ROCKVILLE, MD. — Weingarten Realty Investors has acquired the 81,300-square-foot Pike Center, located at the intersection of Rockville Pike and Bou Avenue in Rockville, from JBG Cos. and JBG Rosenfeld Retail for $54 million. Tenants include Office Depot, Cici's Pizza, T.G.I. Friday's and a proposed Walmart.
Southeast
CORAL GABLES, FLA. — The 10,701-square-foot Minorca Executive Center, an office building located at 370 Minorca Ave. in Coral Gables, has sold for $2.2 million. Kirk Olson, Benjamin Silver and Drew Kristol of Marcus & Millichap's Miami office represented the seller, a Miami-based limited liability company, in the transaction.
DECATUR, GA. — Grandbridge Real Estate Capital has arranged $7.5 million in first mortgage financing for the 250-unit Valley Place Apartments, a garden-style multifamily property located in Decatur. Alan Tapie of Grandbridge secured the two-year, non-recourse loan with interest-only payments through NorthStar Realty Finance.
ORANGEBURG, S.C. — Capital Advisors has secured $4.35 million in refinancing for the 240-bed Campus Corner Apartments, a student housing community located at 1100-1200 Campus Drive in Orangeburg. The property serves South Carolina State University and Calflin University. Cooper Willis of Capital Advisors arranged the 10-year loan with a 25-year amortization schedule through Cantor Fitzgerald on behalf of Orangeburg Student Housing LLC.
NEWPORT BEACH, CALIF. — Newport Beach-based Sabal Financial Group has acquired a $121.5 million loan portfolio including 44 loans in Texas, Florida, North Carolina, South Carolina, Georgia, Virginia and Missouri, from a Southeast-based regional bank. Sabal will provide loan servicing and asset management for the portfolio.
SALISBURY, MD. — Tryko Partners has acquired the 151-unit Pine Bluff Village, an affordable housing community located at 1514 Riverside Drive in Salisbury, from AIMCO for $7.2 million. The property includes a commercial kitchen that serves lunch and dinner, an on-site beauty/barber shop, laundry facilities, an exercise room and a picnic and patio area.
LAGRANGE, GA. — Rooker and the Development Authority of LaGrange have formed a partnership to break ground on an 80,000-square-foot industrial building that is expendable to 240,000 square feet. The building will be located in the authority's approximately 63-acre industrial park at the intersection of Pegasus Parkway and Highway 219 in LaGrange. The park can accommodate four additional buildings, totaling 426,000 square feet. Chris Cummings of Colliers International's Atlanta office will market the buildings.
MORRISVILLE, N.C. — Pace Financial Group has secured $68.7 million in interim and construction financing for Phases I and II of Park West Village, a mixed-use development located in Morrisville. Upon completion, the property will span 375,000 square feet. Pace Financial Group arranged the financing through US Bank and Key Bank on behalf of Casto Group, the borrower.
RIVERVIEW, FLA. — NorthMarq Capital has arranged $24.1 million in acquisition financing for the 340-unit Tranquility Lake Apartments, a market-rate apartment community located at 9707 Tranquility Lake Circle in Riverview. Jeff Frankel and Charlie Robin of NorthMarq Capital secured the five-year loan with 36 months of interest-only payments followed by a 30-year amortization schedule through a correspondent life insurance company on behalf of the borrower, a Midwest-based owner and operator.
FORT MILL, S.C. — Beacon Partners has acquired a 303,188-square-foot industrial property, located at 2200 Carolina Place Drive in Fort Mill, for $4.7 million. The property is currently vacant. The buyer plans to renovate the property to improve its functionality and appearance. Lawrence Shaw of Colliers International represented Sterling Properties, the seller, in the transaction.