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.
Southeast
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.
MIAMI BEACH, FLA. — Hersha Hospitality Trust has refinanced the outstanding debt on the 263-room Courtyard Miami Beach Oceanfront, located at 4101 Collins Ave. in Miami Beach. The $60 million, interest-only loan includes a four-year term and a 4.32 percent interest rate. The initial funding for the loan is $45 million, with three additional draws of $5 million every 90 days to fund the construction of a new, 93-room oceanfront tower. Completion is slated for late 2013.
HICKORY, N.C. — Charlotte, N.C.-based Selwyn Property Group has acquired the 70,000-square-foot Hickory Plaza, a retail center located at the intersection of Highways 321 and 70 in Hickory. Roses anchors the center, which is 70 percent leased. Bill Simerville of Cassidy Turley represented Faison, the seller, in the transaction. The buyer was self-represented.
MIAMI — Link Construction Group has finished the $2.9 million, 15,000-square-foot Olga Maria Martinez Senior Center, located near Kendall Drive and SW 152nd Avenue in Miami. The two-story facility will provide adult daycare services and features classrooms, activity rooms, a main gathering hall, a lunch meal site and supporting office spaces. Little Havana Activities and Nutrition Center developed the property with a series of state and local grants. Vidal Architects designed the center.