MEMPHIS AND CLEVELAND, TENN. — Hendricks & Partners has brokered the sale of two affordable housing communities located in Tennessee for a total of $5.45 million. In Memphis, Pendelton Place, a 120-unit community located at 1780 Pendelton St. in Memphis, was sold for $2.85 million. In Cleveland, Horizon Square, a 92-unit community located at 2324 Georgetown Rd., was sold for $2.6 million. The buyer, Sherman Oaks, Calif.-based GH Capital, plans to complete substantial capital improvements at both properties. Eric Taylor and Mark Rohr of the Detroit office of Hendricks represented the buyer, as well as the sellers, Pendelton Place Associates and Horizon Square Associates.
Southeast
DULUTH, GA. — Chicago-based Benjamin Sherman & Sons has acquired The Estates at Crossroads, a 344-unit apartment community located at 2620 N. Berkley Lake Rd. in Duluth, for $35.9 million. Completed in 2002, the property consists of 13 two-, three- and four-story buildings, which offer 339,878 square feet of rentable space. The property also features a clubhouse with a business center, conference room, entertainment room and coffee bar; a resort-style swimming pool with a deck and gas grills; a nature walking trail and stream; detached private garages; and a lighted tennis court. On behalf of the seller, Fort Wayne, Ind.-based The Lincoln National Life Insurance Co., Art Wadlund of Hendricks & Partners’ Tucson, Ariz., office, along with Greg Engler and Pat Jones of Atlanta-based Engler Financial Group, negotiated the transaction
FORT OGLETHORPE AND DALLAS, GA. — Joe Montgomery and Tony D’Ambrosio of Colliers Spectrum Cauble have completed the disposition of two retail centers in two separate transactions. The company represented the seller, AIG Baker, in the $12.5 million sale of Battlefield Centre, a 214,889-square-foot shopping center located in Fort Oglethorpe, to an undisclosed private investor. Developed in 1991 and currently 93 percent leased, the center is anchored by Bi-Lo Supermarket, Tractor Supply and Hamricks Department store. Additionally, the company represented a private investor in the $8.25 million sale of Merchants Square, a 107,050-square-foot shopping center located in Dallas, to an undisclosed buyer. Fully renovated in 1997, the 100-percent occupied property is anchored by Ingles Supermarkets and Big Lots.
CHARLESTON, S.C. — Atlanta-based The Simpson Organization is developing The Cigar Factory, a mixed-use property located at 701 E. Bay St. in Charleston. Built in 1881 as an industrial plant, the property has been in constant use since then as a cotton mill, a cigar factory, offices and Johnson and Wales University. The company plans to redevelop the property in to a mixed-use project offering 76 residential condominiums, 37,000 square feet of retail space and 26,000 square feet of office condominiums. The residential units will feature solid hardwood floors; renovated windows; and open kitchen layouts with Siematic cabinets, granite countertops and oversized islands. Additionally, the property will feature concierge service, an elevated swimming pool, a fitness center, a pet park, a roof top observation deck with a view of the harbor, a club with individual wine storage, a wine tasting room and a private, walled Charleston garden. The retail and restaurant portion are designed to accommodate a white tablecloth restaurant, a gourmet-style grocery store, galleries and boutiques. The Cigar Factory sales and information center is currently open.
DAVENPORT, FLA. — Crosland LLC is developing Davenport Marketplace, an 11.23-acre neighborhood shopping center located at U.S. 27 and County Road 547 in Davenport. Anchored by a 38,144-square-foot Sweetbay Supermarket, the center will feature 16,000 square feet of specialty shops and three outparcels, for businesses such as banks or restaurants. Construction is expected to begin in June, with Sweetbay Supermarket slated to open in July 2009.
LAUDERHILL, FLA. — University Crossing Five LLC and University Crossing Seven LLC have acquired University Plaza, for $4 million. Built in 1986, the 28,265-square-foot strip center is located at 4499 N. University Dr. in Lauderhill. Richard Matricaria of Marcus & Millichap’s Fort Lauderdale office represented both the seller, Intuition Consolidated Inc., and the buyers in the transaction.
ATLANTA — MCL Cos. has purchased the Connie Rose Apartments located adjacent to Skyline at Lindbergh for retail development. The current apartments sit on approximately 5 acres of land that will be transformed into 70,000 square feet of retail space as well as additional residences for Skyline at Lindbergh. The original project, set for a spring 2009 completion, will encompass 220 one-, two- and three-bedroom SkyHomes priced from the $190,000s to the $600,000s. Demolition of the Connie Rose Apartments will begin this fall, and development will focus entirely on the 70,000 square feet of retail space that is anticipated to take approximately 24 months to complete.
GWINNETT COUNTY, GA. — Atlanta-based Hotel Equities has broken ground on its 20th hotel, a Courtyard by Marriott, located at 1405 Mall of Georgia Blvd. in Gwinnett County. The hotel will stand five stories tall and feature 110 rooms, and is expected to open in late 2008.
MIAMI — Richard Tarquinio and Bill Kent of CB Richard Ellis (CBRE) have closed seven properties for Equity One totaling $39.8 million. A six-property retail investment portfolio, which encompasses 541,518 square feet and includes properties located in Florida, Alabama, North Carolina, South Carolina and Tennessee, was purchased by Waterstone Development. The seventh property, located in North Carolina, was purchased by Blue Ridge Piedmont. Among the anchors for the individual sites are grocery store chains Kroger, Bi-Lo and Winn-Dixie, as well as national credit tenants such as CVS/pharmacy, Big Lots, Aarons Rents and Bealls.
FLORIDA AND SOUTH CAROLINA — Newton-based Northland Investment Corp., on behalf of Northland Fund II L.P, has acquired six multifamily properties located in Florida and South Carolina. The portfolio includes Ballantrae, Via Lugano, Monterra at Bonita Springs, Fla., The Promenade at Reflection Lakes, Fla., The Quarter at Ybor City, Fla., and Madison at Park West in Charleston, S.C. All the properties are Class A assets constructed between 1999 and 2003. The garden-style communities feature resort-style swimming pools, state-of-the-art fitness centers, business centers, tennis courts, tile roofs and 9-foot ceilings. Additionally, the units feature spacious interior floorplans with an average size of 1,052 square feet, gourmet kitchens with stainless steel appliances and granite countertops, oversized tubs and generous closet space. With this acquisition, Northland’s Florida portfolio now includes more than 2,800 units.