NEWTOWN, N.C. — Binswanger has brokered the sale of a 439,500-square-foot industrial facility in Newtown. The property is located on a 94.8-acre parcel at 1545 St. James Church Road. Snider Tire Inc., a commercial tire dealer and retreader, purchased the asset for an undisclosed amount. Doug Faris of Binswanger’s Charlotte office brokered the transaction.
COLLEGE PARK, GA. — Newmark Grubb Knight Frank Hotels (NGKF Hotels) has brokered the sale of the Microtel Inn & Suites by Wyndham Hotels, an 83-room hotel located at 4839 Massachusetts Blvd. in College Park. The three-story hotel is located adjacent to Hartsfield-Jackson Atlanta International Airport and roughly 11 miles south of downtown Atlanta. Georgia-based 64J Hotel Groups LLC bought the Microtel Inn with plans to negotiate a new, long-term franchise agreement and upgrade the property with a planned renovation totaling approximately $400,000. Sam Winterbottom, Bhavesh (B.J.) Patel and Barrett Corwin of NGKF Hotels represented the undisclosed seller in the transaction. In the past eight months, NGKF Hotels has also brokered the sales of the nearby Wellesley Inn and Sleep Inn hotels. Combined, the three hotels have sold for $14 million.
NASHVILLE, TENN. — Stan Johnson Co. has brokered the $3 million sale of a 10,500-square-foot dialysis clinic located at 20 Rachel Drive in Nashville. The property is fully leased to Vanderbilt University and is one of its two 24-hour dialysis operations in the metro Nashville area. A private partnership based in New England purchased the facility from a limited liability partnership based in California. Craig Tomlinson and John Zimmerman of Stan Johnson Co. marketed the asset and represented the seller in the transaction.
DORAL, FLA. — Cohen Financial has secured a $73.2 million construction loan for the development of two Class A luxury residential buildings in Doral, a suburb of Miami. The two eight-story buildings will total 418 apartment units and be part of Landmark at Doral, a multifamily development located at the northeast corner of the intersection of N.W. 107th Avenue and N.W. 58th Street. Upon completion, Landmark at Doral will feature 631 units and three buildings, as well as 40,000 square feet of retail space. Daniel Sheehan and Eric McGlynn of Cohen Financial’s equity practice in Miami arranged the loan on behalf of the borrowers, The Congress Group Inc. and Encore Housing Opportunity Fund.
CHARLESTON, S.C. — CBRE’s capital markets debt and structured finance team has secured a $35 million loan to recapitalize Half Mile North, an 89,919-square-foot mixed-use development in Charleston. The loan will also provide construction financing for a similar and associated 131,174-square-foot development to be called Pacific Box & Crate. Jeff Ackemann and Porter McDonald of CBRE’s Atlanta office arranged the financing through Citizens Bank on behalf of Raven Cliff Co. LLC, which is the developer of the two adaptive reuse projects. Half Mile North is close to being delivered and is nearly fully leased. Pacific Box & Crate, one-fourth of a mile away from Half Mile North, is slated to deliver in the fourth quarter of 2016 and will provide additional office and retail space. BoomTown and Phish Labs have signed leases at Pacific Box & Crate, and Blue Acorn occupies space at Half Mile North. The two properties are approximately 83 percent pre-leased.
LOUISVILLE, KY. — Marcus & Millichap has brokered the $16 million sale of Derby Estates, a 381-unit apartment community located at 5319 Rangeland Road in Louisville. The workforce housing community is situated near the GE Appliance Park manufacturing facility. During the past three years, the property has received a $4 million upgrade package that includes new roofs and siding, new appliances, new HVAC units, new flooring and a new pool, fitness room and recreation area. Aaron Johnson and Aaron Willis of Marcus & Millichap’s Louisville office represented the seller, VTT Rangeland LLC, in the transaction. Capstone Apartment Partners worked with the Sperry Van Ness team in Cincinnati to also represent the seller.
ALPHARETTA, GA. — NorthMarq Capital has arranged a $4.2 million acquisition loan for Windward Forest, a 67,000-square-foot office building located at 960 North Point Parkway in Alpharetta, a northern suburb of Atlanta. Johnny Rankin and Wanda Riggs Mack of NorthMarq’s Atlanta office arranged the five-year, fixed-rate loan with a 25-year amortization schedule through a local bank. The borrower used the proceeds to purchase Windward Forest in a 1031 exchange.
WINDER, GA. — Franklin Street has arranged the $2.3 million sale of Mill Shoppes of Winder, a 19,019-square-foot, two-building retail development in Winder. The property is located at 105 and 111 E. May St. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, Alpha Opportunity Fund I LLC, in the transaction. An unnamed Atlanta-based private investor purchased the property, which is currently 79 percent leased to tenants such as Subway, Titlemax of Georgia and Little Caesars Pizza.
ATLANTA — Amazon has signed an agreement with Georgia Tech to open a staffed pickup location on the school’s campus at 86 Fifth St. N.W. in Midtown Atlanta. Known as Amazon@GeorgiaTech, the 2,500-square-foot space in the school’s Technology Square area will be used by patrons to pick up and return Amazon orders. Amazon Student and Prime members will be able to receive free same-day pickup for Amazon orders placed by noon and free one-day pickup for orders placed by 10 p.m. This is Amazon’s first staffed pickup location in the state of Georgia. Since 2015, Amazon has opened staffed pickup locations at the following universities: Purdue University, University of Massachusetts Amherst and University of California, Berkeley, as well as in the college communities of University of California, Santa Barbara, and University of Cincinnati. Amazon will open four more locations in 2016 at the University of Pennsylvania, University of California, Davis, and The University of Texas at Austin, as well as in the college community of University of Akron.
CLEMSON, S.C. — ARA Newmark has arranged the sale of the 107-unit Campus View student housing property in Clemson. The 355-bed community was constructed in 2014 and was 99 percent occupied at the time of sale. The fully furnished property is within walking distance of Clemson University, three of its sports stadiums and the College Avenue district, which features more than 20 restaurants, bars and entertainment venues. Campus View is the only student housing property in Clemson that features on-site retail space. The property also includes a pool, sun deck, fitness center, entertainment facilities and an art gallery. Charleston-based developer McAlister Development sold Campus View to Columbus Nova in partnership with Coastal Ridge Real Estate. Campus View is Columbus Nova’s first student housing acquisition. Ryan Lang of ARA Newmark’s student housing group represented McAlister Development in the sale.