ECRU, MISS. — Marcus & Millichap has arranged the sale of the American Furniture Manufacturing facility in Ecru. The approximately 1 million-square-foot property, made up of five conjoined buildings, sold for roughly $10.8 million. AFM, a domestic manufacturer of upholstered furniture, has more than 12 years left on its lease. AFM has been operating out of the facility since its founding in 1998. Ben Tashakorian and Toby Boessen of Marcus & Millichap’s San Diego office represented the seller, as well as the California-based buyer, in the transaction. Anne Williams of Marcus & Millichap assisted in the transaction.
Southeast
KNOXVILLE, TENN. — Knoxville-based Wood Properties has arranged a 30,000-square-foot lease at an office building south of downtown Knoxville. Brad Blackwell and George Brown of Wood Properties represented the landlord, Airport Office Partners, in the lease deal. The tenant, K12 Management Inc., will open a family support campus at the office building, which will bring roughly 300 jobs to the area.
ALEXANDRIA, VA. — Walker & Dunlop Inc. has arranged $75 million in construction financing for the development of Park Meridian at Eisenhower Station in Alexandria. The 25-story, Class A apartment community will total more than 505 multifamily units. The amenity package includes concierge services, a swimming pool, state-of-the-art fitness facility and top-floor clubroom. Tyler Blue and Paul Wallace of Walker & Dunlop arranged the 12-year, fixed-rate loan through Quadrant Real Estate Advisors LLC on behalf of the buyer, Paradigm Development Co.
CHARLESTON, S.C. — The Flournoy Cos. has begun construction on 35 Folly, a 300-unit multifamily development located alongside the Ashley River in Charleston. The property will be located at the intersection of Folly and Albemarle roads. Flournoy Cos. has developed more than 2,000 units in 10 projects in South Carolina. The property will feature studio, one- and two-unit bedrooms averaging a little under 900 square feet. Ryan Foster and Blake Breimann of Flournoy are handling the project’s construction. Paterson Real Estate Advisory Group helped procure construction financing and is collaborating on the overall capital structure of the project.
TAMPA, FLA. — Hendricks-Berkadia has brokered the sale of the 164-unit Newport Riverside and the 128-unit Newport Pointe in Tampa. Combined, the assets sold for approximately $10.2 million. Newport Riverside was built in 1968 and is located at 4111 N. Poplar Ave. Newport Pointe was built in 1974 and is located at 4900 N. MacDill Ave. Jason Stanton, Cole Whitaker and Hal Warren of Hendricks-Berkadia represented the seller, Monument Real Estate Services LLC, in the transaction. The buyer, Wisco 7 LLC, plans to renovate the two apartment communities.
CARY, N.C. — ARA has arranged the sale of Courtney Reserve at Cary Park, a 240-unit multifamily community in Cary. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented the undisclosed seller. DPR Cary LLC, a private investor, purchased the property. The property was built in 2007 and offers pedestrian-friendly retail access to the adjacent Cary Park Town Center, a Harris Teeter-anchored retail center.
CORAL GABLES, FLA. — Sperry Van Ness South Commercial Real Estate Advisors brokered the sale of a three-story mixed-use office building in Coral Gables. The asset sold for approximately $2.5 million. Laura Kefalidis of Sperry Van Ness’ Miami office represented the buyer, 815 Ponce investments LLC, in the transaction. The 14,376-square-foot property features ground-floor retail space and covered parking. Miguel Alcivar of CBRE represented the seller, GML LLC.
MIAMI — ZOM, a luxury multifamily real estate developer, has purchased a parking lot site at 80 S.W. 8th St. in Miami’s Brickell neighborhood for approximately $16.8 million. ZOM plans to develop a 46-story, 420-unit luxury high-rise apartment tower at the site. The property will be located on the block between the $1.05 billion Brickell CityCentre project and Mary Brickell Village. Construction on the project will begin late in the fourth quarter of 2014.
MIAMI — CBRE has arranged a $47 million bridge loan to refinance Brickell City Tower, a Class A, 33-story office tower in Miami’s Brickell neighborhood. Charles Foschini, Christopher Apone and Christian Lee of CBRE arranged the loan through Ares of Chicago on behalf of the borrower, 80 SW 8th Street LLC, a joint venture between Banyan Street Capital, Independencia, Silverpeak Real Estate Partners and Crocker Partners. The purpose of the loan was to release value back to ownership following its recent sale of a portion of the site to ZOM, which plans to built a 46-story luxury high-rise apartment tower.
MORGANTOWN, W.VA. — NorthMarq Capital has arranged $26.3 million in acquisition financing for West Run Apartments, a student housing community in Morgantown. Lee Weaver of NorthMarq’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender.