ATLANTA — Preferred Apartment Communities Inc. (PAC) has purchased six grocery-anchored retail properties in Georgia, South Carolina and Alabama for $68.7 million. The portfolio spans 535,000 square feet and comprises five Publix-anchored centers and one Walmart Supercenter-anchored property. PAC purchased the six properties through its wholly owned subsidiary New Market Properties LLC. PAC used roughly $25 million in debt from Unum Life Insurance Co. of America, Colonial Life & Accident Insurance Co. and First Unum Life Insurance Co. to purchase four of the properties. PAC used available funds to purchase the remaining balance of the four properties and to purchase the other two retail centers completely without debt.
ATLANTA — Birmingham, Ala.-based Graham Commercial Properties (GCP) has purchased a three-property portfolio of industrial buildings in metro Atlanta totaling $53.3 million. The portfolio comprises six Class A, bulk distribution buildings totaling 979,650 square feet. The portfolio includes Progress Center, a two-building, 451,200-square-foot property located at 2200 and 2225 Cedars Road in Lawrenceville; Air Commerce Center, a two-building, 268,400-square-foot property located at 4900 St. Joe Blvd. in College Park; and North Atlanta Distribution Center, a two-building, 260,050-square-foot industrial property located at 5065 and 5075 Buford Highway in Norcross. The buildings feature 24- to 30-foot clear heights, and the combined occupancy was 92 percent at the time of closing. CBRE represented the seller, Boston-based TA Realty, in the transaction, and GCP was represented in-house. Notable tenants include Innotrac, Zodiac Services, Wurth Wood and Carrier. Wells Fargo Bank provided acquisition financing on behalf of GCP. With this acquisition, GCP now controls 1.2 million square feet of industrial space in the Atlanta area.
WASHINGTON, D.C. — EB5 Capital has provided $40.5 million in preferred equity financing for Columbia Place, a $230 million dual-branded Marriott hotel project in Washington, D.C. Quadrangle Development Corp. and Capstone Development are co-developing Columbia Place, which comprises a 357-room Courtyard and a 147-room Residence Inn within one building. Brian Ostar of EB5 Capital led the fundraising campaign, and Patrick Rainey of EB5 Capital structured the investment platform. EB5 Capital raised the funds from 81 foreign investors through the EB-5 Immigrant Investor Program. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Columbia Place is $500,000.
COPPELL, TEXAS — ML Realty Partners LLC has begun construction on Phase II of Park West Crossing, which includes four industrial buildings totaling 304,943 square feet. Located in Coppell just north of DFW International Airport, the 74-acre master-planned business park is bordered by Freeport Parkway to the west, Southwestern Boulevard to the north and South Belt Line Road to the east. Upon completion, ML Realty Partners will have developed eight buildings at Park West Crossing totaling 612,443 square feet. The rear-load buildings should be available for occupancy during the fourth quarter and will range in size from 61,389 square feet to 91,968 square feet.
IRVING and SAN ANTONIO, TEXAS — Dougherty Mortgage has secured two loans for multifamily properties in Texas. In the first transaction, Dougherty closed a $9.3 million Fannie Mae loan for the acquisition of Silverado Apartments, a 184-unit apartment property located in Irving. The 10-year loan includes one year of interest-only payments and a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for borrower Elmstone Group OP1 through a partnership with Old Capital Lending. In the second transaction, Dougherty closed an $881,054 Fannie Mae loan for the acquisition of Windsor Village Apartments, a 124-unit complex located in San Antonio. Dougherty’s Vienna, Va., office arranged the loan with a 30-year amortization schedule on behalf of the borrower, Windsor Village SA Apartments LLC. The loan term is a little over eight years.
HOUSTON — The Houston office of JQ has provided structural engineering services for Caress Stadium at Helfman Field, located on The Emery/Weiner School’s 15-acre campus in southwest Houston at 9825 Stella Link Road. Construction was completed in March. The completion of Caress Stadium is part of the school’s Champions Campaign, a capital campaign with the goal of raising $20 million by 2020 to enrich academic programs, extend tuition assistance and to expand facilities to accommodate growth in its athletics and arts programs. The Caress Stadium fieldhouse project includes locker rooms, a weight room, ticket booth, concessions and support functions on the first level, along with a film deck, press box and mechanical mezzanine on the second level. There is also an on-site storage building adjacent to the field along with two wing wall structures on each end of the bleachers that will seat more than 500 spectators.
HOUSTON — Baker Katz has purchased a 40,000-square-foot site in Houston that includes an existing 12,000-square-foot building occupied by Foodarama, a Texas supermarket chain. The property is located in the Houston neighborhood of Timbergrove, which is adjacent to Houston Heights.
DALLAS — Marcus & Millichap has arranged the sale of Zora Lee, an eight-unit apartment property located in the Old East Dallas neighborhood. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Fluellen and Hoover also procured the buyer, an individual/personal trust. Zora Lee is located at 4831 Junius St. Built in 1923, the historic property is five miles northeast of the Dallas central business district.
ARLINGTON HEIGHTS, ILL. — Capital Funding Group has provided a $19.8 million Section 232 HUD construction loan for Transitional Care of Arlington Heights. Transitional Care of Arlington Heights is a planned 120-bed skilled nursing facility in the northwest Chicago suburb of Arlington Heights. The loan, which will finance the construction of the community, has a 40-year term. Craig Casagrande of Baltimore-based Capital Funding Group originated the loan.
MILAN, MICH. — Wabash & Main LLC will redevelop over 10,000 square feet of retail space in Milan, approximately 17 miles south of Ann Arbor. The $5.3 million project, located at 2 E. Main St., will also include the addition of 15 loft-style apartments in addition to the eight retail spaces. The property is part of the Milan Main Street Historic District and was the first brick building built in the town. Jim Chaconas, Paul Godek and Gerald O’Connor of Colliers International represented the developer in the deal.