ALPHARETTA, GA. — The 22,000-square-foot Grasslands Plaza shopping center at 5620 Commerce Blvd. in Alpharetta has traded for $1.8 million. PNC Bank sold the foreclosed property and three acres of land to TAC GrassLands LLC, a regional equity group. Grasslands Plaza was built in 2008 and is currently 69 percent occupied with tenants including Curves, Dollar Tree, Moe’s Southwest Grill and AT&T Cellular. The vacant parcels are approximately 1.32 and 1.73 acres. Grasslands Plaza and the vacant lots are outparcels to a Wal-Mart Supercenter. Ron Whitmire and Bob Kane of Bull Realty represented the bank in the disposition.
Southeast
RALEIGH, N.C. — Atlanta-based RCG Ventures has completed a Toys “R” Us and Babies “R” Us combination store in Poyner Place Shopping Center, which is adjacent to Triangle Town Center Mall in Raleigh. The project featured ground-up construction of the 59,101-square-foot build-to-suit Toys “R” Us and Babies “R” Us store under one roof. Catamount Constructors worked in conjunction with RCG Ventures.
OCOEE, FLA. — Unicorp National Developments Inc. has broken ground on the $18 million Casa Mirella Apartments, a 216-unit multifamily property located at Maguire and Roberson roads in Ocoee. The apartment complex is slated for completion in December 2013 and amenities will include seven garage buildings, a clubhouse and swimming pool. Altamonte Springs, Fla.-based Roger B. Kennedy Inc. is the construction manager and Slocum Platts Architects P.A., Winter Park is the project architect.
MEDLEY, FLA. — HFF has secured a $9.3 million construction loan for a 185,520-square-foot spec industrial development on an 8.8-acre site in Medley. The site has direct rail access on site through the Florida East Coast Railway and is close to the Florida Turnpike, Okeechobee Road, the Palmetto Expressway and Route 27. Eric Tupler, Jim Dockerty and Josh Simpson of HFF placed a three-year construction loan with a national bank on behalf of Denver-based Industrial Income Trust.
MIAMI — A six-building industrial portfolio built between 1972 and 1984 has traded for $9 million. CBRE, on behalf of the seller Sarahs Canal Co. LLC, arranged the portfolio sale to Maksanium LLC, an entity controlled by Sunrise, Fla.-based Genet Property Group. The buildings are located in the Cutler Bay area of Miami just north of the South Dixie Highway and Florida Turnpike intersection. The portfolio has 138 units and is approximately 220,000 square feet total. Tenants comprise a mixture of small, entrepreneurial businesses.
HIXSON, TENN. — Hixson Crossing, a 12,640-square-foot retail center, has sold for $3.4 million. Bob Havasi of Cooper Commercial Investment Group represented the seller, a Tennessee-based private investor, in the transaction. Hixson Crossing is located in Hixson, a suburb of Chattanooga, Tenn., and is anchored by Aspen Dental. Other tenants include Sun Tan City, Gigi’s Cupcakes, Batteries Plus, Inkredible Cartridge and Achieve Medical Weight Loss. A South Carolina-based private investment group purchased the retail property.
SNELLVILLE, GA. — A joint venture between Bayer Properties LLC and institutional investors advised by JP Morgan Asset Management has acquired The Avenue Webb Gin from Cousins Properties Inc. The Avenue Webb Gin is a 351,007-square-foot, outdoor center in Snellville, a northeastern suburb of Atlanta. The project, which opened in 2006, includes restaurants, retail and office space. Tenants include Barnes & Noble, White House/Black Market, Chico's, Francesca's Collections, DSW Shoes, Ted's Montana Grill and Romano's Macaroni Grill. Pizzeria Venti has recently signed a lease and will open soon at The Avenue Webb Gin. This marks Bayer Properties’ first asset in Georgia. Eastdil Secured represented the seller in the transaction.
MONTGOMERY, ALA. — The 272-unit Watermark at EastChase, an apartment community in Montgomery, has traded for $26.5 million. The multifamily property totals 282,636 square feet and includes one-, two- and three-bedroom apartments. A Terre Haute, Ind.-based limited liability company sold the property to Montgomery-based Broadstreet at EastChase Apartments LLC. David Oakley, Tim McKay and Aaron Hargrove of Hendricks & Partners represented the seller.
GRIFFIN, GA. — Skanska USA has completed a new $15 million, 80,000-square-foot medical technology building at Southern Crescent Technical College in Griffin. The three-story building houses programs in dental assisting, medical assisting, orthopedic <
ATLANTA — An affiliate of Valdosta, Ga.-based Ambling University Development Group (AUDG) has purchased an approximately 1.4-acre site near Georgia State University for $7.9 million. The site is located at 70 John Wesley Dobbs Ave. in downtown Atlanta. The former Ramada Hotel, rental car facility and parking garage on the property will be redeveloped in two phases. Phase I will include a 138-unit, 291-bed student housing facility that will open in summer 2013. A new tower featuring approximately 108 student housing units and 424 beds will open in summer 2014. Phase II will also include a new parking garage. John DeYonker of Bull Realty represented the seller in the transaction.