LOUISVILLE, KY. — Columbus, Ga.-based Carmike Cinemas Inc. has purchased Stonybrook 20, a movie theater in Louisville that features an IMAX screen. Carmike Cinemas purchased the theater from Cinemark USA Inc., a wholly owned subsidiary of Cinemark Holdings Inc. Carmike also purchased two other theaters from Cinemark — Ritz Center 16 in Voorhees, N.J., and Hickory Creek 16 in Hickory Creek, Texas.
LEESBURG, VA. — Towson, Md.-based KLNB Retail has brokered three leases totaling nearly 130,000 square feet of retail space at Tysons West, a new transit-oriented development in Leesburg. The development is located at 1500 Cornerside Blvd. The three tenants include an 80,000-square-foot Walmart Supercenter, a 45,000-square-foot 24 Hour Fitness and a 3,027-square-foot Noodles & Co. John Meyer and Brian Finkelstein of KLNB Retail represented Walmart and 24 Hour Fitness in the lease transactions. Andrew Feldman and Ryan Wilner, also of KLNB, represented Noodles & Co. The JBG Cos. developed Tysons West, which is configured to support more than 400,000 square feet of office space, more than 250,000 square feet of retail space, 700 residential units and a 350,000-square-foot hotel. The development is located adjacent to the Spring Hill Station of the Washington Metro system, which is expected to open later this year.
TAMPA, FLA. — Ciminelli Real Estate Services has secured two new lease agreements for 14,802 square feet of office space at One Amerilife Place in Tampa's North Pinellas/Clearwater submarket. Winkler, Treger and Associates LLC will occupy 3,686 square feet and Vogue International Inc. will occupy 11,113 square feet. Judy Healey of Ciminelli Real Estate Services represented the landlord in both transactions. Deron Thomas of Industrial Realty Solutions Inc. represented Vogue International in its lease deal.
FAYETTEVILLE, ARK. — Inland American Communities Group Inc., a subsidiary of Inland American Real Estate Trust Inc., has acquired the Domain at Fayetteville, a 654-bed student housing community near the University of Arkansas, for $42 million. The property was recently completed and is fully leased for the 2013-2014 school year. The property is located within walking distance of the University of Arkansas campus on the university shuttle route. The property's amenities include a luxury clubhouse with a game room, 24-hour fitness center, resort-style pool, theater and an outdoor kitchen with grilling stations. The community will be rebranded as University House. In another recent transaction, Inland American Communities Group purchased HUB on Campus, a 640-bed student housing property near Arizona State University, for $103 million.
BIRMINGHAM, ALA. — Steadfast Income REIT has purchased Tapestry Park, a 223-unit apartment community located five miles east of downtown Birmingham, for $32.4 million. Tapesty Park is Steadfast Income REIT's first purchase in Alabama. The community opened in September 2012 and is currently 94 percent occupied. The property offers one-, two- and three-bedroom apartments with an average rent of $1,200 per month. Tapestry Park's amenity package includes a resort-style swimming pool, WiFi hotspots, a spa, 24-hour fitness center, outdoor fireplace with a lounge, clubhouse with a media center, barbecue area and a dog park. The interior of the units features stainless steel appliances, washer/dryers, nine-foot ceilings, faux wood flooring, granite countertops and private balconies and patios.
PEACHTREE CITY, GA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $10.8 million in refinancing for a 301,704-square-foot industrial warehouse asset in Peachtree City. Tim Kinney of MMCC's Atlanta office arranged the 10-year loan with a 5.4 percent fixed interest rate and a 30-year amortization schedule through a CMBS lender.
TAMPA, FLA. — Franklin Street Capital Advisors has negotiated and closed a 10-year, approximately $8.5 million loan through Fannie Mae to help reposition a 216-unit apartment community in Tampa. Drew Jennewein, Andrew Wright and Danny York of Franklin Street managed the competitive bid process, as well as the loan structuring negotiations with the lender on behalf of the borrower. The non-recourse loan includes two years of fixed interest at 3.96 percent.
BIRMINGHAM, ALA. — NorthMarq Capital has arranged approximately $1.6 million in first mortgage refinancing for the Omega Health Building, a 10,000-square-foot medical office building located at 250 State Farm Parkway in Birmingham. Jeff Robertson of NorthMarq Capital arranged the two-year loan with a three-year extension option through a regional bank.
Over the past decade, Baltimore City has seen a gradual shift in office market activity. Demand for office space has become increasingly focused on the waterfront properties of the Pratt Street Corridor and Harbor East. Many older buildings in the traditional Central Business District (CBD) with smaller footprints have become less attractive for office use. The CBD has also experienced a surge in both population and apartment demand that has pushed the residential supply to its occupancy limit. This balance between vacant office space and demand for residential space in the CBD has created a prime opportunity for redevelopment. The CBD has struggled to recover from the economic recession, when office vacancy rates spiked to almost 23 percent. It has, however, experienced small amounts of positive absorption over the past few years. Demand for space has been focused on Class A inventory as a “flight to quality” trend has emerged in the CBD. Net absorption for Class A inventory in the CBD has increased each year since 2008 and has been a primary factor in stabilizing the overall Baltimore City vacancy rate. Mid-year 2013 numbers suggest that this trend of increasing demand for Class A office space will continue for …
MCLEAN, VA. — Capital One Financial Corp. (NYSE: COF) has entered into a definitive agreement to acquire Beech Street Capital, a privately held national originator and servicer of Fannie Mae, Freddie Mac and FHA multifamily commercial real estate loans. The terms of the transaction were not disclosed. The acquisition is expected to close in the fourth quarter. Founded in 2009, Beech Street is an originator, underwriter and servicer of multifamily commercial real estate loans and is one of the largest national providers of government-insured mortgage loans through the multifamily lending programs of Fannie Mae, Freddie Mac and FHA. Headquartered in Bethesda, Md., Beech Street has 10 offices around the country. Together, McLean, Va.-based Capital One and Beech Street will have portfolio loan servicing and origination capabilities nationally. Through its scalable origination and servicing platform, Beech Street originated approximately $4 billion in loans in 2012, making the company the sixth largest agency originator in the country. Beech Street services a loan portfolio of approximately $10 billion. “As we continue to expand our product capabilities and services for clients across our growing commercial banking business, this acquisition is a logical expansion of our already substantial commitment to the multifamily sector,” says Michael …