ATLANTA — Cortland Partners has purchased the 519-unit Northchase Apartments from a special servicer. The purchase price and a planned renovation, which will last 6 months, totals $15.2 million. Located at 6750 Peachtree Industrial Blvd. in Atlanta, the property is 70 percent occupied. Amenities include a community center, a clubhouse and two pools.
TAMPA, FLA. — Crossman & Co. has renovated a 54,340-square-foot Publix at City Plaza in Tampa and will hold a grand opening for the property August 12. The Publix construction happened concurrently with the renovation of the 158,287-square-foot shopping center. The center, located at 16041 Tampa Palms Blvd. in Tampa, is part of the Tampa Palms master-planned development, which will include 8,400 residences, 59,000 square feet of office space and nearly 1 million square feet of retail upon full build-out.
CORNELIUS, N.C. — 8325 Copely Drive LLC of Santa Monica, Calif., has renovated the 42,000-square-foot Palace theater into a multiple-tenant, mixed-use facility. The space can house retail, restaurant, office and performing arts tenants. The property, which was built in 2000, is located near the interchange of NC Highway 73 and West Catawba Avenue in Cornelius.
ORLANDO, FLA. — Eola Realty Partners has purchased an 8,000-square-foot office building from BA Eola LLC for $1.42 million. The property will be the new home of Southern Trail Counsel Law Firm and is located in the historic Thornton Park area of Orlando. Cynthia Shelton, Jamie Barati and Mike Milano of Colliers International represented the buyer. Grubb & Ellis' Jay Dixon represented the seller.
CAROLINAS AND FLORIDA — Inland American Lodging Advisor has sold five limited-service hotels to private buyers for more than $24 million. The portfolio includes the Comfort Inn Riverview in Charleston, S.C.; the Comfort Inn University and the Comfort Inn Medical Park in Durham, N.C.; the Hampton Inn Crabtree Valley in Raleigh, N.C.; and a Comfort Suites in Orlando, Fla. CB Richard Ellis' Hotels Group brokered the sale.
GREENVILLE, N.C. — Cogdell Spencer ERDMAN plans to purchase the 72,000-square-foot St. Francis Outpatient Center from a private seller for $16 million. The property, which is fully leased to St. Francis Hospital, is located near Easley Bridge Road in Greenville. The property opened in 2001.
RICHMOND, VA. — Stella360 has purchased a commercial building from Rhino Enterprises for $1.5 million and plans to convert the structure into apartments. The property, which is located at 310 Stockton St. in Richmond, will include 33 units and space for a 19,000-square-foot tenant. Thalhimer's John Myers and Gregg Beck brokered the sale.
ATLANTA — The Atlanta office CB Richard Ellis Hotels Group has completed the sale of five limited-service hotels located in the Carolinas and Florida. The five hotels comprise 756 guestrooms and were sold to separate buyers for a total consideration of more than $24 million. The assets include Comfort Inn Riverview in Charlestown, S.C.; Comfort Inn University in Durham, N.C.; the former Hampton Inn Crabtree Valley in Raleigh, N.C.; Comfort Inn Medical Park in Durham; and Comfort Suites in Orlando. Terms of the transaction were not released. Arpit Shah and Dipan Patel of CBRE Hotel Groups represented the seller, Inland American Real Estate Trust, in the transaction.
GREENBELT, MD., AND CHICAGO — Greenbelt-based The Bozzuto Group has formed a joint venture with Chicago-based Pritzker Realty Group to acquire and develop multifamily properties. The partnership has an initial capital commitment of $75 million. The Buzzuto/Pritzker Realty Group partnership will focus on multifamily development and acquisition opportunities in high-growth locations throughout the Mid-Atlantic and Northeast region, with specific interest on the greater Washington, D.C.-Baltimore metropolitan area.
TAMPA, FLA. — Crown NorthCorp has sold a distressed apartment community in Tampa to Catholic Charities-San Dollar Inc. for $990,000. Known as Sand Dollar Apartments, the property is located at 12708 N. 19th St. It contains 40 two-bedroom units. Occupancy was 32 percent at the time of closing. Jason Stanton and John Stone of Colliers International Tampa Bay Florida, along with Nick Pavonetti of Neighborhood Stimulus Group, arranged the deal. The acquisition was made possible with grant funds from the Federal Neighborhood Stabilization Program, a program launched as a result of the Housing and Economic Recovery Act of 2008 that aims to stabilize communities through the redevelopment of foreclosed and abandoned residential properties.