MIAMI — The former Regal Kitchens property, which includes 8.6 acres of land and a 171,000-square-foot warehouse at 8600 N.W. South River Dr. in Miami, has sold to a Chile-based company for $7 million. The buyer, Megacenter, specializes in reconditioning similar buildings in Chile. The site is the company’s first purchase in the United States and it plans to renovate the existing building. Megacenter will divide the building into a warehouse and full-service office suites for lease, ranging in size from 4,000 to 20,000 square feet. Mort Fetterolf, Xavier Cossard and Michael Fay of Colliers International South Florida represented both parties in the transaction.
Southeast
SHEPHERDSTOWN AND PARSONS, W. VA. — Boston Capital has invested in the rehabilitation of two seniors housing communities in West Virginia. The 24-unit Lowe Gardens Apartments in Shepherdstown and the 31-unit Tucker Manor Apartments in Parsons will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partners are affiliated with Maryland-based T.M. Associates Inc. along with the Telamon Corp., a non-profit organization based in North Carolina.
ATLANTA — Invest Atlanta, the official economic development authority for the City of Atlanta, and The PNC Financial Services Group have provided $24 million in new markets tax credits to fully fund Phase I of The National Center for Civil and Human Rights, a museum under way in downtown Atlanta. Phase I will include 42,000 square feet of exhibit and special event space. Invest Atlanta allocated $13 million in tax credits through its affiliate Atlanta Emerging Markets Inc., secured from the U.S. Department of the Treasury, and PNC provided $11 million. The Center’s $65 million Phase I is now fully funded. The three-story museum will include a gallery for the Morehouse College Martin Luther King Jr. Collection and the civil rights and human rights exhibitions.
JACKSONVILLE, FLA. — Rosemont Realty has acquired a three-building, 288,147-square-foot Class A office complex called Concourse in Jacksonville from Northwestern Mutual for an undisclosed price. Concourse fronts Interstate 95 on Belfort Road and includes three fourstory office buildings built between 1998 and 2001. It is 88 percent occupied with tenants DeVry University, SJ&P advertising agency, Diversified Clinical Services, Meridian Technologies, Pulte Homes and others.
ATLANTA — Atlanta-based Peachtree Hotel Group has acquired two non-performing hotel first mortgage notes including a 135-room Hilton Garden Inn in Virginia and a 60-room Best Western in Florida from a regional bank. Peachtree Hotel Group has a diversified ownership and third-party management portfolio, and heavily targets the most recognized hotel brands in the select and limited-service categories. The company has completed 31 acquisitions during the past 24 months.
DAVIE, FLA. — Lloyd Berger and Joe Byrnes of Fort Lauderdale, Fla.-based Berger Commercial Realty represented Robert Malt in the $3.4 million sale of a 9.8-acre site at 3501 S.W. 46th St. in Davie. The site will be held by 3501 Burris Road LLC for future development. Pat Montalbano of Montalbano Commercial Realty represented the buyer.
LEXINGTON, N.C. — The Roseview Group, a private real estate investment and advisory firm, has represented a bank advisory client on the $2.55 million sale of a 16,740-square-foot shopping center shadowed by Walmart in Lexington. Roseview directed the leasing and management of the center through CBRE. Mike Burkard and Steve Shields of CBRE represented the seller in the transaction.
BALTIMORE — CBRE Capital Markets has arranged $77.9 million in permanent financing for Spinnaker Bay Apartments and The Promenade at Harbor East in Baltimore. CBRE worked on behalf of H&S Properties Development Corp. to arrange two permanent loans through its Fannie Mae DUS program. Joe Donato led CBRE’s Washington, D.C., team in arranging the permanent financing. Spinnaker Bay is a 315-unit, Class A multifamily community at 707 S. President St. in Baltimore, and The Promenade at Harbor East is a 113-unit Class A multifamily community at 1001 Aliceanna St. in Baltimore.
DULUTH, GA. — ViaSat Inc., which produces satellite and other digital communication products for the government and commercial customers, has begun construction on a 60,000-square-foot expansion at the firm's facility in Duluth. The company will invest $10.5 million in the build-to-suit project located at 1725 Breckinridge Plaza. The company's Duluth campus is ViaSat's second largest location in the nation, following behind its headquarters in Carlsbad, Calif. The Duluth warehouse focuses on antenna systems and commercial networks. Lindsay Martin, project manager with the Georgia Department of Economic Development, along with the Gwinnett Chamber Economic Development, assisted with the project.
BIRMINGHAM, ALA. — The Willows, a 170-unit apartment community in Birmingham, has sold for $5.2 million. David Oakley of Hendricks-Berkadia’s Alabama office represented the seller, Willows Partners LLC, an Alabama limited liability company. Willow United LLC purchased the multifamily property.