RALEIGH, N.C. — Dominion Realty Partners has begun developing Wade III, a four-story office building joining the existing Offices at Wade development in the PNC Arena district in west Raleigh. Dominion is seeking LEED-Gold certification for the project, which will include card access control systems, an outdoor plaza courtyard, underground parking, Wade park amenities, on-site management staff and an on-site restaurant. Dominion is partnering with Prudential Real Estate Investors on the 105,000-square-foot project. The project team includes architect Rule Joy Trammell + Rubio, general contractor Choate Construction, civil engineer Piedmont Land Design and leasing agent Avison Young. Regions Bank provided construction financing, and Dominion will provide on-site property management upon completion, which is slated for August 2015. The property is currently 25 percent pre-leased and building naming and signage rights are still available for the development.
Southeast
SMYRNA AND NEWNAN, GA. — The RADCO Cos. has purchased two multifamily communities in metro Atlanta totaling 553 units from Fannie Mae. RADCO purchased the 439-unit Keeneland Farms in Smyrna and the 114-unit Brown Ridge in Newnan for a combined $33.2 million. Both properties include one- to three-bedroom apartments, as well as townhomes. RADCO financed the acquisition through a mixture of privately funded equity and bridge debt from Fannie Mae and Hamilton State Bank. RADCO plans to invest $5.8 million in capital improvements to the two properties, including adding a pool to Brown Ridge. The Atlanta-based multifamily investor also plans to rebrand Keeneland Farms and Brown Ridge as Ashford Woods and Ashford at Brown Ridge, respectively. Including these two properties, RADCO has purchased nine apartment communities spanning 2,264 units so far this year.
FALLS CHURCH, VA. — Hilton Worldwide has opened its 600th Hilton Garden Inn hotel: Hilton Garden Inn Falls Church in Falls Church, about seven miles from Washington, D.C. The hotel features a 24-hour business center, fitness center, indoor pool and in-house restaurant. Inns of Falls Church LLC owns and manages the asset.
JACKSON, TENN. — Phillips Edison & Co. has purchased Lynnwood Place, a 96,666-square-foot, Kroger-anchored shopping center located at 941 N. Parkway in Jackson, for an undisclosed price. The asset is 89 percent leased to Kroger, Charter Communications Inc., Cato Fashions and Youfit Health Clubs. Greg Hausfeld represented Phillips Edison & Co. internally in the transaction, and Fred Victor of Transwestern represented the Columbia, S.C.-based seller, EDENS.
APEX, N.C. — The Boulder Group has brokered the $2.3 million sale of a two-tenant strip center located at 720 W. Williams St. in Apex, part of the Raleigh MSA. The property is fully leased to Verizon Wireless and Yong-In Martial Arts. Both tenants have roughly five years remaining on their lease terms. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller, a North Carolina-based partnership, and the buyer, an East Coast-based private investment firm, in the transaction.
DORAL, FLA. — Miller Construction Co. breaks ground on Gateway Center Doral, an 84,000-square-foot mixed-use development in the metro Miami city of Doral. The $9 million project will feature retail and high-end boutique office space in Doral’s N.W. 87th Avenue retail and restaurant corridor. The project team includes developer DBH Properties Ltd. and architect DYNAMICA ARCHITECTURE + INTERIOR DESIGN. Miller Construction expects to deliver the property in spring 2015.
HYATTSVILLE, MD. — ECHO Realty LP and its partner The Bernstein Cos. have broken ground on The Gateway at University Town Center, an 83,400-square-foot mixed-use property in Hyattsville. The two-story asset will be located at the intersection of East-West Highway and America Boulevard. The property will be anchored by a 54,400-square-foot Safeway and feature tenants such as Unleashed by Petco, Phenix Salon and an undisclosed medical office practice. ECHO has selected Facchina Co. Inc. as the site work contractor for the development and will select a general contractor for the development in the near future.
CHARLOTTE, N.C. — Trinity Capital Advisors has purchased two office buildings in Toringdon Office Park (Toringdon 3 and 5), a six-building office park in south Charlotte. Trinity Capital now owns the entire office park, including 12 acres of land and a three-level parking garage. Trinity Capital purchased Toringdon 3 and 5 in a joint venture with Stockbridge Capital. The 527,392-square-foot park is leased to 16 tenants, including Nationwide Insurance, Ally Bank and Verizon Wireless. Trinity Capital also plans to develop a 175,000-square-foot, Class A office building at the park. Trinity Partners is responsible for the leasing and property management of Toringdon Office Park.
LARGO, FLA. — Marcus & Millichap has arranged the $18 million sale of Bay Pointe Apartments, a 417-unit multifamily community in Largo, part of the Tampa Bay area. The property is located at 2770 Roosevelt Blvd., within two miles of the St. Petersburg-Clearwater International Airport. The property features a tennis court, business center and two swimming pools. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented both the buyer and the seller in the transaction.
UNIONDALE, N.Y. — Arbor Commercial Funding LLC has funded six loans totaling $31.1 million for apartment properties in North Carolina and Kentucky. Michael Zysman of Arbor Commercial Mortgage originated all six loans. The loans included: · a 10-year, $7.5 million Fannie Mae DUS loan for the acquisition of the 250-unit Bella Vista Apartments in Gastonia, N.C. · a 10-year, $5 million Fannie Mae DUS loan for the acquisition of the 196-unit Wingate Place Apartments in Charlotte · a 10-year, $5 million Fannie Mae DUS loan for the acquisition of the 176-unit Highlands Apartments in Charlotte · a seven-year, $4 million Fannie Mae DUS ARM loan for the acquisition of the 192-unit Hanover Landing Apartments in Charlotte · a 10-year, $2.3 million Fannie Mae DUS loan for the acquisition of the 98-unit Four Seasons Townhomes in Greensboro, N.C. · a 10-year, $2 million Fannie Mae DUS Small Loan refinance for an unnamed 66-unit asset in Winston-Salem, N.C. · a 10-year, $1 million Fannie Mae DUS Small Loan refinance for an unnamed 48-unit asset in Winston-Salem, N.C. · a two-year, $4.3 million Arbor Realty Trust Bridge Loan for the acquisition of an unnamed 252-unit property in Lexington, Ky.