VOL. 126 | NO. 250 | Friday, December 23, 2011
Harbor Town Apts. Sell For $31.5M
By Sarah Baker
Dallas-based Behringer Harvard has acquired the Arbors Harbor Town Apartments – a 345-unit multifamily community in Harbor Town on Mud Island – for $31.5 million, or $91,304 per unit.
Behringer Harvard acquired a 94 percent ownership interest in Arbors through a joint venture between Behringer Harvard Opportunity REIT II Inc. and Carter-Haston Real Estate Services Inc., a Nashville-based owner and operator of garden-style apartment communities.
Blake Pera and Tommy Bronson with CB Richard Ellis Memphis’ multifamily division represented the seller, Arbors of Harbor Town Joint Venture, in the sale to the Behringer Harvard and Carter-Haston joint venture and were the only brokers involved in the deal.
The Arbors Harbor Town’s unique feel and prime location made it a property that was heavily sought after, Pera said.
“(Behringer-Harvard) looks for opportunistic buys in great infill locations,” Pera said. “They understood the unique attributes of the property and feel that they can be very successful with the asset.”
The neighborhood consists of one-, two- and three-bedroom units that average 971 square feet. Only two properties are located within Harbor Town, and Arbors Harbor Town makes up 83 percent of the multifamily rental housing in the neighborhood, according to CBRE.
Built in 1991 on a 14.7-acre site at 671 Harbor Edge Drive, Arbors is immediately off Island Drive, the main road traversing Mud Island. The Arbors community is comprised of two phases containing 30 three-story residential buildings and two clubhouse buildings.
The cumulative amenities of both clubhouses include three swimming pools with lap-swimming lanes, water volleyball areas and sundecks, lighted tennis courts, a sand volleyball court, grilling and picnic areas, laundry facilities, a car wash area and a 24-hour fitness center.
• In commercial leasing news, Burch & Hurdle Inc., a North Carolina corporation, has purchased five acres at U.S. 78 and Miss. 7 in Holly Springs, Miss., from Coldwater Development Co. Inc. for an undisclosed price.
The land is in front of a Super Walmart, behind the Bank of Holly Springs and next to an Exxon gas station.
Barry D. Maynard, affiliate broker with Trezevant Realty Corp., represented the seller. Jason Burch with Burch Realty Group LLC represented the buyer.
“Plans call for an office/retail park development with several upscale office buildings planned in the future targeting local law firms, medical uses and general office users,” Maynard said.
Also, Jennifer Hae, owner of The Asian Restaurant, has signed a five-year, five-month lease for 2,600 square feet at 7424 U.S. 64, suite 121, in Chiles Plaza Shopping Center in Bartlett.
Maynard represented the landlord, Chiles Plaza LLC. Ford Beach of Beach Investment Co. represented the tenant.
The restaurant specializes in Chinese, Japanese and Thai food as well as sushi, Maynard said.
BarryHill Quickmart, owned by Abdulahi Sharif & Hajera Abdulhafiz, has signed a 2,135-square-foot lease at The Shops of Berryhill, 1890 Berryhill Road, suite 103, in Cordova.
Maynard represented the tenant. Gary Shanks, broker with the Shopping Center Group LLC, represented the landlord, Palm Beach Gardens, Fla.-based Berry Hill 169 LLC. BarryHill Quickmart will specialize in the sale of beer, tobacco and other items typical of a sundry store, Maynard said.
And Captain JJ’s Fish & Chicken has signed a 2,100-square-foot lease at Summer Center – the center anchored by Kroger and Ross Dress for Less at 4300 Summer Ave.
Maynard represented the tenant. Justin Latone with Houston-based Weingarten Realty represented the landlord.
The tenant occupies about 50 percent of the recently closed Blockbuster space on a freestanding outparcel in front of the shopping center, Maynard said.
This lease marks Captain JJ’s Fish & Chicken’s 10th location in the Mid-South, with several more locations being negotiated. The restaurant plans to have at least 20 stores up and running within the next year.
“Captain JJ’s Fish & Chicken owns some freestanding stores and leases several others,” Maynard said. “They are currently in an aggressive expansion search for locations in three states.”