CARY, N.C. — Northwood Ravin has started construction on the first phase of the $55 million Bradford, a mixed-use development located at David and High House roads in Cary. Phase I will include 370 multifamily units and 20 townhomes. Amenities will include a fitness center with an indoor lap resistance pool, sauna and steamroom, demonstration kitchens, business centers, doggie daycare and a pet spa. Completion is slated for fall 2013.
Southeast
MARIETTA, GA. — Rothenberg-Rosenfield has acquired the 316,000-square-foot Marietta Trade Center, a shopping center located on Cobb Parkway in Marietta, from EDENS for $32.8 million. Walmart Supercenter anchors the center, which is 97 percent leased. As part of the transaction, Rothenberg-Rosenfield assumed a CMBS loan on the property. Richard Reid of HFF represented the seller in the transaction.
ATLANTA — Atlanta-based The RADCO Companies has acquired a three-property, 402-unit multifamily portfolio, located in Georgia, for $13.7 million. The sale included the 112-unit Ashford Place Apartments in Griffin, the 160-unit Briar Creek Apartments in Conyers and the 130-unit Sierra Place Apartments in Atlanta. RADCO had been the asset manager for the portfolio on behalf of an equity fund for five years. The company plans to invest nearly $1 million in capital improvements during the next six to 12 months. The transaction also included the acquisition of the equity and a restructure of the existing debt on the property.
VIERA, FLA. — Viera-based Viera Commercial Properties has arranged the $11.9 million sale of six Christian Brothers Automotive stores. The single-tenant properties total more than 29,000 square feet, and are located in Lake Worth and Schertz, Texas; Collierville and Hendersonville, Tenn.; Grayson, Ga.; and Monument, Colo.
SUWANEE, GA. — A partnership between Marietta, Ga.-based Columbia Properties and New York City-based Red Starr Management has purchased the 70,000-square-foot Suwanee Depot Shopping Center, located on Lawrenceville-Suwanee Road in Suwanee, for $5 million. Office Depot and Bodyplex Fitness anchor the center, which is 80 percent leased. The seller was Suwanee Depot Partners.
ALGIERS, LA. — N3 Real Estate and PMAT Cos. have acquired the 150,000-square-foot Algiers Plaza Shopping Center, located at General de Gaulle and Holiday drives in Algiers for $32 million in a related party sale. PMAT previously owned the center with a different partner. Winn Dixie and Walgreens anchor the center, which is 92 percent leased. The partnership plans to expand the center to 250,000 square feet. New tenants will include Ross Dress For Less, Petco and Burke's Outlet, which are scheduled to open in February 2013. Construction is expected to last 24 months.
FORT LAUDERDALE, FLA. — Banyan Street has acquired the 230,238-square-foot Tower 101, a two-building office property located in Fort Lauderdale, from Cap Advisors and Principal Real Estate Investors for $28.7 million. The 21-story tower is 68 percent leased. Christian Lee, Charles Foschini, Jose Antonio Lobon, Deanna Lobinsky and Travis Herring of CBRE Group represented the seller in the transaction. Additionally, CBRE secured $19 million in acquisition financing through Banco Sabadell.
MEMPHIS, TENN. — A joint venture between Hillwood Investment Properties and Brookfield Asset Management has purchased a 1.6 million-square-foot industrial portfolio, located within Southpark Distribution Center in Memphis. The acquisition includes five Class A industrial buildings.
RIVIERA BEACH, FLA. — ARA has negotiated the sale of the 408-unit Woodbine, a luxury apartment complex located at 9000 Woodbine Trail in Riviera Beach. The property is 95 percent leased. Avery Klann, Richard Donnellan and Hampton Beebe of ARA represented the seller, an institutional investor, in the transaction. Canada-based Morguard North American Residential REIT was the buyer.
WASHINGTON, D.C. — Carroll Associates has sold four apartment buildings totaling 129 units, located in Washington, D.C., for a combined $5.93 million. Mayfair LLC acquired 1720 & 1721 Corcorn St. NE, 1 Hawaii Ave. NE and 734 Fairmont St. NW. Girard Street Tenant Association purchased 744 Girard St. NW. Greysteel Co. represented the seller in both transactions.