NASHVILLE, TENN. — The Connor Group has entered the Nashville market with the $60.5 million purchase of Ashton Brook, a 390-unit, Class A apartment community located in the Cool Springs submarket of Franklin, a suburb of Nashville. The acquisition has the second highest purchase price in The Connor Group’s history. The gated apartment community features resort-style pools, a fitness center, tennis courts, a pet park and garages. The Connor Group purchased Ashton Brook from Alara Franklin Corp.
Southeast
SUNNY ISLES BEACH, FLA. — J. Milton & Associates, a Miami-based real estate development firm, plans to break ground on a luxury multifamily community in Sunny Isles Beach in spring 2014. The Parque Towers at St. Tropez will feature concierge services, car wash and detailing services in the parking garage, private cinema, performance theater and a private beach club. Residents will also be able to rent out guest suites on the premises. Other features include a public park, family picnic area, cascading water wall, interactive water feature for children, butterfly garden and an outdoor plaza.
ORLANDO, FLA. — Orlando-based NAI Realvest has closed the $24 million sale of an industrial portfolio totaling more than 525,000 square feet. The properties are located in Orange and Seminole counties in Florida. The industrial facilities include Monroe CommerCenter North and Monroe CommerCenter South in Sanford, Hanging Moss CommerCenter in Orlando and Goldenrod CommerCenter in east Orlando. George Livingston, Christie Alexander, Drew Saphos, Paul Vera and Michael Heidrich of NAI Realvest handled the transaction. NAI Realvest will continue to serve as property manager for the new owners. A joint venture between Chicago-based Blue Vista Capital Partners and Baltimore-based Rio Hondo Capital Partners purchased the facilities from Cornerstone Core Properties REIT.
UPPER MARLBORO, MD. — Greysteel has brokered the sale of Largo Center Apartments, a 100-unit apartment community located in Upper Marlboro, part of metro Washington, D.C. The transit-oriented, affordable apartment community is located at 520 Largo Center Drive, within walking distance to Largo Town Center Metro Station and Boulevard at Capital Center. Ari Firoozabadi, John Mullen, Kyle Tangney, Lance Ahmadian, Caleb Brown and Mike Bediones of Greysteel represented the sellers, Boston Capital and Humphrey-Stavrou Associates Inc., in the transaction. Beachwold Residential purchased the Largo Center Apartments.
KISSIMMEE, FLA. — Aztec Group Inc. has arranged a $10 million refinancing loan for The Park at Sorrento, a recently renovated, 208-unit apartment community located in Kissimmee. Jason Shapiro and Sean Harrington of Aztec Group arranged the loan on behalf of the borrower, a partnership between affiliates of Miami-based Mayan Properties and Tampa-based Blue Rock Partners. The apartment community recently underwent a $2.5 million renovation program to all of its unit interiors, common areas, exteriors and grounds.
PALM BEACH HARBOR, FLA. — Phillips Edison-ARC Shopping Center REIT Inc. has acquired Crystal Beach Plaza, a 59,015-square-foot shopping center located in Palm Beach Harbor, about 30 miles northwest of Tampa. The shopping center is anchored by a 39,203-square-foot Publix. The REIT’s current portfolio includes 59 properties in 21 states, with an aggregate portfolio purchase price of about $857 million.
MAITLAND, FLA. — Morrison Commercial Real Estate has arranged the sale of two office buildings located in the Keewin Lexington Office Park in Maitland, about eight miles north of Orlando. The two assets sold for approximately $1.2 million. The office buildings are the 3,760-square-foot 220 Lookout Place and the 4,962-square-foot 237 Lookout Place. Michael Sieg of Prudential Results Realty represented the buyer, Tony LLC, in the 220 Lookout Place acquisition. MacMillan Straus Co. LLC purchased 237 Lookout Place for its holistic healthcare practice, The Center of Wellness. Christi Davis of Morrison Commercial Real Estate represented the seller, Maitland-based CRS Real Estate Holdings LLC, in both transactions.
JACKSONVILLE, FLA. — Capital Advisors has arranged $10.5 million in refinancing for the 288-unit Gregory Cove Apartments, a garden-style apartment community located at 5601 Edenfield Road in Jacksonville. The apartment features a swimming pool, fitness center, business center, a picnic/park area and a library. Philip Rachels of Capital Advisors’ Jacksonville office arranged the loan through Prudential Mortgage Capital Co. LLC on behalf of the borrower, Vestcor Fund XXII Ltd. The 10-year non-recourse loan features a 30-year amortization schedule.
NEW ORLEANS — The Howard Hughes Corp. has announced the tenant roster for the redevelopment of the Riverwalk Marketplace in downtown New Orleans into The Outlet Collection at Riverwalk. The property’s tenants that are new to New Orleans include Last Call Studio by Neiman Marcus, Coach Men’s Factory Store, Tommy Bahama, Toby Keith’s I Love This Bar & Grill, Hartstrings Childrenswear, U.S. Polo Assn. Outlet, It’s Sugar, Sunglass Warehouse, Red Mango and New Balance Factory Stores. Additional tenants include Coach Factory Store, Café du Monde, Kenneth Cole Co. Store, LOFT Outlet, Chico’s Outlet, Clarks/Bostonian Outlet, Gap Outlet, Guess Factory Store, Kay Jewelers, Raising Cane’s, Sunglass Hut Outlet and The Fudgery. The redevelopment will expand the property’s footprint by about 50,000 square feet to an approximate total of 250,000 square feet. Interior demolition and other construction activities are underway. The property is scheduled to reopen in late spring/early summer of 2014.
CLERMONT, FLA. — Plaza Advisors has brokered the sale of Clermont Crossings at Lost Lake, a 149,698-square-foot shopping center located in Clermont, a suburb of Orlando. The property was 91 percent leased at the time of sale. The property includes a 11,254-square-foot strip center tenanted by Jimmy Johns and Flippers Pizzeria. Commons at Twin Lakes Associates LLC purchased the shopping center from KMH LLC. Jim Michalak and Mike Cvetetic of Plaza Advisors represented the seller in the transaction.