RINCON, GA. — Colliers International has arranged $26 million in acquisition financing for Effingham Parc Apartments, a 352-unit, Class A apartment community located on 39 acres in Rincon. David Douvadjian, Thomas Welch and Brian Gaswirth of Colliers International arranged the 10-year, fixed-rate loan through UBS Real Estate Securities on behalf of the borrower, Panther Properties Investment LLC.
Southeast
TOWSON, MD. — Cushman & Wakefield has arranged $19.8 million in financing for Maryland Executive Park, a 206,144-square-foot, seven-building office campus located at 8501 and 8600 LaSalle Road in Towson. Gideon Gil, Alexander Hernandez and Sridhar Vankayala of Cushman & Wakefield arranged the three-year loan through EagleBank on behalf of the borrower, a Connecticut-based real estate fund manager.
PEMBROKE PINES, FLA. — Marcus & Millichap has arranged the sale of Pembroke Corners, a 30,007-square-foot shopping center located at 17201 Pines Blvd. in Pembroke Pines, a western suburb of Fort Lauderdale. The retail center is fully leased to CVS/pharmacy, Tire Kingdom and Goodyear. Lori Schneider of Marcus & Millichap’s Fort Lauderdale office represented the seller, a developer based in Tampa, in the transaction. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office secured and represented the buyer.
WOODSTOCK, GA. — CBL & Associates Properties Inc. has closed on an $80 million non-recourse loan secured by The Outlet Shoppes at Atlanta, a 370,000-square-foot outlet retail center located in Woodstock, a northern suburb of Atlanta. The 10-year loan features a 4.9 percent fixed interest rate. Proceeds from the loan will be used to repay a $53.2 million construction loan. The Outlet Shoppes at Atlanta is a 75/25 joint venture between CBL & Associates and Horizon Group Properties, co-developers of the outlet center. Horizon is handling the development’s leasing, marketing and management. The retail center features tenants such as Nike, Saks Fifth Avenue OFF 5TH, Brooks Brothers, Calphalon, Columbia Sportswear, True Religion, Cole Haan, White House | Black Market, Guess, Fossil, Michael Kors, Kate Spade, Under Armour and Talbots.
AUSTELL, GA. — Atlanta-based Bull Realty has arranged the sale of two apartment communities totaling 344 units in Austell, a suburb of Atlanta. The communities include the 200-unit Hunter’s Grove Apartments and the 144-unit Parkview Apartments. Ernie Eden and Mike Terry of Bull Realty were the sole brokers in the transactions. Wilbarcol Ventures purchased the two communities, as well as the 146-unit Kingsley Village Apartments in Austell, from QR Capital for $16 million. H.J. Russell & Co. will manage the new communities in conjunction with Lifehouse Partners.
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.
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.