CORAL SPRINGS, FLA. — Drew Kristol and Kirk Olson of Marcus & Millichap's Miami office represented a Miami-based company in the disposition of the Gardens of Miami Center. Located on Miami Gardens Drive in Miami, the 52,670-square-foot shopping center sold for $4.35 million. The two-story center was 50 percent occupied at the time of closing. The buyer was not released.
MECHANICSVILLE, VA. — Morgan Property Group (MPG) is developing a free-standing Walgreens drugstore at the southeast corner of Mechanicsville Turnpike and Lee Davis Road in Mechanicsville. The 14,470-square-foot location is expected to open during the third quarter of 2011. This is the 17th Walgreens developed by MPG in Virginia.
MCDONOUGH, GA. — Passco Cos. has acquired Sundance Creek, an apartment community located at 575 McDonough Parkway in McDonough. Built in 2004, the property offers 232 one- and two-bedroom townhome units, a clubhouse, a resort-style swimming pool and a state-of-the-art fitness center. Additional details of the transaction were not released.
CLINTON, TENN. — Knoxville, Tenn.-based Formall Plastics has purchased a 200,000-square-foot industrial property in Clinton. Situated on 30 acres at 1709 Lake City Highway, the manufacturing/distribution facility sold for $1.8 million. Bob Thornton of Baker Realty Co. brokered the transaction. The seller was MasterBrand Cabinets.
TUPELO, MISS.; AND GULF BREEZE, FLA. — CLW Health Care Services Group has negotiated the sale of two assisted living communities in Tupelo and Gulf Breeze. Herbert J. Sims and a joint venture partner sold the two properties for a total of $13.9 million or $110,317 per unit. LTC Properties acquired the assets. AvonLea in Tupelo features 65 assisted-living units and 20 independent-living cottage and Gulf Breeze Courtyard in Gulf Breeze features 61 assisted-living/memory-care units.
PALM SPRINGS, FLA. — CB Richard Ellis Capital Markets has arranged $7.3 million in financing for Advenir Station at Springdale Apartments, a multifamily community located in Palm Springs. The 151-unit community features a pool, a playground and a neighborhood lake. Terms of the fixed-rate financing include a 10-year term, a 30-year amortization schedule and 77 percent loan-to-value. Charles Foschini, Christian Lee and Christopher Apone of CB Richard Ellis Capital Markets arranged the financing through Freddie Mac on behalf of Advenir@Pines LLC.
ORLANDO, FLA. — Miami-based LNR Properties has completed the disposition of Park Hamilton Apartments, located at 5900 Park Hamilton Road in Orlando. Santa Monica, Calif.-based La Esperanza Orlando acquired the 330-unit property for $4.05 million. The property was built in 1974 and was 41 occupied at the time of closing. Hal Warren of Hendricks & Partners represented the seller, along with receiver Hold-Tyssen LLC of Winter Park, Fla.
LOUISVILLE, KY. — A Pittsburgh-based private investment group has acquired the ownership interest of Dixie Depot Plaza, which is located at 6810-6812 Dixie Highway in Louisville. Developed in 2009, the retail plaza is occupied by Qdoba Mexican Grill, Gaddie Eye Center and Aspen Dental. A private group of local investors sold the property for $2 million. Dan Cooper of The Cooper Commercial Investment Group represented the sellers in the transaction.
HOLLYWOOD, FLA. — The Hollywood Housing Authority has purchased Hollywood Village Apartments, which is located at 1735 Lincoln St. in Hollywood. The three-story, 29-unit apartment sold for $1.53 million or $52,914 per unit. J. Keith Kidwell of Sperry Van Ness Commercial Realty in Fort Lauderdale, Fla., represented the buyer and the seller, Hollywood Village LLC/Phil Von Kahle, receiver, in the transaction.
NAPLES AND FORT MYERS, FLA. — CB Richard Ellis, Fort Myers/Naples has brokered the sales of two multifamily properties in Naples and Fort Myers. In the first transaction, a private equity investment group acquired Turtle Creek, a 245,600-square-foot multifamily complex located at 1130 Old Turtle Creek Blvd. in Naples. FHFC II sold the 12-building, 268-unit complex for an undisclosed price. Jonathan Richards of CBRE, Fort Myers/Naples brokered the transaction. In the second transaction, Next Level Church purchased a 20,000-square-foot building, which is situated on 10.91 acres at 12400 Planation Road in Fort Myers. Love and Grace Family Church sold the property for $1.587 million. Stan Stouder and Mark Alexander represented the seller in the transaction.