ORLANDO, FLA. — Waterton Associates LLC has acquired Promenade Crossing, a 212-unit garden-style apartment community located roughly three miles northeast of downtown Orlando. The gated community offers one- to three-bedroom floorplans and borders Baldwin Park, an upscale master-planned community. Promenade Crossing is Waterton’s second acquisition in 2015 and brings the company’s Florida multifamily portfolio to more than 2,300 units.
TAMPA, FLA. — Feldman Equities LLC and Tower Realty Partners have reacquired an interest in Wells Fargo Center, a 22-story, 390,000-square-foot office tower located in downtown Tampa. The two firms purchased the equity position in a joint venture partnership with an institutional investor that purchased the building in 2014. Feldman Equities and Tower Realty originally acquired Wells Fargo Center at the end of 2012 in a joint venture partnership with another institutional investor. As part of the agreement, Tower Realty Partners will retain management responsibilities with Feldman Equities providing leasing oversight. Jeff Lanning and Brian Breeding of Cushman & Wakefield have been retained to represent the ownership group in leasing the building. Current tenants include Wells Fargo & Co., Phelps Dunbar and UBS.
WASHINGTON, D.C. — A joint venture partnership between Federal Capital Partners and Self Storage Zone has begun construction on a 1,381-unit self storage facility located at 1850 New York Ave. N.E. in Washington, D.C. The facility will span 112,775 square feet. The joint venture has previously developed and opened a 1,034-unit self storage facility at 645 Taylor St. N.E. in Washington, D.C.
MORRISVILLE, N.C. — TradeMark Properties has brokered the $16.5 million sale of the Concourse Building, a 131,553-square-foot office building located at One Copley Way in Morrisville, roughly 14 miles west of Raleigh. Fred Dickens of TradeMark represented the undisclosed seller in the off-market transaction. The buyer, Virginia Beach-based Continental Capital Partners, has retained TradeMark to lease the Class A property.
ORLANDO, FLA. — Meridian Capital Group has arranged permanent financing for the recapitalization of the DoubleTree by Hilton Orlando Downtown in Orlando. The 342-room hotel is located at 60 S. Ivanhoe Blvd. Tal Bar-Or of Meridian’s New York City office arranged the balance sheet loan on behalf of the borrower, Glenmont Capital Management LLC.
MARIETTA, GA. — GBT Realty Corp. has purchased a 1.7-acre retail site at the intersection of Roswell Road and East Cobb Drive in the East Cobb district of Marietta, a suburb of Atlanta. GBT Realty acquired the site, which currently houses a 10,240-square-foot Chuck E. Cheese’s, from Empress Theatres Inc. for $1.7 million. The site is located across East Cobb Drive from an LA Fitness-anchored shopping center and across Roswell Road from a Dick’s Sporting Goods-anchored shopping center. Other nearby retailers include Trader Joe’s, Whole Foods and Target. GBT Realty plans to begin demolition of the Chuck E. Cheese’s this spring.
CONCORD, N.C. — Griffin Capital Essential Asset REIT II Inc., a non-traded REIT sponsored by Griffin Capital Corp., has purchased the Owens Corning Building in Concord, part of Charlotte’s Northeast industrial submarket. The 61,200-square-foot, Class A industrial property is under a long-term lease agreement with Owens Corning. Patrick Gildea, Anne Johnson and Bryan Crutcher of CBRE represented the undisclosed seller in the transaction.
MARIETTA, GA. — Atlanta-based Bull Realty has brokered the $9.2 million sale of Barrett Creek Plaza, a 28,841-square-foot shopping center in Marietta, a northwest suburb of Atlanta. The property is located at 125 Ernest Barrett Parkway, roughly two miles from Kennesaw State University. Barrett Creek Plaza was 83 percent leased at the time of sale to tenants such as Axiom Staffing, Buffalo Wild Wings Grill & Bar, Chase Bank, Cheeseburger Bobby’s, Moe’s Southwest Grill and T-Mobile. PMC Fund LLC purchased the shopping center from MRK Barrett Creek LLC. John Harrison and Kermit Hairston of Bull Realty brokered the transaction.
CRESCENT SPRINGS, KY. — Cohen Real Estate has brokered the sale of Buttermilk Crossing, a 78,012-square-foot shopping center in Crescent Springs. The property was 94 percent leased at the time of sale to tenants such as Staples, Outback Steakhouse and Petco. Helen Putterman and Ric Kaiser of Cohen Real Estate represented the seller, a partnership based in New York, as well as the buyer, a New York-based real estate family. The family purchased the property for an undisclosed amount.
TAMPA, FLA. — Marcus & Millichap has brokered the $7 million sale of 66 units at Town Park Villas, an 81-unit townhome community located at 6070 Gibson Ave. within Tampa’s Temple Terrace submarket. Nicholas Meoli and Michael Donaldson of Marcus & Millichap’s Tampa office represented the seller, a private investor from Longwood, Fla., in the transaction. The buyer was a limited liability company based in Miami.
