BELTSVILLE, MD. — Morgan Properties and its equity partner Core Real Estate Capital LLC have purchased Lighthouse at Twin Lakes, a 700-unit garden-style and mid-rise apartment community in Beltsville. The asset is located off Powder Mill Road near the Interstate 95 interchange. Built in 1969, the property’s amenity package includes a leasing office with a business center and café, a fitness center, swimming pool, playground areas and a dog park. Morgan Properties and Core plan to invest $8.2 million to renovate the property. This is the third acquisition between Morgan and Core.
Southeast
BOSSIER CITY, LA. — Kandu Capital LLC and its operating company Bloom Senior Living have purchased Glenview Gardens, a 119-unit independent living community in Bossier City, for $5.5 million. As part of the transaction, the asset will be renamed Bloom at Bossier and a portion of the community will be converted to offer assisted living and memory care services. Michael Morrison and Trent Siskron of Vintage Realty Co. represented both the buyer and the seller in the transaction.
BOSSIER CITY, LA. — Berkadia Commercial Mortgage LLC has arranged a $19 million loan to refinance an existing construction loan on Le Rivage Apartment Homes, a 240-unit apartment community located at 2020 Valley View Circle in Bossier City. The multifamily property is currently 97 percent occupied and features a pool with a hot tub, fitness center and a walking trail. Stuart Wernick, Jason Rice and Eli Gershenson of Berkadia’s Dallas office originated the 10-year Fannie Mae loan with a 30-year amortization schedule on behalf of the borrower, Le Rivage of Bossier LLC.
POMPANO BEACH, FLA. — Sterling Organization has executed a 10-year lease agreement with Chuck E. Cheese’s for 15,324 square feet at Pompano Citi Centre, a 908,000-square-foot retail center at 1955 N. Federal Highway in Pompano Beach. Other tenants include J.C. Penney, Ross Dress for Less, Big Lots and Office Depot. Originally built in 1970 as Pompano Fashion Square, the asset was redeveloped into an open-air shopping center in 2006. Chuck E. Cheese’s is expected to open its doors in the fourth quarter of this year. Jonathan Schuemann of Bluerock Real Estate brokered the lease transaction.
DURHAM, N.C. — CBRE has arranged the sale of Research Commons, a five-building office development totaling 422,483 square feet in Research Triangle Park. The asset is located at 79 T.W. Alexander Drive in Durham. Highwoods Realty LP sold the office park to an affiliate of Greenfield Partners LLC for $58.7 million. Ben Kilgore, Jay O’Meara and Will Yowell of CBRE represented Highwoods Realty LP in the transaction.
CLERMONT, FLA. — Forness Properties has arranged the $9.5 million sale of Golden Eagle Village, a 64,050-square-foot Publix-anchored shopping center located at 2430 U.S. Highway 27 in Clermont. Constructed in 2009, Publix occupies approximately 45,600 square feet at Golden Eagle Village, which was 85 percent leased at the time of the sale. Other tenants include Great Clips, AT&T, Bamboo Garden and a dry cleaner. Drew Forness of Forness Properties, along with Bob Barkett of Barkett Realty Group, represented the seller, Battaglia Group Management LLC, the developer of the shopping center. The buyers include Golden Eagle Ridge I and Equinox Development Properties.
LOUISVILLE, KY. — Nashville-based Elmington Capital Group has acquired Post Oak, a 126-unit apartment community located at 8000 Post Oak Place in Louisville, for $8 million. Elmington purchased the asset from Trade Street Residential. Don Murphy and Kurt Shoemaker of Cassidy Turley’s Cincinnati office represented Elmington in the transaction.
SAVANNAH, GA. — Hart Corp. has arranged the sale of a 142,500-square-foot industrial facility located at 730 King George Blvd. in Savannah. Howard Fertman and Bart Hardison of Hart Corp. represented the buyer, Kimball Midwest, in the transaction.
RICHMOND, VA. — Porter Realty Co. Inc./CORFAC International has secured the 161,445-square-foot lease of bulk industrial space in Building 300 of Hewlett Packard’s complex in the White Oak Distribution Center in Richmond. Clifford Porter of Porter Realty/CORFAC represented the tenant, New York-based Premier Fixtures LLC, a retail store fixture and display specialist, in the lease transaction.
ATLANTA — The Atlanta Braves organization has announced a trio of developers that it will team up for the 74-acre, $400 million mixed-use project that will be integrated with the team’s new stadium in Cobb County. The companies, including Fuqua Development, Pope & Land Enterprises and Pollack Shores Real Estate Group, will develop 630,000 square feet of Class A office space, 500,000 square feet of retail, 450 hotel rooms and 500 residences. Fuqua Development will handle the retail portion, Pope & Land will handle the office portion and Pollack Shores will handle the residential portion. The Atlanta Braves will partner with the Cobb-Marietta Coliseum and Exhibit Hall Authority for the project and retain a majority ownership stake, as well as continue to guide the development process. JLL will remain involved as a real estate and development consultant, and The Jerde Partnership will continue to guide the land planning aspect. The Atlanta Braves and the development team expect to open Phase I, or most of it, by spring 2017, coinciding with the stadium’s debut for Opening Day 2017.