MIAMI — The 49-unit Vedado Apartments, located at 119 Southwest Sixth Ave. in Miami, has sold for $6.5 million. The multifamily property was constructed in 2010 with structured parking, a secure front entrance, a secure parking garage elevator entrance and a pool with city views. It was 100 percent occupied at the time of the transaction between two South Florida-based limited liability companies. Paul Nudelman and Felipe Echarte of Marcus & Millichap represented the seller and buyer, respectively.
Southeast
RALEIGH, N.C. — Toronto-based Avison Young, Canada’s largest independently owned commercial real estate services company, has entered into a definitive agreement to acquire Raleigh-based Thomas Linderman Graham Inc., a full-service commercial real estate services company. The acquisition will add 61 employees to Avison Young and new offices in Raleigh and Chapel Hill, N.C. The Raleigh market will represent Avison Young’s 19th market outside of Canada. John Linderman, Rex Thomas, Jack Graham, Lee Clyburn, William Allen, Arnold Siegmund, Gina Ide and Elizabeth Gates will join as principals.
CARY, N.C. — Raleigh, N.C.-based Dominion Realty Partners LLC is developing the 205-unit Tryon Place Apartments at Cary Parkway<
ROCK HILL, S.C. — A 315,000-square-foot high bay distribution facility, located at 2751-2805 Commerce Dr. in Rock Hill, has sold for $5.1 million to a Midwestern life insurance company in partnership with <
CAMBRIDGE, MD. — A 157,000-square-foot light manufacturing facility located at 807 Woods Rd. in Cambridge has traded. The industrial property is situated on 10 acres and was originally known as Airpax. Henry Hanna of Sperry Van Ness – Miller Commercial Real Estate represented both the seller, Sensata Technologies, and the buyer, JPJ807 Co. Sean Lynch of Jones Lang LaSalle also represented the seller. The buyer plans to redevelop and lease the property to businesses seeking manufacturing space and office space.
ORLANDO, FLA. — The 315-room Westin Imagine Hotel, located adjacent to the Orange County Convention Center at 9501 Universal Blvd. in Orlando, has sold to ERGS WI Orlando REO LLC. A bank group named REDUS Imagine LLC foreclosed on the hospitality property earlier this year. Daniel Peek, Max Comess, Michael Weinberg, Paul Hsu and Cyrus Vazifdar of HFF represented the seller, which was legally represented by the Orlando law office of Lowndes, Drosdick, Doster, Kantor & Reed. The Pittsburgh, Pa., office of Eckert Seamans Cherin & Mellott and the Miami office of Greenberg Traurig represented the buyer. Pyramid Hotel Group operates the Westin Imagine Hotel and will remain in place.
CHARLOTTE, N.C. — Charlotte-based Pappas Properties and Allen Tate Co. have finalized plans for Phase II of Sharon Square. The $52 million Phase II will include 239 luxury residences and 22,000 square feet of retail space at the corner of Sharon and Fairview roads, adjacent to Phillips Place, in Charlotte. Phase II is scheduled to open in the fall of 2013. LS3P and Niles Bolton Architects designed Sharon Square, and Adolfson and Peterson is the general contractor. Charlotte’s first Whole Foods Market opened in the first phase of the project.
BRADENTON, FLA. — A joint venture between Northbrook, Ill.-based Middleton Partners LLC and Chicago-based Stage Equity Partners LLC, a healthcare real estate investment company, has acquired two medical office buildings totaling approximately 70,000 square feet in Bradenton. The buildings are more than 95 percent occupied, with approximately 60 percent of the space leased by a subsidiary of HCA Healthcare, one of Bradenton’s largest healthcare providers. A publicly traded healthcare REIT sold the properties.
NORTH CHARLESTON, S.C. — Silvana Oaks, a Class A multifamily apartment community in North Charleston, has traded for approximately $21.5 million. Palmetto Park Apartment Associates LLC sold the property, which was built in 2010 and located adjacent to the Publix Palmetto Pavilion Shopping Center on Dorchester Road in North Charleston, to Silvana Oaks LLC. Rivers Evans and Donald Evans of Evans, Rivers and Co. represented the seller, and Dexter Rumsey of NAI Avant represented the buyer.
BATON ROUGE, LA. — Boston Capital, a real estate investment and advisory firm specializing in tax-advantaged investments, is investing in The Gardens Senior Apartments, a 55-unit multifamily development for seniors in Baton Rouge. The community will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The Humanities Foundation Inc., a Charleston, S.C.-based non-profit organization dedicated to affordable housing development, is the general partner. The Gardens Senior Apartments will include 49 one-bedroom and six two-bedroom units in a two-story building.