RALEIGH, N.C. — Avison Young’s Raleigh-Durham capital markets group has arranged $22 million in refinancing for the 130,000-square-foot Genworth Building, an office building located at 8325 Six Forks Road in Raleigh. Hal Worth IV of Avison Young arranged the seven-year, non-recourse loan with a 25-year amortization schedule through a life insurance company on behalf of the borrower, Dominion Realty Partners.
Southeast
BOCA RATON, FLA. — Johnson Capital has arranged an $11.3 million loan secured by The Boardwalk at 18th Street, formerly known as the Wharfside Village Shopping Center, in Boca Raton. The mixed-use center includes more than 107,000 square feet of medical, retail, office and restaurant space, in addition to 13 freestanding kiosks. Tenants include Wells Fargo, Berlitz Language Center, Carrabba’s Italian Grill, Women’s Healthcare Associates, Ress Plastic Surgery and Boca Pointe Association. Eric Fixler of Johnson Capital’s Boca Raton office arranged the five-year, interest-only loan through a national lender.
ATLANTA — Jones Lang LaSalle has arranged a 49,293-square-foot lease with Axiall Corp., a chemical and buildings product firm, at Northpark Town Center in Atlanta’s Central Perimeter submarket. Axiall will establish its corporate headquarters in the 586,256-square-foot 400 Northpark building and will move in December. The relocation and expansion is expected to create between 50 and 100 jobs. Eric Vayle and Keene Reese of Jones Lang LaSalle represented the tenant in the lease deal. Richard Nash of CBRE represented the landlord.
ARLINGTON, VA. — Brandywine Realty Trust and APA IV, an affiliate of The Shooshan Co., have formed a joint venture to build a 426,900-square-foot office building in Arlington’s Ballston submarket. The 20-story property, known as 4040 Wilson Boulevard, is the final phase of Liberty Center, an eight-building, mixed-use development two blocks from the Balltston Metro Station. The office building will feature 10,000 square feet of retail, 544 below-grade parking spaces and a rooftop terrace with panoramic views of Washington, D.C. The property is designed to achieve LEED-Gold certification. Brandywine and APA will each own a 50 percent interest in the office building. The Shooshan Co. will oversee development, leasing, property management and construction management for the project. Brandywine will assist Shooshan in project development, marketing and leasing services. Brandywine will also contribute up to $36 million in the project. APA IV contributed the development’s initial equity over an eight-year period.
HOMEWOOD, ALA. — Marcus & Millichap has brokered the sale of The Hill Apartments, a 122-unit apartment community located at 1840 Oxmoor Road in Homewood, a suburb of Birmingham. The community sold for approximately $22.9 million, or about $187,500 per unit. The Hill Apartments are located near the new City Hall. Patrick Jordan and Eddie Greenhalgh of Marcus & Millichap represented the seller, a local property owner, in the transaction. Jordan also represented the New Jersey-based buyer. The Hill Apartments were built in 2012 and feature a gated entry, saltwater swimming pool, gazebo, outdoor kitchen, 24-hour fitness center, and a coffee shop/business center.
BIRMINGHAM, ALA. — Multi Housing Advisors (MHA) has arranged the sales of two Birmingham apartment complexes for a total of $21.1 million. The communities include the 256-unit High Pointe and the 250-unit Brookstone. Jimmy Adams of MHA represented the seller, Ruffner Mountain, in both transactions. A limited liability company based in Michigan purchased the two communities.
JACKSONVILLE, FLA. — Namdar Realty Group has purchased the Jacksonville Regional Shopping Center, a 220,000-square-foot retail property located at 3000 Dunn Ave. in Jacksonville. The shopping center is 85 percent leased to tenants such as Winn Dixie, JC Penney, Payless Shoe Source, Cato, Hibbett Sporting Goods and GNC. CBRE represented the seller, DDR Corp., in the transaction. Namdar Realty Group was self-represented by Joel Gorjian.
KEY LARGO, FLA. — Meridian Capital Group LLC has arranged $10.1 million in acquisition financing for the Ocean Reef office property, located at 31 Ocean Reef Drive in Key Largo. Tenants at the office property include Bank of America, Northern Trust, The UPS Store and the local government. Noam Kaminetzky of Meridian Capital Group’s Boca Raton, Fla., office arranged the seven-year loan through a local portfolio lender on behalf of the borrower, a foreign sponsor. The loan includes a fixed interest rate of 3.95 percent and a 25-year amortization schedule.
CONCORD, N.C. — The Silverman Group, a New Jersey-based real estate investor and developer, is constructing a 400,000-square-foot speculative industrial building within Concord Airport Business Park in Concord. The cross-dock building will be located on 56 acres and feature 36-foot ceiling heights, 40 docks, 100 trailer parking spaces, an ESFR sprinkler system, T5 lighting and office space. Construction is slated to begin in the first quarter of 2014 with completion slated for late summer. The site will also feature a pad-ready, 125,000-square-foot industrial building adjacent to the main building. Christopher Skibinski of Avison Young’s Charlotte office has been retained as the leasing agent for the project.
LARGO, FLA. — Pollack Shores Real Estate Group has broken ground on Gateway North, a new luxury apartment community at 2681 Roosevelt Blvd. in Largo. The 342-unit community is within walking distance to retail, dining and transportation. The community will feature a lake, walking trail, resort-style clubhouse, pool, cabanas, fitness center, business center and an outdoor grilling/entertainment area. Occupancy will begin in spring 2014 with final completion slated for fall 2014. Matrix Residential will lease and manage the community.