Southeast

TRINITY CAPITAL BUYS ADDITIONAL BUILDING IN CHARLOTTE'S SHOPTON RIDGE INDUS

by admin March 26, 2013

CHARLOTTE, N.C. — Trinity Capital Advisors has acquired an additional building in Shopton Ridge Industrial Park in Charlotte. The firm now owns three buildings in the eight-building park. Located at 4015 Shopton Road, the 108,800-square-foot Class A office and industrial building is fully occupied by Rent-A-Center and The Maintenance Team. Trinity purchased the property through a joint venture with Pacific Coast Capital Partners. Bill Wood handles the leasing at Trinity Capital's Shopton Ridge portfolio and Janice Crum serves as property manager.

March 26, 2013

MARCUS & MILLICHAP SELLS 56-UNIT APT. PORTFOLIO

by admin March 26, 2013

FORT LAUDERDALE AND OAKLAND PARK, FLA. — Marcus & Millichap has arranged the $2.7 million sale of a 56-unit apartment portfolio in Fort Lauderdale and Oakland Park. The Prospect Apartment Portfolio consists of three parcels: 999 W. Prospect Road in Oakland Park, 1007 W. Prospect Road in Fort Lauderdale and 240 N.W. 42nd St. in Oakland Park. Joseph Thomas and Adam Duncan of Marcus & Millichap represented the seller, a local partnership, in the transaction. Thomas and Duncan also represented the buyer, a partnership from Coral Gables, Fla.

March 26, 2013

Multifamily Southeast

ROBINSON DEVELOPMENT SELLS RALEIGH APTS. FOR $40.2M

by admin March 25, 2013

RALEIGH, N.C. — An entity managed by RAM Development Co. has acquired Apartments of Stonehenge, a 425-unit apartment community in Raleigh, for $40.2 million. Robinson Development Group, which purchased the property in 2010, was the seller. Robinson had renovated and redesigned the property's 5,000-square-foot clubhouse and residential units. Jeff Glenn of CBRE represented the seller in the transaction.

March 25, 2013

Southeast

ETPC ACQUIRES 865 ACRES IN ATLANTA SUBMARKET

by admin March 25, 2013

DOUGLASVILLE, GA. — ETPC Co. has acquired 865 acres in Douglasville, approximately 15 miles from the Hartsfield-Jackson Atlanta International Airport, for $5.4 million. The property was previously slated to be the site of the Villages of Riverview master-planned community by developer Brooks Land Inc. The site is currently entitled for 1,095 single-family homes, 325 townhomes and 14 acres of commercial space. John DeYonker and Rob Whitmire of Bull Realty represented the seller, DBSI Villages at Riverview LLC, in the transaction. The seller is a related entity to DBSI Inc., which filed for bankruptcy. Josh Reeves of Sotheby's Atlanta Fine Homes represented the buyer.

March 25, 2013

Office Southeast

AMERICAN HOSPITAL ASSOCIATION SIGNS 42,000 SF LEASE IN D.C.

by admin March 25, 2013

WASHINGTON, D.C. — The American Hospital Association (AHA), a national non-profit organization, has signed a lease for 42,000 square feet of office space in the CityCenterDC development in downtown Washington, D.C. Hines and TFI US Real Estate Fund are developing the property, which is now more than 83 percent leased. The AHA plans to move into the space in September 2014. AHA represents more than 5,000 hospitals, health care systems and networks, and provides education for health care leaders. Studley represented the tenant in the transaction.

March 25, 2013

Multifamily Southeast

WELLER RESIDENTIAL ACQUIRES SOUTH PASADENA PROPERTY FOR $3.5M

by admin March 25, 2013

SOUTH PASADENA, FLA. — Marcus & Millichap has arranged the $3.5 million sale of Shore Drive Apartments, a 50-unit property in South Pasadena. The property was built in 1972 and is located at 1824 Shore Drive South. Casey Babb of Marcus & Millichap represented the seller, a St. Petersburg, Fla.-based family partnership. She also represented the buyer, Weller Residential, also based in St. Petersburg.

March 25, 2013

Southeast

AZTEC GROUP ARRANGES $4.2M FOR SELF STORAGE IN BALTIMORE

by admin March 25, 2013

BALTIMORE, MD. — Aztec Group has arranged a $4.2 million mortgage loan for Clifton Park Self Storage, a 636-unit facility located at 4211 Shannon Drive in Baltimore. Developed in 2005, the 105,000-square-foot facility contains climate-controlled and non-climate-controlled storage space and 50 outdoor vehicle storage spaces. Charles Penan and Howard Taft arranged the 10-year loan, with a fixed interest rate below 4.4 percent, on behalf of the owner, SV5 LLC.

March 25, 2013

Southeast

CRONHEIM ARRANGES $125M LOAN FOR GRAND BEACH HOTEL

by admin March 22, 2013

MIAMI BEACH, FLA. — Cronheim Mortgage has arranged a $125 million loan for Grand Beach Hotel, a full-service, 424-room oceanfront property in Miami Beach. The 10-year loan includes two years of interest-only payments and a 30-year amortization schedule. Grand Beach Hotel was completed in 2009 and is located along Collins Avenue, the main thoroughfare in Miami Beach. Amenities at the property include a bar, poolside restaurant and an exercise room. Anna Westhoff and Andrew Stewart of Cronheim arranged the loan.

March 22, 2013

Office Southeast

TWO SOUTH FLORIDA OFFICE PROPERTIES HIT THE MARKET AT $33.7M

by admin March 22, 2013

BOCA RATON, FLA. — Marcus & Millichap is listing two South Florida office buildings, the 46,486-square-foot Town Executive Center in Boca Raton and the 140,635-square-foot Cypress Executive Center in Fort Lauderdale. The Town Executive Center is being offered at $18.5 million and the listing price for Cypress Executive Center is $15.2 million. The properties are owned by unrelated parties. Doug Mandel of Marcus & Millichap is representing the sellers.

March 22, 2013

Retail Southeast

NAMDAR ACQUIRES 680,000 SF ENCLOSED MALL IN FLORIDA

by admin March 22, 2013

BRADENTON, FLA. — Namdar Realty Grouup has acquired DeSoto Square Mall, a 680,000-square-foot enclosed mall in Bradenton. The mall is 75 percent occupied and major tenants include Macy's, JC Penney and Sears. “This is a great deal,” says Joel Gorjian, director of acquisitions and dispositions at Namdar. “There are plenty of great tenants, along with a solid amount of vacancy, which leaves us with some room to add value to the property.”

March 22, 2013

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