WASHINGTON, D.C. — Cassidy Turley has arranged $65.5 million in acquisition financing for 1401 New York Avenue, a 210,260-square-foot office building located in Washington, D.C. The building is located a block away from the White House. The property was 40 percent occupied at the time of sale. John Campanella and Paul Spellman of Cassidy Turley arranged the loan on behalf of the borrower, a joint venture between Minshall Stewart Properties and an affiliate of Heitman LLC.
Southeast
FORT MYERS, FLA. — Tampa, Fla.-based Blue Rock Partners LLC, in a partnership with Konover South LLC, purchased a 512-unit multifamily portfolio in Fort Myers from IMT for approximately $28.2 million. The portfolio includes two communities: Reflections located at 3891 Solomon Blvd. and The Place at Summerlin located at 4757 Barkley Circle. The properties will be rebranded as The Park at Veneto and The Park at Murano, respectively. Blue Rock and Konover South plan to invest $4.3 million to renovate the two properties. Hampton Beebe of ARA brokered the transaction, and Ares provided acquisition financing. The communities were 95 percent occupied at the time of the sale.
BIRMINGHAM, ALA. — Hendricks-Berkadia Real Estate Advisors has arranged the sales of three apartment communities in Alabama totaling $14.6 million. The communities include the 180-unit Chadwick Place in Huntsville, the 160-unit Alpine Village in Hoover and the 27-unit Medford Manor in Fairfield. Dexter, Mo.-based Southeast Holdings purchased Chadwick Place from The Hallmark Cos. of Atlanta for $7.5 million. David Oakley, Hal Warren, Cole Whitaker and Jason Stanton of Hendricks-Berkadia represented The Hallmark Cos. of Atlanta in the transaction. Oakley also represented the seller, Birmingham-based Ruffner Mountain Management in the sale of Alpine Village. Hackensack, N.J.-based Cofinance Inc. purchased the community for $6.5 million while also assuming the existing Fannie Mae loan. David Etchison and Josh Jacobs of Hendricks-Berkadia represented a California-based seller in the sale of Medford Manor. In 2013 alone, the Alabama office of Hendricks-Berkadia brokered the sale of 39 communities spanning more than 9,050 units for approximately $510 million.
TAMPA AND OCALA, FLA. — NorthMarq Capital's Tampa office has arranged two loans totaling $14.8 million for Sunstate Pioneer Industrial Parks in Tampa and Triple Crown Plaza in Ocala. Sunstate Pioneer is a 332,143-square-foot industrial park located at 4891-4907 W. Waters Ave., 8404-8434 Sunstate St. and 5402-5444 Pioneer Park Blvd. in Tampa. Worldwide Parts and Associates is the major tenant at the property. Robert Hernandez of NorthMarq arranged the three-year loan totaling $11.3 million through a life insurance company on behalf of the borrower, WM Industrial Portfolio LLC. Triple Crown Plaza is a 27,975-square-foot retail property located at 11100 S.W. 93rd Court Road in Ocala. The retail property's major tenants include IHOP and Beef O'Brady's. Hernandez arranged the $3.5 million loan with a 10-year term and a 30-year amortization schedule through a CMBS lender on behalf of the borrower, Morni Ocala LLC.
BALTIMORE — Finmarc Management, a Bethesda, Md.-based commercial real estate services firm, has sold a 272,000-square-foot retail development in Baltimore for $35 million. The property features a 142,000-square-foot Walmart and a 130,000-square-foot Sam's Club, which closed in 2008. Finmarc sold the waterfront property, located on a 58.7-acre site, to 2701 Port Covington Drive LLC.
WASHINGTON, D.C. — Resmark Land and Housing, a division of The Resmark Cos., and Madison Homes have teamed up to develop 69 luxury condominiums at 1745 and 1755 N St. N.W. in Washington, D.C.'s Dupont Circle neighborhood. The affluent neighborhood is located less than one mile from the White House and many international embassies. The District of Columbia Historic Preservation Review Board recently approved the plans for the project. The developers plan to convert some of the existing four- and five-story historic row homes to 31 condominium units. The developers also plan to building a seven-story building at 1755 N St. with 38 condominium units. The project team includes architect PGN Architects, based in Washington, D.C. Resmark and Madison Homes plan to begin construction in the summer and deliver the units in late 2015.
NEWPORT NEWS, VA. — The Greysteel Co. has arranged the sale of Newport Crossing Shopping Center, a 194,000-square-foot, grocery-anchored center located in Newport News. The shopping center, located at 419 and 439-467 Oriana Road, sold for approximately $12.9 million. The center is 80 percent leased to tenants such as Food Lion, Dollar Tree, Citi Trends, USA Discounters, First Virginia Financial Services and Riverside Health System. Gil Neuman of Greysteel represented the seller, Harbour Group International LLC, and procured the buyer, Coastal Equities Real Estate.
KENNER, LA. — Kingfish Development II LLC has acquired a 133,312-square-foot office building, located at 2400 Veterans Blvd. in Kenner, a western suburb of New Orleans. The five-story property is currently 80 percent leased. Kingfish plans to renovate all the common areas of the property and tenant suites this year. Joe Gorman of Max J. Derbes Inc. will manage the property.
WASHINGTON, D.C. — L’Enfant DC Hotel LLC has purchased L’Enfant Plaza Hotel, a landmark, 372-room hotel in downtown Washington, D.C., for an undisclosed amount. The hotel is located near The National Mall, The Washington Monument and The Smithsonian. L’Enfant Plaza Hotel features 21,000 square feet of conference and banquet space, a 700-seat ballroom, two restaurants, two bars, a coffee kiosk, retail spaces, health club, business center and a rooftop pool. The buyer plans to renovate the hotel and bring it to Four Diamond status. The hotel is slated to re-open in 2015.
ALPHARETTA, GA. — Velocis, a private equity real estate fund, has purchased Royal Center I, a 152,057-square-foot, Class A office building located in the Royal 400 master-planned office park in Alpharetta, a northern suburb of Atlanta. The office building is the first purchase for Velocis in the Atlanta market. Jones Lang LaSalle will provide property management and leasing services for the asset.