CHARLOTTE, N.C. — Passco Cos. LLC, a real estate investment firm specializing in the tenant-in-common structure, has acquired The Enclave at Rivergate in Charlotte for $24.8 million. The 216-unit Class A apartment complex is located at 12400 Toscana Way and includes one-, two- and three-bedroom units. Irvine, Calif.-based Passco Cos. received a $13.64 million Fannie Mae loan to finance the acquisition. Southeast Apartment Partners represented the unlisted seller.
Southeast
GREENVILLE, S.C. — Cabela’s Inc., an outdoor sporting retailer based in Sidney, Neb., will open a 100,000-square-foot store in spring 2014 at Menin Development’s Magnolia Park in Greenville. It will be the first Cabela’s store in South Carolina. The building’s exterior will include log construction, stonework, wood siding, metal roofing and a large glass storefront. Magnolia Park, formerly the Greenville Mall, consists of more than 500,000 square feet of retail and entertainment space on 85 acres. Tenants include Costco, Regal Cinemas, Rooms to Go, Old Navy, Bed Bath & Beyond and Toys “R” Us/Babies “R” Us. Currently, Cabela’s operates 40 stores across the United States and Canada.
MIAMI — A 24,894-square-foot Office Depot near Miami International Airport has sold for approximately $6.6 million. Scott Sandelin of Marcus & Millichap’s Miami office represented the seller, a New York-based real estate investment trust, and the buyer, a limited liability company based in Canada. The Office Depot store is strategically located at the entrance of the Miami International Airport at 3600 LeJeune Rd. in Miami.
TAMPA, FLA. — HFF has arranged $41.5 million in joint venture equity and financing for a three-property, Class A office portfolio totaling 312,543 square feet in Tampa’s Gateway submarket. HFF worked exclusively on behalf of the borrower, Cardinal Point Management LLC, to secure a $28 million, five-year mortgage loan through Wells Fargo. Halstatt Real Estate Partners provided $13.5 million in joint venture equity. The three properties are located at 740, 780 and 800 Carillon Pkwy. close to the Tampa International Airport, and are 94 percent leased to tenants including Allstate, Humana, SunTrust Bank and Lincoln National Life Insurance. Chris Drew, Luis Castillo, Jorge Portela and Jose Carrazana of HFF represented Cardinal Point Management.
KENDALL, FLA. — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale of Lakeside Villas, a distressed 190-unit condominium community in Kendall, for an undisclosed price. Still Hunter III, Evan Kristol and Alex Zylberglait of IPA advised the receivership. A local private investor purchased the 137,840-square-foot multifamily property that is located at 15140 S.W. 75th Circle Lane in Kendall. It was built in 1985 and includes one- and two-bedroom units.
ASHBURN, VA. — The Fresh Market will open a new location in Ashburn. The 23,000-square-foot specialty grocery store is set to break ground this month and will open this fall. This will be the first location for the specialty grocer in Loudoun County, Va. It will be located within One Loudoun, a 358-acre master-planned community featuring 1,040 homes and 702,000 square feet of retail space including fine dining and upscale shopping. One Loudoun Downtown LLC, a joint venture between Miller and Smith and North America Sekisui House LLC, is developing One Loudoun.
MIAMI BEACH, FLA. — The 14,987-square-foot SunTrust Bank building at 9600 Collins Ave. in Miami Beach’s Bal Harbour Village has sold for $13.5 million. An affiliate of the owner of Bal Harbour Shops purchased the office building from a wholly owned subsidiary of Inland American Real Estate Trust Inc. Casey Rosen and Mark Drazek of CBRE’s National Net Lease Property Group and Paco Diaz of its Miami retail team represented the seller.
GOOSE CREEK, S.C. — An industrial property situated on 87.36 acres directly across from a Google data center in Mt. Holly Commerce Park off Highway 52 in Goose Creek has sold for $3.3 million. Thomas Buist Jr. of Lee & Associates’ Charleston, S.C. office represented the seller, Goose Creek Industrial Investors, and Milton Thomas III of Lee & Associates represented the buyer, EF Sanders LLC.
WASHINGTON, D.C. — Washington, D.C.-based MAC Realty Advisors LLC has placed $11 million in equity for acquisition and development of 2251 Wisconsin Ave., an existing commercial building in the Glover Park neighborhood of Washington, D.C., on behalf of Altus Realty Partners. Additionally, MAC placed a $28 million limited-recourse senior construction loan for the transaction. Altus Realty Partners, Chesapeake Realty Partners and Ellisdale Construction will renovate the existing 30,000 square feet of retail space currently occupied by Washington Sports Club and Glover Park Hardware, and build an 81-unit residential building with a two-level garage.
LEXINGTON, KY. — The 14-story, 240,000-square-foot Chase Tower office building has sold for $11.9 million in Lexington. Lake Worth, Fla.-based In-Rel Properties acquired the property, which was built in 1973, and NAI Isaac Commercial Properties will handle leasing and property management services. Bruce Isaac of NAI Isaac Commercial Properties was the property’s court-appointed receiver during the past three years. Finally, Ralph Smalley of Jones Lang LaSalle’s Atlanta office and Paul Ray of NAI Isaac Commercial Properties represented the undisclosed seller. Chase Tower is located at 201 East Main and is the first acquisition for In-Rel Properties in Lexington.