POLK COUNTY, FLA. — PAC Land Development has broken ground on the 348-unit Victoria Park Apartments in Polk County. The complex will feature a 19,000-square-foot clubhouse that includes a fitness room, a play area, a game room and an indoor basketball court. A pool and an outdoor fire pit round out the property’s amenities. SGM Engineering, Paul J. Ford & Co. and Bowyer-Singleton & Associates are assisting with engineering duties.
DURHAM, N.C. — Chapel Hill, N.C.-based Great House has sold the 24-unit Birchwood Apartments to Rougemont, N.C.-based Cagle Apartments for $1.17 million. The complex sits on 1.05 acres of land at 2918 Chapel Hill Rd. in Durham. The property, which was built in 1990, consists entirely of one-bedroom units and is currently 100 percent occupied. Jim Scofield of Sperry Van Ness’ Raleigh, N.C., office represented the seller, and the firm’s Derrick Minor represented the buyer.
FRANKFORT, KY. — Auto Zone has signed a retail ground lease worth $823,000 with New York-based Century Plaza Associates to move into space in the 134,000-square-foot Century Plaza. The shopping center, anchored by Big Lots and Dollar General, is located at 1127 U.S. Highway 127 South in Frankfort. Auto Zone may open as soon as this summer, moving in just in time for a planned center-wide renovation. Al Issac and Paul Ray Smith of Lexington-based NAI Issac Commercial Properties represented Century Plaza.
TENNESSEE — Atlanta-based HT Group has purchased five Tennessee shopping centers from Centro Properties Group for an undisclosed amount. The sales included the 92,499-square-foot West Towne Square, located in Elizabethton; the 79,048-square-foot Apison Crossing in Ooltewah; the 56,766-square-foot Madison Street Station, located in Shelbyville; and the 45,800-square-foot Saddletree Village, located in Columbia. NAI ReStore brokered the sale.
WEST VIRGINIA, GEORGIA AND TENNESSEE — Jones Lang LaSalle has taken on receivership duties for malls in Martinsburg, W. Va., Rome, Ga., and Cleveland, Tenn. The firm is responsible for leasing and managing the malls while the lenders and borrowers achieve resolutions concerning outstanding loans on the properties. The malls include the 556,000-square-foot Martinsburg Mall in Martinsburg, and the 478,000-square-foot Mount Berry Square Mall in Rome. The receivership duties also include the 335,000-square-foot Bradley Square Mall in Cleveland.
ATLANTA — Dayton, Ohio-based The Connor Group has purchased the 357-unit Northlake apartment complex from an undisclosed seller for $42 million. The complex is located at 3421 Northlake Parkway in Atlanta. Property amenities include a fitness center, a pool and meditation gardens.
BOYNTON BEACH, FLA. — William Johnson of NorthMarq Capital’s Boca Raton, Fla., office has arranged a $30 million first mortgage for the 319-unit Gateway Club Apartments. The property is located at 3930 Max Place in Boynton Beach. Financing for the 7-year loan was provided by Freddie Mac. The loan comes with a 30-year amortization schedule.
ATLANTA — Philadelphia-based Lubert-Adler and Atlanta-based Lane Co. have formed a $250 million joint venture to pursue the purchase of multifamily properties. Initially, the joint venture will purchase distressed properties with an aim to rehabilitate and reposition the acquisitions. The two firms have entered into joint ventures in the past and recently worked together to acquire Atlanta’s Solace on Peachtree Apartments. Targeted properties will be located primarily in the Southeast and Southwest.
LEXINGTON, KY. — Officials from Charlotte, N.C.-based Grandbridge Real Estate Capital’s Nashville office have arranged a $17.66 million refinance for the 240-unit Summit apartment complex. Located on 15 acres in Lexington, each unit features fireplaces, Roman tubs, private balconies and gourmet kitchens. Property amenities include a 24-hour fitness center and an outdoor pool. The loan was funded by Grandbridge and sold to Freddie Mac.
CHARLOTTE, N.C. — Cefla Group has purchased a 148,694-square-foot warehouse in Charlotte’s Northwoods Business Park from Warehouse Development Co. for an undisclosed amount. The buyer will move into the space, located at 6125 Harris Technology Blvd., after a renovation of the warehouse. Cefla will house the sales, manufacturing and distribution operations for its finishing and dental divisions in the property. Terry Brennan of Charlotte-based Trinity Partners represented the seller, and Delle Vedove served as in-house representation for Cefla.