MINT HILL, N.C. — HFF has arranged $11.5 million in financing for a 57,580-square-foot medical office building at 10545 Blair Road in Mint Hill, about 14 miles east of downtown Charlotte. The property is fully leased to Carolinas HealthCare System. HFF arranged the four-year, floating-rate loan through a national bank on behalf of the borrower, Chicago-based Harrison Street Real Estate Capital LLC.
Southeast
COLUMBIA, S.C. — NAI Avant has arranged the foreclosure sale of the former Colonial Warehouse, a 265,000-square-foot warehouse at 1115 Shop Road in Columbia. An unnamed family based in Charleston, S.C., purchased the warehouse from the Richland County SC Master in Equity. Dail Longaker Jr. of NAI Avant brokered the transaction and will oversee the leasing/disposition of the asset.
SPRINGFIELD, VA. — PREIT has entered into an agreement with Vornado Realty Trust to acquire Springfield Town Center in Springfield for $465 million. 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 and remain operational while the rest of the mall undergoes renovation. 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 transaction is expected to be funded using $125 million in PREIT common and preferred operating partnership units, with the balance expected to be paid in cash. Vornado will continue the ongoing renovation of the retail center’s non-anchor space. PREIT and Vornado will jointly lease the space as a result of the transaction. PREIT has the capacity to develop 3 million square feet of additional retail, residential, office and/or hotel space, in compliance with existing zoning.
CHICAGO — Aviv REIT Inc. has acquired nine post-acute and long-term care skilled nursing facilities in Kentucky and Iowa in two separate transactions for approximately $49 million. Seven of the properties are located in Kentucky and are triple-net leased to new Aviv operator Providence Group, an operator of skilled nursing facilities in Kentucky and California. The other two facilities are located in Iowa and are triple-net leased to existing Aviv operator Trillium Healthcare. The acquisitions include annual escalators and initial lease terms of 10 years. Chicago-based Aviv REIT has approximately $104 million in acquisitions year-to-date.
LITTLE ROCK, ARK. — Disney Investment Group, a boutique brokerage firm based in Dallas, has closed on the sale of Park Avenue shopping center, a 69,000-square-foot property in Little Rock. Inland Real Estate Income Trust purchased the property for approximately $28.1 million from SPC Park Avenue LP and SPC Condo LP, affiliates of Dallas-based Strode Property Co., Park Avenue’s developer. David Disney of Disney Investment Group represented the sellers in the transaction and procured the buyer. Park Avenue’s tenant roster includes Staples, Cheddar’s, Jared Jewelers, Panera Bread, Mattress Firm, Sport Clips, Verizon Wireless, Carter’s, Radio Shack and AT&T.
CITRUS PARK, FLA. — ECHO Realty LP has acquired Westgate Plaza, a 100,000-square-foot shopping center in Citrus Park, approximately 16 miles northwest of Tampa, Fla. Publix anchors the shopping center with a 55,000-square-foot store. The property also features two outparcels leased to SunTrust Bank and Fifth Third Bank. ECHO Realty purchased the shopping center from a joint venture between Kimco and GE Capital, owners of the center since 2007. ECHO has appointed Orlando, Fla.-based Crossman & Co. to manage and lease the property.
WASHINGTON, D.C. — First Market Properties (FMP) has closed on a loan portfolio of five apartment properties in the metro Washington, D.C., area. The REO transaction includes Class B communities totaling 1,188 units. The communities include the 410-unit Forest Village in Suitland, Md.; the 349-unit Shadyside Gardens in Suitland; the 131-unit Marlow Tower in Temple Hills, Md.; the 126-unit Marlow Garden in Temple Hills; and the 172-unit Marlow Heights in Temple Hills.
FORT MYERS, FLA. — Skanska has signed a contract with Lee Memorial Hospital System’s Golisano Children’s Hospital in Fort Myers to construct a new patient tower and renovate the existing main facility. Skanska is building the project in a joint venture with Gates Construction. The total contract value is $144 million, with Skanska’s share equating to approximately $108 million. The eight-story patient tower will include a pediatric emergency department and the new patient pavilion will hold about 160 beds. The renovation and construction are set to begin in the spring and wrap up in April 2017.
MOUNT PLEASANT, S.C. — Grandbridge Real Estate Capital has arranged $33.3 million in first mortgage financing for the acquisition of The Boulevard Apartments in Mount Pleasant. The 325-unit apartment community features 10,000 square feet of retail space that will include a restaurant and spa. The property also includes a pool and fitness center. Mike Ortlip of Grandbridge originated the loan through a life insurance company. Josh Davis of Grandbridge also assisted in the transaction.
CHARLESTON, S.C. — CBRE’s national student housing team has arranged the $18.5 million sale of 400 Meeting Street, a 41-unit student housing community in Charleston. CMB Properties LLC purchased the community from Davis Property Group. The 160-bed property was fully leased at the time of sale. The property was built in 2013 and features fully furnished units with hardwood-style flooring, black appliances and washer/dryers. Ryan Lang, Ryan Reid, Jaclyn Fitts and Phil Brosseau of CBRE brokered the sale. Greystar Student Living manages the community, which is within walking distance of The College of Charleston.