ORLANDO, FLA. — A partnership between Orlando-based Tower Realty Partners and New York-based DRA Realty Advisors has acquired the Ocwen Building for $24.5 million. The 125,000-square-foot office building is located within the Central Florida Research Park in Orlando, and is fully leased on a long-term basis to Ocwen Financial Corp., which originally developed the building in 1999.
Southeast
MEMPHIS AND COLLIERVILLE, TENN. — GMH Capital Partners has acquired two Tennessee multifamily communities totaling 320 units. In Memphis, the company acquired Poplar Place Townhomes, a 220-unit garden-style townhome community. The 24-building community features a playground area, a swimming pool and 445 parking spaces. It was 95 percent occupied at the time of closing. In Collierville, GMH acquired the 100-unit Collier Village townhome community. The nine-building property features a playground area, and was 92 percent occupied at the time of closing. GMH plans to implement a $4 million capital improvements program on both of the properties. The two communities were acquired from Fair Oak for an undisclosed price.
MEMPHIS AND COLLIERVILLE, TENN. — GMH Capital Partners has acquired two Tennessee multifamily communities totaling 320 units. In Memphis, the company acquired Poplar Place Townhomes, a 220-unit garden-style townhome community. The 24-building community features a playground area, a swimming pool and 445 parking spaces. It was 95 percent occupied at the time of closing. In Collierville, GMH acquired the 100-unit Collier Village townhome community. The nine-building property features a playground area, and was 92 percent occupied at the time of closing. GMH plans to implement a $4 million capital improvements program on both of the properties. The two communities were acquired from Fair Oak for an undisclosed price.
SILVER SPRING, MD. — A partnership between Behringer Harvard, Brookfield Real Estate Opportunity Fund and Fairfield Residential has closed funding for the development of Cameron House, a 15-story, Class A apartment building located in Silver Spring. The high-rise building will consist of 325 apartments in a mix of one- and two-bedroom units, as well as a clubhouse, a rooftop pool and 7,330 square feet of ground-floor retail space.
MEMPHIS AND CLEVELAND, TENN. — Hendricks & Partners has brokered the sale of two affordable housing communities located in Tennessee for a total of $5.45 million. In Memphis, Pendelton Place, a 120-unit community located at 1780 Pendelton St. in Memphis, was sold for $2.85 million. In Cleveland, Horizon Square, a 92-unit community located at 2324 Georgetown Rd., was sold for $2.6 million. The buyer, Sherman Oaks, Calif.-based GH Capital, plans to complete substantial capital improvements at both properties. Eric Taylor and Mark Rohr of the Detroit office of Hendricks represented the buyer, as well as the sellers, Pendelton Place Associates and Horizon Square Associates.
DULUTH, GA. — Chicago-based Benjamin Sherman & Sons has acquired The Estates at Crossroads, a 344-unit apartment community located at 2620 N. Berkley Lake Rd. in Duluth, for $35.9 million. Completed in 2002, the property consists of 13 two-, three- and four-story buildings, which offer 339,878 square feet of rentable space. The property also features a clubhouse with a business center, conference room, entertainment room and coffee bar; a resort-style swimming pool with a deck and gas grills; a nature walking trail and stream; detached private garages; and a lighted tennis court. On behalf of the seller, Fort Wayne, Ind.-based The Lincoln National Life Insurance Co., Art Wadlund of Hendricks & Partners’ Tucson, Ariz., office, along with Greg Engler and Pat Jones of Atlanta-based Engler Financial Group, negotiated the transaction
FORT OGLETHORPE AND DALLAS, GA. — Joe Montgomery and Tony D’Ambrosio of Colliers Spectrum Cauble have completed the disposition of two retail centers in two separate transactions. The company represented the seller, AIG Baker, in the $12.5 million sale of Battlefield Centre, a 214,889-square-foot shopping center located in Fort Oglethorpe, to an undisclosed private investor. Developed in 1991 and currently 93 percent leased, the center is anchored by Bi-Lo Supermarket, Tractor Supply and Hamricks Department store. Additionally, the company represented a private investor in the $8.25 million sale of Merchants Square, a 107,050-square-foot shopping center located in Dallas, to an undisclosed buyer. Fully renovated in 1997, the 100-percent occupied property is anchored by Ingles Supermarkets and Big Lots.
CHARLESTON, S.C. — Atlanta-based The Simpson Organization is developing The Cigar Factory, a mixed-use property located at 701 E. Bay St. in Charleston. Built in 1881 as an industrial plant, the property has been in constant use since then as a cotton mill, a cigar factory, offices and Johnson and Wales University. The company plans to redevelop the property in to a mixed-use project offering 76 residential condominiums, 37,000 square feet of retail space and 26,000 square feet of office condominiums. The residential units will feature solid hardwood floors; renovated windows; and open kitchen layouts with Siematic cabinets, granite countertops and oversized islands. Additionally, the property will feature concierge service, an elevated swimming pool, a fitness center, a pet park, a roof top observation deck with a view of the harbor, a club with individual wine storage, a wine tasting room and a private, walled Charleston garden. The retail and restaurant portion are designed to accommodate a white tablecloth restaurant, a gourmet-style grocery store, galleries and boutiques. The Cigar Factory sales and information center is currently open.
DAVENPORT, FLA. — Crosland LLC is developing Davenport Marketplace, an 11.23-acre neighborhood shopping center located at U.S. 27 and County Road 547 in Davenport. Anchored by a 38,144-square-foot Sweetbay Supermarket, the center will feature 16,000 square feet of specialty shops and three outparcels, for businesses such as banks or restaurants. Construction is expected to begin in June, with Sweetbay Supermarket slated to open in July 2009.
LAUDERHILL, FLA. — University Crossing Five LLC and University Crossing Seven LLC have acquired University Plaza, for $4 million. Built in 1986, the 28,265-square-foot strip center is located at 4499 N. University Dr. in Lauderhill. Richard Matricaria of Marcus & Millichap’s Fort Lauderdale office represented both the seller, Intuition Consolidated Inc., and the buyers in the transaction.