WASHINGTON, D.C. — Federal Capital Partners (FCP) has recapitalized six multifamily properties totaling 2,044 units in the Washington, D.C., metropolitan area. The recapitalization values the portfolio in excess of $240 million, making it the largest portfolio transaction in the Washington, D.C., area so far this year. FCP and its partner ROSS Cos. will retain an ownership interest in the portfolio and continue to provide property management services. The properties include The Strand (394 units) in Alexandria, Va.; Cypress Creek (760 units) in Hyattsville, Md.; Summerlyn Place (424 units) in Laurel, Md.; and three adjacent properties in New Carrollton, Md. — Cambridge Crossing, Lenox Court and Sutton Walk (466 units combined). Wells Fargo and Fannie Mae provided financing for the transaction. ROSS Renovation & Construction will manage the capital improvements for the six communities.
Southeast
CORAL GABLES, FLA. — A10 Capital has funded a $16.8 million acquisition loan for a 10-story office building located at 901 Ponce de Leon Blvd. in Coral Gables. The office building houses the Caribbean and Latin American headquarters of American Airlines. Steve Zorich of A10 Capital structured and closed the non-recourse bridge loan on behalf of the borrower, Altis Real Estate Strategies.
ATLANTA — Chick-fil-A has signed a long-term lease to fully occupy a 111,252-square-foot industrial facility at Airport West Distribution Center near Atlanta’s Hartsfield Jackson International Airport. Lincoln Property Co. Southeast is developing the asset and expects to deliver it in January. Denton Shamburger of Lincoln Property represented the landlord, Morgan Stanley, in the lease and was the only broker involved in the transaction. Upon completion, Chick-fil-A will occupy nearly 85 percent of Airport West Distribution Center, which currently features 287,703 square feet, of which Chick-fil-A occupies 221,449 square feet.
AUGUSTA, GA. — Bernard Financial Group has arranged a $7.5 million loan to refinance a freestanding, 192,394-square-foot Walmart Supercenter in Augusta. Neil Gorosh of Bernard Financial originated the loan through Ameritas Life Insurance Corp. on behalf of the borrower, BC Investments-Augusta LLC.
BALTIMORE — MCR Development LLC has completed a full renovation of the lobby and guestrooms of the 126-room Hampton Inn Baltimore Downtown Convention Center. The lobby offers views of Oriole Park at Camden Yards and features baseball glove seats, baseball-themed floor tiles and baseball bat lighting. The hotel is located adjacent to the Baltimore Convention Center and within walking distance of the University of Maryland Medical Center, M&T Bank Stadium and the new Downtown Harrahs Horseshoe Casino opening this fall.
ATLANTA — Lowe Enterprises Investors (LEI) has formed a joint venture with TriBridge Residential to own and operate City View Apartments, a 202-unit mid-rise apartment building in Atlanta. The multifamily community, built in 2003, is located at 433 Highland Ave. N.E. in Atlanta’s Old Fourth Ward neighborhood near the Beltline. LEI and TriBridge will implement new upgrades to the community, including granite countertops, new appliances and washer and dryer units in each apartment. The property features a 10,000-square-foot CVS/pharmacy on the ground floor and a newly renovated swimming pool and fitness center. Derrick Bloom of JLL represented TriBridge Residential, along with TriBridge’s Andy Green and Steve Broome. John Gaghan and Andy Sands led LEI’s acquisition team.
TAMPA, FLA. — Orlando-based Smith Equities Real Estate Investment Advisors has arranged the sale of two purpose-built student housing communities serving students of the University of South Florida in Tampa. Campus Club, a 64-unit, 256-bed community built in 2005, sold for $10.5 million. College Court, a 92-unit, 356-bed property built in 2004, sold for $11.8 million. Both communities are gated and feature resort-style swimming pools. Paul Guyet and Geoff Harlan of Smith Equities worked with two different sellers to secure one buyer for both properties. Including these acquisitions, Smith Equities has brokered more than $230 million in sales of student housing properties in Florida.
MEDLEY, FLA. — Gramercy Property Trust Inc., a publicly traded REIT, has purchased three auto salvage properties in Medley, part of the Miami MSA, for $17.3 million. The properties, totaling approximately 30 acres, are fully leased through July 2022 to a subsidiary of a large publicly traded global provider of replacement auto and truck parts.
MIAMI — Marcus & Millichap has arranged the $13 million sale of the 21/22 Center, an eight-story, 74,461-square-foot office and retail property in Miami. The asset is located on the corner of Southwest 21st Avenue and Coral Way at 2103 Coral Way. The property includes 18,356 square feet of ground-floor retail space and 56,105 square feet of office space. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented both the buyer and the seller in the transaction. The property has received approximately $2 million in capital improvements in the last two years.
GADSDEN, ALA. — Jason Stinson of Commercial Realty Services of Alabama LLC has brokered the purchase of two retail buildings once occupied by Food World in Gadsden for an undisclosed price. The two assets are approximately 45,000 square feet each and are located in Eastside Plaza Shopping Center and Canterberry Station Shopping Center. Anniston, Ala.-based GB & MH Properties LLC purchased the Eastside Plaza asset, and Birmingham-based Beltline Canterberry LLC purchased the Canterberry Station asset. Beltline Canterberry is the majority owner of the remainder of Canterberry Station Shopping Center.