GLEN ALLEN, VA. — New York Life Real Estate Investors has provided a $52 million loan on behalf of institutional investors for Marshall Springs at Gayton West, a 420-unit apartment community in Glen Allen, a suburb of Richmond. The 10-year loan features three years of interest-only payments. Geoff McVeigh of Berkadia arranged the loan. New York Life worked with developer The Breeden Co. on financing the apartment community.
RALEIGH, N.C. — Federal Capital Partners (FCP) and Kane Realty Corp. have formed a joint venture to purchase the 2.5-acre Dillon Supply site in downtown Raleigh’s Warehouse District. The site is bounded by South West, West Martin, South Harrington and West Hargett streets. The joint venture will break ground in January on a mixed-use development at the site, which will comprise a 17-story office tower, 40,000 square feet of retail space, two six-story apartment buildings totaling 261 residences and a 950-space parking deck. Duda|Paine Architects LLP designed the office portion and J. Davis Architects designed the residential component of the development. Justin Good and Allan Lynch of HFF represented FCP and Kane Realty in the transaction.
LORTON, VA. — First Potomac Realty Trust has sold Newington Business Park Center, a seven-building, 256,000-square-foot industrial development in Lorton, roughly 20 miles south of Washington, D.C. An affiliate of Velsor Properties LLC purchased the industrial park for $32.5 million. The sale is part of First Potomac’s disposition strategy to sell at least $200 million of assets to improve the REIT’s balance sheet. HFF represented First Potomac in the transaction. As of Sept. 30, the industrial park was 83.3 percent leased.
NEW ORLEANS — Hodges Ward Elliott has arranged the sale of the Q&C Hotel and Bar in downtown New Orleans. KBS SOR II Q&C Property LLC, a joint venture between KBS Strategic Opportunity REIT II and Dallas-based Encore Hospitality LLC, purchased the 196-room hotel for an undisclosed price. Fully renovated in 2014, the boutique hotel features 2,600 square feet of flexible meeting space, a restaurant and bar, valet and self-parking and a 24-hour fitness center. Currently an independent hotel, the property will be franchised under the Marriott Autograph brand. Following the sale, Encore Hospitality will manage the hotel.
HYATTSVILLE AND MT. RAINIER, MD. — Marcus & Millichap has brokered the $11.9 million sale of a multifamily portfolio in Hyattsville and Mt. Rainier. The three-building portfolio totals 171 units and includes Garfield Court and Castle Manor in Hyattsville and Arundel Apartments in Mt. Rainier. A private investor purchased Garfield Court for $4.4 million, Castle Manor for $4.8 million and Arundel Apartments for $2.7 million. The buyer, which owns other multifamily properties in the north Prince George’s County submarket, plans to improve the portfolio with capital improvements in the next few years. David Weber of Marcus & Millichap’s Washington, D.C., office brokered the transaction.
CHARLOTTE, N.C. — HFF has brokered the sale of a 32-story, 330,483-square-foot office tower located at 121 W. Trade St. in downtown Charlotte. Lincoln Property Co.’s affiliate, LPC Realty Advisors I LP, purchased the asset from a partnership controlled by The Dilweg Cos. for $71.6 million, according to the Charlotte Business Journal. Lincoln Property Co. purchased the asset in conjunction with local affiliate Lincoln Harris on behalf of a pension fund client. Tenants of the office tower include Chicago Bridge & Iron, SAS Institute, Caudle & Spears and Brookwood Associates. The building also features the Charlotte City Club on the top two levels and parking on levels two through nine. Ryan Clutter led HFF’s investment sales team representing the seller.
NASHVILLE, TENN. — Olympus Property, a multifamily owner and operator based in Fort Worth, Texas, has purchased Midtown, a 170-unit, Class A apartment community in downtown Nashville. Built in 2010, Midtown’s amenities include a media lounge with billiards and Wi-Fi, Zen garden, 24-hour sky bridge fitness studio, elevator access, electronic building access, parking garage and valet dry cleaning services. Unit interiors include black energy star appliances, granite countertops, walk-in closets, 9-foot ceilings, wood flooring, designer cabinetry, under-mount sinks, washers/dryers and patios/balconies with Nashville skyline views. Midtown is Olympus Property’s third acquisition in Tennessee and fourth acquisition for its WW Olympus Property V LLC investment fund.
DURHAM, N.C. — The Dilweg Cos. has purchased South Square I and II, two office buildings located at 3710 University Drive and 3708 Mayfair St. in Durham, respectively. The buildings total 120,301 square feet and were 47 percent leased at the time of sale. Primary tenants at the two properties include Yadkin Bank, aWhere and SHIFT NC. Dilweg plans to invest more than $2.5 million to improve the buildings’ operating systems, common areas and tenant amenities. The Durham-based firm owns roughly 1.3 million square feet of office space in the Raleigh-Durham area.
SMYRNA, GA. — Atlanta-based Jamestown LP has begun the reconstruction of Riverview Road for its Riverview Landing mixed-use development in Smyrna, roughly 15 minutes from Midtown Atlanta. The mixed-use project will be the only development of its kind in Atlanta with direct access to the Chattahoochee River. The new tree-lined thoroughfare will feature a landscaped median, neighborhood boulevard, bike lanes and sidewalks. Jamestown expects the road reconstruction to wrap up in December 2016. The site for the future Riverview Landing is currently being utilized as a REI Outdoor School outpost. Upon completion, Riverview Landing will feature rental townhomes and apartments, single-family houses, retail and recreational amenities, such as bike trails and river access for kayaking and canoeing.
SMYRNA, GA. — CBRE has brokered the sale of Paces West, a Class A office development that features two office towers totaling 646,471 square feet. The development is located in Smyrna, a city in Atlanta’s Cumberland/Galleria office submarket. Investcorp and Crocker Partners teamed up to purchase the office development from a joint venture between TIER REIT and funds managed by Oaktree Capital Management LP for an undisclosed price. Formerly Home Depot’s corporate headquarters, Paces West was 90 percent leased at the time of sale to tenants such as Piedmont Healthcare, Reliance Worldwide, British Telecom and Project Time & Cost. The office campus recently underwent an $11.7 million renovation. The sales price was undisclosed.
