MCDONOUGH, GA. — Nexus Distribution Corp. has signed a 75,000-square-foot industrial lease, located in a 300,000-square-foot building at 120 Declaration Drive in McDonough. Brett Chambless and Dave Pals of Lee & Associates represented the tenant in the lease transaction. Wes Hardy of Duke Realty Corp. represented the landlord.
Southeast
CAMBRIDGE, MD. — Centerline Capital Group has provided a $2.46 million FHA 223(a)(7) loan for the 144-unit Bay Country Apartments, located at 515-630 Greenwood Ave. in Cambridge. The proceeds of the loan will be used to refinance the existing FHA 221(d)(4) loan. Centerline arranged the loan through Osprey Properties, a firm with which Centerline has an established equity relationship, on behalf of the borrower, Greenwood Avenue Development.
LAFAYETTE, LA. — Juneau Construction Co. has completed the second phase of the $100 million Taft/Tulane and Rose Garden Housing replacement program for the University of Louisiana at Lafayette. Ambling University Development Group was the developer for the project, Ragin' Cajun Facilities owns the property and Niles Bolton Associates was the architect. Construction for Phases I and II included the demolition of five residence facilities, construction of four new residence halls, the repurpose of two existing residence halls, renovation of a historic residence hall and construction of a new parking structure. The project added 1,800 beds to the campus.
PIKESVILLE, MD. — Greysteel has arranged the $64.7 million sale of the 255-unit Residence at Waterstone, a multifamily property located at 225 Galvariun Court in Pikesville. Amenities include a resort-style swimming pool, theater/media room, fitness center, aerobics/yoga room, lighted tennis courts, library and business center. Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schuldinger and Caleb Brown of Greysteel represented Pacific Urban Residential, the seller, in the transaction. KBS Legacy Partners was the buyer.
ATLANTA — Jones Lang LaSalle has negotiated the sale of the 269-unit Asbury Park, a multifamily community located at 3640 S. Fulton Ave. in Atlanta. The property is 96 percent leased. Amenities include a rooftop terrace, saltwater swimming pool, fitness center, conference and business centers and a gameroom with billiards, shuffleboard and a gourmet kitchen. Derrick Bloom and David Gutting of Jones Lang LaSalle represented Oxford Properties, the seller, in the transaction. An affiliate of Bell Apartment Fund IV was the buyer.
MEMPHIS, TENN. — TIAA-CREF has sold the 1.6 million-square-foot Southpark Distribution Center, a warehouse and distribution property located in Memphis. The five-building park is 46 percent leased. Tenants include Genesis, Orchid Orthopedic Solutions, PFS Web and TiGenix & Cognate BioServices. Stewart Calhoun, Jim Carpenter, David Meline, Samir Idris, Casey Masters, Dave Curran and Wyatt Aiken of Cushman & Wakefield represented the seller in the transaction. Hillwood Investment Properties was the buyer.
PERRYVILLE, MD. — Mumford Co. has arranged the sale of the 104-room Ramada Inn, located off Interstate 95 in Perryville. The buyer plans to complete cosmetic upgrades and a repositioning of the property to Days Inn. Justin Pinkard, Steve Kirby and Ed James of Mumford Co. represented the seller, a privately held real estate group, in the transaction. The buyer was a New York-based lodging operator.
TOWSON, MD. — ARA has brokered the sale of the 430-unit The Quarter, a two-property multifamily asset located in Towson. The property includes the 280-unit The Jazz and the 150-unit The Renaissance. Drew White, Mike Marshall and Ryan Ogden of ARA represented the seller, a joint venture between AIG Global Real Estate and Lane Northeast, in the transaction. CBRE Global Investors was the buyer.
COLUMBIA, MD. —The Howard Hughes Corporation has acquired the 169,700-square-foot 70 Corporate Center, a Class A office building located at the intersection of Broken Land Parkway and Little Patuxent Parkway in downtown Columbia. Tenants include the American Medical Director's Association, BB&T and Association Consulting Group.
ELKRIDGE, MD. — Terreno Realty Corp. has purchased a 66,000-square-foot industrial building, located at 7125 Troy Hill Drive in Elkridge, for $6.7 million. The property is 90 percent leased to two tenants. As part of the transaction, the company assumed a $3.6 million mortgage loan.