PONTE VERDE, FLA. — NorthMarq Capital has arranged $5 million in first mortgage refinancing for the 47,845-square-foot Village Professional Center, an office park located at 13000 Sawgrass Village Circle in Ponte Verde. Joel Coykendall of NorthMarq Capital’s Jacksonville, Fla., office arranged the 10-year loan with a 25-year amortization schedule through a correspondent life insurance company.
Southeast
ATLANTA — Cortland Partners has purchased the 280-unit Tuscana Apartments, a garden-style community located at 6860 Bebout Drive in Norcross, for $7 million. Cortland Partners plans to invest $3.2 million in renovations, which will include the addition of washers and dryer connections in 216 units without them, new energy efficient HVAC systems and windows, improved landscaping, resurfaced and repainted athletic courts and expanded playground area.
FORT WASHINGTON, MD. — ARA’s Mid-Atlantic office has facilitated the sale of the 324-unit Remington Place, located at 2602 Brinkley Road in Fort Washington, for an undisclosed price. Drew White, Mike Marshall and Ryan Ogden of ARA represented Invesco Real Estate and Ross Development & Investment, the sellers, in the transaction. Cafritz Interests was the buyer.
ARLINGTON, VA. — Archstone has started construction on the 227-unit Parkland Gardens, located at the intersection of North Glebe Road and Lee Highway in Arlington. Amenities will include a resort-style pool with a sun deck and private nooks, two courtyards, an outdoor amphitheater with tiered seating and a pet spa. Union Bank and Sovereign Bank provided construction financing for the development.
ATLANTA — Georgia Realm LLC has acquired the 7,172-square-foot retail component of Realm, a 30-story, mixed-use building located at 3324 Peachtree Road NE in Atlanta, from WN City Center LP. for $1.8 million. The property is fully leased to Buckhead Pizza Co., Jimmy John's and Macon & Co. Salon. Neal Pringle and Mark Cooley of The Shopping Center Group represented the seller in the transaction.
DAVENPORT, FLA. — NorthMarq Capital has arranged first mortgage financing of $26.4 million for the 304-unit Integra Meadows Apartments, located in Davenport. Joel Coykendall of NorthMarq’s Jacksonville, Fla., office arranged the 7-year loan with a 30- year amortization schedule through Freddie Mac.
CARBARRO, N.C. —Fairfield Autumn Woods LLC has sold the 236-unit Autumn Woods Apartments, located at 222 Old Fayetteville Road in Carbarro for $26.25 million. Blake Oakland, Dean Smith, Sean Wood and John Heimburger of ARA’s Charlotte, N.C., office represented the seller in the transaction. The buyer was Centerville, Ohio-based The Connor Group. The property is 94 percent leased.
OAK BROOK, ILL. — Oak Brook-based Inland Real Estate Acquisitions has purchased a portfolio of nine retail bank branches located in Ohio, North Carolina, Florida and Georgia for a total of approximately $18.6 million. The portfolio includes five Ohio properties leased to KeyBank N.A., two Regions Bank locations in Georgia and two BB&T locations in North Carolina and Florida, which total 42,882 square feet. The buyer was self-represented by Joe Cosenza.
ORLANDO, FLA. — Aragon Holdings has purchased the 373-unit Abaco Key Apartment Homes, a Class A apartment complex located adjacent to the Walt Disney World Resort in Orlando. The property is 95 percent leased, and includes a fitness center, basketball and tennis courts, a pool with cabanas and sundeck, media and game room, outdoor kitchen with tables and a grill, business center and dog park. The Aragon Multi-Family Cash Flow Fund provided equity for the purchase.
MELBOURNE, FLA. — A 124,000-square-foot industrial building, located on 3900 Sarno Road in Melbourne, has sold to a local church for $2.5 million. The building, which was vacant at the time of the sale, includes 10,000 square feet of mezzanine space and 114,000 square feet of warehouse space. A local CBRE broker represented the seller, Roseview’s bank client, in the transaction. The Roseview Group oversaw significant improvements to the property, including a complete cleanup and mold removal.