Southeast

JV ACQUIRES 314-UNIT APARTMENT COMMUNITY FROM CARROLL COS.

by admin June 7, 2013

GREENVILLE, S.C. — A joint venture between Charleston, S.C.-based Hudson Capital Investments and Phoenix-based RW Partners has purchased a Class A apartment community in Greenville from Carroll Companies. Candleton Village is located at 741 Woodruff Road near the intersection of Interstates 85 and 385. Constructed in 2006, the property contains one- through three-bedroom units averaging 986 square feet in size. Jason Nettles and Megan Thompson of Holliday Fenoglio Fowler represented Carroll Companies in the transaction.

June 7, 2013

JLL BROKERS SALE OF 186,629 SF SHOPPING CENTER

by admin June 7, 2013

TIFTON, GA. — Jones Lang LaSalle (JLL) has brokered the sale of Tifton Corners, a 186,629-square-foot shopping center located at 21 Virginia Ave. South in Tifton. Tenants of the center include Big Lots, Save A Lot, Tractor Supply Co., Dollar Tree, Citi Trends and Hibbett Sports. Occupancy was 84 percent at the time of closing. JLL’s Margaret Caldwell and Kris Cooper represented the seller, Atlanta-based RCG Ventures. The buyer was a Georgia-based limited liability company. The acquisition price was not released.

June 7, 2013

Industrial Southeast

C&W COMPLETES 345,600 SF INDUSTRIAL SALE

by admin June 7, 2013

NORTH EAST, MD. — Cushman & Wakefield has completed the sale of a 345,600-square-foot industrial property in North East. The building is located on 36 acres near Interstate 95 at 4 Center Drive. It is fully leased to the General Services Administration and Herr Foods. Cushman & Wakefield’s Christopher Abramson, Brian Kruger, Nicholas Signor and Jonathon Chalkey represented the undisclosed seller. The buyer is SK Realty Management.

June 7, 2013

Industrial Southeast

DERMODY TO COMMENCE SPEC INDUSTRIAL PROJECT

by admin June 7, 2013

SHEPHERDSVILLE, KY. — Dermody Properties has acquired approximately 36 acres in Shepherdsville for a new speculative industrial project. Dermody is partnering with Granite REIT to construct a 624,000-square-foot industrial building within Settlers Point Business Park at the interchange of Interstate 65 and Highway 44. The building will feature 36-foot clear ceiling heights and 60 docks doors with cross docking capability and expansion capability up to 117 docks. Dermody expects to break ground for the project in June and complete it by the fourth quarter of 2014. Summit Construction is serving as general contractor, and Kovert Hawkins Architects is the designing the building. Tom Sims of CB Richard Ellis’s Louisville office is marketing the project for lease.

June 7, 2013

Retail Southeast

CBRE BROKERS $7.8 MILLION SALE OF NEIGHBORHOOD SHOPPING CENTER

by admin June 6, 2013

VERO BEACH, FLA. — CB Richard Ellis (CBRE) has brokered the sale of South Vero Square, a 147,417-square-foot neighborhood retail center located in Vero Beach, for $7.8 million. Constructed in 1989, the center is situated at the corner of U.S. Highway 1 and Oslo Road. Its anchor tenant is Publix, and its outparcel tenants include Wendy’s, McDonald’s and Seacoast National Bank. Occupancy was 61.5 percent at the time of the sale. The CBRE team of David Donnellan, Todd Weintraub, Casey Rosen and Dennis Carson represented the seller, Florida-based Vero Beach Shopping Center Associates LP. The buyer was Indian River Holdings LLC.

June 6, 2013

Multifamily Southeast

MARCUS & MILLICHAP COMPLETES $6.9 MILLION MULTIFAMILY SALE

by admin June 6, 2013

ST. PETERSBURG, FLA. — Marcus & Millichap has completed the sale of a 144-unit multifamily community located in St. Petersburg for $6.9 million. Gateway Apartments was built in 1986 and is situated at 2000 Gandy Blvd. It comprises 11 one- and two-story buildings containing all one-bedroom units. Amenities include an on-site laundry facility, a basketball court, a boat storage area, a picnic area and a swimming pool. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented both parties, which were undisclosed Florida investors.

June 6, 2013

Retail Southeast

ZIFF ACQUIRES $6 MILLION RETAIL PROPERTY

by admin June 6, 2013

HILLSBOROUGH, N.C. — Ziff Properties has acquired the small-shop retail portion of the Hampton Pointe shopping center in Hillsborough. The Class A property totals 38,253 square feet and is located at 525 Hampton Pointe Blvd. It was 81 percent occupied at the time of closing. Shadow anchors for the property include Walmart Supercenter and The Home Depot. The sale also included a pad site that can accommodate 35,000 square feet of future retail development. Christian Chamblee and Michael Pigg provided in-house representation for Ziff. Andrew Margulies of Marcus & Millichap represented the seller, Tribek Properties, who first developed the property in 2004.

June 6, 2013

Office Southeast

JOHNSON CAPITAL SECURES $18.5 MILLION OFFICE LOAN

by admin June 6, 2013

BOCA RATON, FLA. — Johnson Capital has secured $18.5 million in financing for a Boca Raton office property. Constructed between 1978 and 1988, The Fountains Center comprises seven buildings containing 182,000 square feet space, the majority of which is for office tenants. The property also includes two bank branches, each with drive-thru lanes. The borrower is a partnership of local investors that purchased the REO property in 2012 and has since renovated it. The loan carries a five-year term, non-recourse, with a sub-4 percent, fixed interest rate. Terms also include reserves for tenant improvements and leasing commissions. The lender was a regional bank. Eric Fixler of Johnson Capital arranged the deal.

June 6, 2013

Retail Southeast

DIVARIS ARRANGES CVS SALE

by admin June 6, 2013

HARDY, VA. — Divaris Real Estate has arranged the sale of a 10,800-square-foot, freestanding retail property located at 12935 Booker T. Washington Highway in Hardy. The property is triple-net leased to CVS/pharmacy, which has 17 years remaining on its term. American Realty Capital acquired the property at a 6.76 percent cap rate. Brett McNamee of Divaris’s Richmond, Va., office represented the undisclosed seller.

June 6, 2013

Retail Southeast

STILES BREAKS GROUND FOR $35 MILLION SHOPPING CENTER

by admin June 5, 2013

HOLLYWOOD, FLA. — Florida developer Stiles has commenced construction for West Lake Commons, a $35 million retail project located at 1700 Sheridan Street in Hollywood. The project will be built on the site of the former Hollywood Lincoln Mercury dealership at the corner of Sheridan Street and South Federal Highway. Stiles will construct an 80,000-square-foot center to be anchored by Publix. Additional tenants already announced include Pollo Tropical and Starbucks. The project will also include up to 20,000 square feet of outparcel space. Completion is expected in the second quarter of 2014.

June 5, 2013

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