LAKE MARY, FLA. — CBRE Group has arranged the $39.6 million sale of the 600-unit Sun Lake, a multifamily community located at 420 Sun Lake Circle in Lake Mary. Amenities include a private lake, 24-hour fitness center, two swimming pools and a clubhouse with a wide-screen TV and movie viewing area. Shelton Granade and Luke Wickham of CBRE Group represented the seller in the transaction. The buyer assumed an existing loan and will finish stabilizing the property, which was largely vacated during a construction project on site.
Southeast
CHARLOTTE, N.C. — The 296-unit Lake Point Apartments, a multifamily community located at 7259 Point Lake Drive in Charlotte, has sold for $4.3 million. Atlanta Capital Advisors, the buyer, plans to invest $4.5 million to renovate the community. Mike Fowler and Jim Davis of Brown Investment Properties represented the seller in the transaction.
FRANKLIN, TENN. — Beauty Basics has acquired a 16,900-square-foot former car dealership, located adjacent to Cools Springs Galleria in Franklin, for $2.2 million. The buyer plans to utilize the property as a cosmetology school. Brian Forrester of The Shopping Center Group represented the seller, Nashville, Tenn.-based Richland South, in the transaction. Lynn Barrington of Christian Commercial represented the seller.
FAYETTEVILLE, N.C. — NorthMarq Capital has arranged $12 million in first mortgage refinancing for the 694-unit Cambridge Arms Apartments, a market-rate multifamily community located at 301 Barcelona Drive in Fayetteville. Bill Matone of NorthMarq's Charlotte, N.C., office arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, SRC Cambridge Arms, through Freddie Mac.
JACKSONVILLE, FLA. — CBRE Group has arranged the $38.6 million sale of the 257-unit Villas of St. Johns, a Class A multifamily community located at 2054 Riverside Ave. in Jacksonville. The property is 97 percent leased. Brian Moulder and Dhaval Patel of CBRE Group represented the seller, Northwestern Mutual Life, in the transaction. The buyer was Bell Partners.
TALLAHASSEE, FLA. — A joint venture between DeBartolo Development and Banyan Tree Cos. has acquired the 122-room Hampton Inn & Suites, located at 3388 Lonnhladh Road in Tallahassee, for $12.35 million. Gray Morgan and Charles Reyner of Greenville, S.C.-based Windsor/Aughtry Co. represented the seller, AHG Hotels, in the transaction.
ROCK HILL, S.C. — Childress Klein has sold the 59,020-square-foot Riverview Commons, a shopping center located at the corner of Celanese and Mount Gallant Roads in Rock Hill, for $9 million. Food Lion and Dollar General anchor the center, which is 93 percent leased. David Webb and Rebecca Levell of Berkeley Capital Advisors represented the seller in the transaction. The buyer was an affiliate of Benbrooke.
ORLANDO, FLA. — The Diocese of Orlando has broken ground on the $2.4 million, 14,000-square-foot Good Shepherd Catholic Church, located in Orlando. Additionally, the existing church, located at 5900 Oleander Drive, will undergo renovations that will transform the building into parish office space and meeting rooms. The new property will feature several green elements, including a high-reflective roof membrane, high-efficiency mechanical systems, low-flow water fixtures and increased building envelope insulation. Orlando-based SchenkelShultz Architecture designed the church. Completion is slated for spring 2013.
GLEN BURNIE, MD. — Walker & Dunlop has arranged $16.25 million in financing for the 212,345-square-foot Chesapeake Square Shopping Center, located in Glen Burnie. ShopRite and Best Buy anchor the center, which is 90 percent leased. Additional tenants include Advance Auto Parts, Subway and Five Below. J. Tyler Blue and Paul Wallace of Walker & Dunlop secured the 10-year loan with a 30-year amortization schedule.
RANDALLSTOWN, MD. — A partnership between Morgan Properties and Core Properties has acquired the 588-unit Garden View Apartments, a garden-style multifamily community located at 8601 Gray Fox Road in Randallstown, for $27.4 million. The buyer plans to invest capital to upgrade individual units, correct deferred maintenance, enhance curb appeal and upgrade kitchens and bathrooms. M&T Bank provided senior acquisition and debt financing for the property.