MORRISTOWN, TENN. — A 47,600-square-foot Food City, located at 4100 Cool Springs Rd. in Morristown, has sold for $4.7 million. Food City has more than 10 years remaining on its lease for the stand-alone store. Nancy Miller and Sheree Strome Berk of Atlanta-based Bull Realty represented the seller, Foodmor Associates, in the transaction. Tom Kallenbach represented the buyer, B.B. & J. Holdings.
PENSACOLA, FLA. — A 356-unit multifamily portfolio, which contains six properties located in Pensacola, has sold for $4.5 million. The properties include the 40-unit Aspen Village, the 36-unit Crow Road, the 96-unit Dogwood Place, the 18-unit Guidy Lane, the 34-unit Myrtle Grove Villas and the 132-unit Wellington Arms. Clint Hale of Jacksonville, Fla.-based Just Multifamily represented Amvestar Capital, the buyer, in the all-cash transaction. Gerald Smith and Geoff Harlan of Orlando, Fla.-based Smith Equities Real Estate Investment Advisors represented the seller, Wellington Arms Properties, which had foreclosed on the properties in 2009.
LITHIA, FLA. — NorthMarq Capital has arranged $4.81 million in first mortgage refinancing for the 59,895-square-foot Shoppes of Fishhawk, located at 16751 Fishhawk Blvd. in Lithia. Sweetbay Supermarket anchors the center. Alison Williams of NorthMarq's Tampa, Fla., office arranged the 10-year loan with a 25-year amortization on behalf of the Tampa-based borrower through UBS — CMBS Platform.
WASHINGTON, D.C. — A partnership between Washington, D.C.-based Urban Investment Partners and New York City-based Infinity Real Estate has acquired a 114-unit apartment building, located at 1841 Columbia Rd. NW in Washington, D.C., from Fairfield Residential Co. for $26 million. The property includes 20,000 square feet of retail space. The buyer plans to invest more than $7 million on a comprehensive building renovation and modernization program, which will include a complete window and storefront replacement, addition of an environmentally friendly water-sourced heating and cooling system, redesigned common areas and a rooftop terrace. Additionally, the building, formerly known at The Alcazar, will be renamed 1841 Columbia. Completion is slated for December 2012. Arbor Commercial Mortgage of New York provided acquisition and project debt financing.
PALM BEACH GARDENS, FLA. — A joint venture between DeBartolo Development and Elco Landmark Residential has purchased the 542-unit Landmark at Garden Square, located at 4104 Union Square Blvd. in Palm Beach Gardens. The property, formerly known as Landmark at Union Square, will undergo improvements during the next 6 months. The property is 92 percent leased, and includes three pools, a clubhouse, state-of-the-art fitness center, business center, movie theater, tennis court, billiards room and a 9-hole putting green.
TAMPA, FLA. — Institutional Property Advisors (IPA) has arranged the $12.6 million sale of the 168-unit Waterstone at Carrollwood Apartment Homes, an apartment complex located at 3339 Handy Rd. in Tampa. Jamie May of IPA's Tampa office represented Landmark Residential, the seller, in the transaction and procured the buyer, Robbins Property Associates. Amenities include a clubhouse with an Internet cafe, a resort-style swimming pool, a tennis court, a fitness center and a children's play area.
ALTAMONTE SPRINGS, FLA. — Crescent Resources has started construction on a 199,777-square-foot, six-story office building and parking garage, located in Altamonte Springs, for Adventist Health System. The new facility is adjacent to the new 153,864-square-foot Adventist Health Systems headquarters, located at 900 Hope Wy., which opened in December. The new building, slated for completion in spring 2013, will house support operations. Little is the project architect, Brasfield & Gorrie is the contractor and Parsons is the project consultant.
CORAL GABLES, FLA. — AJP Ventures has topped off the $9 million, 58,000-square-foot The Building, located at 2990 Ponce de Leon Blvd. in Coral Gables. The Class A office building is slated for completion in June. The Building is 65 percent pre-leased to tenants, which include Zubi Advertising and Mas Group. A joint venture between Juan Carlos of The Mas Group of Companies and TAZ Partners is developing the property.
ATLANTA — Starwood Hotels & Resorts Worldwide has sold the 275-room Atlanta Perimeter Hotel & Suites, located at 111 Perimeter Center W. in Atlanta, to RockBridge Partners for an undisclosed price. The buyer has committed to extensive property enhancements, slated for completion in October 2014, after which the hotel will be rebranded as a Starwood Le Méridien hotel. The property will be franchised and managed by Minnetonka, Minn.-based Wischermann Partners.
JASPER, GA. — Marcus & Millichap has negotiated the sale of the 61,549-square-foot Shops at Jasper, located at 934 E. Church St. in Jasper. A 14,538-square-foot Save-A-Lot and a 15,000-square-foot Beall's Department Store anchor the center, which is 93 percent leased. Tim Giambrone of Marcus & Millichap's Atlanta office represented the seller, an Ann Arbor, Mich.-based private company, in the transaction. A California-based private investor was the buyer.
