ATLANTA — Hibernian Pacific Holdings and its Atlanta-based partner have acquired an 846-unit, Class A multifamily portfolio in Georgia for $78.5 million. The properties are located in Cobb and Gwinnett counties. Wilwat Properties Inc. was the seller. The deal marks Hibernian's 10th transaction since announcing its new affiliation with Evolution Capital Management, an investment advisor. Over the past 90 days, Hibernian closed on a series of deals comprising a diversified portfolio of assets from major community banks in Chicago and Atlanta.
MINT HILL, N.C. — Marcus & Millichap has arranged the $14.1 million sale of Mint Hill Medical Commons, a 42,300-square-foot medical care facility in Mint Hill. The property, located at 11304 Hawthorne Drive, is 92 percent leased to the Charlotte Mecklenburg Hospital Authority, operating as Mint Hill Primary Care. Glen Kunofsky, Judson Kauffman and Allen Smith of Marcus & Millichap represented the seller, a Charlotte-based developer, in the transaction. Kunofsky and Russell Wachtler of Marcus & Millichap represented the buyer.
DORAL, FLA. — SMT Duty Free Inc., a duty-free retailer, has signed a lease for 50,000 square feet at 8935 NW 27th St. in Doral. The company is doubling its square footage from 25,000 square feet and relocating from Beacon Centre. Steven Medwin and Nick Wigoda of Jones Lang LaSalle represented the landlord, IndCor Properties, in the transaction. Scott Hardie of Miami Industrial Real Estate represented the tenant.
SUWANEE, GA. — Anixter, a Chicago-based provider of communication products, has signed a 205,700-square-foot lease renewal at 250 Horizon Drive, a 267,600-square-foot distribution building in Horizon Business Center in Suwanee. The company has occupied the building since it opened in May 1998. Best Buy occupies the remaining 61,600 square feet in the property. The owner, Duke Realty, was self-represented by Brian Sutton in the transaction. Nathan Anderson and Darren Butler of NAI Global represented the tenant.
ORLANDO, FLA. — Wood Partners has started construction on a 200-unit apartment community on Spring Lake in Orlando. The site, located at the northwest corner of Sand Lake and Turkey Lake roads, is a quarter mile from I-4 and three miles from Walt Disney World. The urban-style community will include 17,000 square feet of retail space, to be owned by The Wilder Cos. The apartment units will average 1,056 square feet and community amenities will include a leasing center, clubhouse, pool and fitness center. Construction is slated for completion in 2014. Real Estate Capital Partners is Wood Partners' equity partner in the project and Synovus Bank is the lender.
LAKE CITY, FLA. — Plum Creek Timber Co. Inc. and the Rockefeller Group will pursue a joint venture development on 4,722 acres of land in the Southeast. Plans for the property, which is owned by Plum Creek, include manufacturing and distribution facilities, inland ports and office buildings. The agreement covers two large tracts of land: about 2,600 acres near Lake City in Columbia County, Fla., and about 2,122 acres near Dublin, in Laurens County, Ga. The companies have also agreed to review other land parcels owned by Plum Creek for consideration of future development opportunities. No timetable for evaluating potential developments has been announced.
DORAL, FLA. — Yusen Logistics Americas, a freight forwarding and supply chain services company, has renewed its lease for 178,000 square feet of industrial space at 10200 NW 21st St. and 10000 NW 17th St. in Doral. Steven Medwin and Nick Wigoda of Jones Lang LaSalle represented the landlord, IndCor Properties, in the transaction. Stephen DiGiacomo of DiGiacomo Group represented the tenant.
PANAMA CITY, FLA. — UC Funding has arranged a $6.7 million bridge loan to recapitalize and complete the restoration of a 147-room hotel in Panama City. The borrower had acquired a shuttered, antiquated hotel with three acres of beach frontage, and will use part of the loan to complete $1.8 million in upgrades to the rooms, common areas and amenities. The aim is to transform the dilapidated hotel into a Class A resort.
LOUISBURG, N.C. AND PRINCETON, W. VA. — Marcus & Millichap has arranged the sale of two Sheetz ground leases in Louisburg and Princeton for a total of $3.6 million. The Louisburg location sold for $1.7 million, while the Princeton site sold for $1.9 million. Sheetz, a quick serve restaurant/convenient store with gasoline pumps, has 435 locations, with plans to reach 500 stores by 2015. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the buyer in the transaction. Brian Munn, also of Marcus & Millichap, represented the sellers.
RALEIGH, N.C. — KBS Realty Advisors has acquired Captrust Tower, a 300,389-square-foot office and retail building in the North Hills area of Raleigh. The sale also includes a six-level parking deck. The 17-story tower is 95 percent leased to 18 tenants, including Captrust Financial Advisors, the American Board of Anesthesiology and Regus. Duke Realty and Kane Realty developed the building in 2009 and Kane will retain an ownership interest in the project through a joint venture with KBS.