ST. PETERSBURG, FLA. — Marcus & Millichap has completed the sale of a 144-unit multifamily community located in St. Petersburg for $6.9 million. Gateway Apartments was built in 1986 and is situated at 2000 Gandy Blvd. It comprises 11 one- and two-story buildings containing all one-bedroom units. Amenities include an on-site laundry facility, a basketball court, a boat storage area, a picnic area and a swimming pool. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented both parties, which were undisclosed Florida investors.
HILLSBOROUGH, N.C. — Ziff Properties has acquired the small-shop retail portion of the Hampton Pointe shopping center in Hillsborough. The Class A property totals 38,253 square feet and is located at 525 Hampton Pointe Blvd. It was 81 percent occupied at the time of closing. Shadow anchors for the property include Walmart Supercenter and The Home Depot. The sale also included a pad site that can accommodate 35,000 square feet of future retail development. Christian Chamblee and Michael Pigg provided in-house representation for Ziff. Andrew Margulies of Marcus & Millichap represented the seller, Tribek Properties, who first developed the property in 2004.
BOCA RATON, FLA. — Johnson Capital has secured $18.5 million in financing for a Boca Raton office property. Constructed between 1978 and 1988, The Fountains Center comprises seven buildings containing 182,000 square feet space, the majority of which is for office tenants. The property also includes two bank branches, each with drive-thru lanes. The borrower is a partnership of local investors that purchased the REO property in 2012 and has since renovated it. The loan carries a five-year term, non-recourse, with a sub-4 percent, fixed interest rate. Terms also include reserves for tenant improvements and leasing commissions. The lender was a regional bank. Eric Fixler of Johnson Capital arranged the deal.
HARDY, VA. — Divaris Real Estate has arranged the sale of a 10,800-square-foot, freestanding retail property located at 12935 Booker T. Washington Highway in Hardy. The property is triple-net leased to CVS/pharmacy, which has 17 years remaining on its term. American Realty Capital acquired the property at a 6.76 percent cap rate. Brett McNamee of Divaris’s Richmond, Va., office represented the undisclosed seller.
HOLLYWOOD, FLA. — Florida developer Stiles has commenced construction for West Lake Commons, a $35 million retail project located at 1700 Sheridan Street in Hollywood. The project will be built on the site of the former Hollywood Lincoln Mercury dealership at the corner of Sheridan Street and South Federal Highway. Stiles will construct an 80,000-square-foot center to be anchored by Publix. Additional tenants already announced include Pollo Tropical and Starbucks. The project will also include up to 20,000 square feet of outparcel space. Completion is expected in the second quarter of 2014.
BELTSVILLE, MD. — Los Angeles-based Laurus Corp. has acquired the Sheraton Washington North Hotel from The Carlyle Group. The nine-story property contains 207 rooms and is located at 4095 Powder Mill Road in the Washington, D.C., suburb of Beltsville. The hotel features 5,410 square feet of meeting space, a 60-seat restaurant, a lounge and a recently renovated fitness center. Savills Hospitality Group represented Carlyle in the transaction.
ARLINGTON, VA. — Jones Lang LaSalle (JLL) has secured $112 million in non-recourse financing for Lincoln Place, a 503-776-square-foot office property located in Arlington’s Pentagon City submarket. Lincoln Place comprises two 12-story buildings located at 600 and 700 Army Navy Dr. that are wholly leased to the Drug Enforcement Agency through 2018. JLL’s Wes Boatwright, Mike Yavinsky and Jon Goldstein arranged the loan, which carries a 10-year term and a floating rate. The lender is SunTrust Banks, and the borrower is California State Teachers’ Retirement System.
OWENSBORO, KY. — The new Owensboro Health Regional Hospital has opened its doors. The 780,000-square-foot hospital sits on 162 acres on Owensboro’s east side at 1201 Pleasant Valley Road. The hospital features a nine-story patient tower and a three-story diagnostic and testing building that houses the emergency department, maternity services, surgery and supporting areas. The hospital features patient rooms one-third larger than the hospital it replaces as well as nurse work areas outside each patient room. The construction team included project manager KLMK Group, architect HGA and construction manager Turner Construction.
WOODBRIDGE, VA. — Meridian Capital Group has arranged $49.5 million in acquisition financing for a Woodbridge multifamily community. Misty Ridge contains 409 units and is located at 1989 Delaware Dr. Barry Lefkowitz of Meridian’s Iselin, N.J., office negotiated the loan, which carries a fixed interest rate of 3.49 percent and a 7-year term. The lender was Freddie Mac. The borrower was Castle Lanterra Properties.
MOBILE, ALA. — Lakestar Properties has acquired a Mobile power center from a joint venture led by Kimco Realty Corp. Mobile Festival Centre is a 380,19-square-foot retail property located near Interstate 65 at 3725 Airport Blvd. Its tenant roster includes Academy Sports + Outdoors, Bed Bath & Beyond, h.h. gregg, Jo-Ann Fabric & Craft Store, Ross Dress for Less, and Virginia College. The Home Depot shadow anchors it. Richard Reid and Jim Hamilton of Holliday Fenoglio Fowler represented the seller. The purchase price was not released.