LANDOVER, MD. — Capital Advisors has arranged $23.4 million in acquisition financing for The Library of Congress Annex, a 216,000-square-foot specialized industrial facility located at 1701 Brightseat Road in Landover, just outside Washington, D.C. The Library of Congress uses the facility to store rare books, valuable historical documents and archival records. Cooper Willis of Capital Advisors’ Charlotte, N.C., office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender. The loan features 24 months of interest-only payments.
Southeast
ATLANTA — Bell Partners Inc. has acquired Heights at Stillhouse, a 302-unit apartment community in northwest Atlanta. Worthing Cos. developed the apartment community, which will be renamed Bell Vinings, in 2013. The project is LEED Silver certified and features resort-style saltwater pools, courtyards with fire pits, outdoor grilling stations, business centers and resident lounges. The units range from one-, two- and three-bedroom apartments averaging 1,085 square feet. The property was 95 percent occupied at the time of sale.
WEST PALM BEACH, FLA. — Avison Young has arranged the sale of a 34,500-square-foot industrial property, located at 1711 Upland Road in West Palm Beach. Flagler Systems Management Inc. purchased the asset for $2.1 million. The property is located blocks away from Palm Beach International Airport. Michael Walters of Avison Young represented the seller, Claire Harrington, in the transaction.
ALPHARETTA, GA. — KBS REIT has signed Toyota Motor Sales U.S.A. Inc. to a 33,224-square-foot lease renewal at Great Oaks Center, part of a 157,902-square-foot office park in Alpharetta, a northern suburb of Atlanta. Jeff Keppen and Elliott Grand of CBRE represented KBS REIT in the transaction. Gary Waddell and Laura Stephens of Cushman & Wakefield represented Toyota Motor Sales. Lexus, a division of Toyota Motor Sales, will occupy the space.
JACKSON, CONYERS AND MCDONOUGH, GA. — Physicians Realty Trust, a healthcare REIT, has completed the $20.8 million sale-leaseback of four medical office buildings to an Atlanta-based family medical practice. The four facilities total 68,711 square feet and are fully leased. Two of the properties are located in McDonough and the other two are located in Jackson and Conyers. The four properties are subject to 15-year leases with Eagles Landing Family Practice, which has 34 physicians and more than 250 employees on staff in seven different offices.
ORLANDO, FLA. — Lee & Associates has arranged the sale of the Atrium Office Tower, located at 7680 Universal Blvd. in Orlando. The 106,611-square-foot office building sold for approximately $7.7 million. Robbie McEwan of Lee & Associates’ Central Florida office represented the buyer, Atrium Universal LLC, in the transaction. Douglas Mandel of Marcus & Millichap represented the seller, 7680 Universal Boulevard Holdings LLC.
JACKSONVILLE, FLA. — Value Place, an economy extended-stay hotel brand, has opened a newly constructed hotel at 10520 Balmoral Circle West in Jacksonville. The four-story, 124-room property is located nine miles north of downtown Jacksonville. Each room features a large flat-screen TV, high-speed wireless internet and a full kitchen. This is the third Value Place hotel in the Jacksonville area.
BOCA RATON, FLA. — Meridian Capital Group LLC has arranged $15.5 million in refinancing for the Shoppes at Blue Lake, a 50,000-square-foot shopping center in Boca Raton. Notable tenants of the shopping center include Wells Fargo, PNC Bank and Miller’s Ale House. Michael Brown, Noam Kaminetzky and Daniel Bockstoce of Meridian’s Boca Raton office arranged the seven-year loan with a fixed interest rate of 4.13 percent.
CONYERS, GA — Franklin Street Real Estate Services has brokered the sale of a 3,200-square-foot Aspen Dental at 1450 Highway 138 in Conyers, about 20 miles east of Atlanta. The freestanding asset sold for approximately $1.4 million. Mac McCall of Franklin Street represented the seller, a local developer, in the transaction. The buyer, a California-based entity, purchased the property through a 1031 tax-deferred exchange. The buyer was represented in-house. The sale included a 10-year double-net lease with 10 percent rent increases every five years, as well as shared area access with Wells Fargo Bank.
TEGA CAY, S.C. — Red Capital Partners LLC has provided a $26.2 million construction loan for The Wellmore of Tega Cay, a new Class A seniors housing facility in Tega Cay, a suburb of Charlotte, N.C. The 150,000-square-foot, 152-unit campus will offer assisted living, memory care and skilled nursing services. Upon completion, affiliates of Maxwell Group Inc. will operate the project. Red Capital provided the loan to an affiliate of CNL Healthcare Properties.