TALLAHASSEE, FLA. — Cabat Properties has acquired the 180-unit Monterey Apartments, a multifamily property located at 2301 Old Bainbridge Road in Tallahassee, from Monterey Associates for $3.75 million. The buyer plans to renovate and reposition the property. Gerald Smith of Smith Equities Real Estate Investment Advisors represented the seller in the transaction.
Southeast
COLUMBIA, MD. — The 4,722-square-foot Shoppes at Dobbin Center, a three-tenant retail building located in Columbia, has sold for $3.45 million. The property is leased to Starbucks, Radio Shack and Spa #1 Nails. Andrew Fallon of Calkain Cos. represented the seller in the transaction. The buyer was a Washington, D.C.-based investor.
BALTIMORE, MD. — American Real Estate Capital has arranged a $43.5 million loan to refinance the construction loan on the 194,998-square-foot McHenry Row, a Class A office and retail building located in Baltimore. The property includes a 60,988-square-foot Harris Teeter, 47,032 square feet of retail space and 86,978 square feet of retail space. The apartment component and parking garages are not part of the collateral.
WASHINGTON, D.C. — Calkain Urban Investment Advisors has arranged the $14.5 million sale of a 12,565-square-foot CVS/pharmacy, located on Columbia Road in Adams Morgan, a neighborhood of Washington, D.C. CVS/pharmacy has approximately 23 years remaining on its lease. Rick Fernandez of Calkain represented the seller in the transaction and Jerry Burg, also of Calkain, represented the buyer, a private 1031-exchange investor.
ORLANDO, FLA. — Continental Realty Corp. has acquired the 116,000-square-foot Waterford Park, a mixed-use development located at 12301 Lake Underhill Road in Orlando, for $13.25 million. The property is 45 percent leased to office, medical and retail tenants, including BB&T, Florida Radiology Imaging, Keller Williams Realty and Signature Title Co. Ray Turchi and Ryan Cockerill of Marcus & Millichap represented the seller in the transaction. The buyer was self-represented.
SIMPSONVILLE, S.C. — STAG Industrial has purchased two industrial properties, located in Simpsonville, for $9.2 million. The buildings total 411,994 square feet and are primarily leased to Lanxess Corp. with more than four years remaining on the lease term.
AUSTELL, GA. — Duke Realty Corp. has acquired the 569,674-square-foot Hartman Business Center V, a warehouse and distribution building located at 7545 Hartman Industrial Way SW in Austell. The property is located within the 150-acre Hartman Business Park, a master-planned development. The property is fully leased to Czarnowski. Chris Riley, Frank Fallon and Brian Budnick of CBRE Group represented Opus Group, the seller, in the transaction.
WEST PALM BEACH, FLA. — Beech Street Capital has provided $20.4 million in Freddie Mac Capital Markets Execution loans for the acquisition of the 166-unit Golf Villas at Sabal Palm and the 276-unit Palo Verde, two multifamily properties located in West Palm Beach. David Hayum of Meridian Capital Group secured the 10-year loans with a 30-year amortization schedule, which Beech Street Capital financed as part of its correspondent relationship with Meridian.
WASHINGTON, D.C. — First Potomac Realty Trust has sold its 95 percent interest in an 85,000-square-foot office building, located at 1200 17th St. in Washington, D.C., for $43.7 million. The company acquired the interest in 2011 for $37.6 million in a joint venture with Akridge, which will continue to own its portion of the building.
NASHVILLE, TENN. — North American Properties has started construction on the $34 million, 200-unit ParkCentral, a multifamily property located at 220 25th Ave. in Nashville. Amenities will include a rooftop deck with a saltwater swimming pool, resort-style clubroom and an upscale fitness center. NilesBolton Associates is the project architect, Barge Waggoner Sumer & Cannon is the engineer and NAP is the construction manager and developer.