LOUISVILLE, KY. — Greenwich, Conn.-based Shamrock Multifamily Management has acquired Creekside at St. Matthews in Louisville. The 540-unit multifamily property sold for an undisclosed price. The buyer plans to renovate and reposition the asset. CB Richard Ellis' Indianapolis-Cincinnati Multi-Housing Group represented the sellers, Buckingham Companies and Concert Realty Partners, in the transaction.
CHARLOTTESVILLE, VA. — Education Realty Trust (NYSE: EDR) has acquired two apartment communities located near the campus of the University of Virginia for $23 million. The seller was Wade Apartments, which is one of the largest student housing owners in the market. Wertland Square is a 152-bed community located within walking distance of campus next to The Corner. Completed in 2006, the apartment mix consists of 50 two- and four-bedroom units. The average monthly rent is $708 per bed. Jefferson Commons is an 82-bed community located at the corner of Jefferson Park Avenue and Valley Road. It opened in 2007 and the average monthly rents is $578 per bed. Both communities were fully occupied at the time of the sale and are 100 percent pre-leased for the 2011-2012 school year. With the acquisition, EDR now owns three communities in the market. Last fall, it acquired GrandMarc at The Corner, a 641-bed community that was purchased for $45.5 million. In addition, EDR mentioned that it is working with Wade Apartments on a plan to develop a parcel of land the latter company owns on Brandon Avenue adjacent to the South Lawn of the UVA Grounds. The project could contain as many …
SOUTHAVEN, MISS. — IDI has renewed Priority Fulfillment Services' 434,900-square-foot industrial lease at Building B within Airways Distribution Center in Southaven. Priority Fulfillment Services, a comprehensive end-to-end e-commerce solutions provider, has leased the space since 2004. Located at 8474 Marketplace Drive, the master-planned Class A business park offers six buildings totaling 664,828 square feet. Wyatt Aiken of Commercial Advisors represented the tenant; Tim Moore represented IDI in the transaction. Terms of the lease were not released.
SILVER SPRING, MD. — New York-based The Praedium Group and Fairfield Investment Co. have partnered to acquire Hampton Hollow Apartments, which is located at 3408 Hampton Hollow Dr. in Silver Spring. The 176,166-square-foot, 240-unit multifamily property sold for $31 million. Apartment amenities include security systems, washers and dryers, fireplaces and private patios or balconies with built-in storage units. Community amenities include a clubhouse with a full bar, a resort-style swimming pool and Jacuzzi, a state-of-the-art fitness center, a picnic area, a car wash and a recycling center. The seller was not disclosed.
RALEIGH AND WAKE FOREST, N.C. — Regency Centers has opened two retail centers totaling 122,653 square feet in North Carolina. In Raleigh, Regency Centers opened Market at Colonade, a 57,503-square-foot neighborhood center, which is anchored by a 40,000-square-foot Whole Foods Market. Additionally, the company has opened the 651,150-square-foot Harris Crossing in Wake Forest. The center is anchored by a 53,282-square-foot Harris Teeter and includes 12,000 square feet of retail space in the first phase, plus three outparcels.
GLEN ALLEN, VA. — Dallas-based Westdale Real Estate Investment & Management has acquired Westpark Shopping Center in Glen Allen for $23.3 million. Situated on 14.7 acres at 9645 W. Broad St., the 176,973-square-foot retail center is 74 percent leased to tenants, including Martin's (former Ukrop's) and The Tile Shop. Richard Reid and Jim Hamilton and Mark Remington of Holliday Fenoglio Fowler represented the seller, a commingled fund managed by J.P. Morgan Investment Management, in the transaction.
FORT MYERS, FLA. — Gartner Inc. has selected McGarvey Development to construct its new 120,000-square-foot build-to-suit industrial facility in Fort Myers. The property will be located within Eastlinks Business Park, a 46-acre, mixed-use park located at Daniels Parkway and Gateway Boulevard. Completion is scheduled for September.
FOLKSTON, GA. — Rich Murphy of Calkain Companies represented a private investor in the acquisition of a Dollar General store in Folkston. The 9,014-square-foot retail property is leased to Dollar General on a long-term, double-net basis. The asset traded at an 8.9 percent CAP rate. Bill Weitzenkorn of Tri-Oak Commercial represented the undisclosed seller.
HAVRE DE GRACE, MD. — Bentall Kennedy has acquired a 613,000-square-foot distribution center in Havre de Grace for $26.4 million. Located at 1900 Clark Road, the center is fully leased to The Sun Products Corp. through February 2016. The seller was a joint venture between Hamphire Real Estate Companies and MCB Real Estate. Jonathan Carpenter, Jay Wellschlager and Philip Iglehart of Cassidy Turley's Baltimore office brokered the transaction.
ROANOKE RAPIDS, N.C. — Desi Brothers Investments has acquired the Best Western in Roanoke Rapids for an undisclosed price. Accessible from Interstate 95, the 100-room hotel transaction included an onsite restaurant facility, which the buyer plans to renovate and reopen. Ed James and Steve Kirby with The Mumford Company represented the seller, Nationwide Properties, in the transaction.