BILOXI, MISS. — CBRE has arranged $23.2 million in refinancing for Arbor Place Apartments, a 328-unit, Class A multifamily community located at 1955 Popps Ferry Road in Biloxi. The property features an average unit size of 1,310 square feet in one-, two- and three-bedroom floorplans. Arbor Place’s amenity package includes a swimming pool, walking trails, business center, fitness center, playground, picnic pavilions, outdoor fireplaces, dog park and a clubhouse/leasing office. Glenn Housman of CBRE arranged the 10-year loan through Fannie Mae’s Structured Adjustable Rate Mortgage (SARM) program on behalf of the borrower, Arbor Properties Inc.
Southeast
NEW YORK — Formation Capital and Safanad Limited have acquired a portfolio of 14 skilled nursing facilities in the mid-Atlantic region for approximately $150 million. The 1,658-bed portfolio includes 11 facilities in Virginia, two in Maryland and one in Pennsylvania. Consulate Health Care, the sixth-largest skilled nursing care provider in the United States, operates the 14 properties.
WASHINGTON, D.C. — Carr Properties has sold Georgetown Plaza, a five-story, 150,097-square-foot office building located at 2233 Wisconsin Ave. N.W. in Washington, D.C. An affiliate of JOSS Realty Partners purchased the asset for roughly $26.9 million. Eric Berkman and Steve Gichner of Cushman & Wakefield represented Carr Properties in the transaction. Carr Properties also purchased an 11-story, Class A office building located at 2001 Pennsylvania Ave. N.W. in Washington’s central business district. Carr Properties acquired the fully leased property, also known as the James Monroe Building, for $107.8 million. The acquisition was financed with a $65 million, 10-year loan from MetLife, as well as cash on hand.
RESTON, VA. — HFF has arranged $95 million in financing for the development of BLVD at Reston Station, a 21-story, 448-unit apartment building in Reston. The property will sit atop the entrance of the Wiehle-Reston East Metro Station. The upscale apartment community is the initial phase of the Reston Station mixed-use development that will include 550,000 square feet of office space, a 200-room hotel and an additional multifamily project. BLVD at Reston Station will feature one- to three-bedroom floor plans averaging 868 square feet. The property will also feature a resort-style rooftop swimming pool, fitness center, yoga room and private entertainment area with a glass fireplace, wet bar, media screen and billiard room. Walter Coker and Brian Crivella of HFF arranged the four-year construction loan through Citizens Bank on behalf of the borrower, Comstock Partners.
MIAMI — Miami-based Fifteen Group has acquired an 85,000-square-foot distribution and logistics facility located at 200 S. Miami Ave. in Miami for $19 million. The six-story property is fully leased to FedEx Corp. The property is situated in downtown Miami adjacent to the Third Street Metromover Station. The property was constructed in 1999 as a central distribution hub for FedEx.
COVINGTON, LA. — Movie Tavern, an in-theater dining concept, plans to open its first Louisiana in Covington on July 31. The new theater, located at 201 N. Highway 190, will feature eight screens with one auditorium featuring MT-X (Movie Tavern Xtreme), an enhanced theater that has a three-story screen, 3D projector and Dolby Atmos sound. With the new location, Movie Tavern has 18 properties in eight states.
Comprising approximately 155 million square feet of industrial space, the Baltimore industrial market continues to recover, albeit gradually, from the recession. Key drivers for the Baltimore metropolitan area include the Port of Baltimore, proximity to Washington, D.C., and direct accessibility to Interstate 95 and the major population centers along the Eastern seaboard. As of the end of the first quarter, the vacancy rate for the Baltimore industrial market was 9 percent, which is down from 13.3 percent at the depth of the recession. Vacant inventory has been gradually absorbed since the recession and market fundamentals continue to improve. Industrial product continues to be a favored asset class, and Baltimore is deemed to be a “core” market among private and public institutional investors. Rental Rates Warehouse rental rates throughout the Baltimore metropolitan market have increased from 2010 to 2014 as the local and national economy continues its slow recovery. Overall asking rates on a triple-net basis have increased approximately $1 per square foot since 2010 as the average asking rate for bulk industrial product was at $5.22 per square foot as of the first quarter of this year. As the vacancy rate has dropped in recent years, landlords have held firmer …
ARLINGTON, VA. — Skanska USA Commercial Development has sold a five-story, 139,394-square-foot office building located at 1776 Wilson Blvd. in Arlington to an institutional client of Invesco Real Estate for $90 million. The Class A, LEED Platinum-certified property features office space, retail space, a fitness center and a green roof terrace accessible to office tenants. The property is 90 percent leased to tenants such as Skanska, LMO Advertising, National Association of Drug Stores, U.S. Civil Research & Development Foundation, Black & Veatch Corp., Pier 1 Imports and 100 Montaditos. Skanska delivered the project in November 2012.
ST. AUGUSTINE, FLA. — A joint venture between Montgomery Land Co. and Zerga Development has selected general contractor Adolfson & Peterson to build an assisted living and memory care facility in St. Augustine. The 120-unit, multi-story property will be located near the intersection of Lightsey Road and State Road 207. Adolfson & Peterson expects to deliver the facility in the third quarter of 2015.
MEMPHIS, TENN. — PCCP LLC has provided a $25.1 million senior loan for the recapitalization of Memphis Oaks 3, a 1 million-square-foot distribution center located at 3860 E. Holmes Road in Memphis. The property is part of the Memphis Oaks Distribution Center, a 3.8 million-square-foot industrial park. The property is 81.7 percent leased to tenants such as Sharp Electronics, Franklin Sports and GECAS Asset Management, a division of GE. PCCP provided the loan to PDC Memphis Oaks 3 Holdings LLC, which is managed and sponsored by affiliates of Panattoni Development Co., the developer of the Memphis Oaks park. Panattoni will use the loan to recapitalize the existing financing and focus on the lease-up of the property. Cushman & Wakefield advised Panattoni on the financing and is the developer’s leasing agent for Memphis Oaks 3.