NASHVILLE, TENN. — SDG Value Fund I has purchased a controlling interest in the 50,000-square-foot Point Place II office building from an undisclosed party for an undisclosed amount. The two-story brick property was built in 1985 and is located on Donelson Pike in Nashville. The building is currently 16 percent leased; SDG will use its interest to re-tenant the building. Kim Nelson of Nashville-based Interstate Partners Real Estate brokered the transaction, and American Security Bank & Trust provided financing.
Southeast
ORLANDO, FLA. — ZaZi Properties has purchased the 5,462-square-foot Penn of Orlando medical office building from Penn of Florida for $1.45 million. Located south of the Orlando Regional Medical Center at 51 Pennsylvania Ave. in Orlando, the property features a surgery room, nurse stations, private doctor offices and an X-ray room. Atlanta-based Carter’s Todd Davis and Dave Kowalchuck represented the buyer, and Beau Beery of Gainesville, Fla.-based AMJ represented Penn of Florida.
AUSTELL, GA. — CB Richard Ellis has arranged a $21.04 million loan for an undisclosed Florida investor’s acquisition of the 518-unit Birch Landing Apartments in Austell. The loan comes with a 24-month interest-only period, a 30-year amortization and an 80 percent loan to value ratio. Dennis Jimenez of CB Richard Ellis’ Orlando, Fla., office secured the loan.
SUNRISE, FLA. — An affiliate of Chicago-based Corus Bankshares has taken ownership of the 396-unit Tao Sawgrass Condominiums from an affiliate of Weitzer Communities. The complex consists of two 26-story towers located adjacent to the Sawgrass Mills Mall in Sunrise. Property amenities include a pool and spa, a fitness center, massage rooms, a tennis court and a putting green. The bank has hired Hyperion Development Partners to complete development of the property. Units in the complex should start closing next month.
ALPHARETTA, GA. — Ohio-based The Connor Group has purchased the 220-unit Ashley Forest apartment complex in Alpharetta from an undisclosed party for $16.2 million. This purchase marks Connor’s 13th acquisition in Atlanta in the past 5 years, totaling 3,600 apartment units. The company also plans to purchase two additional complexes in the Atlanta metro area by the end of the year.
ALABAMA, TENNESSEE AND VIRGINIA — Marcus & Millichap Real Estate Investment Services has brokered the sale of 10 Taco Bell restaurants between two undisclosed parties for $12.2 million. Four restaurants each are located in Alabama and Tennessee, and two are located in Virginia. The stores sold at a price of $497 per square foot. Richard Merryman and William Schofield of Marcus & Millichap’s San Francisco office and Andrew Clark of the firm’s Birmingham, Ala., office represented the seller. John Nguyen and Jonathan Mitchell of the company’s Newport Beach, Va., office represented the buyer.
PARKLAND, FLA. — SIKON Construction Corp. has completed work on developer Monroe’s Prestige Group’s 90,000-square-foot Parkland Commons shopping center. Located at the intersection of University Boulevard and Trail’s End Road in Parkland, the center is anchored by a 46,000-square-foot Publix. Deerfield Beach, Fla.-based Kenneth R. Carlson — Architect designed the project.
WASHINGTON, D.C. — Connecticut & K Associates has secured a $194 million loan for construction of a 383,392-square-foot office building located at 1000 Connecticut Ave. N.W. in Washington. A consortium of lenders led by Chevy Chase Bank provided financing for the loan. The property is 66 percent pre-leased to the law firm Arent Fox and is being built to Gold LEED specifications. Philip Mudd, Christian Miles and Jon Goldstein of Cassidy & Pinkard Colliers arranged the loan.
WASHINGTON, D.C. — Lowe Enterprises and the ownership group of the mixed-use project CityVista have sold the 116,083-square-foot retail portion of the property to Edens & Avant for an undisclosed amount. Located at the intersection of 5th and K streets in Washington, the retail component is anchored by a 55,000-square-foot Urban Lifestyle Safeway. Other tenants include Chevy Chase Bank, Results Gym and 5th Street Hardware. The $200 million CityVista development also includes 441 condominium units and 224 apartments. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy & Pinkard Colliers represented CityVista’s owners.
FORT LAUDERDALE, FLA. — The Broward County Supervisor of Elections will move into a 72,000-square-foot complex in Fort Lauderdale’s transit-oriented Riverbend development in the fall of 2010. The property includes a 30,000-square-foot office, which will be built to LEED standards, and a 42,000-square-foot administrative center. The 12-acre site has already been cleared in anticipation of the project, and construction will begin next summer. When complete, the 100-acre Riverbend development will employ more than 8,000 people and offer several million square feet of office, retail and residential space.