TUSCALOOSA, ALA. — HFF has arranged $19.6 million in financing for The Bluff at Waterworks Landing, a newly constructed off-campus student housing community serving the University of Alabama in Tuscaloosa. HFF worked exclusively on behalf of Ellis-Trick Multifamily to place a 10-year, fixed-rate loan through Freddie Mac’s CME Program. Loan proceeds were used to refinance the original construction debt on the 162-unit, 308-bed student housing property. The Bluff at Waterworks Landing is located less than one mile from the University of Alabama campus at 534 Seventh Ave. near the intersection of Jack Warner Parkway and McFarland Boulevard. Adam Herrin led the HFF team.
Southeast
MIAMI — The 203,567-square-foot Aventura Business Park has sold for $17.3 million. Douglas Mandel of Marcus & Millichap’s Fort Lauderdale, Fla., office represented both the unlisted seller and the buyer, Bristol Group Inc. The three-building property was completed in 1989 and is located off Interstate 95 and Ives Dairy Road.
HANOVER COUNTY, VA. — Rutland Commons, an approximately 110,000-square-foot, Kroger-anchored shopping center at 9351 Atlee Rd. in Hanover County, has sold for $7.1 million. The Rebkee Company purchased the retail property, and Connie Jordan Nielsen and Nicki Jassy of Cushman & Wakefield/Thalhimer represented the company in its purchase. It was purchased from Crosland Rutland LLC as an investment. Jassy and Pam Strieffler, also with Cushman & Wakefield/Thalhimer, have been selected by Rebkee as the exclusive leasing agents for the shopping center.
CARY, N.C. — KBS Real Estate Investment Trust I, a non-traded real estate investment trust headquartered in Newport Beach, Calif., has finalized a 154,519-square-foot office lease for Xerox Business Services LLC in Cary. Xerox, which was represented by Tom Flynn and Matthew Cooke of Jones Lang LaSalle, renewed its lease at the 248,823-square-foot Crescent Green. Ed Pulliam and John Brewer of CBRE-Raleigh represented KBS. Xerox Business Services, an affiliate of Xerox Corp., and its predecessor, Affiliated Computer Solutions, have been at Crescent Green since 2006.
JACKSONVILLE, FLA. — Parkway Properties Inc. has entered into a purchase and sale agreement to acquire an eight-property office portfolio totaling 1 million square feet in Jacksonville’s Deerwood submarket for $130 million. The properties were developed from 1996 to 2005 and are 93.7 percent occupied. Parkway also completed the previously announced purchase of Tower Place 200, a 260,000-square-foot office tower in Atlanta’s Buckhead submarket, for $56 million. The 13-story Class A Tower Place 200 was built in 1998 and is 82.9 percent occupied.
ATLANTA — Phillips Edison-ARC Shopping Center REIT Inc. has purchased six grocery-anchored shopping centers totaling 507,668 square feet in metro Atlanta for approximately $60.5 million. The retail portfolio includes five Kroger-anchored properties and one Publix-anchored property. The six properties are Butler Creek in Acworth, Ga.; Fairview Oaks in Ellenwood, Ga.; Grassland Crossing in Alpharetta, Ga.; Hamilton Ridge in Buford, Ga.; Mableton Crossing in Mableton, Ga.; and Shops at Westridge in McDonough, Ga. The REIT is co-sponsored by Phillips Edison & Co. and AR Capital LLC, a real estate investment program sponsor.
ORLANDO, FLA. — Summit Hotel Properties Inc. has acquired three hotels totaling 426 guestrooms from affiliates of Hyatt Hotels Corp. for $36.1 million. Two of the Hyatt hotels are located in Orlando with the other hotel in Illinois. Summit has entered into an agreement with Select Hotels Group LLC, an affiliate of Hyatt, to operate each hotel. The Orlando hotels include the 151-room Hyatt Place-Universal and the 149-room Hyatt Place-Convention Center.
HERNDON, VA. — Parmenter Realty Partners has acquired its first asset in the Washington, D.C., area with the purchase of 460 Herndon Parkway, a 205,074-square-foot office building in Herndon, for an undisclosed price. American Fund US Investments LP sold the property, which was 96 occupied at the time of the transaction. The office building was built in 1986 and is positioned in the heart of the Dulles corridor in the Washington, D.C., area. Andre Kinney of Real Estate Capital Partners and Eric Berkman, Steve Gichner and Andrew Asbill of Cushman & Wakefield’s Capital Markets Group represented the seller.
FORT MYERS, FLA. — Fort Myers-based J.L. Wallace Inc. has completed renovations on Victory Lane Chevrolet at 3980 Fowler St. in Fort Myers. The renovations consisted of a new exterior facade and interior renovations to the new car showroom, used car building, new service drive entrance and office, lounge and administrative offices. All renovations are in compliance with General Motors Chevrolet Dealership Re-Image Program. Ted Gadoury of J.L. Wallace served as project manager. Titsch & Associates Architects served as the project architect.
LEXINGTON, KY. — Trinitas Ventures LLC, a student housing and mixed-use developer, has broken ground on an urban infill redevelopment in Lexington near the University of Kentucky. The Collegiate on Angliana will be a 278-unit, 699-bed student housing property that will serve UK students. It is anticipated to open this August. A joint venture between Trinitas and Harrison Street Real Estate Capital (HSRE) provided equity financing. The project is the fourth development for the Trinitas/HSRE partnership. Key Bank provided construction financing.