COLLEGE PARK, GA. — Inland Atlantic Georgia Old National Venture, a joint venture between Inland Atlantic Development Corp., Pointe Development Co. and Heritage Creek Development, has broken ground for the development of Old National Marketplace, a planned 297,000-square-foot shopping center in College Park. The 99,000-square-foot first phase is approximately 90-percent pre-leased to a variety of tenants, including LA Fitness, Family Dollar, Citi-Trends, It's Fashion, Shoe Land and VIP Nails. Completion of the first phase is scheduled for October 2011.
ATLANTA — An affiliate of KTR Capital Partners has acquired Gateway Distribution Center, a two-building warehouse complex located at 6047 and 6049 Fulton Industrial Blvd. SW in Atlanta. Situated on 19 acres, the 410,806-square-foot facility features rail service, 24-foot clear ceiling heights, T-5 lighting, and 102 exterior dock doors. The property is currently 74 percent leased to two tenants. The acquisition price was not released. CB Richard Ellis represented the undisclosed seller in the transaction.
ASHLAND, VA. — California Imports LLC has purchased an office/warehouse property, which is located at 11111 Leadbetter Road in Ashland. American Steel & Aluminum sold the 40,850-square-foot property for $1.85 million. Kevin Cox of Porter Realty Co. represented the buyer in the transaction.
ALPHARETTA AND ATLANTA, GA. — AREA Property Partners has acquired two multifamily properties, totaling 878 units, in the Atlanta area. RBC Capital Markets Corp. sold the properties for $50.4 million. The assets are the 468-unit Manchester at Mansell in Alpharetta and the 410-unit Chatsworth Apartment Homes in Atlanta. Located at 401 Huntington Dr., Manchester at Mansell features one-, two- and three-bedroom units, two swimming pools, a fitness center, a business center, a playground, three tennis courts and a volleyball court. Chatsworth Apartments Homes, which is located at 4700 N. Hill Parkway, features one-, two- and three-bedroom units, two pools, a clubhouse and a tennis court.
NORTH FORT MYERS, FLA. — Naples, Fla.-based Gulf Coast Special Assets has purchased 82 condominium units in a bulk sale transaction for $4.3 million. The condos are located at Palms at Waters Edge, which is located at 3322 N. Key Dr. in North Fort Myers. Built in 1974, the property was renovated in 2007 for the purpose of conversion to condominiums. John Stone and Jason Stanton of Colliers International Tampa Bay represented the owner, Redus Florida Condos, in the transaction.
COCOA, FLA. — Fort Myers, Fla.-based J.L. Wallace has completed the construction of the Water Field Operations Center Warehouse in Cocoa. The 53,549-square-foot facility features 46,288 square feet of warehouse and shop space and 7,261 square feet of second-floor office space. Additional features include aluminum canopies, food service equipment, a crane system, a loading dock area, audio-visual capabilities, CATV and security systems. Architects in Association Rood and Zwick provided architectural services, TLC provided structural, mechanical and electrical services, and Quentin L. Hampton Associates served as civil engineer for the project.
LEBANON, TENN. — New Jersey-based Monmouth Real Estate Investment Corp. has acquired a free-standing industrial building for $14.5 million. The company purchased a 381,240-square-foot bulk distribution center, which is fully leased to Cracker Barrel Old Country Stores Inc., in Lebanon. Brad Pepin of Stan Johnson Co. represented Monmouth and the seller, Miami-based United Trust Fund, in the transaction.
RALEIGH, N.C. — Healthcare Trust of America has acquired Raleigh Medical Center, a medical office building in Raleigh. The three-story, multi-tenant property offers 89,000 square feet of medical office space. An undisclosed seller sold the property for $16.65 million. The property is 91 percent leased to medical office users, including Wake Research Associates, Triangle Orthopedic Associates and Carolina Ear and Hearing Clinic.
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.