GLEN BURNIE, MD. — A joint venture between Morgan Properties and Dune Real Estate Partners has acquired Chesapeake Glen, a 796-unit apartment community in Glen Burnie, from Equity Residential. The garden-style community is close to major commuter arteries, including I-95, I-97 and the Baltimore-Washington Parkway. Amenities include a clubhouse, fitness center, outdoor swimming pool, tennis courts and picnic areas. The buyers plan to upgrade the property. HFF represented the seller in the transaction.
NEW PORT RICHEY, FLA. — Fairway-River Walk has acquired the 69,083-square-foot River Walk shopping center in New Port Richey for $8.4 million. The Publix-anchored center is 95 percent occupied and additional tenants include Subway, Chase Bank and Stassi's Italian Grill. The property is located at 11332 and 11400 Ridge Road. Mike Milano and Ron Schultz of Colliers International represented the seller, USA Real Estate Profit Funds III LP, in the transaction. The buyer was self-represented.
ALABASTER, ALA. — Beech Street Capital has arranged a $6.5 million Fannie Mae loan for the acquisition of the Montevallo Apartments, a 200-unit community in Alabaster. The property includes a clubhouse, two pools and two tennis courts. The borrower has recently acquired four other garden apartment complexes in Birmingham from long-term owners. Barry Lefkowitz and Jay Jacobovitch of Meridian Capital Group originated the seven-year loan, which features a 30-year amortization schedule.
CUTLER BAY, FLA. — Marcus & Millichap has arranged the $4 million sale of Best Plaza, a 21,881-square-foot shopping strip at 197000 S. Dixie Highway in Cutler Bay. Major tenants include Sherwin Williams, Subway and FastSigns. Kirk Olson and Drew Kristol of Marcus & Millichap represented the seller, a Miami-based private investor, in the transaction. Olson and Kristol, along with Marcus & Millichap's Still Hunter and Evan Olson, also represented the buyer, a Brooklyn, N.Y.-based limited liability company.
DELRAY BEACH, FLA. — Fairfield Residential has acquired Spring Harbor at the Landing, a 488-unit garden apartment community in Delray Beach, for $69.1 million. The property features and average unit size of 1,191 square feet in eight floor plans, 57 percent of which are two bedrooms and 37 percent three bedrooms. The property is near local and regional employment centers, including the Boca Raton office market, which comprises more than 11 million square feet of office space. Spring Harbor is 97 percent occupied. Avery Klann and Richard Donellan of ARA represented the seller, Invesco Real Estate, in the transaction.
CHARLOTTE, N.C. — Campus Crest Communities has signed an agreement to acquire Copper Beech Townhome Communities, with the initial stage of the investment representing a 48 percent ownership in a portfolio of 35 student housing properties. Pursuant to this agreement, CCG has the right to buy the final 52 percent stake in the Copper Beech portfolio in stages over a period of up to three years at fixed prices. The initial investment is $261.9 million. The investment will give Charlotte-based CCG a combined portfolio of nearly 42,000 beds.
ABERDEEN, MD. — St. John Properties Inc. has completed construction on 6190 Guardian Gateway, a new 75,000-square-foot office building within The Government and Technology Enterprise (GATE) project in Aberdeen. The GATE is a 416-acre business community, and the new building represents the 10th office building completed by St. John Properties in the past three years at the park. The building, currently 35 percent leased, was designed and constructed to achieve LEED Silver certification.
ATLANTA — Indigo Payments Inc., a payment processing solutions company, has renewed and expanded its office lease at 2000 Riveredge Parkway, a 229,948-square-foot property in Atlanta. The tenant expanded from 3,100 square feet on the seventh floor to 8,072 square feet on the sixth floor. Steve Massell of Lee & Associates represented the tenant in the transaction. Cindy Coombs of Newmark Knight Grubb Frank represented the landlord, Rfp Mainstreet 2000 Riveredge.
POMPANO BEACH, FLA. — Southland Container Co. has leased 12,300 square feet of industrial space at 2680 Gateway Drive in Pompano Beach. Helen Weissman of Brenner Real Estate Group represented the landlord, ABC Pompano Beach Real Estate, in the transaction. Brian Smith of Florida Equities Group represented the tenant.
TYSONS CORNER, VA. — HFF has arranged a $65 million construction loan for 7940 Jones Branch Drive, a 307,000-square-foot office development in Tysons Corner. The borrower was a joint venture between MRP Realty and Rockpoint Group. Scheduled for completion in 2014, the development is approximately 50 percent pre-sold to Logistics Management Institute, a non-profit consultancy organization. The 11-story building will be adjacent to the newly completed Jones Branch connector road. Dan McIntyre led the HFF team that arranged the loan through EagleBank.