TYSON’S CORNER, VA. — First Potomac Realty Trust has sold Cedar Hill I & III, two three-story office buildings in Tyson’s Corner, for $27.3 million. The properties total 102,632 square feet and were fully leased as of Sept. 30, 2015. JLL represented the office REIT in the transaction.
DULUTH, GA. — Versant Commercial Brokerage Inc. has acquired two flex office buildings in Duluth, a suburb of Atlanta, for $9.1 million. The properties total 113,035 square feet and are located at 2425 and 2450 Commerce Ave. The properties’ tenant roster includes Metso Automation USA Inc., Vensure Employer Services, Moreland Altobelli Associates and Videojet Technologies. Asset manager Clear Vista Management and property manager Wiedmayer & Co. assisted Versant in the transaction. Versant acquired the buildings on behalf of a group of former tenant-in-common investors, which own the two adjacent buildings. Versant negotiated the acquisition and assisted in financing the acquisition with low-cost debt.
MIAMI — NGKF Capital Markets has arranged the $40 million sale of Advance Tower, an eight-story, 100,798-square-foot office building in Miami. The seller, JW Advance LLC, a Boca Raton, Fla.-based company that developed and managed Advance Tower since 1986, sold the property to USAA Real Estate Co. Advance Tower will remain the office headquarters of Interval International Inc., a global lodging provider. Adam Greenberg, Michael Lapointe and Michael Lohmann of NGKF Capital Markets represented the seller in the transaction.
MEMPHIS, TENN. — In-Rel Properties has purchased iBank Tower, a 276,226-square-foot office building located at 5050 Poplar Ave. in Memphis. According to media outlets, In-Rel Properties purchased the property from an affiliate of Gemini-Rosemont Realty LLC for $19.2 million. In-Rel Properties owns the neighboring Clark Tower and plans to create an 18-acre office campus comprising the two office towers. The Lake Worth, Fla.-based investor will spend up to $1 million on capital improvements to iBank Tower, in addition to the $6 to $7 million investment for Clark Tower’s renovations. The two towers will have shared amenities, parking, security and color schemes. Phil Dagastino Jr., Bentley Pembroke and Anna Tranum of Cushman & Wakefield | Commercial Advisors will lease both towers on behalf of In-Rel Properties.
BALTIMORE — Mid-Atlantic Health Care LLC, a Baltimore-based healthcare provider, has purchased four skilled nursing facilities in western and central Maryland for an undisclosed price. The four facilities include Northampton Manor Health Care Center in Frederick, Devlin Manor Health Care Center in Cumberland, Julia Manor Health Care Center in Hagerstown and Moran Manor Health Care Center in Westernport. The seller is The Magnolia Group, a skilled nursing owner/operator in Maryland and Pennsylvania. The company will continue to provide services to the facilities through its affiliate, Magnolia Rehabilitation Services LLC. With these acquisitions, Mid-Atlantic will now operate the largest group of facilities in western Maryland and become one of the region’s largest employers, according to the company. Adding the Magnolia facilities will increase Mid-Atlantic Health Care’s total number of locations from 17 to 21.
SILVER SPRING, MD. — Finmarc Management Inc. has sold Piney Branch Shopping Center, a 54,242-square-foot shopping center in Silver Spring, for $11.2 million. The buyer is an affiliate of JBGR Retail. Located at the intersection of Piney Branch Road and Flower and Greenwood avenues, the shopping center was fully leased at the time of sale to 12 tenants. Andy Stape, Mat Adler and Vito Lupo of KLNB Retail represented Finmarc in the transaction.
BIRMINGHAM, ALA. — SK Commercial Realty represented Seavest Healthcare Properties in the acquisition of the 208,000-square-foot Grandview Physicians Plaza in Birmingham. The newly constructed, Class A medical office building is located on the Grandview Medical Center campus. The facility features an imaging center, multiple clinical spaces and physician offices covering several medical disciplines. Daniel Corp. sold the property to Seavest for an undisclosed price.
RALEIGH, N.C. — Federal Capital Partners (FCP) and Kane Realty Corp. have sold Allister North Hills, a 434-unit luxury apartment community in Raleigh, for $93.5 million. The property is located at I-440 and Six Forks Road in Raleigh’s Midtown district. FCP and Kane developed the community in 2013. Allister North Hills was nearly 95 percent occupied at the time of sale. Community amenities include two pools, a fitness center, business center, outdoor terraces, community room, dog park and other green spaces. Individual units, each of which have a balcony, feature granite countertops, stainless steel appliances, washers and dryers and ceramic-tiled bathrooms. Sean Wood and Blake Okland of ARA represented FCP and Kane in the transaction.
TAMPA, FLA. — PCCP has provided a $70 million loan to Carter for the development of a 23-story residential tower in downtown Tampa. The 362-unit development will be situated atop a six-story parking garage and 6,500 square feet of ground-level retail space. Community amenities will include a pool deck and terrace, ground-level fitness center and a clubroom on the top floor. The project will comprise a full city block bordered by North Franklin, North Florida, East Tyler and East Cass streets. Construction is anticipated to be completed in late 2017.
RALEIGH, N.C. — Colliers International Student Housing Group has arranged the $56.7 million sale of Wolf Creek Apartments, now rebranded as Vie at Raleigh, a student housing apartment community near North Carolina State University. Situated on 41.5 acres in Raleigh, the rental community has 1,394 beds in 385 units and sold for $40,674 per bed. The sellers are Wolf Creek TIC and Wolf Creek II Borrower, and the buyer is undisclosed. Vie at Raleigh is located less than three miles from NC State University, and has two-, three- and four-bedroom apartments with private bedroom-bathroom suites. All apartments have a full kitchen, in-unit laundry and balcony. Frank Quinn and Steven Peden of Colliers International’s Raleigh-Durham office, along with Travis Prince of Colliers International Student Housing Group in Tampa, represented the seller. The buyer plans to renovate the clubhouse, fitness center, select apartment units, social lounge and study lounge. The community also has free tanning, a pet park, a resort-style pool and volleyball courts.