ORLANDO, FLA. — Centennial Holdings has purchased the 37-building, 336-unit Citrus Tower in suburban Orlando for $32 million. The multifamily complex was built in 2006 and is situated on nearly 30 acres. Jubeen Vaghefi, Denny St. Romain and Jeff Morris of Jones Lang LaSalle’s Capital Markets team represented the institutional seller.
Southeast
MIAMI — MMG Equity Partners, a privately owned real estate company, has acquired two grocery-anchored shopping centers in Miami-Dade County in two separate transactions for undisclosed prices. MMG Equity Partners acquired the 64,000-square-foot Colonial Shopping Center, located at 450 N.E. 125th St. in North Miami. It is anchored by a Presidente Supermarket. The firm also acquired Tropical Shopping Center, which is located at 8100 N. Miami Ave. and anchored by a Tropical Supermarket.
ATLANTA — The RADCO Cos. has acquired seven multifamily properties in the Atlanta area, expanding its apartment portfolio to 3,000 units. The latest additions include the 132-unit Audubon Town & Country in Fairburn, Ga.; the 94-unit Audubon Brook in Conyers, Ga.; the 98-unit Audubon Way in Lawrenceville, Ga.; the 164-unit Wyntree in Doraville, Ga.; the 63-unit Bella Villas in Doraville; the 104-unit Meadowbrook Manor in Lilburn, Ga.; and the 328-unit Park Lake in Norcross, Ga. The transactions were financed through bridge debt from several lenders and $15.2 million in equity raised during the past 30 days from private sources.
BIRMINGHAM, ALA. — Beech Street Capital LLC has provided a $31 million FHA 223(f) loan for the refinance of Parc at Cahaba River Apartments, a 348-unit Class A luxury apartment community in Birmingham. Chad Thomas Hagwood of Beech Street’s Birmingham office originated the loan, which has a 35-year term with a 35-year amortization schedule. The borrower, Parc Cahaba LLC, developed Parc at Cahaba Apartments in 1999.
ST. AUGUSTINE, FLA. — Canada-based H&R REIT purchased The Shoppes at Mission Trace, a Publix-anchored shopping center at 955 State Road 16 in St. Augustine, for $8.9 million. The 61,000-square-foot retail property was built in 2009 and is 93 percent leased. Tenants include AT&T Wireless, China Wok and a liquor store. Cliff Taylor of CBRE Private Capital Group in Jacksonville, Fla., represented the seller, a private development group based in north Florida.
LAUDERHILL, FLA. — Lauderhill Industrial Portfolio, a three-building small bay warehouse portfolio in Lauderhill, has sold for $2.4 million. The portfolio totals 102,641 square feet and was 57 percent occupied at the time of transaction. The buyer was a Plantation, Fla.-based private investor, and the seller was a Miami-based limited liability company. Douglas Mandel and Greg Zeifman of Marcus & Millichap represented both parties. The portfolio is located at 1711 N.W. 38th Ave. in Lauderhill.
LAKE WORTH, FLA. — A 9,600-square-foot Dollar General at 4400 10th Ave. North in Lake Worth has sold for $1.3 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and seller in the transaction. The buyer was a California-based private partnership and the seller was a local Florida company.
CHARLOTTE, N.C. — Trinity Capital Advisors has sold NASCAR Plaza to Parkway Properties for a reported $100 million. The 20-story, 390,000-square-foot LEED Silver-certified office building is located at 550 S. Caldwell St. in downtown Charlotte. Trinity Capital Advisors purchased NASCAR Plaza in a joint venture with Rubenstein Partners in December 2010. The building’s occupancy grew from 37 to 88 percent under Trinity Capital Advisors and Rubenstein Partners’ ownership. Chiquita Brands International relocated its corporate headquarters to NASCAR Plaza under the former ownership.
ORLANDO, FLA. — A former Hertz rental car facility, which includes 19.44 acres of land for development at 5601 Butler National Dr. off Semoran Boulevard north of Orlando International Airport, has sold for $14.25 million. Los Angeles-based L&R Investment Co. acquired the property and intends to obtain a master plan for the development of retail parcels that front Semoran Boulevard and an off-airport parking facility. Kevin O’Connor and Matt Cichocki of NAI Realvest represented the seller, The Hertz Corp., which moved its operations onto airport grounds at Orlando International Airport.
CHESAPEAKE, RICHMOND AND CHESTERFIELD, VA. — Three absolute net-leased Jiffy Lube retail properties have sold in southern Virginia. The assets commanded sales prices of $1.3 million in Chesapeake, $930,000 in Richmond and $920,000 in Chesterfield. Michael Early and Matthew Greenspon of Marcus & Millichap’s Virginia and Raleigh, N.C., offices represented the sellers. The buyers were unlisted private investors and an unlisted large regional real estate operator. Each Jiffy Lube unit was available for purchase as an investment, operated on absolute net-leased structures by subsidiaries of the parent company, Lucor Inc., which owns and operates more than 165 Jiffy Lube retail properties.