Southeast

FORT BELVOIR, VA. — Chesapeake Realty Partners has opened Belvoir Square, a 282-unit apartment community located outside of Fort Belvoir’s Tulley Gate in Fairfax County, roughly 20 miles south of Washington, D.C. The fitness-focused development features the country’s only MyEquilibria outdoor gym, an outdoor workout center that was imported from Italy. Nicknamed the “fitness tree,” MyEquilibria is the centerpiece of the outdoor Fitness Park and supports rings, pull-up bars and parallel bars. Workout stations with box steps, parallettes, level and incline benches, a battle rope and rotating push up handles surround the feature. Belvoir Square also features a 24-hour indoor gym known as the FX Well Fitness Center, which is equipped with treadmills, elliptical machines, a Jacobs Ladder machine, full weight rack and free weights. Complimentary group yoga classes will be offered at the FX Well Fitness Center, and personal training will soon be available. Other community amenities include dry cleaning services, a pet salon, central courtyard with gas grills and lounges, resident clubhouse, game room, business center and a walking trail. Chesapeake Realty has selected Greystar to manage the property.

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NORFOLK, VA. — CBRE | Hampton Roads has arranged a $35.3 million loan for the SunTrust Building, a 225,286-square-foot office building located at 150 W. Main St. in downtown Norfolk. John Richards Jr. of CBRE | Hampton Roads arranged the long-term, fixed-rate loan on behalf of the borrower, 150 Owner LLC, which will use the financing to refinance existing debt on the property.

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BIRMINGHAM, ALA. — Financial Federal Bank’s Memphis office has arranged $31.8 million in acquisition financing for two multifamily communities in suburban Birmingham. The financing includes a $13.5 million loan for Mountain Lodge Apartments, a 254-unit community built in 1973, and a $18.3 million loan for Madison at Shoal Run Apartments, a 276-unit property built in 1986. Both communities were more than 90 percent occupied at the time of closing. Rick Wood and Jon Van Hoozer of Financial Federal arranged the 10-year, fixed-rate loans, which both feature four years of interest-only payments and 30-year amortization schedules. Financial Federal arranged the financing through an agency lender’s green program, which allowed for the financing of energy- and water-saving improvements.

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MAULDIN, S.C. — NAI Earle Furman has arranged the $13.5 million sale of Terrace at Butler Apartments, a 132-unit multifamily community located on East Butler Road in Mauldin, roughly eight miles south of Greenville. Engel Realty purchased the property from 771 East Butler Investors LLC. Built between 1999 and 2000, Terrace at Butler was 94 percent occupied at the time of sale. Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman represented the seller in the transaction. Engel Realty was self-represented.

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LAND O’LAKES, FLA. — Wood Partners has sold Alta at Terra Bella, a 311-unit multifamily community located at 23700 Viento Drive in Land O’Lakes, about 19 miles north of Tampa. Northland Investment Corp. purchased the Class A asset from Wood Partners for nearly $52.9 million. Matt Mitchell, Brett Moss and Zach Nolan of HFF represented Wood Partners in the transaction. Built in 2016, Alta at Terra Bella features a zero-entry saltwater swimming pool; outdoor summer kitchen; fitness center with yoga room and children’s playroom; clubhouse with sports lounge; game room with billiards, shuffleboard and kitchen/bar seating; cyber café; dog wash and dog park; and breezeway-access garages. The community’s one-, two- and three-bedroom units average 1,091 square feet.

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CHARLOTTE, N.C. — American Realty Advisors and Stonemar Properties have partnered to acquire Ballantyne Village, a 171,559-square-foot mixed-use development located at 14825 Ballantyne Village Way in Charlotte. The sales price was undisclosed, but the Charlotte Business Journal reports that the buyers purchased the asset from a limited liability corporation controlled by Vision Ventures and Mount Vernon Asset Management for $43.2 million. Situated near Ballantyne Corporate Park, which recently sold for more than $1 billion, the development features 13 dining options, two schools, personal services providers, office space and outdoor gathering areas. Rob Carter, David Webb, Rad von Werssowetz and Alex Quarrier of Berkeley Capital Advisors represented the seller in the transaction.

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ELLENWOOD, GA. — Hillwood plans to build Clayton Commerce Center, a 797,580-square-foot distribution center located near Interstate 675 in Ellenwood, about nine miles east of Hartsfield-Jackson Atlanta International Airport. The facility will be Hillwood’s first metro Atlanta project built on a speculative basis. The property will include 36-foot clear heights, an ESFR sprinkler system, cross-dock configuration, 231 trailer storage spaces and 442 parking spaces for automobiles. Clayton County is the only county in metro Atlanta to be designated Tier 1 by the Georgia Department of Community Affairs, and Hillwood’s development is expected to offer potential tenants job tax credits and property tax reductions. Hillwood has selected Reliant Real Estate Partners to lease Clayton Commerce Center, which is expected to come on line in December.

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GREENSBORO, N.C. — Vesper Holdings has acquired Campus Crossing Sherwood Forest, a 790-bed student housing community located near the University of North Carolina at Greensboro, for $36.5 million. The property comprises one-, two-, three- and four-bedroom units. Community amenities include a 12,000-square-foot clubhouse, swimming pool, hot tub, fitness center, rock wall, spin and yoga studios, a computer lab, game room, movie theater, tanning beds and a volleyball court. The new ownership plans to rebrand the community and execute $1.8 million worth of renovations to units, shared amenities and the property’s exterior. Vesper acquired the asset from an undisclosed, local owner in the off-market transaction.

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MEMPHIS, TENN. — NAI Saig and Avison Young have arranged the $33.1 million sale of a nine-property, 1.1 million-square-foot industrial portfolio located within Memphis International Airport Center (MIAC). Faropoint Ventures purchased the portfolio from Connecticut-based Greenfield Partners LLC. The portfolio was 93.1 percent leased at the time of sale to tenants such as FedEx, Kohler, United States Postal Service and DHL. Brian Califf of NAI Saig represented Faropoint in the transaction, and Shane Soefker and Jacob Biddle of Avison Young represented Greenfield Partners. Faropoint has retained Califf and Elliot Embry of NAI Saig to handle the portfolio’s leasing assignment.

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CLEVELAND — KeyBank Real Estate Capital has arranged a $52 million CMBS loan for a five-property self-storage portfolio in Florida. Built between 1979 and 2001, the portfolio, known as SST II Self Storage Portfolio, spans 586,849 square feet and 3,916 units. Randy Martin of KeyBank arranged the non-recourse, 10-year refinancing with a five-year interest-only period and a 30-year amortization schedule.

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