WASHINGTON, D.C. — Douglas Development plans to transform the historic corner or 10th and F streets in downtown Washington, D.C., with a 94,000-square-foot office building at 1000 F St. N.W. The property will be integrated with an existing two-story structure at the site. All retail tenants have vacated the site and demolition of existing retail structures will commence in the near future. Delivery is expected in summer 2016. Shalom Baranes Associates has designed the facility to achieve LEED Gold certification. The property will feature multiple outdoor terraces, green rooftops and below-grade parking. Randy Harrell, Mark Klug, Max Friedman and Abigail Todd of CBRE will represent Douglas Development in leasing 1000 F St. N.W.
Southeast
LAWRENCEVILLE, GA. — Caddis Partners LLC has acquired Gwinnett Medical Building, an 81,627-square-foot medical office building located at 575 Professional Drive in Lawrenceville, a northeast suburb of Atlanta. The five-story property is adjacent to Gwinnett Medical Center-Lawrenceville, Gwinnett Health System’s flagship hospital campus. The medical office building houses primary care, ophthalmology, neurology, nephrology, pediatric orthopedics, rehabilitation, laboratories and a pharmacy. Gwinnett Health System comprises a significant portion of the in-place tenancy. The transaction was financed with equity funded internally by Caddis and debt provided by GE Capital, Healthcare Financial Services. Erik Tellefson and Dan Eppley of GE Capital originated the loan. Caddis has tapped Atlanta-based PMRG to handle leasing services for medical office facility.
MARIETTA, GA. — Walker & Dunlop has originated $24 million in bridge financing to refinance an existing acquisition and renovation loan for Ashford Retreat, a 654-unit apartment community in Marietta, a northern suburb of Atlanta. Jeff Lawrence of Walker & Dunlop led the team that originated the loan with two years of interest-only payments on behalf of the borrower, an Atlanta-based real estate investment company. Since purchasing the asset in 2012, the borrower has spent $4.7 million on exterior and interior upgrades to the community. Using the new loan, the borrower plans to invest another $1.5 million in capital improvements.
ORLANDO, FLA. — Franklin Street Real Estate Services has arranged the $14.2 million sale of Colonial Ridge Apartments, a 194-unit multifamily community located at 649 Cannon Ridge in Orlando. Darron Kattan, Robert Goldfinger and Kevin Kelleher of Franklin Street represented the buyer, a regional owner, in the transaction. Larry Ochab of Pinnacle Realty represented the seller, a private partnership based in New York City that owned the apartment community for nearly 15 years.
GASTONIA, N.C. — Faris Lee Investments has arranged the $7.6 million pre-sale of Petco & Shops, a 22,500-square-foot retail center located at 2272-2290 E. Franklin Blvd. in Gastonia, a suburb of Charlotte. The fully leased property features a 12,500-square-foot, freestanding building leased to Petco and two 5,000-square-foot, freestanding pad buildings leased to Select Comfort, Massage Envy, Firehouse Subs and Tijuana Flats. All the tenants have new 10-year triple-net leases. Matthew Mousavi and Patrick Luther of Faris Lee represented the seller, a North Carolina-based development company, in the transaction. Shaun Riley of Faris Lee represented the buyer, an Arizona-based investor who purchased the asset in a 1031 tax-deferred exchange.
ATLANTA — Atlanta-based Glenfield Capital has purchased a combined 400,000 square feet of office space in five properties in metro Atlanta for an aggregate purchase price of $37.5 million. The portfolio includes 100,000 square feet at 6465 E. Johns Crossing in Johns Creek; 100,000 square feet each at 6525 and 6575 The Corners Parkway in Peachtree Corners; and 50,000 square feet each at 6025 and 6075 The Corners Parkway in Peachtree Corners. Tenants at these properties include Sprint, Anheuser-Busch, Toshiba and TW Telecom. Glenfield Capital has selected CBRE to handle property management for the portfolio. Glenfield has also selected Adam Viente of JLL to lease the Peachtree Corners assets and Michael Howell and Hunter Henritze of Lincoln Property Co. to lease the Johns Creek building.
STOCKBRIDGE, GA. — The LaSalle Group plans to open Autumn Leaves at Stockbridge, the first freestanding memory care facility in Stockbridge, this fall. The property is roughly 20 miles southeast of Atlanta near the intersection of Chadwick Commons and Monarch Village Way. The 26,000-square-foot property will provide specialized care to nearly 50 residents living with Alzheimer’s, dementia and memory impairment.
CORAL GABLES, FLA. — Marcus & Millichap has brokered the $17.4 million sale of Santona Corner, a 37,130-square-foot retail property in Coral Gables. The property is located at 1430 S. Dixie Highway, across the street from the University of Miami campus. Douglas Mandel and Benjamin Silver of Marcus & Millichap procured an unnamed buyer on behalf of the seller.
CHARLOTTE, N.C. — ARA has arranged the $7.7 million sale of The Edison, a 53-unit apartment community in Charlotte’s historic Plaza Midwood neighborhood. Constructed in 2013, The Edison was fully occupied at the time of sale. Dean Smith, Blake Okland, John Heimburger and Sean Wood of ARA represented the seller, Charlotte-based Lat-Purser & Associates Inc., in the transaction. Raleigh-based Chaucer Creek Capital purchased The Edison, which is the company’s second investment in the Charlotte area.
ORLANDO, FLA. — Landmark Apartment Trust has acquired Landmark at West Place, a 342-unit garden-style apartment community located at 753 Sherwood Terrace Drive in Orlando. Constructed in 2002, the asset was 94 percent occupied at the time of the sale. Landmark funded the acquisition through a 1031 tax-deferred exchange, using proceeds from a previous disposition. Formerly known as Villa Tuscany, the property’s amenity package includes a resort-style swimming pool, fitness center, playground, clubhouse with billiards room, movie theater, dog park and business center.