SUMMERVILLE, S.C. — Atlanta-based Greentree Associates has acquired Oakbrook Village, a 192-unit, 13-acre garden-style multifamily property in Summerville, from Charleston, S.C.-based AHA Oakbrook LLC, for $18.5 million. Chris Yeagle of Southeast Apartment Partners’ Charleston office was the sole broker in the transaction.
Southeast
NORFOLK, VA. — Norfolk-based Pickle Property has purchased a 29-acre industrial site in Norfolk, from Virginia Beach, Va.-based T & S Associates, for $3.4 million. The property is located at 508 E. Indian River Rd. Samuel Walker and Bob Thornton of Thalhimer | Cushman & Wakefield Alliance’s Virginia Beach, Va., office negotiated the sale.
FOREST PARK, MORROW AND WOODSTOCK, GA. — Atlanta-based Bryant Commercial Real Estate has arranged three sales in Forest Park, Morrow and Woodstock, totaling $5.2 million. Atlanta-based Frontera Imports purchased a 50,000-square-foot industrial facility, located at 143 Lake Mirror Rd. in Forest Park, from U-Freight America, for $1.4 million. Michael Sutter and Rick Tumlin of Bryant Commercial represented the buyer, and the seller was represented by Britton Burdette of Marcus & Millichap’s Atlanta office. Marietta, Ga.-based JOC Acquisitions acquired a 76,500-square-foot, 10-acre facility in Morrow, from Woodstock, Ga.-based Precision Jet, for $1.8 million. Bryant Dromey and Rick Tumlin were the sole brokers. An undisclosed investor purchased a 76,500-square-foot, 10-acre facility in Morrow from Calif.-based Mariani & Seifert Family Trusts, for $2 million. The property is located at 6835 Southlake Pkwy. Buddy Hill of Grubb & Ellis’ Atlanta office and Rick Tumlin were the sole brokers.
KENNER, LA. — New Orleans-based Downtown Development Group is building Riverview Apartments, a $1.8 million, 45-unit multifamily community in South Kenner, located at 1039 Third Street. Phase 1 will deliver the first 26 units in April; Phase 2 will begin in March and is scheduled for completion in May. The units range from 600 square feet to 1,200 square feet. Amenities include horseshoe and tetherball courts, free high-speed Internet access inside and outside the units and gated parking.
FRANFORT, KY. — Brentwood, Tenn.-based GBT Realty is developing The Paddocks of Frankfort, a $65 million, 600,000-square-foot, regional shopping center in Frankfort, located at the northeast corner of Interstate 64 and Lawrenceburg Road. The project is situated on 89 acres and will feature a 180,000-square-foot discount department store, several 20,000 and 45,000-square-foot co-tenants and 100,000 square feet of specialty shops and restaurants. Additionally, eight outparcels will feature stand-alone restaurants, banks and other retailers. Nashville, Tenn.-based Maxwell Johansen Maher Architects is designing the center, which is scheduled to break ground next year and open in early 2010.
MIAMI— Equity One and Global Retail Investors have acquired Airpark Plaza, a 172,093-square-foot shopping center in Miami, from Airpark Plaza Ltd., for $37 million. The center is situated on 12 acres at the northwest corner of Red Road and NW 7th Avenue, near the Miami International Airport. Anchor tenants include Publix, Home Depot Expo and Office Depot. The center was 98 percent leased at the time of sale. The seller was represented by The Courtelis Company, and the buyers represented themselves in-house.
ATLANTA— Denver-based Simpson Housing Group has acquired the Westchester at Buckhead, a Class A, luxury multifamily community in Atlanta, from Denver-based Ameriton Properties, for an undisclosed price. The property is comprised of two mid-rise buildings and features one-, two- and three-bedroom units, ranging from 643 to 1,516 square feet. Additional amenities include a fitness center, two swimming pools, media room and cyber café. Derrick Bloom, Sean Henry and John Weber of Apartment Realty Advisors’ Atlanta office were the sole brokers. The property was 60 percent occupied at the time of sale.
FORT LAUDERDALE AND WESTON, FLA.— West Palm Beach, Fla.-based NAI/Merin Hunter Codman has arranged the sales of the Port Royale Financial Center and a two-building office portfolio in Fort Lauderdale and Weston. A private investment group acquired Port Royale Financial Center, a 52,189-square-foot office building, from Port Royale Associates, for $13 million. The property is anchored by BB&T Bank and was 96 percent leased at the time of sale. Neil Merin of NAI/Merin Hunter Codman represented the buyer. Tom Brymer of Miami-based Brymer Realty represented the seller. The building is located at 6550 N Federal Way. Boston-based Realty Associates Advisors purchased a two-building office portfolio, totaling 54,633 square feet, from 1040 Weston Road LLC and 1625 N Commerce Parkway LLC, for $15.3 million. Tenants of the buildings include Colonial Bank and Washington Mutual. Neil Merin was the sole broker. The building was 97 percent occupied at the time of sale.
SIMPSONVILLE, S.C. — Ford Borders and Grice Hunt of Greenville, S.C.-based NAI Earle Furman have arranged the sale of two industrial buildings on behalf of the buyer, Bridgeport Properties Harrison, in Simpsonville. The buildings total 410,503 square feet and are located at 101-103 Harrison Bridge Rd.
NEW ORLEANS — New Orleans-based Downtown Development Group (DDG) has purchased UNO Technology Enterprises, a 124,000-square-foot, 14-story office building in New Orleans, from the University of New Orleans Foundation, for $3.6 million. DDG will redevelop the site into The Canal Medical and Technology Center, a $16 million private, Class A medical and technology office building that will start construction in April and is slated for completion in August. The project is located at 1600 Canal St., next to the new Tulane Medical Center building, and will include lobby floor retail space, a restaurant, rooftop dining cabana, concierge services and a bank. Miami-based Imbruglia Construction is the general contractor, and New Orleans-based Steven Finegan Architects is designing the project. Skip Weber of New Orleans-based Latter & Blum Realtors represented the buyer, and Brian Rourke of Latter & Blum represented the seller in the transaction.