JACKSON, MISS. — Mississippi-based StateStreet Group has purchased the Pepper Mill Apartments, located at 5155 Keele St. in Jackson. Built in 1972, the 116-unit property offers a mix of one- and two-bedroom units with an average unit size of 1,046 square feet. Brad Barham of Marcus & Millichap represented the buyer. Terms of the transaction were not disclosed.
ATLANTA — An affiliate of Harbor Group International has acquired Barrington Mill Apartments, a multifamily property in Atlanta, for $36.65 million. Built in 1984 and 1985, the community offers studio, one- and two-bedroom units, controlled access gates, a resident activity center, four swimming pools, four lighted tennis courts, two fitness centers, a resident business center, four laundry facilities, picnic areas with grills, two car-care facilities and 20 detached garages. At the time of acquisition, the property was 89 percent leased. The buyer plans to invest approximately $1.85 million for interior and exterior improvements. The seller was a joint venture between Transwestern and Jupiter Communities.
ROCKY MOUNT, VA. — Trinity Packaging Corp. has purchased an industrial property in Rocky Mount. Located at 160 Industrial Dr., the 177,190-square-foot facility sold for $1.6 million. Richard Wellford of Poe & Cronk Real Estate Group represented the undisclosed seller in the transaction.
NEWPORT NEWS, VA. — Vienna, Va.-based Sage Real Estate Partners has partnered with Keane Enterprises to acquire an office building in Newport News. Located at 2600 Washington Ave., the 141,000-square-foot property was purchased for approximately $2.25 million or $16 per square foot. The property is currently leased a variety of tenants, including Bank of America, the City of Newport News and the Commonwealth of Virginia General Services Administration.
ASHBURN, VA. — Richmond Heights, Ohio-based Associated Estates Realty Corp. has acquired a Class A apartment community located in Ashburn. The 464-unit property will now be known as Westwind Farms. Built in 2006, the property is currently 96 percent occupied. The seller and acquisition price were not disclosed.
TALLAHASSEE, FLA. — Agree Realty Corp. has purchased a retail property, which is ground leased to Kohl's Department Stores, in Tallahassee. Located at the intersection of Apalachee Parkway and Blair Stone Road, the property sold for approximately $2.2 million. Kohl's has approximately 17 years remaining on the base term of the lease. The seller was not released.
AVE MARIE, FLA. — Fort Myers, Fla.-based J.L. Wallace, serving as general contractor, has completed the construction of the Tom Golisano Field House on the campus of Ave Marie University in Ave Marie. The 38,107-square-foot project include a NCAA-regulation basketball court, a training room, a weight room, men's and women's locker rooms, referee dressing rooms, a ticket office, concession area, administrative offices and a conference room. Jason P. Tramonte Architect Inc. provided design services, Wilson Miller Inc. served as civil engineer, Liebl & Barrow served as structural engineer, Kevatron Engineering served as mechanical engineer and Jewitt Engineering served as electrical engineer for the project.
CHATTANOOGA, TENN. — Trade Street Capital has purchased Lakeshore on The Hill Apartments in Chattanooga. The 123-unit property offers a clubhouse with a fitness center and a resort-style swimming pool. The acquisition was funded by a Trade Street Capital fund, with financing arranged by CW Capital. The acquisition price was not released.
COLUMBIA, S.C. — North Carolina-based Suite Development has acquired InnPlace Suites in Columbia for an undisclosed price. The two-story, 128-room hotel offers wireless high-speed Internet access, microwaves, refrigerators, coffee makers, irons, ironing boards, hair dryers, premium cable television, a seasonal outdoor pool and a fitness center. The buyer plans to renovate the property and reposition the hotel with Affordable Suites of America. Hodges Ward Elliott's Select Service Division represented the seller, ING Clarion Partners, in the all-cash transaction.
JACKSONVILLE, FLA. — Louisville, Colo.-based Condo Capital Solutions has purchased Old San Jose on the River, a residential riverfront community near Jacksonville's historic San Marco district. The property currently has three completed buildings, including a five-story, 18-unit condominium building on the St. Johns River, a four-unit condominium residence and three townhome residences. Condo Capital has retained Jacksonville-based McGarvey Residential Communities, the property's original developer, to serve as the development manager for the community. The acquisition price was not disclosed.