SEATTLE – The 36-unit Central Element in Seattle has sold to a private investor for $7.7 million. The community is located at 209 22nd Ave. South in the city’s Central Business District. It was built in 1967. Dan Swanson of Marcus & Millichap’s Seattle office represented both the buyer and the seller, a limited liability company, in this transaction.
WOODSTOCK, GA. — CBL & Associates Properties Inc. has closed on an $80 million non-recourse loan secured by The Outlet Shoppes at Atlanta, a 370,000-square-foot outlet retail center located in Woodstock, a northern suburb of Atlanta. The 10-year loan features a 4.9 percent fixed interest rate. Proceeds from the loan will be used to repay a $53.2 million construction loan. The Outlet Shoppes at Atlanta is a 75/25 joint venture between CBL & Associates and Horizon Group Properties, co-developers of the outlet center. Horizon is handling the development’s leasing, marketing and management. The retail center features tenants such as Nike, Saks Fifth Avenue OFF 5TH, Brooks Brothers, Calphalon, Columbia Sportswear, True Religion, Cole Haan, White House | Black Market, Guess, Fossil, Michael Kors, Kate Spade, Under Armour and Talbots.
AUSTELL, GA. — Atlanta-based Bull Realty has arranged the sale of two apartment communities totaling 344 units in Austell, a suburb of Atlanta. The communities include the 200-unit Hunter’s Grove Apartments and the 144-unit Parkview Apartments. Ernie Eden and Mike Terry of Bull Realty were the sole brokers in the transactions. Wilbarcol Ventures purchased the two communities, as well as the 146-unit Kingsley Village Apartments in Austell, from QR Capital for $16 million. H.J. Russell & Co. will manage the new communities in conjunction with Lifehouse Partners.
RALEIGH, N.C. — Avison Young’s Raleigh-Durham capital markets group has arranged $22 million in refinancing for the 130,000-square-foot Genworth Building, an office building located at 8325 Six Forks Road in Raleigh. Hal Worth IV of Avison Young arranged the seven-year, non-recourse loan with a 25-year amortization schedule through a life insurance company on behalf of the borrower, Dominion Realty Partners.
BOCA RATON, FLA. — Johnson Capital has arranged an $11.3 million loan secured by The Boardwalk at 18th Street, formerly known as the Wharfside Village Shopping Center, in Boca Raton. The mixed-use center includes more than 107,000 square feet of medical, retail, office and restaurant space, in addition to 13 freestanding kiosks. Tenants include Wells Fargo, Berlitz Language Center, Carrabba’s Italian Grill, Women’s Healthcare Associates, Ress Plastic Surgery and Boca Pointe Association. Eric Fixler of Johnson Capital’s Boca Raton office arranged the five-year, interest-only loan through a national lender.
ATLANTA — Jones Lang LaSalle has arranged a 49,293-square-foot lease with Axiall Corp., a chemical and buildings product firm, at Northpark Town Center in Atlanta’s Central Perimeter submarket. Axiall will establish its corporate headquarters in the 586,256-square-foot 400 Northpark building and will move in December. The relocation and expansion is expected to create between 50 and 100 jobs. Eric Vayle and Keene Reese of Jones Lang LaSalle represented the tenant in the lease deal. Richard Nash of CBRE represented the landlord.
BROWNSBURG, IND. — Eastern Union Funding has arranged a $20.7 million loan for the refinancing of the 250-unit Legacy Park Apartments in Brownsburg, located about 17 miles northwest of Indianapolis. Completed in 2011, the Class A apartment community is fully leased. Greystone Servicing Corp. provided the 35-year HUD loan, which features an interest rate of 4.05 percent and a loan-to-value ratio of 83.3 percent. The borrower plans to use part of the proceeds from the loan to pay off the construction loan. Shaya Ackerman, senior managing director, and Ira Zlotowitz, president of Eastern Union, arranged the loan.
CHICAGO — HREC Investment Advisors has arranged $20.3 million in financing for the 162-guestroom Hotel Blake in the Printers Row neighborhood of Chicago. The lender was a debt fund. The borrower plans to use proceeds from the loan to reposition the hotel. Hotel Blake is located at 500 S. Dearborn St. in Chicago. Amenities at the hotel include a 24-hour fitness and business center and complimentary Wi-Fi.
CHICAGO — Strategic Hotels & Resorts Inc. has sold its Lakeshore Athletic Club property in downtown Chicago for $10.5 million to the owner of Lakeshore Sport & Fitness. The property is located on N. Stetson Ave. and is adjacent to the Fairmont Chicago Millennium Park Hotel. The buyer plans to reopen the facility as a health club as soon as possible. Strategic Hotels & Resorts will use the proceeds from the sale to reduce debt on its revolving credit facility.
INDEPENDENCE, MO. — Fresh Warehousing has signed a 108,926-square-foot industrial lease at 1600 N. State Route 291 in Independence, an eastern suburb of Kansas City. Woodmen of the World Life Insurance Society, based in Omaha, Neb., owns the property. Cameron Duff and Doug Hedrick of Colliers International represented Fresh Warehousing in the transaction. John Smith of LS Commercial Real Estate represented the landlord. Fresh Warehousing is a third-party logistics company that owns and operates more than 3 million square feet of warehouse space in the greater St. Louis and Indianapolis metropolitan areas.