CASSELBERRY, FLA. — CBRE has brokered the $40 million sale of the Harbor at Lake Howell, a 408-unit apartment community in Casselberry, about 13 miles north of Orlando. The apartment community features two swimming pools, a fitness center, tennis court and a private boat ramp for the onsite Lake Howell, a 450-acre recreational lake. The property was built in 1991 and was 94 percent occupied at the time of the sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office represented the seller in the transaction. The Atlanta-based buyer plans to implement a value-add strategy for the property to increase rents.
Southeast
COLUMBIA, S.C. — Marcus & Millichap has arranged the $5.3 million sale of Chimneys at Brookfield, a 259-unit apartment community located at 7501 Brookfield Road in Columbia. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap’s Atlanta and Charleston, S.C., offices represented the seller, a limited liability company, in the transaction. Chimneys at Brookfield features fully equipped kitchens and one-, two- and three-bedroom plans. The community, which was built in 1974, was 73 percent occupied at the time of sale.
MOBILE, ALA. — Homewood Suites by Hilton has opened a 99-suite hotel at 1388 W. I-65 Service Road S. in Mobile. The four-story hotel, known as Homewood Suites Mobile I-65/Airport Blvd., is expected to create 30 permanent jobs, according to Hilton Worldwide. Kana Hotel Group owns and manages the hotel. The property features complimentary breakfast and Wi-Fi, a restaurant, a 24-hour grocery shopping service, fitness center and a 24-hour business center.
MINT HILL, N.C. — HFF has arranged $11.5 million in financing for a 57,580-square-foot medical office building at 10545 Blair Road in Mint Hill, about 14 miles east of downtown Charlotte. The property is fully leased to Carolinas HealthCare System. HFF arranged the four-year, floating-rate loan through a national bank on behalf of the borrower, Chicago-based Harrison Street Real Estate Capital LLC.
COLUMBIA, S.C. — NAI Avant has arranged the foreclosure sale of the former Colonial Warehouse, a 265,000-square-foot warehouse at 1115 Shop Road in Columbia. An unnamed family based in Charleston, S.C., purchased the warehouse from the Richland County SC Master in Equity. Dail Longaker Jr. of NAI Avant brokered the transaction and will oversee the leasing/disposition of the asset.
SPRINGFIELD, VA. — PREIT has entered into an agreement with Vornado Realty Trust to acquire Springfield Town Center in Springfield for $465 million. The approximately 1.4 million-square-foot mall is comprised of 642,000 square feet of anchor space and 703,000 square feet of non-anchor space. Target, Macy’s and JC Penney anchor the mall and remain operational while the rest of the mall undergoes renovation. Other notable retailers include Michael Kors, H&M, Chico’s, Pandora, Francesca’s Collection, Maggiano’s Little Italy, Yard House Restaurant, Wood Ranch BBQ, LA Fitness, Regal Cinema, Dick’s Sporting Goods and Topshop. The transaction is expected to be funded using $125 million in PREIT common and preferred operating partnership units, with the balance expected to be paid in cash. Vornado will continue the ongoing renovation of the retail center’s non-anchor space. PREIT and Vornado will jointly lease the space as a result of the transaction. PREIT has the capacity to develop 3 million square feet of additional retail, residential, office and/or hotel space, in compliance with existing zoning.
CHICAGO — Aviv REIT Inc. has acquired nine post-acute and long-term care skilled nursing facilities in Kentucky and Iowa in two separate transactions for approximately $49 million. Seven of the properties are located in Kentucky and are triple-net leased to new Aviv operator Providence Group, an operator of skilled nursing facilities in Kentucky and California. The other two facilities are located in Iowa and are triple-net leased to existing Aviv operator Trillium Healthcare. The acquisitions include annual escalators and initial lease terms of 10 years. Chicago-based Aviv REIT has approximately $104 million in acquisitions year-to-date.
LITTLE ROCK, ARK. — Disney Investment Group, a boutique brokerage firm based in Dallas, has closed on the sale of Park Avenue shopping center, a 69,000-square-foot property in Little Rock. Inland Real Estate Income Trust purchased the property for approximately $28.1 million from SPC Park Avenue LP and SPC Condo LP, affiliates of Dallas-based Strode Property Co., Park Avenue’s developer. David Disney of Disney Investment Group represented the sellers in the transaction and procured the buyer. Park Avenue’s tenant roster includes Staples, Cheddar’s, Jared Jewelers, Panera Bread, Mattress Firm, Sport Clips, Verizon Wireless, Carter’s, Radio Shack and AT&T.
CITRUS PARK, FLA. — ECHO Realty LP has acquired Westgate Plaza, a 100,000-square-foot shopping center in Citrus Park, approximately 16 miles northwest of Tampa, Fla. Publix anchors the shopping center with a 55,000-square-foot store. The property also features two outparcels leased to SunTrust Bank and Fifth Third Bank. ECHO Realty purchased the shopping center from a joint venture between Kimco and GE Capital, owners of the center since 2007. ECHO has appointed Orlando, Fla.-based Crossman & Co. to manage and lease the property.
WASHINGTON, D.C. — First Market Properties (FMP) has closed on a loan portfolio of five apartment properties in the metro Washington, D.C., area. The REO transaction includes Class B communities totaling 1,188 units. The communities include the 410-unit Forest Village in Suitland, Md.; the 349-unit Shadyside Gardens in Suitland; the 131-unit Marlow Tower in Temple Hills, Md.; the 126-unit Marlow Garden in Temple Hills; and the 172-unit Marlow Heights in Temple Hills.