EAST JACKSONVILLE, FLA. — ARA has arranged the $12.5 million sale of the 224-unit Huntington at Hidden Hills, an apartment community located in East Jacksonville. Jacksonville-based Michaelson Group purchased the multifamily community, which was 96 percent occupied at the time of sale. Matt Wilcox, Kevin Judd and Patrick Dufour of ARA's Jacksonville office represented the sellers, Los Angeles-based Ares Management LLC and San Francisco-based McDowell Properties, in the transaction.
ATLANTA — Jones Lang LaSalle has arranged the $8.7 million sale of two office-flex buildings in the Peachtree Technology Center in Atlanta's Northeast submarket. The properties include a 50,084-square-foot property at 5923 Peachtree Industrial Blvd. and a 30,375-square-foot facility at 5854 Peachtree Corners East. The properties are fully leased to three tenants. Shan Gastineau, Paul Hanna and Katie Elliot of Jones Lang LaSalle's capital markets team represented the buyer, GASCO Real Estate Holdings LLC, in the transaction. CBRE represented the seller, VIFII Peachtree Technology.
RALEIGH, N.C. — Vitus Enterprises has purchased two Class A office buildings in Raleigh totaling 48,000 square feet in a sale-leaseback transaction. Vitus purchased the facilities, located at 6870 and 6880 Perry Creek Road in Raleigh's Highway 1/ Capital Boulevard office submarket, for $6.2 million. The seller, SST, and Thompkins Associates will occupy one of the buildings, and Vitus will occupy the second facility at a reduced rental rate. Sam DiFranco and Sam DiFranco Jr. of Trinity Partners represented the buyer in the sale-leaseback transaction. York Properties represented the seller.
ATLANTA — Newport Beach, Calif.-based KBS Strategic Opportunity REIT has signed three new leases totaling 36,853 square feet in its Northridge Center I & II office buildings, located in Atlanta's Central Perimeter submarket. The lease transactions include a 17,325-square-foot lease with Allstar Financial Group, a 10,166-square-foot lease with Woolpert and a 9,362-square-foot lease with One Source Relocation.
ORLANDO, FLA. — Avison Young has been selected to broker the sale of the 177-acre tract of land known as Tradeport Industrial Park Development Site, located at 3650 8th St. in Orlando. The industrial sales assignment marks Avison Young's entrance into the Orlando market. David Duckworth of Avison Young will handle the assignment.
RICHMOND HEIGHTS, OHIO — Associated Estates Realty Corp., a REIT based in Richmond Heights, has entered into a definitive purchase agreement for a seven-asset portfolio of Class A apartment communities in the Southeast. Associated Estates will purchase the 1,606-unit portfolio for approximately $324 million. The communities include the 134-unit St. Mary's Square in Raleigh, N.C.; the 215-unit Lofts at Weston in Cary, N.C.; the 295-unit Apartments at Blakeney in Charlotte, N.C.; Alpha Mill Phase I & II, totaling 267 units, in Charlotte; the 345-unit Perimeter Town Center in Atlanta; and the 350-unit Varela in Tampa. The seven assets have an average delivery date of 2012, with three of the assets currently under construction. Six of the seven assets will be acquired free and clear of debt, but The Apartments at Blakeney acquisition will include the assumption of a $28 million loan.
WASHINGTON, D.C. — Rockrose Development Corp. has purchased the 2000 L Street office building in Washington, D.C.'s central business district from Brookfield Office Properties for $192 million. The eight-story, freestanding asset spans a full city block from 20th to 21st streets N.W. The property is 96 percent leased to 31 tenants. Jim Meisel, Dek Potts, Andrew Weir, Stephen Conley and Matt Nicholson of HFF represented the seller in the transaction.
CHARLOTTE, N.C. — ARA has brokered the $41.5 million sale of Cielo, a 205-unit, Class A apartment community located in Charlotte's Montford neighborhood. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented the seller, Cornerstone Real Estate Advisers LLC, in the transaction. Weinstein Properties purchased the property, which was 94 percent occupied at the time of sale.
MIAMI — CBRE has arranged the sale of The Boutique, a 43-unit, two-story apartment community located at 8000 N.E. Bayshore Court in Miami's Shorecrest neighborhood. Bar Invest Realty LLC purchased the community from Boutique at Bayshore LP. The community was fully occupied at the time of sale. Calum Weaver of CBRE represented the seller in the transaction.
CHARLOTTE, N.C. — Charlotte-based Grandbridge Real Estate Capital has recently closed $28.6 million in first mortgage financing for three manufactured housing communities in Florida. The properties include a 293-site community in Ocala, a 213-site community in Homosassa and a 229-site community in Lake Alfred. John Segrest of Grandbridge's Birmingham, Ala., office originated the Fannie Mae DUS loans with a 10-year term and 30-year amortization schedule.
