ST. PETERSBURG, FLA. — Senior Management Advisors Inc. (SMA) and ValStone Partners have acquired the Palazzo Di Oro, a former assisted living facility that closed in 2011 in St. Petersburg, for $2 million. The buyer plans to renovate and reopen the 150-unit community, named Grand Villa of St. Petersburg, which will offer assisted living and memory care services. Construction is expected to be complete in late 2014. The property was built as a hotel in 1971 and converted into an assisted living facility in the 1990s. A syndicate of lenders foreclosed on the property in 2011. This is the 11th senior living community SMA and ValStone have acquired, renovated and rebranded.
CHARLOTTE — Cedar Ridge Group LLC has acquired the Markets at Cedar Ridge, a 27,920-square-foot retail center located at 7520 S. Tryon St. in Charlotte. Shane Buckner of NorthState Capital Partners and David Dupree of BCB Investments represented the buyer in the transaction. David Morris of Legacy Real Estate Advisors represented the seller. The center is less than 72 percent occupied, and the value-add deal falls under the company's strategy of buying “real estate assets in good locations that can be acquired below replacement cost,” says Buckner.
NASHVILLE — UMH Properties Inc. has purchased Holiday Mobile Village, a 274-site manufactured home community on 68 acres in Nashville, for $7.2 million. The property is 82 percent occupied. With the deal, UMH now owns 68 manufactured home communities consisting of 12,800 developed home sites. The buyer plans to increase occupancy at the new property by implementing its sales and rental program.
STATESBORO, GA. — Grandbridge Real Estate Capital has arranged an $11.2 million first mortgage loan for University Village at Southern, a 532-unit student housing community in Statesboro, home of Georgia Southern University. Robert Hukill of the firm's Raleigh office arranged the refinancing loan through Freddie Mac.
ORLANDO — Harvest Holdings has acquired Sand Lake Plaza, a 25,116-square-foot retail center in Orlando for $4.7 million. Built in two phases in 1995 and 2005, the property is fully leased and located at 1431 W. Sand Lake Road. The property is just east of South Orange Blossom Trail and across from the Florida Mall, the largest shopping mall in Central Florida. Daniel Baker of CBRE represented the seller, an affiliate of Ram Realty Services and Square Mile, in the transaction.
ATLANTA — Sage Hospitality has purchased six Courtyard by Marriott hotels in partnership with Whitman Peterson, including three in Georgia. The deal includes the 146-room Courtyard by Marriott 75 North in Marietta, the 127-room Courtyard by Marriott Atlanta Windy Hill in Atlanta and the 131-room Courtyard by Marriott Atlanta Norcross Peachtree Corners in Atlanta. Al Calhoun and Mark Fair of Jones Lang LaSalle represented the seller, an affiliate of Clarion Partners LLC. The additional properties are located in other “key select service markets,” in Dallas and Southfield, Mich., according to Calhoun. “The portfolio has the ability to substantially increase RevPar penetration, grow NOI and provide strong investment returns.”
BOCA RATON, FLA. — Bob Dockerty of Dockerty Romer & Co. has arranged $16.4 million in permanent mortgage financing for a 60,000-square-foot office building, along with a 105,000-square-foot warehouse space and a 17,000-square-foot Office Depot store in Boca Raton. Florida Community Bank provided the 10-year, fixed-rate loan for the borrower, Reel State Adventures and Southern State Properties Inc. The property is located on the north side of Glades Road at 123 N.W. 13th St.
AMORY, MISS. — Love Funding has arranged three loans totaling $15 million to refinance a portfolio of skilled nursing facilities in Mississippi. Laura Saull-Smith of Love Funding obtained the loans through the U.S. Department of Housing and Urban Development's Section 232/223(a)(7) LEAN program. The properties include the River Place Nursing Center in Amory, The Nichols Center in Madison and The Carrington Nursing Center in Starkville. All three facilities are operated by Briar Hill Management LLC and include 105 units.
PEMBROKE PINES, FLA. — 150 NW 180th Street LLC has acquired a retail property that is fully leased to Chase Bank in Pembroke Pines. The sale included a 1.8-acre site subject to a new 20-year, triple-net ground lease. A new 4,713-square-foot Chase Bank, with drive-thru lanes, will be completed on the site this year. Todd Weintraub and Dave Donnellan of CBRE represented the seller, Pembroke Pines Place, a Florida-based private developer, in the transaction.
BOCA RATON, FLA. — Marcus & Millichap has arranged the $5 million sale of a Sound Advice, a vacant retail building and development site situated on two adjacent parcels in Boca Raton. 331-335 Yamato Road includes Sound Advice, an electronics retailer, and a vacant retail building formerly housed by Pizza Hut. The property also includes 99 parking spaces. Douglas Mandel and Benjamin Silver of Marcus & Millichap represented the seller, a private real estate company in Boca Raton, in the transaction. Mandel and Silver also represented the buyer, a limited liability company.