LEXINGTON, KY. — Silvestri-Craig Realtors has brokered the $11 million sale of Turfland Apartments, a 314-unit apartment community located at 2070 Garden Springs Drive in Lexington. Ken Silvestri of Silvestri-Craig Realtors brokered the transaction. The buyer, a Philadelphia-based investment firm, plans to invest $7 million in upgrades at the property. The seller built Turfland Apartments in 1973 and managed the community up until the sale.
LOUISVILLE, KY. — Molto Properties and Verus Partners have broken ground on Phase II of a 1.2 million-square-foot industrial complex in Air Commerce Business Park in Louisville. Phase II will consist of a 645,840-square-foot cross-dock industrial facility featuring 36-foot clear heights, trailer parking and car parking. Molto Properties pre-leased 74 percent of Phase I to Hillsdale Furniture and is seeking to lease the balance of the 622,426-square-foot building. Doug Butcher and Kevin Grove of CBRE are handling leasing for Molto, Pepper Construction is the general contractor on the project and Verus Partners is the local development partner. Phase I is scheduled to be completed by year-end, and Phase II is set to be delivered by October 2016.
MIAMI — HFF has arranged a $20 million loan for the refinancing of Vista Shopping Center, an 88,699-square-foot retail center located at 6400 N.W. 186th St. in Miami’s Miami Lakes neighborhood. Sedano’s Supermarket and Navarro Pharmacy anchor the center. Other tenants of the 97 percent-leased center include Catherine’s Fashions, Chipotle Mexican Grill, Clippers, Wing Stop, LA Nails, Bridgestone, Miral Jewelry, Jiffy Lube, Checkers and La Brasa Miami Gardens. Chris Drew and Jose Carrazana of HFF arranged the 10-year, fixed-rate loan through TD Bank on behalf of the borrower, an affiliate of Saglo Development Corp., a Miami-based developer. Loan proceeds will be used to retire the existing mortgage and make capital improvements to the property.
TAMPA, FLA. — Marcus & Millichap has arranged the $14.3 million sale of Garden Isles Apartment Homes, a 300-unit apartment complex located at 6919 Bonair Drive in Tampa. Blue Rock Partners LLC purchased the multifamily community from Garden Isles Management Inc. for roughly $47,700 per unit. Built in 1971, the property’s community amenities include gated access, covered parking spaces, an onsite leasing office, 12 laundry facilities, fitness center, two swimming pools and a dog park. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer.
CONYERS, GA. — Atlanta-based Reliant Real Estate Partners has brokered the $9.9 million sale of Conyers Logistics Center, a 201,403-square foot distribution facility in Conyers. The property is located at 2107 Eastview Parkway. Conyers Logistics Center was 100 percent leased at the time of sale to Cellofoam North America and Pioneer Plastics. An affiliate of STAG Industrial Inc. purchased the distribution center from Kansas City-based Block Real Estate Funds. Bob Burdell and J.R. Wright of Reliant Real Estate Partners represented both the buyer and seller in the transaction.
ATLANTA — Avison Young has brokered the $4.4 million sale of a 63,000-square-foot office building at 524 W. Peachtree St. in Midtown Atlanta. The new owner, 524 Peach LLC, plans to convert the office building into a 175-room, upper midscale hotel. Originally built in 1928, the new eight-story hotel is expected to be operational in the summer of 2017. Matt Tritschler, Phil Barry and Hilton Barry of Avison Young represented the sellers, Marconi Park LLC and Quarry LLC, in the transaction.
CHARLOTTE, N.C. — Medalist Capital has arranged a $345.6 million loan through MetLife Inc. for the 535-acre Ballantyne Corporate Park in Charlotte. The 2.5 million-square-foot property features Class A office space, retail, restaurants, healthcare and two hotels. Don Williams and Mary Neill McKie of Medalist Capital’s Charlotte office arranged the long-term, fixed-rate loan on behalf of the borrower, The Bissell Cos. Ballantyne Corporate Park’s tenant roster includes the headquarters of MetLife’s U.S. retail business. The loan did not involve MetLife’s offices in Charlotte.
RESTON, VA. — Columbia Property Trust has sold a 244,565-square-foot office property in Reston, a Virginia suburb of Washington, D.C., for $65 million. The Class A office building is located at 1881 Campus Commons. Columbia Property Trust sold the office property to a real estate advisor based in Boston. Columbia Property Trust acquired the office building as part of a portfolio in January 2015 and since has increased the property’s occupancy from 79 percent to 91 percent. Columbia Property Trust, a publicly traded REIT, has a roughly $5 billion portfolio spanning 27 office properties in San Francisco, New York and Washington, D.C.
ATLANTA — Parkside Partners plans to redevelop a 40,000-square-foot property located at 1280 W. Peachtree St. in Midtown Atlanta. The new $12 million project, known as 16th Station, will be a Class A, boutique office asset located at the southwest corner of West Peachtree and 16th streets. The property will feature exposed brick and concrete beams, large floor-to-ceiling warehouse windows, concrete floors, covered and outdoor patio space and a rooftop terrace with a lounge and firepit. MTSD Inc. designed the loft-style office project, which is schedule for an early 2017 completion. The property’s location within the Midtown Opportunity Zone gives tenants the opportunity to receive job-creation credits of $3,500 per year for each new job created for five years.
DENVER, N.C. — Baum Realty Group has arranged the $7.6 million sale of a single-tenant net-leased Walgreens located in Denver, roughly 26 miles north of Charlotte. Patrick Forkin and Brad Teitelbaum of Baum Realty represented the buyer, a private international investor, in the transaction. The seller was a private East Coast developer. Walgreens has a 20-year lease at the store, with rental increases every 10 years.
