CORAL SPRINGS, FLA. — Marcus & Millichap has brokered the sale of the Towers of Coral Springs, two six- and four-story glass office towers in Coral Springs. The 75,344-square-foot property, which was in foreclosure, sold for $9.7 million. Located at 2855 N. University Dr., the property was 75 percent occupied by national tenants, including Morgan Stanley & First United Bank, at the time of closing. Andy Neiswenter of Marcus & Milichap represented the undisclosed buyer; Marc Strauss and Al Palacios of Marcus & Millichap represented the seller, a partnership and the original developer, in the transaction.
PALM BEACH GARDENS, FLA. — Deerfield Beach, Fla.-based SIKON Construction has completed the construction of a $7.5 million Publix at Frenchman's Crossing shopping center in Palm Beach Gardens. The 10-acre, 62,631-square-foot center is located at the northwest corner of Hood Road and Alternate A1A. The center includes the new 46,031-square-foot Publix and 16,600 square feet of additional retail space. Architect Marc Winter of Boca Raton, Fla., designed the property.
ORLANDO, FLA. — Downtown Entertainment LLC has acquired a 4,970-square-foot owner/user building in downtown Orlando. Located at 44 Central Blvd., the freestanding building sold for $1.6 million or $321.93 per square foot. The property is zoned to operate businesses from a daily office to a late-night club or bar. Scott Corbin of Colliers International Central Florida represented the seller, Banco Popular North America, in the transaction.
VALRICO, FLA. — Casey Babb of Marcus & Millichap's Tampa, Fla., office represented a Florida-based private investor in the disposition of Suburban Villas, a multifamily property located at 502 Beverly Blvd. in Valrico. Built in 1972, the 36-unit complex sold for $2 million. An undisclosed Connecticut-based private investor acquired the property.
LEBANON, TENN. — Monmouth Real Estate Investment Corp. (MREIC) has acquired a 381,240-square-foot industrial property located at the South Perimeter Industrial Park in 900 Hutchinson Place in Lebanon. The property sold for $14.5 million. Built in 1993, the property is net-leased through June 2024 to CBOCS Distribution Inc., a subsidiary of Cracker Barrel Old Country Store Inc. Brad Pepin of Stan Johnson Co. represented MREIC in the transaction. The seller was not disclosed.
COCONUT CREEK, FLA. — Chicago-based Laramar Group has completed the disposition of of Hillsboro Bay Club Apartments, a 366-unit multifamily complex located in Coconut Creek. Kennedy Associates acquired the property for an undisclosed price. The complex offers a mix of garden-style units with lake views, a gated entry and a recently renovated clubhouse and amenity package. The property was 95 percent occupied at the time of closing. Robert Given and Zachery Sackley of CB Richard Ellis' South Florida Multi-Housing Group.
HOT SPRINGS, ARK. — Miami-based United Trust Fund (UTF) has completed the disposition of a three-building medical office building portfolio in Hot Springs. New York-based American Realty Capital Trust acquired the property for an undisclosed price. UTF originally purchased the assets through a sale/leaseback structure with St. Joseph's Mercy Health Care, a wholly owned subsidiary of the Sisters of Mercy Health System. Keith Broemmer of Broad Street Advisors of New York handled the transaction.
ATLANTA — The Connor Group has acquired Brookwood Valley Apartments, which is located in Atlanta's Buckhead neighborhood. Built in 1987, the 240-unit apartment property is located at 2035 Peachtree Street. Prudential Real Estate Investors sold the property for an undisclosed price. Chris Spain, David Gutting and Porter Jones of Cushman & Wakefield's Atlanta-based Multifamily Investment Sales team represented the seller.
WASHINGTON, D.C. — BGG Associates-DC and BGG Associates-DCGL have purchased a CVS/pharmacy property, which is located at 1751 Columbia Road in Washington, D.C.'s Adams Morgan neighborhood. The triple-net leased retail property sold for $11.74 million or $932 per square foot. Rick Fernandez of Calkain Cos. represented the buyer, while Jonathan Hipp and David Sobelman, also of Calkain Cos., represented the undisclosed seller in the transaction.
FORT MYERS, FLA. — Bondville Associates has completed the disposition of Bass Commons at Health Park in Fort Myers. The 27,304-square-foot office/medical property is located at 15901 Bass Road. Lee Memorial Health Systems purchased the property for $5.3 million or $142.08 per square foot. Additionally, a 13,437-square-foot expansion has been approved for the site. Karl Lippek of Colliers International Southwest Florida brokered the transaction.