CHARLOTTE, N.C. — FCP has purchased Somerset Apartments, a 240-unit workforce housing complex in Charlotte, for $18 million. Somerset Apartments offers one- through three-bedroom floor plans and is situated near the LYNX Light Rail Blue Line. Communal amenities include a clubhouse, swimming pool, grilling area and a sports court. Brooks Colquitt of Cushman & Wakefield represented the undisclosed seller in the transaction. The garden-style community is located adjacent to FCP’s Hunters Pointe.
PENSACOLA, FLA. — Blue Magma Residential LLC has acquired Heritage Apartments, a 20-building, 194-unit multifamily community in Pensacola, for $17.8 million. The buyer will rebrand the property as The Park at Sterling Hills and will invest $2 million to renovate the exterior and interior units of the property. Heritage Apartments offers one-, two- and three-bedroom floor plans, and was 95 percent occupied at the time of sale. Communal amenities include a swimming pool, fitness center, clubhouse, dog park and grilling stations. David Etchison of Berkadia represented the buyer in the transaction. Regions Bank provided acquisition financing. The seller was not disclosed.
FORT LAUDERDALE, FLA. — Cushman & Wakefield has arranged the $11.8 million sale of The 2601 Building, a 59,942-square-foot office building located at 2601 E. Oakland Blvd. in Fort Lauderdale. The six-story building was 96 percent leased at the time of sale to tenants including The Africa Adventure Co., HL Law Group, Exit Ryan Scott Realty and Natural Transplants Hair Restoration Clinic. After suffering significant damage during Hurricane Wilma in 2005, the building was gutted and rebuilt in 2007 with new roofs, mechanical systems and modern interiors. The seller was 2601 M L Fund LLC, a Netz USA LLC holding company. The buyer was MHC Oakland Park Owner LLC. Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar, Jason Hochman and Michael Ciadella of Cushman & Wakefield represented the seller in the transaction.
SOUTHPORT, N.C. — Marcus & Millichap has arranged the $2.3 million sale of a Dollar General-occupied building that was delivered in March of this year in Southport. The 9,026-square-foot building is located at 4421 Long Beach Road SE, about 30 miles south of downtown Wilmington. Par 5 Development Group LLC sold the asset, which Sedgemoor Properties LLC acquired. Don McMinn of Marcus & Millichap represented both the buyer and seller in the transaction.
SALISBURY, MD. — NAI Global has opened NAI Coastal, a new office in Salisbury that will serve the coastal region of Maryland, Delaware and Virginia. Chris Davis; Bradley Gillis, CCIM; Joey Gilkerson; and Chris Gilkerson are the principals of NAI Coastal, which also includes a team of eight advisers. The NAI Coastal team specializes in buyer and tenant representation focusing on the hospitality, multifamily, medical, office, retail and industrial sectors. NAI Coastal also works in conjunction with Gillis Gilkerson, a local construction and development firm. The partnership allows the NAI Coastal team to advise clients in the process of commercial real estate development from concept to completion.
ROCKVILLE, MD. — JLL has arranged the sale of Executive Plaza, a 327,000-square-foot office complex in Rockville. The property comprises two eight-story buildings located at 6120 and 6130 Executive Blvd., about 15 miles north of downtown Washington, D.C. The buildings were recently renovated to include a new fitness center, 3,500-square-foot conference center, cyber café and an outdoor plaza. Jim Meisel and Matt Nicholson of JLL represented the seller, a partnership between Monument Realty and Angelo, Gordon & Co., in the transaction. MC Real Estate and an institutional partner acquired the asset for an undisclosed price. MC Real Estate has retained The Polinger Co. to provide onsite property management services and Bob Dickman of Avison Young as the leasing agent.
ALEXANDRIA, VA. — Hamilton Zanze has acquired Abbotts Run, a 248-unit multifamily community in Alexandria. The property offers one- and two-bedroom floor plans ranging in size from 693 to 1,352 square feet. Amenities include a 24-hour clubhouse, game room, swimming pool, playground, tennis and volleyball courts, car washing station and outdoor picnic and grilling stations. The previous owner renovated all but 17 units. Hamilton Zanze plans to complete the renovation of the property, which was built in 1988. Abbotts Run is located at 5711 Woodlawn Gable Drive, 20 miles southwest of downtown Washington, D.C.
CLEARWATER, FLA. — Pinch A Penny, a swimming pool retail, service and repair franchise, has sold two industrial buildings totaling 224,192 square feet in Clearwater. The buildings are located at 14480 and 14550 62nd St., three miles west of St. Pete-Clearwater International Airport and 19 miles west of downtown Tampa. Pinch A Penny sold the assets after vacating the property to expand its footprint into new facilities. The buyer was not disclosed, but the Tampa Bay Business Journal reports Blue Steel Development acquired the two industrial buildings. The buyer plans to significantly renovate the two Class C buildings. Rick Narkiewicz of Newmark Knight Frank (NKF) represented the seller in the transaction.
ATLANTA — Velvet Taco has opened its first Atlanta restaurant in Buckhead. The 2,500-square-foot establishment is situated at 77 W. Paces Ferry Road within a Whole Foods Market-anchored shopping center. The late-night joint offers a variety of chicken, beef, pork, fish and vegetarian tacos as well as brunch options. Velvet Taco expects to open a second Atlanta location next year at the Interlock development in West Midtown, according to local media. Based in Dallas, the brand also operates restaurants in Austin, Chicago and Houston.
MIAMI BEACH, FLA. — The Lincoln Road Business Improvement District (BID) has executed six leases with retailers and restaurants to occupy space on Lincoln Road, Miami Beach’s high street for upscale retail, restaurants and entertainment. Brandy Melville, a women’s clothing shop catering toward Gen Z shoppers, opened its 2,500-square-foot shop at 730 Lincoln Road in late August. Located at 810 Lincoln Road, Pele Soccer is a 7,000-square-foot store that features a turf surface for consumers to test out cleats and will install bleachers to host watch parties in the coming months. MC2 Saint Barth will occupy 748 square feet at 608 Lincoln Road later this year. The swimsuit company has been in business for 25 years. MILA is a “MediterrAsian” fusion restaurant that will open at 800 Lincoln Road later this fall. Paletas Morelia, a gourmet popsicle shop, will make its Miami Beach debut later this year. Lastly, Casper, a store dedicated to all things sleep related, is located at 1114 Lincoln Road. The six retailers join Fritz’s Skate, Bike & Surf Shop; Dog Bar; and Lulu Laboratorium as tenants to sign leases this this summer.
