ROCKVILLE, MD. — HFF has arranged the sale of two office buildings totaling 148,742 square feet in Rockville, located about 18 miles north of Washington, D.C. The buyer, NGP V Fund LLC, purchased the properties for $48.6 million in two separate transactions. Both properties are fully leased to the General Services Administration, which manages and supports federal agencies. Jim Meisel, Dek Potts, Andrew Weir and Stephen Conley of HFF represented the seller, The JBG Cos., in the transaction.
Southeast
WINDSOR MILL, MD. — Jones Lang LaSalle has brokered the sale of a three-property, 500-unit multifamily portfolio located in Windsor Mill, a western suburb of Baltimore. The portfolio includes Cedar Tower Properties, Cedar Garden Property and Valley Terrace. Morgan Properties purchased the portfolio from a nationally recognized REIT. Al Cissel, Scott Melnick, Christine Espenshade and Robert Garrish of Jones Lang LaSalle’s capital markets team represented the seller in the transaction.
ATLANTA — Atlantic | Pacific Cos. (A | P Cos.) has purchased the 277-unit Townview Station and the 214-unit Clifton Apartments in Atlanta. Townview Station is located on Deering Road in Atlanta’s Midtown submarket and features a clubhouse, swimming pool with sundeck and a 24-hour fitness center. Clifton Apartments is located near the intersection of Briarcliff and Clifton roads, less than one mile from Emory University and the Centers for Disease Control and Prevention. The community features a swimming pool, fitness center and fenced dog park. A | P Cos. plans to make capital improvements to both apartment communities.
SPARTANBURG, S.C. — Berkadia Commercial Mortgage LLC has arranged a $5.6 million acquisition loan for Dillon Pointe Assisted Living and Memory Care in Spartanburg. Lisa Lautner of Berkadia’s seniors housing and healthcare group arranged the loan through Freddie Mac on behalf of the borrower, Capital Senior Living Corp., a national seniors housing operator.
WAKE FOREST, N.C. AND MEMPHIS, TENN. — Trade Street Residential Inc., a multifamily owner and operator, has acquired two apartment communities totaling 618 units for a combined $81 million. Trade Street acquired The Estates at Wake Forest in Wake Forest for $37.2 million and Miller Creek at Germantown in Memphis for $43.8 million. The Estates at Wake Forest was delivered in September 2013 and Miller Creek at Germantown was delivered in March 2013. Trade Street financed the acquisition of the Wake Forest community with an $18.6 million loan fixed at 3.9 percent and the Memphis community with a $26.3 million fixed at 4.6 percent.
MYRTLE BEACH, S.C. — Landmark Builders has begun construction on the new Hilton Garden Vacations Club in Myrtle Beach. The 24-story, 308,000-square-foot resort is the tallest high-rise under construction along the Mid-Atlantic coastline, according to Landmark. The resort will feature 220 residential units, 200-foot sky-lit atrium, five-story parking garage, fitness center, two full-service bars and multiple pools with direct access to the Myrtle Beach coastline. Landmark expects to wrap up construction in May 2015. Myrtle Beach-based Strand Capital is developing the property, and Garvin Design Group and tag Architecture are the project’s architects.
MARIETTA —The Carroll Organization has purchased the 494-unit Bexley Apartments, located at 991 Wylie Road in Marietta, for $30.6 million. Property amenities include a fitness center, playground, two-acre sports field with jogging trail, as well as two swimming pools and two tennis courts. David Gutting and Derrick Bloom with Jones Lang LaSalle represented the seller, Arenda Capital, in the transaction. “Bexley benefits from long-term institutional ownership, and in recent years received $6 million in exterior and interior renovations,” says Gutting. “Additionally, the property's location adds to its value as it is in close proximity to four of the region's largest employers and is positioned in one of Georgia's most rapidly expanding corridors.”
NAVARRE, FLA. — Johnson Capital has arranged a $29.7 million construction loan for a planned 250-unit apartment complex in Navarre, a beachside town along the Gulf Coast in Florida’s panhandle. The apartment community will be called The Sounds at Navarre Beach Apartments and will be located at a 16-acre site at the southeast corner of U.S. Highway 98 and Joybrook Road. Scott Graber of Johnson Capital’s Denver office arranged the FHA loan with a 40-year amortization schedule on behalf of the borrower, Talos Holdings LLC, a multifamily developer.
MEDLEY, FLA. — Seaboard Marine has signed a 267,400-square-foot industrial lease renewal, which features a 64,000-square-foot expansion, at Prologis Palmetto Tradeport in Medley. Seaboard Marine’s lease term is for 10 years at 8001 N.W. 79th Ave. Seaboard Marine is PortMiami’s largest and most active cargo operator and freight transporter. Jonathan Kingsley of Jones Lang LaSalle represented Seaboard Marine in the lease transaction. Brian Smith of Cushman & Wakefield represented the landlord, Prologis.
GERMANTOWN, MD. — Cassidy Turley has arranged the $128.4 million sale of Milestone Business Park, a 635,272-square-foot office campus in Germantown. The campus features three office buildings, one flex property and sites for future development. Milestone Business Park was 85 percent leased at the time of the sale. Bill Collins, Paul Collins, Jud Ryan, Drew Flood and James Cassidy of Cassidy Turley represented the seller, Multi-Employer Property Trust, and its real estate advisor, Bentall Kennedy, in the transaction. Matan Fund IV, an affiliate of Matan Cos., purchased the 41.8-acre office park.