DULUTH, GA. — Crown Realty Advisors has negotiated the sale of The Boulevard at Breckenridge in Duluth. A local investor acquired the bank-owned retail center for $1.6 million. The 23,330-square-foot property offers ground-floor retail space and retail/office space on the second floor. The property, which was part of an Ameris bank portfolio, is part of a FDIC bank portfolio under a loss share agreement. Crown Realty Advisors, who manages the Ameris bank portfolio, financed the transaction.
LEESBURG, VA. — Leesburg-based Morningside House Senior Living has partnered with Harrison Street Real Estate Capital of Chicago to form a $200 million joint venture agreement. The partnership will result in the immediate recapitalization of six well-positioned and stabilized assisted-living and memory-care facilities in the Mid-Atlantic region. The initial transaction was the recapitalization of a 480-unit senior housing portfolio. The properties include Morningside House of Eilicott City in Ellicot City, Md.; Morningside House of Friendship in Hanover, Md.; Morningside House of Laurel in Laurel, Md.; Morningside House of Satyr Hill in Parkville, Md.; Morningside House of St. Charles in Waldorf, Md.; and Morningside House of Leesburg in Leesburg, Va. The partnership will focus on acquiring, repositioning, redeveloping and operating assisted-living and memory-care properties in the Mid-Atlantic region.
JACKSON, MISS. — Dakota Ventures Realty has acquired the former MPI manufacturing facility in Jackson for an undisclosed price. The 225,000-square-foot facility is situated on 19 acres at 1425 Ridgeway St. Guy Parker of Parker Real Estate Properties represented the buyer; David Price of dnp Corp. represented the undisclosed seller in the transaction.
ALTAMONTE SPRINGS, FLA. — Krone Weidler of Marcus & Millichap's Tampa, Fla., office has brokered the sale of Emeritus at Altamonte Springs, an assisted-living and Alzheimer's community located at 433 Orange Ave. in Altamonte Springs. The 62,981-square-foot facility sold for $3.2 million. Weidler represented both the seller, an undisclosed Seattle-based company, and the buyer, an undisclosed Maryland-based company, in the transaction.
MIAMI — AIDS Healthcare Foundation (AHF) has purchased a two-story retail/office building in Miami. Located at 1510 Alton Road, the 8,200-square-foot property sold for $3.18 million. AHF plans to use the property to operate as a healthcare facility, a pharmacy, a clinic and a thrift store. The seller was Florida-based Alton XV Corp. Stephen Gaunt and Eric Gaunt of CresaPartners represented the buyer in the transaction.
ALEXANDRIA, VA. — Erkiletian and McLean, Va.-based Jefferson Apartment Group are developing The Asher, a luxury multifamily property in Alexandria. Located one block from the Braddock Road metro station, the 206-unit property will offer one- and two-bedroom apartments, 6,400 square feet of retail space and a two-story, 256-space underground parking garage. Additionally, the project will feature a landscaped plaza, a residents' club room with Wi-Fi and state-of-the-art business and fitness centers, and rooftop terraces with views of the Potomac River and Washington, D.C. The project, which is seeking LEED certification, is being financed by a $40.5 million construction loan from US Bank and $7 million in preferred equity from Federal Capital Partners of Washington, D.C. Erkiletian is providing the remaining equity.
OAK RIDGE, TENN. — Medical Development Group has selected Choate Construction Co. as general contractor to construct Canterfield at Oak Ridge. Located in Oak Ridge, the three-story, 91,000-square-foot senior living community features 91 units, a library, a salon, a parlor, an exercise room, an arts and crafts room and multipurpose space. Individual units will feature granite countertops, crown molding, tray ceilings and ample closet space. The Corcoran Ota Group is providing architectural services for the project.
TAMPA, FLA. — San Francisco-based Jackson Square Properties has completed the disposition of Reflections at Carrollwood, a 264-unit multifamily community located in Tampa. An undisclosed local investor acquired the property for $12.92 million. Built in 1982, the property features one- and two-bedroom floor plans with an average unit size of 729 square feet. Community amenities include a clubhouse, a pool, a fitness center and a business center. Kevin Judd, Patrick Dufour and Dick Donnellan of ARA Central/North Florida represented the seller in the transaction.
FLORENCE, KY. — Neyer Properties has acquired Houston Lakes Retail Center in Florence for $3.25 million. Located at 77-87 Spiral Dr., the 73,145-square-foot property is partially occupied by Havertys, with approximately 50,000 square feet of vacant space. Robert Taylor and Rebecca Wells of Cassidy Turley represented the undisclosed seller in the transaction.
FRANKFORT, KY. — Louisville, Ky.-based RJ Thieneman Realty Group, in partnership with Seay Properties, has acquired Franklin Square, a shopping center located in Frankfort. Situated in the city's retail corridor along Highway 127 near Interstate 64, the 203,000-square-foot center is occupied by Kroger, JCPenney, Office Depot, Pier 1 Imports, Hibbett Sports, Rite Aid, Starbucks, Radio Shack, Kay Jewelers and Chakeres Cinemas. Charter Hall Group, an Australian REIT, sold the property for $16.5 million. Rich Frolik and Christian Williams of CB Richard Ellis represented the seller. Wells Fargo provided acquisition financing.