WASHINGTON, D.C. — Washington, D.C.-based Greysteel has arranged the sale of Spring Valley Flats, a six-building, 28-unit apartment community located in Spring Valley, an upscale neighborhood in Washington, D.C. The asset, located at 4000-4013 47th St. N.W., sold for approximately $7.6 million. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian and Mike Bediones of Greysteel represented the sellers, Urban Investment Partners and Stonebridge Investments, in the transaction. The buyer was 47th Street LLC.
Southeast
MEMPHIS, TENN. — Austin, Texas-based World Class Capital Group LLC has acquired Memphis Mini Storage, a 474-unit self storage facility in Memphis. The 60,000-square-foot facility is located at 3961 Lamar Ave. World Class Capital will rebrand the asset under its Great Value Storage brand. The seller was C-III Asset Management, a special servicer that foreclosed the facility on the previous owner.
ORLANDO, FLA. — CBRE has arranged the $42.3 million sale of a four-property apartment portfolio in Central Florida. The acquired assets include Millenia West in Orlando, as well as Berkshires of West Melbourne, Lake Landing and Atlantis Cove in Fort Pierce. The apartment communities have an average occupancy rate of 94 percent. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office represented the seller in the transaction. Freddie Mac provided acquisition financing for the buyer.
ST. TAMMANY, LA. — Gulf States Real Estate Services has commenced the development of Copperstill Marketplace, a 60,000-square-foot neighborhood shopping center in St. Tammany, located across Lake Pontchartrain from New Orleans. A 35,000-square-foot Ralph’s Market will anchor the center, located at the southeast corner of Highway 1077 and Highway 1085. Gulf States is developing the center in conjunction with MMABE LLC. The development will include 9,000 square feet of specialty shops and two outparcels for a bank or restaurant. Austin, Texas-based Stone 6 Group is designing the Ralph’s, and Mobile, Ala.-based Zito Architects is designing the shops. The project team includes civil engineer Scalfano Engineering and landscape architect Reich & Associates. The development is expected to open in early fall 2014.
MIAMI — NorthMarq Capital has arranged $16.2 million in first mortgage refinancing for Pepper Cove Apartments, a 208-unit multifamily property located at 9300 S.W. 137th Ave. in Miami. David Woida of NorthMarq’s Milwaukee office arranged the 12-year loan with a 30-year amortization schedule through AmeriSphere Multifamily Finance LLC, an affiliate of NorthMarq.
ORLANDO, FLA. — Heaven III LLC, a subsidiary of Kingstone Family Holding Co. and affiliate of Max King Realty, has acquired the Lake Ellenor Business Center in Orlando for $2.6 million. The office plaza is comprised of six buildings totaling 110,000 square feet. The complex will be rebranded as Heaven III following a $1 million renovation program. Lisa Bailey of Morrison Commercial Real Estate represented the seller, Land O’Frost Inc., in the transaction.
WINNSBORO, S.C. — Binswanger has brokered the $2 million sale of a single-story, 311,982-square-foot warehouse and distribution building, located at 392 U.S. Highway 321 Bypass North in Winnsboro, about 33 miles north of Columbia. Technology manufacturer Element Electronics plans to relocate its flat screen television operations from a facility in China to the Winnsboro site. The $7.5 million investment will create as many as 500 jobs within the next five years. The property features 27-foot clear ceiling heights, energy-efficient T5 lighting, 7,000 square feet of air-conditioned office space and 27 dock doors. David Barber of Binswanger’s Atlanta office and Shaun Kirchin of the firm’s Columbia, S.C. office represented the seller, Perry Ellis International Inc., in the transaction.
ATLANTA — HFF has arranged $130 million in financing for an 11-property, 2.9 million-square-foot industrial portfolio located in five states. Mark Sixour of HFF’s Atlanta office arranged the financing on behalf of the borrower, Atlanta-based Industrial Developments International Inc. HFF placed a $99.8 million, three-year loan with Wells Fargo Bank and a $30.2 million mezzanine loan through AEW Capital Management. The portfolio has an average occupancy rate of 79 percent and its key tenants include Walgreen’s, L’OREAL, Menlo Logistics, Red Bull, Valspar and ADT Security. The properties include Greenspoint Business Center A, B and D in Houston (totaling 406,075 square feet); Madison Business Center A in Tampa, Fla. (385,619 square feet); Miramar Business Center F in Miramar, Fla. (63,010 square feet); Miramar Centre A in Miramar (264,074 square feet); Northpoint Industrial Center in Elizabeth, N.J. (342,705 square feet); Park South Building E in Walton, Ky. (678,363 square feet); Port Union Building J in Fairfield, Ohio (109,063 square feet); and Rock Run Business Park VIII and IX in Joliet, Ill. (692,241 square feet).
JACKSONVILLE, FLA. — The CBRE Jacksonville Multi-Housing Group has arranged the sale of The Strand, a waterfront high-rise apartment building in Jacksonville, for $53.3 million. Miami-based Crescent Heights purchased the 295-unit property, located at 1401 Riverplace Blvd. on the bend of the St. Johns River. Brian Moulder and Dhaval Patel of CBRE represented the seller in the transaction.
NAPLES, FLA. — ARA has brokered the sale of Aventine at Naples, a 350-unit, mid-rise apartment community located in Naples. Boca Raton, Fla.-based Continental Realty Corp. purchased the apartment community for approximately $43.3 million. Hampton Beebe, Avery Klann and Dick Donnellan of ARA’s Boca Raton office represented the seller, New York-based Praedium Group, in the transaction. The apartment community was built in 2002 and was 93 percent occupied at the time of sale.