BONITA SPRINGS AND FORT MYERS, FLA. — RLR Investments has acquired the 106,454-square-foot Promenade at Bonita Springs, located at 26811 S. Bay Drive in Bonita Springs, and the 108,575-square-foot Island Park, located at 16520 S. Tamiami Trail in Fort Myers, for a total of $9.12 million. The buyer purchased Promenade for $5 million and plans to renovate the property in terms of maintenance and appearance. Tenants include Roy's Hawaiian Fusion, Molina's Ristorante and Robert of Philadelphia Hair Design. RLR Investments acquired Island Park for $4.12 million. Tenants include Mother Earth Natural Foods, Downtown Jerry's bar, Vincenzo's Pasteria, Coast Dental, Quizno's and The Clam Bake. Karen Johnson-Crowther of Colliers International represented the seller in the transaction. Donald DeLuca of Royal Shell Real Estate represented the buyer.
Southeast
HUNTSVILLE, ALA. — GBT Realty Corp. has broken ground on a 72,000-square-foot Academy Sports + Outdoors, located at Highway 72 and Nance Road in Huntsville. This is GBT's third store with the retailer. Reed Construction is the site contractor and Stewart Perry Construction is the general contractor. Completion is slated for April 2013.
CHARLESTON, S.C. — Walker & Dunlop has arranged $22 million in financing for the 288-unit Riverland Woods Apartments, a garden-style multifamily community located at 1001 Riverland Woods Place in Charleston. Cooper Willis of Capital Advisors arranged the 10-year loan with one-year interest only and a 30-year amortization schedule through Freddie Mac's CME program. Will Baker led the Walker & Dunlop team.
NORTH EAST, MD. — A joint venture between The Dolben Company and Klein Enterprises has started construction on the $30 million, 332-unit Charlestown Crossing, a garden-style apartment complex located in North East. Amenities will include a 5,400-square-foot clubhouse, billiards room, fitness center, media room and a swimming pool with a patio and grilling area. The first units are scheduled to open in April 2013, with full completion slated for February 2014.
LAKELAND, FLA. — Ramco-Gershenson Properties Trust has acquired a 93 percent interest in the 183,842-square-foot Shoppes of Lakeland, a shopping center located in Lakeland, from its joint venture partner for $26 million. Michaels, Staples, Ashley Furniture, Petco and an anchor-owned Target anchor the center, which is 96.4 percent leased.
HUNTERSVILLE, N.C., AND NORTH CHARLESTON, S.C. — Hawthorne Retail has purchased two shopping centers for a total of $16.3 million. In Huntersville, the company purchased the 56,120-square-foot Northcross Commons for $3.91 million. The fully leased property is anchored by Food Lion. The company also acquired the 266,588-square-foot North Rivers Market in North Charleston for $12.39 million. The property is 87 percent leased, and the buyer plans to begin a major renovation in 2013. Rob Carter, Alex Quarrier, David Webb and Rebecca Levell of Berkeley Capital Advisors represented the seller, a public REIT, in the North Rivers Marketplace transaction.
DURHAM, N.C. — The Connor Group has sold the 186-unit Parc at University Tower, an apartment community located at 20 Morcroft Lane in Durham, for $22 million. The Ohio-based real estate investment firm purchased the property 25 months ago for $17.55 million. Dean Smith, Blake Okland, Sean Wood and John Heimburger with ARA represented the seller, DPR Parc at University Tower LLC, in the transaction.
TAMPA, FLA. — CBRE Group has arranged a $46.47 million acquisition loan for a six-property portfolio of shopping centers, located in Florida. The properties total more than 400,000 square feet, and include Corridors at Ponte Vedra in Ponte Vedra Beach, First Merritt Center in Merritt Island, Mandarin Oaks in Jacksonville, Publix at Holly Hill in Daytona, Publix at Summer Bay in Clermont and Regency Village in Orlando. Michael Strober, Amanda Valenti and Donald Jennewin of CBRE Group secured the seven-year loan with a 25-year amortization schedule through a life insurance company on behalf of the borrower, H&R REIT.
GERMANTOWN, MD. — CBRE Group has arranged the $90.25 million sale of the 768-unit Hamptons at Town Center, a multifamily property located at 19757 Crystal Rock Drive in Germantown. Amenities include a fitness center, clubhouse, business center, pool, sports courts and laundry facilities. Bill Roohan, Michael Muldowney, Michael Rudolph, Brian Margerum, Andrew Boyer and Martha Hastings of CBRE Group represented Harbor Group International, the seller, in the transaction. The buyer was Montgomery County. Harbor Group will continue to manage the property.
AUGUSTA, GA., AND SARASOTA, FLA. — Phillips Edison-ARC Shopping Center REIT has acquired the 178,167-square-foot Richmond Plaza, located in Augusta, for $19.5 million and the 65,320-square-foot Publix at Northridge, located in Sarasota, for $11.6 million. Publix anchors both centers, which were acquired through the REIT's PECO-ARC Institutional Joint Venture I.