ST. PETERSBURG, FLA. — NXT Capital has provided a $33.9 million first mortgage loan for the acquisition of First Central Office Tower in downtown St. Petersburg. Proceeds from the loan will fund an extensive renovation plan, as well as tenant improvements and commissions for future leasing.
WINTER PARK, FLA. — Crossman & Co. has brokered the $24.8 million sale of Hollieanna and Oakley Center, a Publix-anchored shopping center in Winter Park, a suburb of Orlando. The 102,000-square-foot center was 98 percent leased at the time of sale to tenants such as Tuesday Morning, AAA, Moe’s Southwest Grill, T-Mobile and Sherwin Williams. Mark Thompson and Leah Harrington of Crossman & Co. represented the seller, a family in Indiana who had owned the center since its original construction in 1953. The property was redeveloped in 2011.
VIRGINIA BEACH, VA. — CBRE | Hampton Roads has brokered the $24.7 million sale of Bancroft Hall, a 244-unit apartment community located at 1031 Essex Court in Virginia Beach. S.L. Nusbaum purchased the property from Harbor Group International. The apartment community features a dog park, swimming pool, fitness center, children’s playground and media room equipped with Wi-Fi. Dan Johnson and Hank Hankins of CBRE | Hampton Roads represented the seller in the transaction.
ATLANTA — Worldpay, a London-based provider of payments technology and services to merchants, partners and developers, has announced its plan to relocate its U.S. headquarters and 671 employees to Atlantic Station in Atlanta. The company also plans to add 600 jobs over the next four years. The company will occupy 130,000 square feet of office space over six floors at the 201 17th St. office building. Worldpay will invest nearly $10 million in the relocation, which will begin in March 2015 and continue into 2016. Worldpay received a $1.5 million City of Atlanta Economic Opportunity grant to help fund the relocation of its U.S. headquarters, and is eligible for other state incentives. Invest Atlanta partnered with the Georgia Department of Economic Development, Metro Atlanta Chamber and Georgia Power on the project. Matt Ryder of Honour Inc. served as location, labor and incentives consultant. Chris White and Brian Boyd of DTZ were tenant advisors, and BoggsVickers is the project architect for the new office space.
ATLANTA — The RADCO Cos. has acquired three Atlanta-area multifamily properties totaling 1,091 units in three separate transactions totaling $70 million. The apartment communities include Mission Galleria in Smyrna, Gwinnett Place in Lawrenceville and Parkside at East Atlanta. RADCO financed the acquisitions using a mixture of bridge debt and private equity. RADCO will rebrand Mission Galleria as Ashford 75, Gwinnett Place as Ashford 3400 and Parkside at East Atlanta as Ashford East Village. In addition to these three deals, RADCO has another 1,630 units under contract across six properties that are slated to close before the end of the year, which will bring its total acquisitions for the year to 5,307 units.
ARLINGTON, VA. — Federal Capital Partners (FCP) has sold a 10-story, 182,832-square-foot office building located at 4040 N. Fairfax Drive in Arlington’s Ballston submarket for $56.2 million. The buyer, a joint venture between Lionstone Investments and Penzance, also holds an option to acquire the adjacent office building located at 4000 N. Fairfax Drive. The McMullin Revocable Family Trust, FCP’s partner and prior owner of 4040 N. Fairfax, has retained control of the property’s density rights, which will be sold separately to the Lionstone-Penzance venture. FCP entered into a partnership with the McMullin Family on the office building in July 2012 with a preferred equity investment. Since then, the partnership has fully renovated the office building and inked lease agreements with Marymount University and Virginia Heritage Bank, which is now known as Eagle Bank. Law firm McGuire Woods negotiated the transaction via a trust structure that separated the building from its additional density rights. Bill Collins and Jud Ryan of Cassidy Turley represented the buyer in the transaction.
WINSTON-SALEM, N.C. — Wake Forest Baptist Medical Center plans to break ground on a new medical education facility for the Wake Forest School of Medicine. The $50 million project will be located in the former 60 series R.J. Reynolds Tobacco Co. complex in the Wake Forest Innovation Quarter, an urban research and business park in Winston-Salem specializing in biotechnology, materials science and information technology. The 168,000-square-foot property is scheduled to open in July 2016. The building will be developed in partnership with Wake Forest Baptist’s Innovation Quarter partner, Wexford Science + Technology LLC, a BioMed Realty Company.
WEST POINT, GA. — Batson-Cook Construction has broken ground on Phase I of Abbey Glen, a $4.8 million, 72-unit apartment complex in West Point. Scheduled for a late 2015 completion, Abbey Glen will feature a swimming pool, clubhouse and exercise facilities. The project team includes owner Abbey Glen LLC, engineer Harris Gray LLC and lender Auburn Bank. Construction on the remaining phases will follow annually, increasing the number of units in Abbey Glen as well as adding retail space.
SAVANNAH, GA. — Newmark Grubb Knight Frank Hotels (NGKF Hotels) has brokered the sale of the 101-room Country Inn & Suites located at 320 Montgomery St. in Savannah’s Historic District. The sales price was undisclosed. The buyer, an affiliate of InSite Group, plans to renovate and rebrand the hotel into a boutique property known as B Historic Savannah. The hotel will be affiliated with B Hotels & Resorts. The property will be open during renovations and will add a spa suite with customizable treatments, upscale bedding and linens and a small-plate and tapas lounge/bar in the lobby. The hotel currently features a fitness center, heated indoor swimming pool and 1,000 square feet of meeting space. NGKF Hotels represented the seller, Tara of Savannah LLC, in the privately marketed transaction.
ATLANTA — HFF has arranged $33.3 million in acquisition financing for 2460 Peachtree Apartments, a 19-story multifamily community in Atlanta’s Buckhead neighborhood. The 236-unit community is located at the intersection of Peachtree Road and Lindbergh Drive. The property features an outdoor swimming pool with a sundeck, grilling area, resident garden, fitness center, saunas, hot tub, clubroom and a 24-hour doorman. The property was 98 percent occupied at the time of sale. Stephen Skok, Jason Bond and Mark Sixour led the HFF debt placement team that arranged the seven-year acquisition loan through Freddie Mac on behalf of the borrower, an affiliate of Waterton Associates LLC.
