RALEIGH, N.C. — William Peace University, a private university in Raleigh, has purchased Seaboard Station, a 92,000-square-foot retail property in downtown Raleigh. The university bought the asset for approximately $20.8 million. Seaboard Station’s tenant roster includes 18 Seaboard, Galatea Boutique, J. Betski’s, Logan Trading Co., Marigold Parlour, 02 Fitness Club, Peace China, Phydeaux, Seaboard Ace Hardware, Seaboard Café, Seaboard Wine Warehouse, Studio 123 and Tyler’s Taproom. TradeMark Properties represented the school in the transaction.
Southeast
TAMPA, FLA. — CBRE has arranged the sale of a Sweetbay Supermarket-anchored shopping center at 2525 N. Dale Mabry Highway in Tampa. Forge Real Estate Partners III LP, a private equity fund jointly managed by Forge Capital Partners and The Sembler Co., purchased the 56,097-square-foot asset for approximately $11.6 million. The shopping center is fully occupied to tenants including Sweetbay, Moe’s Southwest Grill, Scottrade, GameStop and Jimmy John’s. Casey Rosen and Dennis Carson of CBRE represented the seller, Optimus One LLC, in the transaction.
BOWIE, MD. — Phillips Edison-ARC Shopping Center REIT Inc. has purchased Collington Plaza, a 122,000-square-foot, grocery-anchored shopping center located in Bowie. Giant Foods anchors the shopping center, whose other tenants include Advance Auto Parts, NASA Federal Credit Union, America’s Best Eyewear, 7-Eleven, GNC, Hair Cuttery and Sally Beauty. Michael Gorsage of HR Retail brokered the sale between Phillips Edison-ARC and the seller, Next Collington Plaza LLC, an affiliate of Next Realty.
MIAMI — Cohen Financial, a commercial real estate capital services firm, has originated a $27.7 million construction loan for the BrickellHouse Condominiums, a 374-unit high-rise property in Miami. The asset, located at 1390 Brickell Ave. in Miami’s Brickell submarket, will span 46 stories. Daniel Sheehan and Eric McGlynn of Cohen Financial’s Miami office originated the construction loan with an institutional real estate debt fund.
ATLANTA — Cohen & Associates, a Los Angeles-based real estate investment firm, has borrowed $10 million to refinance the Renaissance Walk Apartments in downtown Atlanta. The 140-unit property is located at 171 Auburn Ave. N.E. in Atlanta’s historic Auburn Avenue district. The five-story property, which spans an entire city block, features 30,500 square feet of street-level retail. Shlomi Ronen of Dekel Capital and David Wallenstein of Churchill Capital arranged the loan through Prudential Mortgage on behalf of the borrower.
BLACKSBURG, VA. — HFF has brokered the $76.2 million sale of Terrace View Apartments, a 756-unit, 1,720-bed student housing community in Blacksburg. The community is located at 413 Hunt Club Road within walking distance to the Virginia Tech campus. The community, which is fully occupied, was renovated this year. The property includes a clubhouse, fitness center, swimming pool, resort-style hot tub with waterfall, tanning bed, game room, TV lounge, disc golf course, community garden, beach volleyball court, dog park, basketball and volleyball courts and 12 picnic areas. Brian Kelly, Troy Manson and Mike Higgins of HFF represented the seller, a joint venture between Iconic Development and Wheelock Street Capital. The buyer, MCS Capital Partners, assumed an existing Fannie Mae loan in the acquisition.
SPARTANBURG, S.C. — SunCap Property Group has selected Meridian Design Build’s national projects group to construct a 254,353-square-foot sorting and distribution center in Spartanburg. The new facility will include 98 loading docks, 166 interior van loading positions, 195 exterior trailer stalls and 10,953 square feet of office space. The project will also feature a vehicle maintenance facility, remote fueling island and a gateway security building. The design team includes architect McMillan Pazdan Smith Architecure and civil engineer Blackwood Associates Inc.
SAVANNAH, GA. — Chatham Lodging Trust, a hotel REIT, has purchased the 160-room SpringHill Suites by Marriott Savannah Downtown/Historic District for $39.8 million. The hotel is the newest hotel in Savannah’s waterfront district. The hotel’s amenity package includes a heated outdoor pool, fitness center, 2,645 square feet of meeting space and valet parking. The hotel is managed by Island Hospitality Management, which is 90 percent owned by Jeffrey Fisher, CEO of Chatham Lodging Trust.
ORLANDO, FLA. — CBRE has arranged the $31.5 million sale of Falcon Pines, a 300-unit apartment community located in Orlando. The gated apartment community is located at 10200 Falcon Pines Blvd. in the East Orlando submarket. The community was 92 percent occupied at the time of sale. The property features a resort-style swimming pool, fitness center, business center, dog park, playground and barbecue areas. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, an unnamed institutional group, in the transaction. The buyer, Atlanta-based Carroll Organization, will renovate the property to boost the property’s rental rates, according to CBRE.
CORNELIUS, N.C. — Antiquity, a master-planned community located 20 miles north of Charlotte in downtown Cornelius, will develop a new 53,000-square-foot Harris Teeter grocery store with a drive-thru pharmacy. Cam Finley of Venture Properties, developer of Antiquity, expects to break ground on Harris Teeter in April 2014 and deliver it in the first quarter of 2015. Will Whitely and Paula Sanders of New South Properties are the exclusive leasing agent for Antiquity.