Southeast

2025 M St. Washington, D.C.

WASHINGTON, D.C. — HFF has brokered the $109 million sale of a 195,624-square-foot office building located at 2025 M St. N.W. in downtown Washington, D.C.’s Golden Triangle area. James Meisel, Dek Potts, Andrew Weir, Stephen Conley, Matthew Nicholson and Jessica Diorio of HFF represented the seller, a partnership between The Oliver Carr Co. and Clark Enterprises Inc. Mikeone EK purchased the asset, which was fully leased at the time of sale to tenants such as Kaplan, Radio Free Asia and Smith Bucklin. CBRE arranged acquisition financing for the transaction.

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Whitepalm Apartment Homes Port Orange

PORT ORANGE, FLA. — CBRE has brokered the $40.2 million sale of Whitepalm Apartment Homes, a new 306-unit luxury apartment community located at 5400 S. Williamson Blvd. in Port Orange, roughly 45 minutes outside of Orlando. Built in 2014, the gated Class A community features a large clubhouse, resort-style pool with cabanas, serenity beach with hammocks and a fitness center. Nashville-based Carter-Haston Holdings purchased the community from Birmingham-based LIV Development. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

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2000 N. 14th St. Arlington Virginia

ARLINGTON, VA. — PCCP LLC has provided a $34.6 million senior loan to refinance a nine-story, 114,766-square-foot office building in Arlington. The asset is located in the Courthouse submarket of Arlington’s Rosslyn-Ballston Corridor. The borrower, Washington, D.C.-based Penzance, will use the loan to refinance maturing debt on the asset, as well as finance tenant improvements, leasing efforts and renovations. Built in 1987, the office building is currently occupied by 14 tenants, 11 of which use the office building as their corporate headquarters.

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Hunter's Ridge Apartments Winter Park

WINTER PARK, FLA. — Tampa-based Blue Rock Partners LLC and partner Konover South have purchased Hunter’s Ridge Apartments in Winter Park for $22.5 million. The 238-unit apartment community is located at 3733 N. Goldenrod Road. Hunter’s Ridge is the partnership’s fourth Orlando-area multifamily acquisition in the past eight months. The new ownership plans to invest $2 million in exterior and interior upgrades and rebrand the community as The Park at Napoli. Michael Donaldson of Marcus & Millichap’s Tampa office represented the seller, Toronto-based Ebenezer Holdings Corp., in the transaction. Wells Fargo provided acquisition financing on behalf of Blue Rock Partners and Konover South. Hunter’s Ridge was 95 percent occupied at the time of sale.

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The George Building Delray Beach

DELRAY BEACH, FLA. — Marcus & Millichap has brokered the $19.5 million sale of The George Buildings, two adjacent corner retail assets totaling nearly 20,000 square feet in Delray Beach. The buildings are located on the southeast and southwest corners of Atlantic Avenue and S.E. 4th Street. Howard Bregman of Marcus & Millichap’s Fort Lauderdale office represented the seller, a family corporation based in South Florida, and the buyer, a developer based in Palm Beach, Fla.

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Springfield Town Center Vornado PREIT

SPRINGFIELD, VA. — Vornado Realty Trust has completed the previously announced $465 million sale of the redeveloped Springfield Town Center in Springfield to Pennsylvania Real Estate Investment Trust (PREIT). The approximately 1.4 million-square-foot mall is comprised of 642,000 square feet of anchor space and 703,000 square feet of non-anchor space. Target, Macy’s and JC Penney anchor the mall. Other notable retailers include Michael Kors, H&M, Chico’s, Pandora, Francesca’s Collection, Maggiano’s Little Italy, Yard House Restaurant, Wood Ranch BBQ, LA Fitness, Regal Cinema, Dick’s Sporting Goods and Topshop. The sales price comprises $340 million in cash and 6.25 million operating partnership units of PREIT, granted at $20 per unit. Vornado’s 8.07 percent ownership interest in PREIT will be accounted for under the equity method. Vornado has treated the $19 million of tenant improvements and allowances as a closing adjustment.

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Residences on the Avenue Washington, D.C.

WASHINGTON, D.C. — Prudential Mortgage Capital Co. has provided a $110 million Fannie Mae loan to acquire Residences on the Avenue, a 335-unit apartment community in Washington, D.C.’s Foggy Bottom neighborhood. The property is the only high-rise residential building between Georgetown and the central business district. Completed in 2011, the community’s amenity package includes a fitness and wellness center with a spa, rooftop deck with a pool and grilling areas and 24-hour concierge services. Residences on the Avenue also includes 50,000 square feet of retail space split into five units. Whole Foods Market is the anchor in a long-term lease. Prudential provided the acquisition loan to an unnamed real estate investment manager.

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MURFREESBORO, TENN. — National Health Investors Inc. (NYSE:NHI) has obtained $78 million in Fannie Mae financing through KeyBank National Association. The debt financing consists of interest-only payments at 3.79 percent and a 10-year maturity. The mortgages are secured by 13 properties in NHI’s joint venture with Bickford Senior Living. Proceeds were used to reduce borrowings on NHI’s unsecured bank credit facility. NHI is a real estate investment trust (REIT) specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of seniors housing and medical investments. NHI’s portfolio consists of independent living, assisted living and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals.

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The Addison at Tampa Oaks Temple Terrace

TEMPLE TERRACE, FLA. — ContraVest has broken ground on The Addison at Tampa Oaks, a 262-unit luxury apartment community in Temple Terrace, roughly 10 miles northeast of Tampa. Located on the southwest corner of Fletcher Avenue and I-75, the property’s floor plans will span from studio units to three-bedroom apartments. The community’s amenities will include a clubhouse, fitness center, cyber café, yoga room and resort-style pool. ContraVest will be providing general contracting and property management services for the project. Leasing is scheduled to begin in March 2016 and move-ins will begin in May 2016.

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Quail Plaza Charlotte

CHARLOTTE, N.C. — HFF has arranged $7.6 million in acquisition financing for Quail Plaza, an 86,979-square-foot office building located at 7621 Little Ave. in south Charlotte. Travis Anderson, Jim Curtin, Cory Fowler and Ryan O’Dwyer of HFF arranged the three-year, floating-rate loan through Wells Fargo Bank on behalf of the borrower, TriGate Capital. The five-story office building was 84 percent leased at the time of financing to tenants such as The Steritech Group, FedEx, American Realty Capital, Landworks Design Group PA, Union Security and Mutual of Omaha.

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