CULLMAN, ALA. — Atlanta-based Bull Realty has brokered the $4.9 million sale of a 13,600-square-foot freestanding CVS in Cullman. Michael Bull of Bull Realty represented the buyer, Guggie H LLC, in the 1031 exchange. John Glass of Marcus & Millichap represented the seller, LL Cullman AL LLC. Strategic 1031 Exchange Advisors LLC acted as a qualified intermediary for the sale. The retail property is triple-net leased to CVS and has 25 years remaining on its primary term.
ARLINGTON, VA. — The U.S. General Services Administration, on behalf of the Department of Homeland Security’s National Protection and Programs Directorate division, has renewed a 120,435-square-foot lease at Two Ballston Plaza in Arlington. The 234,000-square-foot, Class A office building is located at 1110 N. Glebe Road. Colliers International’s government solutions team represented the landlord, Brookfield Property Partners, in the lease renewal.
ERLANGER, KY. — Nevada-based Dermody Properties, in a joint venture with Hillwood Investment Properties, plans to develop an 898,560-square-foot facility in Erlanger for Wayfair Inc., an online home furnishings and décor retailer. The facility will be located on a 52-acre site at 1600 Donaldson Road adjacent to the Cincinnati/Northern Kentucky International Airport (CVG). Dermody Properties and Hillwood leased the land site from CVG earlier this year. The facility, known as LogistiCenter at 275, will be the largest single development by square footage in the history of Dermody Properties. DTZ represented Wayfair in the lease transaction. Paul Hemmer Co. is the general contractor on the project. Construction is expected to be complete in the second quarter of 2016.
WESTON, FLA. — Citigroup’s CMBS & commercial real estate finance office has arranged the $60 million refinancing of Weston Town Center, a retail and office campus in Weston. Anchored by Publix, the property is located at 2000 Main St. in South Florida’s Broward County. Michael Cohen of Citigroup arranged the 10-year, fixed-rate loan on behalf of the undisclosed borrower.
ATLANTA — North American Properties (NAP) has begun construction on Anthem on Ashley, a 245-unit luxury apartment community in Atlanta’s Old Fourth Ward neighborhood. The property will front Historic Fourth Ward Park and will be situated a short walk from the Atlanta Beltline’s Eastside Trail. The property will feature 6,000 square feet of ground-level retail and commercial space that will house a restaurant and coffee shop. Anthem on Ashley’s amenity package will include a resort-style pool, fitness center, clubroom, business center and a rooftop terrace. NAP expects to deliver the project in early 2017.
MATTHEWS, N.C. — Ziff Properties Inc. has purchased Matthews Festival Shopping Center, a 127,817-square-foot shopping center located at the corner of East Independence Boulevard and Matthews Township Parkway in Matthews, roughly 12 miles south of Charlotte. Ziff Properties purchased the center from an undisclosed seller for $8.2 million. The property’s tenant roster includes Big Lots, Miracle Ear, Springleaf Financial, Merle Norman Cosmetics, Tequilerias and Tamarind Fine Cuisine of India. Ziff Properties plans to renovate the shopping center. Bryan Wyker of The Providence Group represented the buyer in the transaction and will continue to work on repositioning efforts along with Alex Kelly of Tribek Properties.
BELTSVILLE, MD. — Laurus Corp. has completed the repositioning of the 207-room, nine-story Sheraton College Park North Hotel. The hotel is located in Beltsville, a Maryland suburb roughly nine miles outside of downtown Washington, D.C. The $5 million renovation includes an overhaul of each hotel room with new furniture, upgraded bathrooms, new Wi-Fi connectivity, remodeled club lounge, updated fitness center, new signage, recent landscaping and a renovated outdoor swimming pool with a sundeck. The hotel is now pet-friendly and will accommodate dogs up to 40 pounds. In addition to the renovations, the hotel features a new restaurant and bar known as Asado Brasserie.
WASHINGTON, D.C. — Douglas Development Corp. (DDC) has secured $93.5 million in construction financing for Uline, DDC’s mixed-use development in Washington, D.C. The development will be located at 1140 3rd St. N.E. directly across from the NoMa-Gallaudet U Metro station. Upon completion in the fall of 2016, Uline will feature 174,000 square feet of loft office space with rooftop decks and 70,000 square feet of retail space, including a 51,000-square-foot REI. The $93.5 million financing includes a $75.5 million construction loan from Natixis Real Estate Capital and $18 million in preferred equity from EB5 Capital. The financing represents roughly 75 percent of the Uline’s total construction cost, and DDC will provide the remaining balance with sponsor equity. For EB5 Capital’s portion, 36 immigrant investors each contributed $500,000, making them eligible to apply for permanent U.S. residency through the EB-5 Immigrant Investor Program. Phillips Realty Capital is EB5 Capital’s joint venture partner. The Uline project is expected to create roughly 450 jobs.
WINSTON-SALEM, N.C. — Ziegler, a specialty investment bank, has closed $42.6 million in bond financing for Moravian Home, which owns and operates Salemtowne, a nonprofit continuing care retirement community (CCRC) in Winston-Salem. Salemtowne opened in 1972 and consists of 171 independent living units (98 apartments and 73 cottages); 46 assisted living beds; and 84 skilled nursing beds (18 of which are memory care) on 115 acres. The bonds will be used to fund Phase I of Salemtowne’s strategic plan, which includes the construction of a new skilled nursing facility that will initially contain 100 skilled nursing beds (40 of which will be rehabilitation beds) and 20 assisted living memory care beds. The total building size will be approximately 126,780 square feet, with 14,950 square feet devoted to the assisted living memory care beds. The project is a replacement and expansion of existing facilities. The tax-exempt, fixed-rate bonds have a 2045 final maturity (30-years). Davenport & Co. LLC served as a 15 percent co-manager and PFM served as financial advisor on the transaction.
MIAMI — HFF has brokered the $35.5 million sale of Miami International Centre, a 20.9-acre former yacht manufacturing facility and existing 90-slip marina with access to the Miami River in Miami. Located immediately east of the Miami International Airport, the site will be home to a mixed-use development that will feature retail, hotel, residential, office and marina uses. The site is part of the recently-created 220-acre Palmer Lake Metropolitan Urban Center zoning district established by Miami-Dade County to foster the creation of a modern urban center. Manuel De Zárraga, Maurice Habif, Jaret Turkell and Marty Busekrus of HFF represented the seller, Alecta Real Estate Investment, in the transaction. The buyer was Interterra Investments Group.