CLERMONT, FLA. — McCann Realty Partners has acquired the 276-unit Vista at Lost Lake Apartments, a garden-style community located at 2550 Citrus Tower Blvd. in Clermont. Pegasus Residential will manage the property. The acquisition was funded in part by a 7-year, fixed-rate Fannie Mae loan, originated by Beech Street Capital. The company also purchased a 16.4-acre parcel adjacent to the property to build an additional 192 apartments as a second phase within the next year.
Southeast
STATESBORO, GA. — CPPI and Lavender & Associates have been awarded a $6.5 million contract to renovate Georgia Southern University's Sanford Hall. The former dormitory will be redeveloped to accommodate column-free classrooms and student-operated radio and television stations.
BETHESDA, MD. — KeyBank Real Estate Capital has arranged $95 million in Fannie Mae financing for the 549-unit The Grand Apartments, a luxury high-rise apartment community located at 5803 Nicholson Lane in Bethesda. KeyBank secured the 10-year loan with 5 years of interest-only payments on behalf of the borrower, ForestCity Enterprises.
WASHINGTON, D.C. — Quadrangle Development Corp. and The Wilkes Company have broken ground on the 234-unit 440 K, a 14-floor residential building located at Mount Vernon Place, a mixed-use development in Washington, D.C. The building will include 9,000 square feet of ground-floor retail space and amenities such as a fitness center, tranquility garden with an outdoor fireplace and a rooftop terrace with a resort-style swimming pool, a fire pit, grilling areas and a community lounge. Completion is slated for the fourth quarter of 2013.
RALEIGH, N.C. — Blue Heron Capital has purchased the 216-unit Pine Winds Apartments, located at 1301 Pinewinds Drive in Raleigh, for $13.88 million. Amenities include a clubhouse with WiFi and coffee bar, fitness center, swimming pool with sun deck and a fishing pond. Don Waters of Drucker & Falk represented the buyer in the transaction.
OAKLAND PARK, FLA. — A 110,989-square-foot Kmart, located on E. Oakland Park Blvd. in Oakland Park, has sold for $11 million. Douglas Mandel and Alan West of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, a local property owner, in the transaction. Kmart has less than 5 years remaining on its lease.
SPARTANBURG, S.C. — LNR Properties has sold the 116-unit Timbercreek Apartments, located at 501 Camelot Drive in Spartanburg, through Auction.com to Upstate Property Rentals for $2.65 million. Mike Fowler and Jim Davis of Brown Investment Properties represented the seller in the transaction.
BIRMINGHAM, ALA. — Beech Street Capital has arranged a $4.5 million Fannie Mae conventional loan to refinance the 120-unit Bentwood Apartments, located at 2601 Evergreen Drive in Birmingham. Chad Hagwood of Beech Street's Birmingham office arranged the 10-year loan with a 30-year amortization schedule.
ATLANTA — Duke Realty Corp. has executed a lease agreement with Kuehne + Nagel for a 211,000-square-foot build-to-suit office and warehouse distribution building, located at 4100 N. Commerce Drive in Atlanta at Duke Realty's Camp Creek Business Center. The property will serve as Kuehne + Nagel's North American headquarters. The tenant was represented by Bayne Porter of CBRE in the transaction, and the landlord was self-represented by Wes Hardy. Completion is slated for the second quarter of 2013.
GREENVILLE, N.C. — LNR Properties has sold the 308-unit Brasswood Apartments, located at 3150 Brasswood Court in Greenville, to Summer Green through Auction.com for $6.2 million. Mike Fowler and Jim Davis of Brown Investment Properties represented the seller in the transaction.