ATLANTA — An affiliate of ECI Groups has acquired the Veranda apartment community in Atlanta from an affiliate of Norfolk, Va.-based Harbor Group for $32 million. The garden-style apartment complex features one-, two- and three-bedroom units averaging 964 square feet; walking trails to the Chattahoochee River; fitness center; and a pool. Kevin Geiger, Paul Berry and Malcolm McComb of CB Richard Ellis brokered the transaction.
Southeast
MEMPHIS, TENN., AND GASTONIA, N.C. — Calif.-based Crown Realty has separately acquired single-tenant occupied warehouse facilities located in Tennessee and North Carolina for a total of $30 million. The Meritex Logistics Distribution Center, a 646,160-square-foot warehouse/industrial space, is located at 4836 Hickory Hill Rd., in Memphis. Johnny Lamberson and Frank Quinn of CB Richard Ellis brokered the deal. The Wix Master Distribution Center, a 541,609-square-foot warehouse/storage facility, is situated on 37 acres at 1551 Mount Olive Church Rd., in Gastonia. Jeffrey Shell and John Ecclestone of Cushman & Wakefield’s Michigan office brokered the sale.
ORLANDO, FLA. — Roseland, N.J.-based Chelsea Property Group, a division Simon Property Group, will build an 115,000-square-foot expansion for Orlando Premium Outlets. The expansion will increase the center to 150 stores. Construction began last January, and will finish in fall 2008. Hardin Construction is the general contractor, and the architect is Mooresville, N.C.-based Hennon Group.
FORT LAUDERDALE, FLA. — Broward County is developing The Edgar P. Mills Multi-Purpose Center, a $17.7 million, 50,000-square-foot facility to house government agencies in Fort Lauderdale. Tenants in the three-story, LEED-certified building will include the Broward County Health Department; Women, Infant and Children Programs; Elderly, Veterans Service Division; Hope Act Team; and the Family Services Administration. The facility will be located at 900 NW 31st Ave., and is being designed by IBI Group and DeRose Design Consultants. Deerfield Beach, Fla.-based Seawood Builders, a division of Catalfumo Construction, is the general contractor. The project is slated for completion in the winter of 2009.
JACKSONVILLE, FLA. — Deutsche Bank arranged the financing for a $185 million Freddie Mac loan to BPG Properties, on behalf of its fund BPG Investment Partnership, for the acquisition of Boston Capital REIT, an 11-property multifamily portfolio. The properties include 300-unit Bay Pointe, 228-unit Savannah Oaks and 512-unit Spicewood Springs in Jacksonville; one complex in Salt Lake City, Utah; three complexes in Seattle; and two complexes in Portland, Ore. The financing was structured to be a 7-year fixed-rate plus one-year variable-rate financing.
FALLS CHURCH, VA. — John DeWitt and Martin Fayer of Johnson Capital’s Washington, D.C. office have arranged $36 million in financing for Prestwick Apartments, a 310-unit, mid-rise building in Falls Church, on behalf of a Boston-based investor. The loan is structured as a 7-year fixed-to-float loan through Freddie Mac’s Acquisition-Rehab program at a 5.8 percent interest rate. The building is situated on 14 acres, and will undergo a renovation to include a state-of-the-art athletic center, swimming pool and tennis courts.
ATLANTA — Atlanta-based Songy Partners is developing Vinings Overlook, a $25 million, 92,000-square-foot office building in Atlanta. The Class A, four-story property will be located in the Overlook Office Park at the intersection of Paces Ferry and Overlook Rd. in Atlanta’s Vinings district. Construction is slated for completion in the summer of 2009.
PEMBROKE PINES, FLA. — N.Y.-based Kimco Exchange Place brokered the sale of Flamingo Marketplace, a 137,259-square-foot center in Pembroke Pines, for $23 million. Kimco represented the seller of the property. The buyer was completing a 1031 Exchange. The center is anchored by Bravo Grocery.
JONESBORO, ARK. — Jonesboro-based MBC Holdings purchased Indian Mall, a 326,480-square-foot shopping mall in Jonesboro, from an undisclosed seller for $10 million. The mall is situated on a 32-acre site and includes a Dillard’s Outlet Store and a Sears department store and freestanding Sears Auto Center. The property is located at 1901 Caraway Rd. Matthew Sullivan of Colliers International’s Los Angeles office and Steven Lane of the firm’s Bentonville, Ark., office represented the seller. John White of Jonesboro-based John White Real Estate represented the buyer.
MIAMI — Miami Beach, Fla.-based Flagstone Property Group and institutional equity partner ING Clarion Partners are developing Island Gardens, a $600 million mixed-use waterfront development on Watson Island in Miami. The project includes a 43-story tower featuring the 150-room Shangri-La Hotel Miami, 100 fractional ownership residences known as The Residences at Island Gardens and CHI, The Spa. The joint venture will also develop 221,000 square feet of high-end retail and restaurants, a 29-story business/hotel resort and Super Yacht Harbour, a marina that will support mega-yachts up to 300 feet in length. The project will begin construction in 2008 and is slated for completion in 2010. The Greenwich Group and BF Capital Partners arranged financing for the development.