BRADENTON, FLA. — Clearwater, Fla.-based TJM Properties has purchased Summerfield Retirement Residence, a 74,7786-square-foot assisted-living and memory-care community in Bradenton. The 120-unit property sold for $9.5 million or $79,167 per unit. Built in 1998, the property was 78 percent occupied at the time of closing. Health Care Services Group represented the seller, Summerfield Retirement Residence LTD, in the transaction.
CORAL SPRINGS, FLA. — Drew Kristol and Kirk Olson of Marcus & Millichap's Miami office represented a Miami-based company in the disposition of the Gardens of Miami Center. Located on Miami Gardens Drive in Miami, the 52,670-square-foot shopping center sold for $4.35 million. The two-story center was 50 percent occupied at the time of closing. The buyer was not released.
MECHANICSVILLE, VA. — Morgan Property Group (MPG) is developing a free-standing Walgreens drugstore at the southeast corner of Mechanicsville Turnpike and Lee Davis Road in Mechanicsville. The 14,470-square-foot location is expected to open during the third quarter of 2011. This is the 17th Walgreens developed by MPG in Virginia.
MCDONOUGH, GA. — Passco Cos. has acquired Sundance Creek, an apartment community located at 575 McDonough Parkway in McDonough. Built in 2004, the property offers 232 one- and two-bedroom townhome units, a clubhouse, a resort-style swimming pool and a state-of-the-art fitness center. Additional details of the transaction were not released.
CLINTON, TENN. — Knoxville, Tenn.-based Formall Plastics has purchased a 200,000-square-foot industrial property in Clinton. Situated on 30 acres at 1709 Lake City Highway, the manufacturing/distribution facility sold for $1.8 million. Bob Thornton of Baker Realty Co. brokered the transaction. The seller was MasterBrand Cabinets.
TUPELO, MISS.; AND GULF BREEZE, FLA. — CLW Health Care Services Group has negotiated the sale of two assisted living communities in Tupelo and Gulf Breeze. Herbert J. Sims and a joint venture partner sold the two properties for a total of $13.9 million or $110,317 per unit. LTC Properties acquired the assets. AvonLea in Tupelo features 65 assisted-living units and 20 independent-living cottage and Gulf Breeze Courtyard in Gulf Breeze features 61 assisted-living/memory-care units.
PALM SPRINGS, FLA. — CB Richard Ellis Capital Markets has arranged $7.3 million in financing for Advenir Station at Springdale Apartments, a multifamily community located in Palm Springs. The 151-unit community features a pool, a playground and a neighborhood lake. Terms of the fixed-rate financing include a 10-year term, a 30-year amortization schedule and 77 percent loan-to-value. Charles Foschini, Christian Lee and Christopher Apone of CB Richard Ellis Capital Markets arranged the financing through Freddie Mac on behalf of Advenir@Pines LLC.
ORLANDO, FLA. — Miami-based LNR Properties has completed the disposition of Park Hamilton Apartments, located at 5900 Park Hamilton Road in Orlando. Santa Monica, Calif.-based La Esperanza Orlando acquired the 330-unit property for $4.05 million. The property was built in 1974 and was 41 occupied at the time of closing. Hal Warren of Hendricks & Partners represented the seller, along with receiver Hold-Tyssen LLC of Winter Park, Fla.
LOUISVILLE, KY. — A Pittsburgh-based private investment group has acquired the ownership interest of Dixie Depot Plaza, which is located at 6810-6812 Dixie Highway in Louisville. Developed in 2009, the retail plaza is occupied by Qdoba Mexican Grill, Gaddie Eye Center and Aspen Dental. A private group of local investors sold the property for $2 million. Dan Cooper of The Cooper Commercial Investment Group represented the sellers in the transaction.
HOLLYWOOD, FLA. — The Hollywood Housing Authority has purchased Hollywood Village Apartments, which is located at 1735 Lincoln St. in Hollywood. The three-story, 29-unit apartment sold for $1.53 million or $52,914 per unit. J. Keith Kidwell of Sperry Van Ness Commercial Realty in Fort Lauderdale, Fla., represented the buyer and the seller, Hollywood Village LLC/Phil Von Kahle, receiver, in the transaction.