LOUISVILLE, KY. — PRG Investments has arranged the sale of the 192-unit, Class C Colonial Oaks Apartments in Louisville for $4.3 million. The property is located at 101 Colonial Oaks Court in southern Louisville off Southside Drive. Reed Weinberg and Fred Sutterlin of PRG Investments represented the seller, New York City-based Intervest Bank, in the transaction. Multifamily owner and manager Goldin Management acquired the property from Intervest Bank.
RALEIGH, N.C. — KBS Realty Advisors, a commercial real estate investment advisor firm based in Newport Beach, Calif., has signed pharmaceutical company Salix to a lease extension and expansion at its Colonnade One office building in Raleigh. Colonnade One is a five-story, 126,928-square-foot office building and is now fully leased. Salix signed an extension to its existing 42,949-square-foot lease, as well as a 16,749-square-foot expansion. Both lease terms run through 2023. Ed Pulliam of CBRE represented Salix in the transaction.
JACKSONVILLE, FLA. — Hendricks-Berkadia Real Estate Advisors has arranged the $19.2 million sale of Addison Landing Apartments, a 289-unit multifamily community located at 9455 103rd St. in Jacksonville. The community's amenities include a controlled-access gate, swimming pool, fitness center, business center and 24-hour maintenance services. Cole Whitaker, Hal Warren and Jason Stanton of Hendricks-Berkadia represented the seller, Jacksonville Zone LLC, in the transaction. St. Petersburg, Fla.-based WRH Income Properties acquired the property from Jacksonville Zone.
RICHMOND AND CHESTER, VA. — Arbor Commercial Mortgage LLC has arranged two FHA-insured multifamily loans totaling more than $29 million. Hal Reinauer of Arbor's Boston office arranged a 40-year, $22 million construction loan for Shafer Grace, a planned apartment community in Richmond that will include 152 units. The loan features a 40-year amortization schedule. Planned amenities include a fitness center, roof deck, clubhouse, washer/dryer units, garage parking, storage and Internet, phone and cable included in the rent payments. Reinauer also arranged a 37-year, $7.3 million refinance loan for Chesterfield Gardens Apartments, a 105-unit community in Chester, located 17 miles south of Richmond. The loan features a 37-year amortization schedule. Amenities include a clubhouse, 24-hour fitness center, swimming pool, tennis court and playground.
ORLANDO, FLA. — Stirling Sotheby's International Realty has arranged a six-year, $1.5 million lease for 10,000 square feet of office space at The Plaza, an office building located at 121 S. Orange Ave. in downtown Orlando. The tenant, Team Gemini LLC, a sustainable project design and development firm, will occupy the penthouse space that features a rooftop garden terrace. John Kurtz of Stirling Sotheby's International Realty represented the tenant and the landlord, ACM DT Properties LLC, in the lease deal. The new office space will serve as the world headquarters of Team Gemini, which is expanding due partly to its $300 million planned project in Ohio.
GASTONIA, N.C. — Chyrch Realty has arranged a 3,000-square-foot lease for Class A flex space at 1821 Wren Road, located within the Gaston Business Park in Gastonia, about 22 miles west of Charlotte The five-year lease features a five-year extension option. Jennifer Church of Chyrch Realty represented the owner, COW-III LLC, in the lease transaction. Marty McLaughlin of Piedmont Properties represented the tenant, Invacare Outcomes Management LLC, a subsidiary of Invacare Corp. The Elyria, Ohio-based Invacare Corp. is a medical products manufacturer and distributor.
GREENVILLE, S.C. — The City of Greenville's Design and Review Board have approved Hughes Development Corp.'s plans to update and renovate the Bank of America Tower, located at 101 N. Main St. in Greenville. The multi-million dollar plan includes lobby renovations, upgraded elevators and 4,000 square feet of glass to serve as the building's new facade. The first floor will be designated retail space. The common areas will include outdoor patios and a basketball and bocce ball court. The office building will be surrounded by a new parking garage that will provide more than 1,300 parking spots. Hughes Development will be leasing the retail spaces on the first floor, and NAI Earle Furman will lease the office spaces on the second, third, fourth, ninth and 16th floors.
TOWSON, MD. — Chesapeake Realty Partners and Wood Partners have teamed up to develop The Winthrop, a 295-unit multifamily property located near Towson Town Center in Towson, a northern submarket of Baltimore. Lease-up of The Winthrop will begin starting May 2014. Additionally, Wood Partners and Taylor Property Group are developing a 175-unit community adjacent to The Winthrop. The four-story, separately operated communities will replace a 70-year-old apartment complex at the site. Both communities will include controlled-access parking garages, swimming pools, fitness centers and game rooms.
KNOXVILLE, TENN. AND JACKSON, MISS. — The New York office of Berkadia Commercial Mortgage LLC has originated two loans totaling $28.8 million for a student housing property in Knoxville and a multifamily property in Jackson. Yuri Kletsman of Berkadia secured the loans through Berkadia's Fannie Mae program. Kletsman arranged a 10-year, $15.3 million refinance loan for The Tower at Morgan Hill in Knoxville on behalf of the borrower, Vols Equities LLC. The 340-bed community is located at 2521 Kingston Pike and features a movie theater, fitness studio and computer and recreation rooms. The property was 93 percent occupied at the time of sale. Kletsman also arranged a seven-year, $13.5 million acquisition loan for The Park at Moss Creek, located at 5000 Ridgewood Road in Jackson on behalf of the borrower, KBS Moss Creek LLC. The property was 95 percent occupied at the time of sale.
HICKORY, N.C. — Q10 | New York Realty Advisors (Q10NY) has closed a $1.8 million first mortgage loan on a free-standing Rite Aid drug store in Hickory. Q10NY worked with Q10 | Professional Mortgage of North Carolina, which represented the lender, an insurance company. Jeanne Cronin of Q10NY arranged the 15-year, self-liquidating loan on behalf of the borrower, a Midwest-based real estate family with a portfolio of single-tenant properties. Rite Aid's lease expires during the loan term. The lease has four five-year renewal options. Q10NY is a member of Q10 Capital LLC, a commercial mortgage banking company.
