sales_and_leases

CBRE Arranges $28.1M Sale of Office Tower in Columbia, South Carolina

by Camren Skelton September 13, 2017

COLUMBIA, S.C. — CBRE has brokered the $28.1 million sale of Tower at 1301 Gervais, a 298,926-square-foot office building in Columbia. Greenville, S.C.-based RealOp Investments acquired the property from Florida-based Morning Calm Management. Patrick Gildea, Aaron Dupree, Martin Moore and Matt Smith of CBRE represented the seller in the transaction. The 20-story Tower at 1301 Gervais recently underwent a $2 million renovation, including upgrades to the fitness center, common areas, restrooms and tenant spaces offering open floor plans. At the time of sale, the building was 80 percent leased to tenants including the University of South Carolina, South Carolina Chamber of Commerce, Cumulus Media, TM Floyd & Co., IT-oLogy and Merrill Lynch.

September 13, 2017

Kentucky Multifamily Seniors Housing Southeast

Strawberry Fields REIT Acquires 252-Bed Skilled Nursing Facility in Louisville for $21.8M

by Camren Skelton September 13, 2017

LOUISVILLE, KY. — Strawberry Fields REIT LLC has acquired Parkway Rehabilitation and Nursing Center, a 252-bed skilled nursing facility in Louisville, for $21.8 million. The acquisition was financed with a $15 million loan from Bank Leumi. Strawberry Fields will lease the property to The Landmark Group, with a first-year rent of $2.4 million. The property was 88.5 percent occupied at the time of sale. The seller was not disclosed. Strawberry Fields owns 59 facilities in Illinois, Indiana, Ohio, Texas, Michigan, Tennessee, Kentucky and Oklahoma.

September 13, 2017

Midwest Minnesota Office

Marcus & Millichap Brokers $3.7M Sale of Office Property in White Bear Lake, Minnesota

by Kristin Harlow September 13, 2017

WHITE BEAR LAKE, MINN. — Marcus & Millichap has brokered the sale of a 55,784-square-foot office and warehouse property in White Bear Lake, about 20 miles northeast of Minneapolis, for $3.7 million. The 55,784-square-foot building serves as the SmarteCarte headquarters and is located at 4455 White Bear Parkway. SmarteCarte provides luggage courts and electronic lockers. Michael Ahles of Marcus & Millichap represented the seller, a family partnership, and the buyer, a local investment firm.

September 13, 2017

Multifamily Texas

Citymark, CAF Capital Acquire 323-Unit Multifamily Community in Metro Dallas

by John Nelson September 13, 2017

LEWISVILLE, TEXAS — A partnership between Cleveland-based private equity firm Citymark Capital and Dallas-based operator CAF Capital Partners has acquired Villas of Vista Ridge, a 323-unit multifamily community in the Dallas metro of Lewisville. The property is located at 351 State Highway 121 Bypass near a variety of entertainment and retail centers. Amenities include a pool and a fitness center. The name of the seller was not disclosed.

September 13, 2017

Multifamily Texas

NAA Arranges Sale of 312-Unit Apartment Community in Dallas

by John Nelson September 13, 2017

DALLAS — National Apartment Advisors (NAA) has arranged the sale of Mountain Valley Apartments, a 312-unit multifamily community located at 5875 Mountain Valley Lane in southwest Dallas. The property, which is situated on 17.3 acres and offers amenities such as a playground, clothing care center and a basketball court, was 93 percent occupied at the time of sale. Sam Pettigrew of NAA represented the buyer, California-based NVTX1 Apartments LLC, in the transaction. Mountain Valley 2002 LP sold the asset for an undisclosed price.

September 13, 2017

Industrial Office Texas

NAI Arranges Sale of 8,000 SF Flex Property in Houston

by Camren Skelton September 12, 2017

HOUSTON — NAI Partners has arranged the sale of an 8,000-square-foot office/warehouse property located at 8715 Fallbrook Drive in Houston. Built in 2006, the property features 20-foot clear heights and 1.13 parking spaces per 1,000 square feet. Trey Martin of NAI represented the buyer, HCM Development LLC, in the transaction. Steve Adkisson of Adkisson Group represented the seller, 8715 Fallbrook LLC.

September 12, 2017

Multifamily Texas

JLL Brokers Sale of 64-Unit Apartment Community in Kingsville, Texas

by Camren Skelton September 12, 2017

KINGSVILLE, TEXAS — JLL has brokered the sale of Barcelona Apartments, a 64-unit multifamily community located along the Interstate 69 corridor in Kingsville, about 40 miles southwest of Corpus Christi. Scott LaMontagne and Zar Haro of JLL represented the seller, Coastal Barcelona LLC. Canopy Apartments LLC purchased the property for an undisclosed price. The new ownership will implement major renovations and improvements in the near future.

September 12, 2017

Florida Multifamily Southeast Student Housing

Arrimus Capital Acquires 264-Unit Student Housing Property Near Florida State University

by Camren Skelton September 12, 2017

TALLAHASSEE, FLA. — Arrimus Capital has purchased Forum at Tallahassee, a 264-unit student housing property located at 2525 W. Tennessee St. in Tallahassee, roughly one mile from Florida State University. Newport Beach, Calif.-based Arrimus Capital acquired the asset from Parkland Development for an undisclosed price. The transaction is Arrimus Capital’s second purchase from the Boca Raton, Fla.-based company. Constructed in 2014, Forum at Tallahassee offers fully furnished units with granite countertops, stainless steel appliances, wood plank flooring and in-unit washers and dryers. Community amenities include a clubhouse, two-story fitness center, business center, study lounges, swimming pool and an outdoor grilling station. The property qualifies as a certified green property through Fannie Mae’s Green Globes program. At the time of sale, the property was 99 percent occupied.

September 12, 2017

Georgia Retail Southeast

Forge Capital Sells Publix-Anchored Shopping Center in Metro Atlanta for $9.8M

by Camren Skelton September 12, 2017

DULUTH, GA. — Forge Capital Partners has sold Duluth Station, a 94,966-square-foot shopping center located in the Atlanta suburb of Duluth, for $9.8 million. Publix anchors the center, which is 81 percent leased to tenants including Kumon Math & Reading, Great Clips, H&R Block, St. Vincent de Paul, Panda Garden and Grand Tire. Jim Hamilton, Richard Reid, Mike Allison and Brad Buchanan of HFF marketed the property on behalf of Forge Capital. Slate Retail REIT purchased the asset.

September 12, 2017

Georgia Retail Southeast

Preferred Apartment Communities Acquires Kroger-Anchored Shopping Center in Metro Atlanta

by Camren Skelton September 12, 2017

CANTON, GA. — Preferred Apartment Communities Inc. has acquired Woodmont Village, an 85,639-square-foot shopping center located 40 miles north of Atlanta in Canton. The Kroger-anchored asset was acquired through the company’s wholly owned subsidiary New Market Properties LLC, which used a non-recourse first mortgage acquisition loan from Protective Life Insurance Co. The seller and terms of the transaction were not disclosed.

September 12, 2017

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