MARIETTA, GA. — Lockheed Martin has sold four buildings and 52 acres on its south campus in Marietta to the Georgia Institute of Technology. Collocated with five buildings occupied by the Georgia Tech Research Institute, the school will use the additional buildings and land to expand its research and development enterprise. The buildings previously housed the offices and operation of the F-22 Raptor program, which shuttered in 2013. The transaction between Lockheed Martin and Georgia Tech could bring as many as 500 jobs to Cobb County.
CHARLOTTE, N.C. — Bellwether Enterprise Real Estate Capital has closed a loan for the refinancing of AvidXchange Music Factory, a mixed-use development in downtown Charlotte. The property features 120,000 square feet of office space; 140,000 square feet of restaurant, bar and entertainment space; and a 5,000-person, open-air amphitheater. Live Nation operates the amphitheater and two indoor venues at the Music Factory. Bellwether Enterprise arranged the loan through Cantor Commercial Real Estate Lending LP. Terms of the loan were not disclosed.
ATLANTA — GoldOller Real Estate Investments has purchased Westhaven at Vinings Apartments, a 610-unit community located in Atlanta’s Vinings district. The gated property features four swimming pools, fitness center, outdoor kitchens, recently upgraded interiors, Wi-Fi business center café and a treetop clubhouse and resident lounge. Westaven at Vinings is the 10th multifamily acquisition in the Atlanta area since 2012 for the Philadelphia-based apartment owner-operator, which has more than 3,000 units in its Atlanta apartment portfolio. The sales price was undisclosed.
HANOVER, MD. — The Cordish Companies has unveiled plans for a $200 million expansion at Maryland Live! Casino in Hanover. The expansion will include a 17-story, flagship Live! Hotel tower; an event center; meeting spaces; new dining options; a Live! Retail store; approximately 1,000 additional parking spaces; and a day spa and fitness center. The hotel will offer 310 luxury guest rooms, 52 of which will be suites. The Grand Event Center will feature a 1,500-seat concert venue with a built-in performance stage. The development’s event center will also offer flexible pre-function and meeting space, an executive boardroom and banquet seating capable of hosting up to 800 guests. New dining options will include a 24-hour café, a gelato bar and a signature lobby bar with more than 50 seats. Contractors, project architects and designers tapped by The Cordish Cos. for the project include Klai Juba Wald Architects, McLaren Engineering Group, Laurence Lee Associates, Cleo Design Corp., Selbert Perkins, Corsi & Associates, Lynne Curry Spa Consulting, Giovanetti Schulman Assoc. and EDSA. Tutor Perini Corp. will be the project’s general contractor. The project is expected to create approximately 400 new jobs and 550 construction jobs for the region, according to the developers. …
ORLANDO, FLA. — The Praedium Group has purchased Integra Cove, a newly built, 338-unit apartment community located at 6801 Integra Cove Blvd. in Orlando, for $60.4 million. The property is situated on a 14.5-acre site within walking distance of Sea World. Built in 2016, Integra Cove features a zero-entry salt water pool, poolside grilling station, wireless internet café, 24-hour fitness center, bark park, pet spa, auto detailing station, electric car charging stations and elevator access. Praedium Group purchased the asset from a joint venture between Boston-based Panther Properties and Orlando-based Integra Land Co. Ken Delvillar and Jay Ballard of Cushman & Wakefield represented the joint venture in the transaction.
CARY, N.C. — A joint venture between Starwood Capital Group, Trinity Capital Advisors and Vanderbilt Partners has sold two office buildings in Cary for a combined $35.2 million The office assets are located at 100 and 200 Regency Forest Drive within Regency Park. Totaling 207,347 square feet, the properties are leased to tenants such as Cadence Design, MicroMass Communication, MercuryGate International, Crown Castle and Garmin International. Scot Humphrey, Ryan Clutter and Chris Norvell of HFF represented the joint venture in the transaction and procured the buyer, True North Management Group LLC.
MIAMI — Marcus & Millichap has arranged the $6.7 million sale of Gordon Food Service Marketplace, a 17,431-square-foot grocery store located at 5600 W. Flagler St. in Miami. The net-leased store has seven years remaining on its base term. Ronnie Issenberg, Gabriel Britti, Scott Sandelin and Al Palacios of Marcus & Millichap’s Miami office represented the seller in the transaction. The buyer was as undisclosed private investor based in South Florida.
WASHINGTON, D.C. — Eastern Union Funding has arranged a $4.3 million loan for an apartment redevelopment in Washington, D.C. The borrower, The Jocelyn Group, will use the financing to purchase an existing property at 1515 Rhode Island Ave. N.E., where the company will then develop The Violet, a 20-unit luxury apartment building with underground parking and a rooftop deck. Rents for the 1,100-square-foot units will start at $2,400 per month. David Merkin and Marc Tropp of Eastern Union arranged the 10-year loan through Presidential Bank. The loan features a 30-year amortization schedule, five-year fixed interest rate and 18 months of interest-only payments. The loan features 80 percent of the acquisition cost and includes construction financing, according to Merkin. The Jocelyn Group expects to deliver The Violet in the spring of 2017.
TULLAHOMA, TENN. — NorthMarq Capital has arranged a $2 million loan for Jackson Circle Shopping Center, a 6,500-square-foot retail property located at 1603 N. Jackson St. in Tullahoma. Jackson Circle’s tenant roster includes Mattress Firm and AT&T. Randall Waddell of NorthMarq’s Louisville office arranged the seven-year, fixed-rate loan with a 25-year amortization schedule through a local community bank.
ROSSLYN, VA. — The Meridian Group has acquired International Place, a 293,539-square-foot office building in Rosslyn, for $106.5 million. Beacon Capital Partners sold the building, which is located at 1735 N. Lynn St. in an area of Northern Virginia that sits directly across the Potomac River from Georgetown. International Place is across from the Rosslyn Metro station, which contains Blue, Orange and Silver lines and is only one stop away from Washington, D.C. The Pentagon, Reagan National Airport, Tysons and Dulles International Airport are also in close proximity. The LEED-Gold certified building’s amenities include a new ground-floor, 4,376-square-foot fitness center, conference facility and management office. International Place also has “the largest potential for balconies and outdoor space in the Rosslyn-Ballston Corridor,” according to the buyer. The building overlooks the Jefferson Memorial, Memorial Bridge and Potomac River. It also features a centralized location near JBG Cos.’ newly constructed Central Place Development. This project features a 17,000-square-foot public plaza, a 377-unit residential tower and 45,000 square feet of ground-level retail. Bill Collins, Paul Collins, Drew Flood and Shaun Weinberg of Cushman & Wakefield represented the seller in this transaction. — Nellie Day