TALLAHASSEE, FLA. — NorthMarq Capital has arranged $19.5 million in acquisition financing for Catalyst Student Apartments, a 130-unit student housing community located at 631 W. Madison St. in Tallahassee. The Class A community is fully leased for the 2013-2014 school year. The property is within walking distance to Florida State University’s campus. Sue Blumberg of NorthMarq Capital’s Chicago office arranged the seven-year loan with a 30-year amortization schedule through a life insurance company.
Southeast
SALT LAKE CITY — Extra Space Storage Inc. has entered into a definitive agreement to acquire a portfolio of 17 self storage properties in Virginia for an aggregate purchase price of $200 million. The portfolio spans 1.5 million square feet and about 14,000 units. As of Sept. 30, approximately 90 percent of the units were occupied. Extra Space Storage, based in Salt Lake City, is a self-managed REIT that owns and/or operates 1,007 self storage properties in 35 states, Washington, D.C., and Puerto Rico.
BOCA RATON, FLA. — Avison Young has arranged the sale of a 160,000-square-foot office building, located at 8051 Congress Ave. in Boca Raton. The transaction is the largest office building sale in Palm Beach County this year. Keith O'Donnell, Greg Martin and Jonathan Senn of Avison Young's South Florida office represented the seller in the transaction. The buyer, SBA Communications Corp., plans to use the four-story property as its corporate headquarters. Gregory Katz of Studley represented the buyer.
RALEIGH, N.C. — Bell Partners Inc. has purchased the Woodlands at Wakefield Plantation, a 360-unit, garden-style apartment community located in northeast Raleigh. Bell Partners will manage the community and rebrand it as Bell Wakefield. The community features a clubhouse, fitness center, resort-style pool, WiFi access, poolside gazebo with a grill and a cyber cafe. So far in 2013, Bell Partners has invested $275 million in apartment communities, including the purchase of Bell Wakefield.
ATLANTA — Colliers International has closed two industrial leases in metro Atlanta totaling 425,627 square feet. MacPherson's, an art supplies distributor, leased 196,215 square feet of space at Shawnee Ridge Industrial Park in Suwannee. The company will consolidate its existing Atlanta space and its space in metro Chicago at the new location. Brent Weitnauer and Chip Watson of Avison Young represented the tenant in the lease deal. McLane Co. Inc., a grocery and food service supply chain solutions firm, renewed its 229,412-square-foot lease at 3500 Corporate Parkway in Forest Park. Bob Luttrell of Jackson & Cooksey represented the tenant in the lease deal. Darren Ross and Lee Cardwell of Colliers International's Atlanta office represented the landlord, James Campbell Co., a real estate investment firm based in Hawaii, in both lease transactions.
MABELVALE, ARK. — Dougherty Mortgage LLC has closed a $1.4 million loan to refinance Phase II of The Orchards at Mabelvale, a 51-unit affordable housing community located in Mabelvale. Dougherty's Minneapolis office arranged the 17-year loan.
NEW ORLEANS AND BATON ROUGE, LA. — Atlanta-based real estate firm Songy HighRoads LLC has purchased seven office buildings in New Orleans and Baton Rouge for $52.7 million. The properties total nearly 520,000 square feet. The Baton Rouge properties include 2431 S. Acadian Thruway; Citiplace One & Two; Sherwood Oaks Office Park; Corporate Atrium; and Corporate Two. The last property is Latter Center West, located at 2800 Veterans Blvd. in Metairie, a northwest suburb of New Orleans. Jones Lang LaSalle's Houston office brokered the transaction.
NORTH MIAMI, FLA. — NorthMarq Capital has arranged $42 million in refinancing for Causeway Square, a three-building mixed-use development located at 1801 N.E. 123rd St. in North Miami, a suburb of Miami. The main building in the development is anchored by LA Fitness and features 86,873 square feet of office space and 73,124 square feet of retail space. The two outparcel properties are occupied by Total Bank and The Vitamin Shoppe. Robert Hernandez of NorthMarq Capital's Tampa, Fla., office arranged the two-year, interest-only loan through a national bridge lender.
DURHAM, N.C. — Skanska USA has been awarded a $33 million contract for the construction of a new 125,700-square-foot facility at the Duke Eye Center in Durham. Construction is underway on the property, located in the parking lot adjacent to the existing Wadsworth Building. Skanska USA expects to wrap up construction in the fall of 2015. The new property will expand Duke Eye Center's existing footprint with more space to receive and treat patients.
TALLAHASSEE, FLA. — Hunter Hotel Advisors and Harp Holdings have sold the 117-room Hotel Duval in Tallahassee to Schulte Hospitality Group for $23 million. Hunter and Harp purchased the hotel in 2007 and spent approximately $15 million restoring the hotel before reopening it in October 2009 as the Hotel Duval. The boutique hotel, built in 1951, recently jointed Marriott's Autograph Collection. The sellers were represented internally by Teague Hunter and Trey Scott of Hunter Hotel Advisors.