ATLANTA — NXT Capital has provided a $39.3 million first mortgage loan for the acquisition and renovation of Park at Briarcliff Apartments, a 982-unit, Class B apartment community located in Atlanta’s Druid Hills submarket. The apartment was 92 percent occupied at the time of the sale. Richard Jordan and Robert LaChapelle of CBRE Capital Markets’ Atlanta office arranged the three-year loan with two years of interest only payments on behalf of the borrower, The RADCO Cos.
Southeast
ORLANDO, FLA. — McCraney Property Co. has signed a contract to purchase a 39-acre industrial development site with more than 1,200 feet of Florida Turnpike frontage in metro Orlando. The industrial real estate developer plans to build Bent Oak Industrial Park, a 700,000-square-foot warehouse and distribution center complex. The property will feature 32-foot clear ceiling heights, ESFR sprinklers and trailer storage. McCraney plans to complete the industrial park in the third quarter of 2014. Matthew Sullivan, Wilson McDowell and Bobby Isola of Colliers International’s Central Florida office are marketing the new property.
FORT LAUDERDALE, FLA. — HFF has closed the sale of Pinnacle Corporate Park I & II, two Class A office buildings totaling 262,434 square feet at 500 and 550 W. Cypress Creek Road in Fort Lauderdale. A joint venture between Banyan Street Capital and DRA Advisors purchased the buildings for $38.1 million. The properties are 85 percent leased to tenants such as University of Phoenix, CastlePoint Insurance, Oracle and Fannie Mae. Herman Rodriguez, Ike Ojala and Jorge Portela of HFF represented the seller, Northwestern Mutual, in the transaction.
JONESBORO, GA. — Multi Housing Advisors (MHA) has brokered the $20.2 million sale of Aslan on the River, a 324-unit apartment community in the Atlanta suburb of Jonesboro. Hamilton Point Investments, based in Old Lyme, Conn., purchased the property, which was built in 2001. Josh Goldfarb with MHA represented the seller and was the sole broker in the transaction.
GREENSBORO, N.C. — A10 Capital, a lending business specializing in small- to middle-market commercial real estate loans, has funded two non-recourse bridge loans of $2.4 million and $1.6 million for the acquisition of two student housing complexes near the University of North Carolina- Greensboro for PRAGMA Investments. PRAGMA focuses on value-add acquisitions that can be re-adapted to a college lifestyle brand. The commercial mortgage is secured by the two Class B properties at approximately 64 percent average leverage. Proceeds of the loans were used to fund the acquisition of the properties, as well as committed funds for future capital expenditure facilities. Both transactions were structured on a non-recourse basis. Chuck Taylor of A10 Capital's Atlanta office structured and closed both loans.
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.
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.