POMPANO BEACH, FLA. — CBRE has arranged a $10.4 million Freddie Mac loan for the refinancing of Palm Island Apartments, a 402-unit multifamily property at 401 N.W. 34th St. in Pompano Beach. The property was constructed in 1974 and is fully leased. The community consists of 13 two-story buildings and one clubhouse spanning 17 acres. Amenities include a laundry facility in each building, swimming pool, two tennis courts and a playground. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the 10-year loan with a fixed interest rate below 4 percent on behalf of the borrower, Sample APTS LLC.
NAPLES, FLA. — A joint venture between Ronto Group and Wheelock Street Capital has acquired a 19-acre development site in downtown Naples for $21.5 million. The site is located one block from Fifth Avenue South, between Tamiami Trial and Goodlette-Frank roads. In 2005, the property was approved and slated for development of a mixed-use project called Renaissance Village, which would include 300 residential units and 205,000 square feet of commercial space. Those plans were halted by the downturn in the real estate market and in May 2012, the property was foreclosed by the lenders. Manny de Zarraga, Jaret Turkell and Matt Mitchell led the HFF team that represented the seller, who had recently acquired the title via a foreclosure action, in the transaction.
WASHINGTON, D.C. — MAC Realty Advisors has arranged a $28.6 million construction loan for the development of Kalorama West, a 117-unit apartment building in the Adams Morgan neighborhood of Washington, D.C. The borrower is a joint venture between Columbia General Corp. and Potomac Investment Properties. The sponsor developed and owned the adjacent 394-unit Dorchester House. Kalorama West is an expansion of the existing apartment building, which will be built on Dorchester House's surface parking lot. Construction of the five-story building is expected to begin next month, with completed slated for the first quarter of 2015. Andrew McAllister, Bruce Levin, Britton Browne and Nick Rubenstein led the MAC Realty team that arranged the loan through a national bank.
MIAMI — An investment group led by Miami-based Banyan Street Capital has acquired Brickell Bayview Centre, a 285,595-square-foot office tower in Miami, for $70 million. The buyers also included Boca Raton, Fla.-based Crocker Partners and Independencia, a Chilean investment fund. Brickell Bayview, located at 80 S.W. 8th St., is a landmark 33-story tower in the heart of Brickell's financial district. With 16 stories of structured parking below, the office space starts at the 17th floor. The property is 88 percent leased to 47 tenants. Christian Lee, Charles Foschini, Christopher Apone and Amy Julian of CBRE represented the seller in the transaction. No buyer's representative was involved in the deal.
LEWISBURG, TENN. — Marvin’s Building Materials and Home Centers has leased 30,000 square feet in the Parkway Shoppes Plaza at the intersection of Highway 431 and US31A/TN11 in Lewisburg. The store will feature a 30,000-square-foot home center, as well as an attached lawn and garden center and drive-through lumberyard. The store will offer a complete line of building materials, electrical, plumbing, paint, millwork, hardware, tools, and lawn and garden products. Marvin’s currently operates 27 stores in Alabama, Mississippi, Georgia and Tennessee. The Shopping Center Group represented the owner, Hearthstone Properties LLC, in the transaction.
LITTLE ROCK, ARK. — Beech Street Capital has arranged a $9 million Fannie Mae loan for the refinancing of Block 2 Lofts, a 145-unit apartment property in downtown Little Rock. Built between 1921 and 1929, the property was converted to loft-style apartments in 2001. It includes 32,850 square feet of commercial space. Joel Mazur of Beech Street Capital originated the 15-year, fixed-rate loan, which includes a 30-year amortization schedule. The Block 2 Lofts consist of three buildings within blocks of the River Market District. The apartments were designed to attract Little Rock's business professionals.
ROCKVILLE, MD. — Washington Real Estate Investment Trust (WRIT) has sold The Atrium Building, an 80,000-square-foot office building in Rockville, for $15.7 million. The property, built in 1980 and acquired by WRIT in 2002, is located at 6101 Executive Blvd. The buyer plans to relocate its headquarters to the property. WRIT said the sale is consistent with the company's strategy of selling smaller, non-core assets in suburban markets. WRIT achieved a net gain of approximately $3.6 million and an unleveraged internal rate of return of 11 percent over the 10-year holding period.
SPRING HILL AND DAVENPORT, FLA. — Marcus & Millichap has arranged the $4 million sale of Highway 19 Self Storage, a 386-unit self-storage facility in Spring Hill, and Secured Storage, a 320-unit self-storage facility in Davenport. Built in 2000, Highway 19 Self Storage is located at 1000 Commercial Way and includes 41,206 square feet. Secured Storage was built in 1999 and is located at 2825 Jacks Road. Ray Turchi and Christopher Travis of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Dan Burkons and Richard Schontz of Marcus & Millichap represented the buyer, also a limited liability company.
JACKSONVILLE, FLA. — PKY Deerwood has acquired an eight-building, 1 million-square-foot office portfolio in Jacksonville for $130 million. The properties were built from 1996 to 2005 and are 90 percent occupied. Major tenants include JP Morgan Chase, Fidelity, Comcast, Adecco and Main Street America. Christian Lee, Charles Foschini, Christopher Apon, Amy Julian, Will Yowell and Michael Harrell of CBRE represented the seller, Flagler in the transaction. CBRE also arranged the $84.5 million acquisition loan on behalf of the buyer. The 10-year loan has a fixed interest rate of 3.9 percent.
CARY, N.C. — Target plans to open a new 135,000-square-foot store in Cary by March 2014. The new store, located on O'Kelly Chapel Road, will be part of the Parkside Town Commons shopping center. This will be the second Target store in Cary. Along with everyday essentials, the new location will offer fresh produce, fresh packaged meat and pre-packaged baked goods, as well as Starbucks and Target Pharmacy. The store will employ approximately 200 workers.