ATLANTA — The Connor Group has sold Block Lofts in Midtown for $34.2 million. The sale was the Dayton, Ohio-based company’s first in Atlanta since 2008. The Connor Group owns 17 multifamily communities in the Atlanta area, and it purchased Block Lofts in 2009 for $27.3 million. Block Lofts/WC-LC LLC and Block Lofts/AH-BWT LLC acquired the Midtown multifamily property from The Connor Group.
Southeast
WASHINGTON, D.C. — CBRE Capital Markets has arranged a $21.3 million construction loan for the redevelopment of The Wonder Bread Building at 641 S Street in Washington, D.C. The seven-year loan was arranged on behalf of Washington, D.C.-based Douglas Development Corp. The redeveloped building, formerly a Wonder Bread distribution warehouse for Hostess, will contain approximately 82,000 square feet of office and retail space. The project is an adaptive reuse of the industrial property.
WEST PALM BEACH, FLA. — The 113,862-square-foot Sabadell United Bank building has traded for $15.4 million in West Palm Beach. The 12-story building was sold by PEBB Palm Beach Lakes LLC to Brookwood Sabadell Investors LLC. Dominic Montazemi, Scott O’Donnell, Marty Busekrus and Miguel Alcivar of CBRE’s Private Capital Group<
CELEBRATION, FLA. — A 49,000-square-foot Publix has opened at Water Tower Shoppes, replacing a 33,000-square-foot Gooding’s Supermarket, at 29 Blake Blvd. in Celebration. National retail tenants such as Joe’s Crab Shack, Pep Boys, Chick-fil-A and Exxon Mobil Oil surround the 124,000-square-foot Water Tower Shoppes, which opened in 2005. Orlando, Fla.-based Crossman & Co. manages and leases the retail property.
CHARLOTTE, N.C. — A joint venture between Trinity Capital Advisors, Stockbridge Capital Group and Madison International Realty has acquired Toringdon 2, an office building in South Charlotte’s Toringdon Office Park. The joint venture owns four the park’s six office buildings including Toringdon 1, 2, 6 and 8 as well as 12 acres of land and the parking deck for Toringdon 3 and 5. Toringdon 2 is a 72,500-square-foot Class A office building with tenants Keller Williams, Coats and Metso Paper. The six-building Toringdon Office Park is a mixed-use master planned development with immediate access from I-485.
GREENSBORO AND DURHAM, N.C. — Bell Partners Inc. has sold two North Carolina apartment communities, the 284-unit Lake Brandt and 288-unit Bell Southpoint, on behalf of its investors. Winthrop Realty Trust purchased Lake Brandt in Greensboro and Duck Pond Corp. purchased Bell Southpoint in Durham. Lake Brandt includes one-, two- and three-bedroom units and amenities such as a fitness center, outdoor pool plaza, lighted tennis courts, indoor lap pool, business center and playground. Bell Southpoint also includes one-, two- and three-bedroom units and similar amenities.
GREENVILLE, S.C. — Greenville-based Carolina Holdings, a full-service real estate firm, has completed construction or expansion of five Dollar General retail properties in Greenwood and Rock Hill, S.C., and Mount Holly, Conover and Burlington, N.C. The new construction and expansions provide expanded grocery offerings at the five Dollar Generals. Carolina Holdings is collaborating with Dollar General on several new store locations in North and South Carolina.
BALTIMORE — Tryko Partners LLC, a private equity real estate firm based in Brick, N.J., has renovated Loch Raven Village Apartments, a 495-unit multifamily community at 8402 Greenway Rd. in Baltimore’s Towson neighborhood. Tryko Partners purchased the property last summer to modernize it and position it competitively among Towson’s Class A multifamily properties. Loch Raven Village includes 95 colonial brick, garden-style buildings on 20 acres and is 96 percent leased. Renovations included converting the property’s utilities so that each unit has central air conditioning and a dedicated gas furnace. Additionally, Tryko replaced entry doors and windows in all 95 buildings.
WEST PALM BEACH, FLA. — A 15,120-square-foot Walgreens has sold for $4.6 million in West Palm Beach. It was built in 2001 and is situated on a corner site adjacent to the Palm Beach International Airport. Jason Powell and Sean Patrick of Atlanta-based Ackerman & Co. represented the seller, a Washington, D.C.-based private investor. Mark Myers of Pompano Beach, Fla.-based Park Place Realty represented the buyer, Pompano Beach-based BMD Management.
CHARLOTTE, N.C. — KBS Legacy Partners REIT, a non-traded REIT, has acquired Charlotte’s Wesley Village Apartments and an adjacent vacant parcel of land for $45.75 million. The adjacent parcel is zoned for an additional 199 multifamily units. Berkeley Point Capital provided $29.5 million in first mortgage financing for the acquisition under the Fannie Mae Delegated Underwriting and Servicing (DUS) program. Amenities at Wesley Village Apartments, which is located at 2715 Wet Stone Way in Charlotte, include a clubhouse, fitness center, business center, yoga studio, gaming center, swimming pool, dog park and detached garages.