ATLANTA — A joint venture between Admiral Capital Real Estate Fund and Wood Partners has acquired 209 apartment units within The Brookhaven, a Class A 17-story building located at 3833 Peachtree Road in Atlanta's Buckhead submarket. The property was built in 1985. Interior renovations, including hardwood floors, new cabinetry and enclosed sunrooms, were completed in 2008. Wood Partners plans to further renovate The Brookhaven with a new fitness center, outdoor bar and bocce ball court, as well as expanded parking. Amenities already featured at the property include a heated pool, saunas and a lighted tennis court. Admiral Capital Real Estate Fund, based in San Antonio, Texas, is a joint venture between USAA Real Estate Co. and Admiral Capital Corp. David Gutting and Derrick Bloom of Jones Lang LaSalle's Capital Markets represented the joint venture in the transaction.
Southeast
ATLANTA — A joint venture between Los Angeles-based Carlaris Capital, an affiliate of Charles Dunn Co., and Beverly Hills, Calif.-based ARKA Properties Group has acquired a multi-tenant industrial property at 4099 Old Dixie Hwy. in Atlanta near Hartsfield-Jackson International Airport for $8 million. Jack Haden and Brad Pope of NAI Brannen Goddard represented the joint venture as well as the seller, I&G Henry Ford LLC/Jones Lang LaSalle. The industrial property includes two buildings known as 4100 Henry Ford II, Buildings 1 and 2. It is 46 percent occupied and new ownership plans to invest approximately $750,000 in marketing and capital improvements including the build-out of speculative office spaces.
ORLANDO, FLA. — A Dollar General store at 3081 Curry Ford Rd. in Orlando has traded for $1.6 million. The Gainesville, Fla.-based developer sold it to an Apollo Beach, Fla.-based investment company. Bryan Belk of Franklin Street represented the seller in an all-cash transaction. The store is a new construction Dollar General with a 15-year triple net lease.
JACKSON, MISS. — The first Whole Foods Market in Mississippi has broken ground at Highland Village shopping center in Jackson. The 31,000-square-foot grocery store featuring natural and organic products will open in 2013. Chesnut Hill, Mass.-based WS Development is the project’s new joint venture partner. The development firm acquired a controlling interest in the 220,000-square-foot Highland Village last month.
WASHINGTON, D.C. — Federal Capital Partners (FCP) and Self Storage Zone have formed a joint venture to acquire a property at 645 Taylor St. in Washington, D.C.’s Brookland submarket from Capital Area Food Bank. The joint venture will redevelop the property into a three-story, 78,600-square-foot self-storage facility, which is planned for completion in spring 2014. It marks the first self-storage investment for FCP.
NEWPORT NEWS, VA. — Ernest Kashouty Trust has sold the former Casey Auto and Collision Center at 975 J. Clyde Morris Blvd. in Newport News to VCT Enterprises LLC. The five-acre auto sales and collision center includes four buildings including the former BMW and Volkswagen showrooms and 275 parking spaces. Ned Brooks and Kevin Curran of CBRE/Hampton Roads represented Ernest Kashouty Trust in the transaction.
SIMPSONVILLE, S.C. — Blevins Inc., a supplier of manufactured housing products, has purchased an approximately 60,000-square-foot industrial property situated on 3.3 acres at 313 Standing Springs Ct. in Simpsonville from T. Walter Brashier for $1.4 million. Blevins is expanding its operations in the Greenville, S.C., area. Brian Young of Cushman & Wakefield/Thalhimer represented Blevins.
AMHERST AND GORDONSVILLE, VA. — Boston Capital has invested in the rehabilitation of two seniors housing communities in Virginia, including the 48-unit Amherst Village Apartments in Amherst and the 43-unit Meadow Run Apartments in Gordonsville. The developments will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partners are affiliated with Maryland-based T.M. Associates Inc. and North Carolina-based Telamon Corp., a non-profit organization.
CHARLESTON AND MOUNT PLEASANT, S.C. — Strategic Storage Trust Inc. (SSTI), a publicly registered non-traded REIT that invests in self-storage properties, has completed a three-phase $75 million acquisition of a 16-property portfolio with 8,560 self-storage units in South Carolina, Florida and Georgia. SSTI recently closed the last phase of the portfolio acquisition, which includes six self-storage properties and 3,740 units in Charleston and Mount Pleasant for approximately $38.7 million. The properties will be rebranded as SmartStop Self Storage. SSTI purchased the first phase of the portfolio in August.
FORT STEWART, GA. — The U.S. Army Corps of Engineers, Savannah District, has selected McCarthy Buildings Cos. to complete the second phase of renovations at The Winn Army Community Hospital in Fort Stewart, approximately 40 miles southwest of Savannah. The fouryear, $38 million project includes a 43,000-square-foot addition and 55,000 square feet of renovated medical space. The new space will include emergency, administrative and nutritional departments, as well as an outpatient facility. With the new renovations, the emergency department and family medical clinic will double in size. After Phase II has been completed in October 2016, the hospital will have the capacity to serve 16,000 patients. Furthermore, the hospital is seeking LEED Silver certification. Leo A Daly is the project architect. Currently, McCarthy is working on Phase I of the project. The $23 million Phase I includes a 65,000-square-foot addition and 1,000-square-foot renovation to the hospital. The Winn Army Community Hospital opened in 1983 as part of a healthcare initiative to serve soldiers, military retirees and their families.