SOUTHAVEN, MISS. — StyleCraft Home Collection has signed a 167,600-square-foot lease at the Airways Distribution, located at 8474 Marketplace Drive in Southaven. The space is located in the 602,500-square-foot Building E. The company will relocate and expand its distribution center in DeSoto County, and approximately 10,000 square feet will be used as a lighting and decor showroom. Allen Wilkinson and Dan Wilkinson of Colliers International represented the tenant in the lease transaction. IDI, the landlord, was self-represented by Tim Moore.
Southeast
COOPER CITY, FLA. — The $45 million, 300-unit Monterra Apartments, a workforce housing community located in Cooper City, has opened. ZOM Florida and The NRP Group developed the property, and its amenities include a swimming pool, clubroom with computer work stations, 24-hour fitness center, playground, covered barbeque area and a dog park. Financing for the project included $26 million in NIBP bonds issued by the Florida Housing Financial Corp., HOME loan funding and additional loans provided under the SHIP loan program, funded and administered by Broward County. Bank of America provided project equity and construction financing. ZRS Management has been retained to provide property management services.
ATLANTA — Parkway Properties has sold 100 Ashford Center and Peachtree Ridge, two office properties totaling 321,000 square feet in Atlanta, for $29.9 million. Combined, the assets are 74.6 percent leased. The properties were part of the company's first discretionary fund, and with the close of this sale, the company has shed all assets that were part of this fund. The buyer assumed a $29.7 million mortgage.
BOYNTON BEACH, FLA. — ARA has brokered the $27.1 million sale of the 300-unit Ashley Lake Park, a multifamily community located at 5020 Ashley Lake Drive in Boynton Beach. The property is 95 percent leased. Hampton Beebe, Avery Klann and Marc deBaptiste of ARA's Boca Raton, Fla., office represented Chicago-based Capri Capital Partners, the seller, in the transaction. Boston-based Robbins Property Associates was the buyer.
ORANGE CITY, FLA. — Inland Real Estate Acquisitions has purchased the 119,894-square-foot Saxon Crossing, a shopping center located in Orange City, for $20.73 million. Hobby Lobby anchors the center, which is fully leased to tenants including LA Fitness, Papa John's and Jimmy John's. The buyer was self-represented by Lou Quilici.
MIAMI — New Boston Fund has purchased the 91,000-square-foot Waterford Centre, a Class A office building located in the Blue Lagoon Business Park at 6205 Blue Lagoon Drive in Miami. The buyer plans to invest significant capital in upgrading the building's appearance and building systems. Lincoln Property Co. represented both parties in the transaction and will continue to provide property management services. Blanca Commercial Real Estate will lease and market the property.
ATLANTA — ARA has arranged the $21 million sale of the 204-unit 626 Dekalb, an apartment complex located at 626 Dekalb Ave. in Atlanta. The property is 91 percent leased. Mesa Capital Partners, the buyer, plans to implement an enhancement program of the property's common areas. Sean Henry and John Weber of ARA's Atlanta office represented the seller, an institutional investor, in the transaction.
DULUTH, GA. — Crossley, Jernigan & Ellison Inc. has acquired two office/flex buildings located at 2425 and 2450 Commerce Ave. in Duluth for $4.05 million. The buildings are part of the Satellite Place office complex and include the 1000 and 2100 buildings, which total 113,035 square feet. Watson Bryant and Gary Lee of Cassidy Turley represented the seller, an entity controlled by special servicer CWCapital Asset Management, in the transaction. The buyer was self-represented.
GREENSBORO, N.C. — Capstone Apartment Partners has negotiated the $1.45 million sale of the 98-unit Savannah Place Apartments, a townhome apartment complex located in Greensboro. Beau McIntosh, Brian Ford and Austin Green of Capstone's Charlotte, N.C., office represented the seller, Hendrick Investment Properties, in the transaction. The buyer, a Miami-based private investor, plans to make extensive capital improvements to the property.
DEMOPOLIS, ALA. — V&V has purchased a 49,185-square-foot Vowell's Fresh Market, located on U.S. Highway 80 E. in Demopolis, for $1.38 million. Josh Randolph of The Shopping Center Group represented Demopolis Partners, the seller, in the transaction.