CHARLOTTE, N.C. — HFF has closed on the sale of The Apartments at Blakeney, a 295-unit multifamily community located in Charlotte. The property is the first apartment community to close in a seven-asset, Class A multifamily portfolio that HFF marketed on behalf of the owner, Northwood Raven and its affiliates. Associated Estates Realty Corp. purchased The Apartments at Blakeney and expects to close on the balance of the portfolio in stages through the fourth quarter of 2014. Jason Nettles, Matthew Lawton and Mark Gibson of HFF represented the seller in the transaction.
Southeast
BIRMINGHAM, ALA. — Johnson Capital has arranged $16.6 million in refinancing for Brook Highland Place Apartments, a 400-unit community located in southeast Birmingham. The garden-style complex is located on Meadow Drive, and approximately 75 percent of the units have been renovated in the past five years. Darren Fisk of Johnson Capital’s Denver office arranged the Freddie Mac loan through Prudential Affordable Mortgage Co. on behalf of the borrower, a West Coast-based apartment REIT, which owns 27 multifamily properties. The seven-year loan has a fixed interest rate of 3.5 percent with a 30-year amortization schedule.
ATHENS, GA. — Selig Enterprises Inc., an Atlanta-based real estate development firm, has reportedly abandoned its planned $90 million mixed-use development in downtown Athens, according to the Athens Banner-Herald. According to a statement from Selig, the company decided to not develop the property after market analysis and attempts to find funding for the project proved unfavorable. The development, which would have spanned three city blocks, drew criticism from community activists in the fall of 2011 after it was reported it would house a Walmart store. “Over the past two years, we’ve invested a lot of time, energy, and financial resources trying to bring the Foundry at Broad project to fruition,” said Jo Ann Chitty, Selig Enterprise’s senior vice president, in the statement. “It’s bitterly disappointing. It has been a dream of ours to build a project in Athens that the community could be proud of.”
ALPHARETTA, GA. — AMC Theatres has opened the new AMC North Point Mall 12, a 12-screen movie theater located in North Point Mall in Alpharetta. The theater offers 1,100 seats, concessions, Coca-Cola Freestyle machines, automated box offices, an IMAX screen and MacGuffins, a full-service bar and lounge area. The new property is the first new AMC theater building in more than two years in the U.S.
ATLANTA — Goddard Investment Group LLC has acquired the 440,000-square-foot Overlook III office building, located in Atlanta’s Vinings neighborhood. The 21-story office building sits atop Mount Wilkinson (also known as Vinings Mountain), the highest point inside Interstate 285. The Class A office property offers skyline views from every floor and is currently 70 percent leased. Goddard purchased the property through the Goddard Value-Add Office Fund I LP. Goddard plans to improve the property’s public areas, including the lobbies, elevators, water feature and landscaping.
WASHINGTON, D.C. — Donohoe Real Estate Services has arranged the sale of the Beaux Arts Building, a nine-story, 29,000-square-foot office building located on the corner of 15th and L streets in Washington, D.C.’s central business district. The asset, located at 1025 15th St. N.W., sold for $9.5 million. Charlotte Seale of Donohoe Real Estate Services represented the buyer, Honeybee Hospitality LLC, in the transaction. Honeybee plans to convert the office building into an independent hotel.
WASHINGTON, D.C. — NAI KLNB has arranged the $8.8 million sale of a 160,000-square-foot industrial building, located at 6501-5427 Chillum Place N.W. in Washington, D.C. The multi-tenanted building, constructed in 1961, is located near the intersection of Kansas Avenue and Blair Road. The property’s tenants include the United States Postal Service and Gelberg Signs. An affiliate of Spectrum Partners LLC purchased the property from 6500 Chillum Associates LP. Chris Kubler of NAI KLNB brokered the transaction.
VALDOSTA, GA. — Marcus & Millichap has arranged the sale of a five-property student housing apartment portfolio in Valdosta. The assets sold for approximately $25.1 million. John Brigel of Marcus & Millichap’s Tampa office represented the three sellers, all local apartment operators in Valdosta. Brigel also represented the buyer, an Atlanta-based limited liability company. Michael Fasano of Marcus & Millichap’s Atlanta office is the firm’s broker of record in Georgia. The five properties are located near Valdosta State University campus. The properties include Brooks Trace, Brookwood Forest, Jackson Square, Little Jo Court and Sustella Townhomes.
LOGANVILLE, GA. — HFF has brokered the sale of Loganville Crossing, a 120,819-square-foot, grocery-anchored retail center in Loganville. Jim Hamilton, Richard Reid and Mike Allison of HFF represented the seller, Loganville Crossing Investment LLC & Downtown Square Capital LLC, in the transaction. American National Insurance Co., which Realm Realty Co. Inc. represented, purchased the asset. Loganville Crossing is located at 4753 Atlanta Highway (U.S. Highway 78) northeast of Atlanta. Built in 2008, the center is 98 percent leased and is anchored by Kroger. Other tenants include Edible Arrangements, Great Clips, Marco’s Pizza, Quest Diagnostics and Shane’s Rib Shack.
ORLANDO, FLA. — CBRE has arranged a lease at The Plaza on University for Bento Café, a Pan-Asian/sushi restaurant. Bento Café is the first tenant announced in the new redevelopment site at The Plaza on University, located across from the University of Central Florida campus. The restaurant will occupy approximately 3,865 square feet at the northwest corner of University Boulevard and Alafaya Trail. The restaurant is scheduled to open in August 2014. Bobby Palta of CBRE represented the landlord, American Campus Communities (ACC), in the lease deal. The Plaza on University is a mixed-use redevelopment project currently under construction, and the redevelopment, situated on a 14-acre site, will have 60,000 square feet of retail below 360 units of student housing with a total of 1,700 parking spaces. ACC expects to complete the development of The Plaza on University by September 2014.