REBusinessOnline

Cushman & Wakefield Arranges $134.3M Sale of Multifamily Portfolio in Mobile

MOBILE, ALA. — Cushman & Wakefield has arranged the $134.3 million sale of a five-property multifamily portfolio located in Mobile. Jimmy Adams and Craig Hey of Cushman & Wakefield brokered the transaction on behalf of the seller, Massachusetts-based Colony Hills Capital. Post Road Group and Spruce Capital Partners acquired the properties. The portfolio totals more than 2,000 units and includes Crossings at Pinebrook, The Pathways, Sandpiper, Windsor Place and Yester Oaks. The assets …

Investors Management Group Acquires Multifamily Community in Tampa for $40M

TAMPA, FLA. — Investors Management Group (IMG) has acquired Pavillions at Ballast Point, a 276-unit apartment community located at 6306 S. MacDill Ave. in south Tampa, for $40 million. Craig Brown and Will Matthews of Colliers International arranged the transaction on behalf of the seller, Pavillion Management Group. IMG is the first entity to purchase the asset since it was built in 1990. The California-based company plans to implement extensive interior and exterior renovations at the …

HFF Secures Sale, Financing for 73,168 SF Office Building in D.C.

WASHINGTON, D.C. — HFF has arranged the sale and financing for the Jefferson Building, a 73,168-square-foot office building located in Washington D.C.’s central business district. Jim Meisel, Andrew Weir, Stephen Conley, Matt Nicholson and Dave Baker of HFF brokered the transaction on behalf of the seller, Invesco Real Estate, and procured the buyer, Marcus Partners. In addition, HFF’s Dan McIntrye and Jay Graham arranged acquisition financing through a balance sheet lender on behalf of …

CBRE Brokers Sale of 680-Unit Apartment Community in Metro Atlanta

MARIETTA, GA. — CBRE has brokered the sale of The Grandstand, a 680-unit apartment community located at 3500 Windcliff Drive S.E. in Marietta, roughly 20 miles northwest of Atlanta. Shea Campbell of CBRE arranged the transaction on behalf of the seller, Castlegate Property Group. The name of the buyer and purchase price were not disclosed. Constructed in 1986, The Grandstand features a newly renovated leasing office with a business center and coffee lounge, two pools, a fitness center, …

SIOR Appoints Tom McCormick as New CEO

WASHINGTON, D.C. — The Society of Industrial and Office Realtors (SIOR) has appointed Tom McCormick as its new CEO. McCormick, an industrial specialist based out of Irvine, Calif., has been an SIOR member for 33 years and has served as SIOR global past president, SIOR foundation past president, his local chapter’s past president and most recently as SIOR’s operations director on the board of directors. He is the first SIOR designee to hold an executive position within the …

Qatar-based Investor Receives $503M Refinancing for Hotel Portfolio in NYC, Miami, D.C.

NEW YORK CITY, MIAMI AND WASHINGTON, D.C. — Qatar-based Al Rayyan Tourism Investment Co. (ARTIC) has received $503 million in refinancing for a three-property hotel portfolio totaling 1,049 rooms in New York City, Miami and Washington, D.C. HFF arranged three floating-rate loans through Mack Real Estate Credit Strategies for the refinancing. The breakdown includes: a $290 million loan for The Manhattan at Times Square Hotel; a $132 million loan for the St. Regis Bal Harbour Resort in …

Klein Enterprises Receives $64.5M Construction Loan to Build Apartment Community in Baltimore

BALTIMORE — Klein Enterprises has received a $64.5 million construction loan for the development of The Woodberry, a 284-unit apartment community located at 2001 W. Cold Spring Lane in Baltimore. The loan was underwritten and serviced by AGM Financial, in partnership with the U.S. Department of Housing and Urban Development (HUD)’s Baltimore Multifamily Housing Office. The Woodberry will include a mix of one-, two- and three-bedroom, market-rate apartment units. Community amenities will …

Urban Investment Partners Acquires Apartment Building in D.C. for $42.5M

WASHINGTON, D.C. — A joint venture led by Urban Investment Partners (UIP) has acquired 3333 Wisconsin, a 100-unit apartment building located at 3333 Wisconsin Ave. N.W. in Washington, D.C.’s Cathedral Heights neighborhood. The sales price was not disclosed, but the Washington Business Journal reports the asset sold for $42.5 million. UIP did not name its joint venture partner. The community is situated across Wisconsin Avenue from Cathedral Commons, a mixed-use development that houses a …

Avison Young Brokers Land Sale Near Charlotte, Buyer Planning 600,000 SF Industrial Building

CONCORD, N.C. — Avison Young has brokered the sale of a 48-acre parcel located at 431 Goodman Road in Concord, roughly 25 miles northeast of Charlotte. Chris Skibinski, Henry Lobb and Tom Tropeana of Avison Young arranged the sale on behalf of the buyer, The Silverman Group, which plans to build a 600,000-square-foot speculative industrial building on the site. Dubbed Concord Industrial Center, the facility will feature 36-foot clear heights designed to suit a single tenant or multiple …

HFF Arranges $41M Acquisition Loan for Office Building in Fort Lauderdale

FORT LAUDERDALE, FLA. — HFF has arranged a $41 million acquisition loan for Coastal Tower, a 261,676-square-foot office building located at 2400 E. Commercial Blvd. in Fort Lauderdale. Chris Drew, Brian Gaswirth and Matthew McCormack of HFF arranged the four-year, floating-rate bridge loan through New York Life Insurance Co. on behalf of the borrower, Cardinal Point Management. The 12-story tower was most recently renovated in 2008 and is home to tenants such as USI Insurance, Morgan Stanley …