5.3 million. The property was originally constructed in 1972, with renovations occurring in 2008 to update the apartment interiors. Located at 750 Franklin Road, the property was 30 percent occupied at the time of sale. The Commercial Real Estate Specialists listed the property for the seller, City National Bank/FDIC. Colliers International of Phoenix referred the buyer, which was represented by its local attorney.
FLORENCE, ALA. — National Net Lease Realty has arranged the $2.3 million sale of a 10,125-square-foot CVS/pharmacy property, located at 1501 Florence Blvd. in Florence. The net-leased property was built in 2000 and CVS has seven years remaining on its lease. Terry Marks of National Net Lease Realty represented the seller, a Southern California-based limited liability company. Marks also represented the seller, a national REIT.
WILLIAMSBURG, VA. — Polyzos Family Investments has purchased Palace Place, a retail strip center located at 113 Palace Lane in Williamsburg, for $610,000. C-111 Asset Management was the seller. Drew Haynie of Cushman & Wakefield | Thalhimer represented the buyer in the transaction.