STOCKBRIDGE, GA. — A joint venture between Strategic Capital Partners LLC and Atlanta-based Kodiak Ventures has acquired South 75 Center, which includes two flex office buildings, in Stockbridge for an undisclosed price. It is 84 percent occupied and was purchased from the lender, which foreclosed on the property in 2011. The strategy is to stabilize the property at 90 percent occupancy as well as renew the largest tenant, which expires in 2017. Third-party medical suppliers and distributors occupy much of the nearby office space due to the proximity of Henry Medical Center, a 215-bed hospital.
Southeast
WOODSTOCK, GA. — The LaSalle Group is planning a nearly 28,000-square-foot, $9.8 million memory care community called Autumn Leaves of Towne Lake and located at 1962 Eagle Dr. in Woodstock. It will be the second Autumn Leaves memory care community in metro Atlanta, and it will exclusively care for residents with Alzheimer’s, dementia and memory impairment. Autumn Leaves of Towne Lake is expected to open in fourth quarter of 2013.
RIDGELAND AND CANTON, MISS. — Strategic Storage Trust Inc. (SSTI), a publicly registered non-traded REIT that invests in self-storage properties, has purchased two self-storage properties in Ridgeland and Canton for a total purchase price of approximately $10.7 million. The two properties include 900 units and 149,000 square feet combined and will be rebranded under the SmartShop Self Storage trade name. SSTI purchased all of the properties’ interests from several investors during a period of months.
BEL AIR, MD. — Washington Real Estate Investment Trust (WRIT) has sold the 33,921-square-foot Plumtree Professional Center, a single-story medical office building, for $8.75 million. The Atkins Companies, which is based in New Jersey, purchased the healthcare property at 104 Plumtree Rd. in Bel Air. Jonathan Carpenter and James Wellschlager of Cassidy Turley’s Capital Markets Group represented the seller.
WASHINGTON, D.C. — The 61-unit Terrace Manor Apartments, a garden-style apartment community, has sold in Washington, D.C. Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schuldinger and Caleb Brown of Washington, D.C.-based Greysteel Co. represented the seller, Hastings Development Corp., in the transaction. Sanford Capital LLC purchased the multifamily property.
OKEECHOBEE, FLA. — A 40-room Travelodge Suites has sold in Okeechobee. Jonathan Ruprai and Dennis Hopper of Marcus & Millichap’s Tampa, Fla., office represented the seller, a local limited liability company. Ruprai secured the buyer, a North Carolina-based private investor.
Washington, D.C. continues to grow and thrive but in a very different manner than it did in the past. While the national debt surpassed $16 trillion, the local economy has benefited from the government spending — which has resulted in the metro area having the lowest unemployment rate in the country. Additionally, D.C. continues to reap the benefits of having seven out of the top 10 wealthiest counties in the United States located within the metropolitan trade area. Furthermore, Generations X and Y are changing the real estate landscape by rejecting the baby boomer suburban ideology and opting to migrate to the city for non-committal rental housing, public transit, and a closer proximity to work and shopping. As many retailers will attest, if you are not growing, you are dying. The District has always been a vital market for retailer expansion. Today, with a floundering American economy and fewer opportunities for growth in the middle of the country, Washington has become a focal point for retailer expansion. For example, YO! Sushi, the British conveyor belt sushi concept, elected to open its first North American unit at D.C.’s Union Station. In addition, Walmart spent significant time and money creating unique store …
LEXINGTON, LOUISVILLE AND FRANKFORT, KY.; AND NASHVILLE, TENN. — Irvine, Calif.-based Steadfast Income REIT Inc. has recently acquired five apartment communities for an aggregate purchase price of approximately $115 million. The properties were acquired in five separate transactions and include multifamily complexes in Lexington, Louisville, Frankfort and Nashville as well as Austin, Texas. Steadfast purchased Forty57 in Lexington for $52.5 million. It was 88 percent occupied at the time of the transaction, and it was built in phases between 2008 and 2012. South Pointe at Valley Farms was acquired for $5.2 million in Louisville. It is a 26-acre site that includes 32 apartment units and a clubhouse community building. Riverford Crossing was purchased for $30 million in Frankfort. It was built in 2011 and has 300 one- and two-bedroom apartments and townhomes. Keystone Farms was acquired for an unlisted price. It is a 90-unit apartment community located near Nashville. It was built in 1998 and was fully occupied at the time of the transaction.
BRANDON AND LAKELAND, FLA. — Tampa, Fla.-based Blue Rock Partners LLC, in partnership with Deerfield Beach, Fla.-based Konover South LLC, has acquired a multifamily portfolio totaling 1,218 units in three communities in Brandon and Lakeland for $66 million. Blue Rock Partners will invest another $9 million in improvements into its newly acquired portfolio. The 712-unit Plantation Key Apartments and adjacent 270-unit Providence Park Apartments are being rebranded and marketed as Park at Siena in Brandon. Additionally, the 236-unit Martin’s Landing Apartments, located at 3520 Cleveland Heights Blvd. in Lakeland, will undergo improvements and be marketed as Park at Verona.
LOUISVILLE, KY. — A Kentucky-based developer has sold the 689-unit Park at Hurstbourne apartment complex in Louisville for $39.2 million. The buyer, Louisville Property LLC, is planning to upgrade the community. Craig Collins of Commercial Kentucky Inc. and Mike Kemether of Cushman & Wakefield of Georgia represented the seller.