RICHMOND, VA. — John Jay Schwartz of Have Site Will Travel has brokered the sale of a former automotive dealership in Richmond. Jong Lim has acquired the former Emrick Chevrolet & Standard Automotive dealership, which is located at 101 Chamberlayne Ave., for $1.1 million. The buyer plans to open a Ruby Red Beauty Supplies Superstore and warehouse at the site.
Southeast
HOMEWOOD AND BIRMINGHAM, ALA. — Birmingham-based Abbey Residential has acquired a 1,782-unit multifamily portfolio in the Birmingham area for $32.1 million. The portfolio includes three apartments communities — Highland Peak, a 585-unit property at 114 Aspen Circle in Homewood; the 644-unit Highland View located at 700 Aspen Dr. in Birmingham; and the 553-unit Highland Bluff located at 200 Robert Jemison Dr. in Birmingham. Cole Whitaker, Hal Warren, John Clayton, Aaron Hargrove and Tim McKay of Hendricks & Partners, along with David Oakley of The Oakley Group, represented the seller, REDUS Alabama Commercial (Wells Fargo Bank, N.A.) of Atlanta, Charlotte, N.C., and Los Angeles, in the transaction.
DULUTH, GA. — Jay O'Meara, Will Power and Justin Parsonnet of CB Richard Ellis' Atlanta Institutional Group has brokered the REO sale of 11450 Technology Circle in Johns Creek in Duluth. The 143,000-square-foot office building sold for $4.3 million to a private investment partnership. CBRE's team represented the seller, an undisclosed CMBS Special Servicer. Resource Real Estate will be handling the leasing and management for the new owner.
ORLANDO, FLA. — Mohawk Industries Inc. has leased 46,002 square feet of industrial space in Orlando. Located at 7320 Kingspointe Parkway, the property was leased for an undisclosed price. Moses Salcido of Southern Commercial Real Estate Advisors represented the landlord, Crownpointe Buildings, in the transaction. Kaycee Kapels of Jones Lang LaSalle represented the tenant. Terms of the lease were not released.
CHESAPEAKE, VA. — Greensboro, N.C.-based Bell Partners has joined with a group of high net-worth ownership entities to acquire Alta Great Bridge Apartments in Chesapeake. The property will be renamed Bell Great Bridge Apartments and managed by Bell. Built in 2009, the eight-building, 192-unit property offers 199,398 square feet of rentable space, including one-, two- and three-bedroom units. At the time of closing, the property was 92 percent occupied. This is the eighth acquisition by Bell Fund III. The seller and acquisition price were not disclosed.
BUFORD, GA. — Trade Street Capital has purchased The Glens at Mill Creek, a multifamily property located at 2705 Mall of Georgia Blvd. in Buford. Developed in 2001, the 259-unit property features a clubhouse with a 4,000-square-foot commercial-quality fitness center, detached garages and a resort-style swimming pool. Residential units feature nine-foot ceilings, crown molding, patios/balconies, walk-in closets and options sunrooms. The acquisition was funded by a Trade Street Capital fund, while CW Capital helped arrange the agency financing. Terms of the transaction were not released.
ORLANDO, FLA. — An undisclosed buyer has acquired a 72,618-square-foot self-storage facility in Orlando. Located at 4020 Curry Ford Road, the 637-unit property sold for $2.8 million. Charles LeClaire and Michael Mele of Marcus & Millichap marketed the property on behalf of the seller, a national bank. LeClaire and Mele also represented the buyer in the transaction.
ELIZABETHTOWN, KY. — Love Funding has closed on a $3.1 million refinance loan for Cardinal Creek Apartments in Elizabethtown. The property offers 52 two-bedroom/two-bath units, which feature hardwood floors, plantation blinds, an eat-in kitchen with a dishwasher and a microwave, washer/dryer hook-ups, and a private patio or balcony. Tammy Tate of Love Funding's Knoxville, Ky., office secured the financing through the FHA 223(f) loan program.
BROOKHAVEN, MISS. — Arbor Commercial Funding, a wholly-owned subsidiary of Arbor Commercial Mortgage, has funded a $1.33 million loan under the Fannie Mae DUS Small Loan product line. The loan is for Lakeview Arms Apartments, a 96-unit complex in Brookhaven. Edward Petti of Arbor's New York office originated the 10-year loan, which amortizes on a 30-year schedule.
NORTH CHARLESTON, N.C. — A 77,225-square-foot World Overcomers Ministries has opened at Festival Centre Shopping Center in North Charleston. The property is located at the corner of Ashley Phosphate Road and Dorchester Road. Ron Buckley provided in-house representation for the center's owner, Centro Properties Group, in the transaction. Terms of the transaction were not released.