TALLAHASSEE, FLA. — ARA has arranged the $21.7 million sale of the 242-unit Jackson Square Apartments, located at 1767 Hermitage Blvd. in Tallahassee. Kevin Judd of ARA's Jacksonville, Fla., office and Matt WIlcox of ARA's Tampa, Fla., office represented the seller, a TIC, and procured the buyer, Tribridge Residential, in the transaction.
SANFORD, FLA. — Hilton Head Island, S.C.-based Coastal Apartment Advisors has negotiated the $12.45 million sale of the 256-unit Sailpointe at Lake Monroe, located at 401 W. Seminole Blvd. in Sanford. Coastal Apartment Advisors represented the seller, LNR Partners, and procured the buyer, Robbins Property Associates, in the transaction.
ASHEVILLE, N.C. —- Florida-based Babyfish Two has purchased the 95,781-square-foot Gerber Village, a mixed-use property located at the intersection of Hendersonville and Gerber roads in Asheville, from HMP Properties for $8.9 million. Mike Burkard and Steve Shields of CBRE's Charlotte, N.C., office represented the seller, and Key Commercial Real Estate's Asheville office represented the buyer. Gerber Village is anchored by Office Depot and was 64 percent leased at closing to tenants such as Charles Schwab, Verizon Wireless, Five Guys Burgers & Fries, Frankie Bones Restaurant & Lounge and The Thirsty Monk. The property features 60,111 square feet of retail space, 27,572 square feet of office space and seven residential units totaling 8,098 square feet.
BOCA RATON, FLA. — Alliance Residential Co. has started construction on the $62 million, 384-unit Broadstone at North Boca Village, located along North Federal Highway in Boca Raton. Apartments will feature stainless steel appliances, washers and dryers, granite countertops and 9-foot ceilings. Completion is slated for March 2013.
ORLANDO, FLA. — Wood Partners has acquired 9.69 acres of land to build the $32.7 million, 264-unit Alta at Lake Eve, located on International Drive in Orlando. Apartments will feature ENERGY STAR appliances, washers and dryers, and wood laminate flooring. Charlan Brock & Associates is the architect for the project and HSBC Bank USA is providing construction financing. SunTrust foreclosed on the land last year after the previous owner, Eve Development, defaulted on a $3.8 million loan. Stephen Flanagan with Land Advisors Organization's Orlando office represented the buyer in the transaction and Paul Hoffman of Maitland, Fla.-based Coldwell Banker Commercial NRT represented the seller. Completion is slated for March 2013.
WASHINGTON, D.C. — Carr Properties has sold a 41,358-square-foot office building, located at 1741 Business Center Dr. in Washington, D.C., to Lake Fairfax Business Center Owners Association for $5.22 million. Additionally, Carr Properties negotiated a lease termination with the tenant, generating additional cash proceeds.
BOWIE, MD. — Inland Private Capital Corp. has sold a 26,170-square-foot retail building, located at 4500 Mitchelville Rd. in Bowie, to 4500 Mitchelville Road, Inc., for $5.1 million. The property is fully leased to PetSmart. Stan Johnson Co. represented the seller in the transaction and Addison-Herring represented the buyer.
GREENSBORO, N.C. — Marcus & Millichap has negotiated the $3.4 million sale of a 15,105-square-foot medical office building, located at 622 Industrial Blvd. in Greensboro. The property is currently leased to Fresenius Medical Care Dialysis Clinic. Scott Niedergang of Marcus & Millichap's Chicago office and Allen Smith of the firm's Charlotte, N.C., office represented the seller, a developer, in the transaction and procured the buyer, a private investor.
JACKSONVILLE, FLA. — Jacksonville Beach, Fla.-based Walchle Lear Multifamily Advisors has brokered the $33.4 million sale of the 440-unit The Eastport, located at 11701 Palm Lake Dr. in Jacksonville. Walchle Lear represented the seller in the transaction.
GROVELAND, FLA. — Marcus & Millichap has arranged the $9.1 million sale of the 65,751-square-foot Eagle Ridge Shoppes, located at 7975 State Road 50 in Groveland. Sonny Molloy of Marcus & Millichap's Atlanta office represented Groveland Associates, the seller, in the transaction and Kirk Olson and Drew Kristol of the firm's Miami office represented the buyer, a Miami-based private equity group. Publix anchors the center, which is approximately 80 percent leased.
