GAITHERSBURG, MD. — JBG Rosenfeld Retail and The Bozzuto Group have closed on the $28 million acquisition of 20 acres of land within the 182-acre Crown mixed-use development, located in Gaithersburg, to build the retail and multifamily project Downtown Crown. The property will include 260,000 square feet of retail space with 538 apartments. Harris Teeter has pre-leased 53,000 square feet of retail space and LA Fitness signed a 40,000-square-foot lease. The apartment units will be known as The Cadence at Crown, and amenities will include five courtyards, three outdoor kitchens, a pool, fitness center, yoga studio, business center, conference room and media theater. The first units are slated to open summer 2014. Northwestern Mutual is providing both an equity and a construction and permanent loan for the development of the apartment units. The companies plan to break ground later this summer.
Southeast
FREDERICKSBURG, VA. — KeyBank Real Estate Capital has arranged two loans totaling $66.6 million through Fannie Mae for two multifamily properties, the 476-unit Manor at England Run and the 200-unit The Greens at Falls Run, located in Fredericksburg. The loans were used to repay two bridge loans totaling $62.55 million. Jeff Aycock of KeyBank arranged the seven-year, fixed-rate loans through Fannie Mae on behalf of the borrower, BPG Properties.
TAMPA, FLA. — Canyon Capital Realty Advisors has provided a $27.4 million senior loan to refinance GCAK Tampa’s assets in Grand Central at Kennedy, a mixed-use property located in Tampa. The property includes 392 residential condominium units, 110,000 square feet of ground-floor retail space and 70,000 square feet of office space. Robert Hernandez and Alison Williams of NorthMarq Capital arranged the loan, which will enable GCAK to complete the sales and marketing of the remaining condominium units and continue to lease up and build-out the remaining first-generation office and retail space.
ASHEVILLE, N.C. — Akron, Ohio-based Summit Management Services has sold the 140-unit Eastwood Village, located at 32 Olde Eastwood Village Blvd. in Asheville, to Chicago-based Privet Investments for $13.75 million. Amenities include a swimming pool, clubhouse, outdoor kitchen, business center and a 24-hour fitness center. Hal Kern and Richard Montana of CBRE Group represented the seller in the transaction.
SHREVEPORT, LA. — Accosys, the parent company of TVH Parts Co., has acquired a 60,000-square-foot distribution facility, located at 7245 W. Bert Kouns Industrial Loop in Shreveport, for $3 million. TVH will occupy the space starting in late October. Raymond Alley of Walker Alley & Associates represented the buyer in the transaction. KRH Wieland-Loop was the seller.
LEXINGTON, S.C. — Ziff Properties has acquired the 23,000-square-foot Colonnade at White Knoll, a shopping center located at 1787 S. Lake Drive in Lexington, from BB&T Bank for $1.4 million. Bill Simerville of Cassidy Turley represented the seller in the transaction. The buyer was self-represented by Christian Chamblee.
WINDERMERE, FLA. — Orlando-based Roger B. Kennedy Inc. has broken ground on a new 45,350-square-foot LA Fitness, located at 4768 The Grove Drive in Windermere. Cuhaci & Peterson designed the multi-million dollar property, which is slated for completion in November.
ORLANDO — NorthMarq Capital has arranged $27.9 million in first mortgage financing for the 373-unit Abaco Key Apartments, located at 10712 Mystic Circle in Orlando. Tony Gray of NorthMarq's Houston office secured the 10-year loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Aragon Holdings.
NASHVILLE, TENN. — Richmond, Va.-based Lingerfelt Cos. has acquired the Nashville Airport North Portfolio, a five-building, Class A office portfolio in Nashville, from Highwoods Properties for $41 million. The properties, which total 484,047 square feet, are located in BNA Corporate Center, Lakeview Ridge Office Park and Century City Office Park. The portfolio is 86 percent leased.
ORLANDO, FLA. — The 252-unit Lexington Park Apartments, located on Westgate Drive in Orlando, has sold for $15.9 million. Cole Whitaker, Hal Warren and Jason Stanton of Hendricks & Partners represented the seller, an institutional investor, in the transaction.