AUSTELL, GA. — KBS Real Estate Investment Trust II has sold the 261,799-square-foot Hartman II, a warehouse/distribution building located in Atlanta's Austell submarket. The property is part of the 150-acre Hartman Business Center, a master planned industrial park.
Southeast
ATLANTA AND ORLANDO, FLA. — Shane Investment Property Group has arranged the sale of two Chick-fil-a restaurants for a total of $3.05 million. In Atlanta, a 4,107-square-foot restaurant sold and in Orlando, a 4,519-square-foot restaurant sold. Jason Long of Shane Investment Property Group represented both parties in the Atlanta sale and the buyer of the Orlando property.
MEMPHIS, TENN. — Love Funding has arranged $9.57 million in refinancing for the 92-unit Barboro Flats, a market-rate apartment building located in Memphis. William Jones Jr. and Christopher Schilling of Love Funding's New York office arranged the 35-year, non-recourse loan through HUD.
ORLANDO, FLA. — Pollack Shores Real Estate Group has acquired the 396-unit Heather Glen, an apartment complex located at 10801 Heather Ridge Circle in Orlando, for $23.6 million. The company plans to invest $1.5 million to renovate and upgrade the pool area, clubhouse, fitness center, landscaping and other amenities. The property is 95 percent leased. Matrix Residential, a subsidiary of Pollack Shores, will manage the community.
AUSTELL, GA. — KBS REIT I has sold the 353,983-square-foot Hartman Business Center One, a warehouse and distribution center located in Austell, for $16.1 million. The building is part of the 1.8 million-square-foot Hartman Business Center.
SMYRNA, TENN. — Summit Hotel Properties has purchased the 83-room Hampton Inn & Suites, located at 2573 Highwood Blvd. in Smyrna, for $8 million. The company plans to invest $500,000 in capital improvements. This is the company's 11th acquisition.
BIRMINGHAM, ALA. — Passco Cos. has purchased the 260-unit Stonegate, a luxury apartment community located at 101 Leaf Lake Blvd. in Birmingham, from EBSCO Income Properties. The property is 92 percent leased. Ryan Griffin of Rock Apartment Advisors represented both parties in the transaction.
CUMMING, GA. —Atlanta-based Bull Realty has arranged the $2 million sale of the 32,463-square-foot The Village at Creekstone, a mixed-use development located on Peachtree Parkway in Cumming. The property includes two retail buildings totaling 27,190 square feet, a two-story office condominium totaling 5,273 square feet, as well as three 2,500-square-foot office pad sites, one 4,581-square-foot office pad site and a .65-acre retail outparcel. Rob Whitmire and Theresa Johnson of Bull Realty represented the seller, a super regional bank, in the transaction. John Harrison, also of Bull Realty, represented the buyer, Alpharetta, Ga.-based Penn Hodge LLC.
JACKSONVILLE, FLA. — The Morgan Group has started construction on the 240-unit Terrace at Town Center, a garden-style apartment community located in Jacksonville's Southside/JTB corridor. Amenities will include a resort-style swimming pool with grilling stations, a dog park, state-of-the-art fitness center, Internet lounge, demo kitchen and resident room. The first units are slated for completion in December. The Morgan Group will serve as the management company upon completion.
ORLANDO, FLA. — GDC Properties has broken ground on the 118-room Aloft Orlando Downtown, a new Starwood Hotels & Resorts Worldwide hotel located at 500 S. Orange Ave. in Orlando. The hotel will include a w xyz bar, re:mix lounge, re:charge fitness center, splash outdoor pool and 5,000 square feet of flexible meeting space. Yedla Management Co. will operate the hotel upon completion, which is slated for 2013.