HOLIDAY, FLA. — Franklin Street Real Estate Services has brokered the $12.3 million sale of Park at Barrington, a 244-unit multifamily community in the Tampa Bay area. Built in 1972 and renovated in 2007, the property is located at 4348 Plaza Drive in Holiday. The community’s amenity package includes a fitness center, three pools, gates, clubhouse, laundry facility and a dog park. Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zach Ames of Franklin Street represented the seller, a local investor, in the transaction. The buyer was also a local investor.
Southeast
NASHVILLE, TENN. — HREC Investment Advisors has arranged the sale of Hyatt Place Nashville Airport Hotel in Nashville. Greenwood Hospitality Group is managing the 83-room hotel on behalf of the new owner. The hotel is located across from the Nashville International Airport and eight miles east of downtown Nashville. Chattanooga, Tenn.-based Vision Hospitality Group developed the hotel in 2000 and later converted the property to a Hyatt Place in 2007. Barry Swanson and Scott Stephens of HREC represented the seller in the transaction.
ATLANTA — CBRE Global Investors has inked leases with two new office tenants at 201 17th St., a 17-story, 350,000-square-foot office building in Atlantic Station in Atlanta’s Midtown neighborhood. YuMe Inc., a digital video brand advertiser, has leased 1,071 square feet and moved into its space in late August. Emery Cresswell of Newmark Grubb Knight Frank represented the tenant in the lease transaction. Acclaro, a marketing and advertising firm, leased 2,042 square feet and also moved into its space in August. Leigh Cofer of CBRE Inc. represented the tenant. Jeff Keppen and Nicole Goldsmith of CBRE represented CBRE Global Investors in both lease deals. Including these two transactions, there has been 15,386 square feet of leasing at 201 17th St. year-to-date.
WASHINGTON, D.C. — RED Mortgage Capital LLC, the lending entity of REDCAPITAL GROUP LLC, has provided a $61 million FHA refinancing package for Capitol Park Twins and Plaza, a 648-unit high-rise apartment building in Washington, D.C. RED Mortgage Capital arranged the long-term, fully amortizing loan under FHA’s 223(f) program on behalf of the borrower, Capitol Park Apartments LP (CPALP). CPALP was able to recapitalize $1.4 million for minor renovations as a result of the financing package. The transaction was also used to create a $2 million reserve for future capital needs.
ORLANDO, FLA. — CRBE has brokered the $50.7 million sale of Auvers Village, a 480-unit apartment community in Orlando’s affluent Baldwin Park neighborhood. The 1989-era asset is located at 5800 Auvers Blvd. The buyer, Bridge Investment Group Partners, plans to upgrade the interiors and the amenities at Auvers Village. This is the first multifamily purchase in Central Florida for the Salt Lake City-based buyer. Shelton Granade of CBRE led the sales team that included Luke Wickham, Robert Given and Justin Basquill to represent the undisclosed seller in the transaction.
MIAMI — JLL has arranged the $42 million sale of a 238,420-square-foot office building in western Miami. The buyer, Ryder System Inc., a global commercial transportation and supply chain management solutions company, purchased its existing corporate headquarters property for roughly $176 per square foot. The asset is located at 11690 N.W. 105th St. on a 16.8-acre parcel in the Flagler Station Business Park. Steven Medwin, Rod Loschiavo and Nick Wigoda of JLL represented Ryder in the transaction. Stuart Gordon represented the seller, an entity controlled by Flagler Development, internally.
RICHMOND, VA. — Walker & Dunlop has arranged $33.5 million in permanent debt for the refinance of Miller & Rhoads, an adaptive reuse project of the historic Miller & Rhoads department store in Richmond. The project is located next to the Richmond Convention Center and features 133 residential units, a 250-room Hilton Garden Inn and more than 20,000 square feet of retail space. Andrew Coleman and Stephen Farnsworth of Walker & Dunlop led the team that structured the seven-year fixed-rate loan with two years interest-only payments on behalf of the borrower, HRI Properties LLC. HRI plans to invest $8 million to convert the existing hotel to a full-service Hilton property by the end of 2015. The property was originally built between 1888 and 1909 as a one-room store and is considered a significant historic structure in the Grace Street Commercial Historic District.
JACKSONVILLE, FLA. — The Shopping Center Group has arranged Old Time Pottery’s 84,180-square-foot lease at 380 Blanding Blvd. in Jacksonville. The discount home décor and accessories retailer will occupy the space formerly housing Kmart and will be Jacksonville’s first Old Time Pottery location. Nancy Sumner and Stephanie McCullough of The Shopping Center Group represented the landlord, Kmart Corp., in the transaction, and Todd Snyder of Trademark Properties Inc. represented Old Time Pottery, which is slated to open its store next summer.
ATLANTA —Atlanta Property Group (APG) has acquired Palisades Office Park in the central perimeter submarket from Shorenstein Properties. The Atlanta Business Chronicle reports that the 637,000-square-foot complex was acquired for approximately $95 million. The office park consists of four office buildings, two parking decks and four surface lots. It is within walking distance of two MARTA stations.?? With this acquisition, APG has now acquired nine properties since mid-2010, including The Park at Perimeter Center East and 1200 Ashwood Parkway. Combined, the three properties give APG more than 1.1 million square feet of space in Atlanta’s Central Perimeter submarket.?? Eastdil Secured represented the seller in the purchase. Shorenstein bought Palisades, which was constructed in two phases (the first in 1981 and the second in 1999), in 2007. The property is approximately 90 percent leased at this time.
ATLANTA — Atlanta-based Oakmont Industrial Group, along with The Carlyle Group, has closed on a 39-acre land purchase in Atlanta’s I-20 West submarket for a speculative industrial property. Oakmont has begun developing Skyline/20 West, a 604,932-square-foot property that will feature 36-foot clear heights, cross-dock loading, concrete truck courts, 171 trailer parks and 287 auto parks. Bilijack Bell of Wilson, Hull & Neal Real Estate assisted Oakmont in the land acquisition. Oakmont and The Carlyle Group have selected Bell and Joseph Rogers, also with Atlanta-based Wilson, Hull & Neal Real Estate, to lease Skyline/20 West. The design team includes architect Randall-Paulson Architects and general contractor The Conlan Co. Regions Bank is providing construction financing for the project, which is slated for a summer 2015 delivery.