FOREST PARK, GA. — A joint venture between Dallas-based Sealy & Co. and AEW Capital Management has purchased a 242,000-square-foot industrial park in metro Atlanta. The asset is located in Forest Park in the Airport/North Clayton submarket, Atlanta’s largest industrial submarket. AEW Capital Management previously owned the property on behalf of AEW Partners VII LP.
Southeast
NASHVILLE, TENN. — QR Capital has acquired Hillwood Pointe Apartments, a 180-unit multifamily community in Nashville, for approximately $14.9 million. Atlanta-based QR Capital plans to invest $1.9 million in renovations in the next 12 months to the apartment community, which was built in 1997. The Kirkland Co. brokered the sale, and Trevor Ritter of Colliers International and Charlie Mentzer of Capital One Multifamily Finance arranged acquisition financing on behalf of QR Capital and it’s co-sponsor, Militello Capital.
WASHINGTON, D.C. — Commonwealth Cooperative, a newly formed group of multifamily investors, has made its first acquisition: the 131-unit South Cathedral Mansions, located at 2900 Connecticut Ave. in Washington, D.C.’s Woodley Park neighborhood. Commonwealth Cooperative is comprised of Commonwealth Residential and CAS Reigler, with Oculus Realty providing property management services and Snead Construction providing contractor services. The new ownership is planning an extensive two-year redevelopment of the property, which will include the addition of 29 new apartments, 17 of which will feature 20- to 30-foot ceilings. The landmark property, which is listed on both the National Register of Historic Places and the D.C. Inventory of Historic Sites, has traded hands only four times since its development in 1922.
MIAMI — Phillips Edison-ARC Shopping Center REIT Inc. has purchased a portfolio of five grocery-anchored shopping centers totaling 347,478 square feet in Florida. The properties include Deerwood Lake Commons in Jacksonville; Heath Brook Commons in Ocala; West Creek Commons in Coconut Creek; Park View Square in Miramar; and St. Johns Commons in Jacksonville The portfolio is 92.7 percent leased and anchored by either Publix or Winn-Dixie. Casey Rosen, Dennis Carson and Cliff Taylor of CBRE represented the undisclosed seller in the transaction.
MYRTLE BEACH, S.C. — NAI Avant has arranged the $14.1 million sale of Ocean Bay Market, a 58,000-square-foot grocery-anchored shopping center in Myrtle Beach. Dail Longaker of NAI Avant represented the buyers, Randolph Freezer LLC and Red Sled Properties LLC, in the transaction. Carolina Forest Investment Group LLC, a partnership formed by Red Rock Developments LLC, recently developed the shopping center.
LAWRENCEVILLE, GA. — WinnCompanies and The Roseview Group have acquired Carroll at Bethesda Park, a 222-unit apartment community in Lawrenceville, an eastern suburb of Atlanta. The multifamily property, built in 2001, is the only apartment community along Ronald Reagan Parkway, which connects Lilburn and Snellville, two suburbs in Gwinnett County. The property is situated near Bethesda Park, a 159-acre park with playgrounds, an aquatic center, running trails and soccer and baseball fields. Following the acquisition, WinnCompanies and The Roseview Group will rebrand the property as Park156.
JUPITER, FLA. — Elion Real Estate Fund III LP has acquired Jupiter Reserve, a 43,172-square-foot shopping center in Jupiter, a northern suburb of Miami in Palm Beach County. The seller was Pebb Enterprises, and Atlantic Retail Properties represented both parties in the transaction. The sale price was undisclosed. The four-acre Jupiter Reserve is 93.6 percent leased to tenants that include Petco, T-Mobile, Vitamin Shoppe, Pizza Hut, Edible Arrangements and LabCorp of America. Atlantic Retail Properties will handle the property’s leasing responsibilities, Transwestern Commercial Services will manage the shopping center.
DURHAM, N.C. — Terwilliger Pappas Multifamily Partners has broken ground on Solis Ninth Street, a mixed-use development located adjacent to Duke University’s East Campus. The project, situated in Durham’s Ninth Street District, will feature 229 apartment units and 10,000 square feet of restaurant/retail space. Solis Ninth Street will be a five-story wrap building that encloses a central courtyard with a saltwater pool, outdoor kitchen and cabana. The property will include a 8,000-square-foot clubhouse that features a lounge and 24-hour fitness center. The development team includes general contractor Balfour Beatty, architect J Davis Architects and Blue Ridge Realty. Cornerstone Real Estate Advisers LLC and Fifth Third Bank provided project financing. The project team expects to deliver the first units in September 2015 and the entire project in early 2016. Terwilliger Pappas is partnering with the Dickson family, who had previously owned the site for several years.
POMPANO BEACH, FLA. — Developer Rosemurgy Properties has broken ground on The 23Hundred, a two-building, 13,485-square-foot retail center in Pompano Beach. The property will be located at 2350 and 2390 N. Federal Highway. The project team includes architect RLC Architects and general contractor Rosemurgy Properties General Contracting. Schmier & Feurring Realty Inc. is providing leasing services for The 23Hundred, which is set for a early 2015 completion. Chipotle Mexican Grill has pre-leased 2,440 square feet at the development, and Jersey Mike’s Subs has pre-leased 1,703 square feet.
COLUMBIA, S.C. — Harbert Realty Services, a Birmingham, Ala.-based commercial real estate services firm, has brokered the $3.8 million sale of a 129,000-square-foot office building in downtown Columbia. The property, the former AgFirst Farm Credit headquarters, will be redeveloped into a mixed-use property featuring upscale apartment residences. James Proctor and Dean Nix of Harbert Realty Services represented the buyer, Heritage Land & Development, in the transaction. Tripp Bradley of Colliers International represented the seller.