BENTONVILLE AND VAN BUREN, ARK. — Boston Capital has provided equity and construction loan financing for the rehabilitation of two affordable housing properties in Arkansas: Garden Walk of Bentonville in Bentonville and Garden Walk of Elfen Glen II in Van Buren. Garden Walk of Bentonville features one- and two-bedroom units in 10 one-story buildings. Development improvements will include the installation of a leasing office, a playground and landscaped areas. Garden Walk of Elfen Glen II features one-, two- and three-bedroom units in 11 one-story and four two-story buildings. Development improvements will include laundry facilities, an on-site office, playgrounds, a basketball court and a pavilion. Units in both multifamily properties will be available to families earning 60 percent or less of the area median income (AMI).
Southeast
ORLANDO, FLA. — A 15,000-square-foot industrial property at 6101 Anno Ave. in Orlando has traded. The property was built in 1962 and includes two commercial buildings on 1.5 acres. Richard Matricaria of Marcus & Millichap’s Orlando office represented the unlisted seller and Joe LaFleur also of the firm’s Orlando office secured the buyer, a private investor. The industrial property is located six miles south of downtown Orlando.
Washington, D.C.’s suburban industrial markets in Maryland and Northern Virginia have seen limited new development due to supply constraints for well-located and developable land. Currently, suburban Maryland’s industrial activity is centered around the redevelopment of inefficient but well-located properties to meet the needs of today’s warehouse users that require features such as ceilings with at least 24-foot clear heights, 120-foot truck loading courts, trailer-drop areas and flexible configurations with 50-foot on center column spacing. With its strong fundamentals, the industrial property investment sales market continues to be a focus for institutional investors and REITs. Despite overall economic sluggishness, both markets have strong upside potential. Suburban Maryland Exemplifying suburban Maryland’s redevelopment trends, Chesapeake Realty Group, Oakmont Industrial and Carlyle Group are renovating a 368,000-square-foot former special-purpose facility into a new, modern general- purpose distribution center along the eastern Capital Beltway network. A similar deal involves the renovation and Nash Finch’s subsequent 500,000-square-foot lease of a former Giant Food ’60s-era distribution center. This single transaction led to the vacancy rate falling to below 9 percent in the Landover submarket. Limited new development is occurring along the main transportation arteries feeding into D.C.’s CBD. Demand drivers include regional distributors and service companies catering …
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ATLANTA — The Connor Group has sold Block Lofts in Midtown for $34.2 million. The sale was the Dayton, Ohio-based company’s first in Atlanta since 2008. The Connor Group owns 17 multifamily communities in the Atlanta area, and it purchased Block Lofts in 2009 for $27.3 million. Block Lofts/WC-LC LLC and Block Lofts/AH-BWT LLC acquired the Midtown multifamily property from The Connor Group.
WASHINGTON, D.C. — CBRE Capital Markets has arranged a $21.3 million construction loan for the redevelopment of The Wonder Bread Building at 641 S Street in Washington, D.C. The seven-year loan was arranged on behalf of Washington, D.C.-based Douglas Development Corp. The redeveloped building, formerly a Wonder Bread distribution warehouse for Hostess, will contain approximately 82,000 square feet of office and retail space. The project is an adaptive reuse of the industrial property.
WEST PALM BEACH, FLA. — The 113,862-square-foot Sabadell United Bank building has traded for $15.4 million in West Palm Beach. The 12-story building was sold by PEBB Palm Beach Lakes LLC to Brookwood Sabadell Investors LLC. Dominic Montazemi, Scott O’Donnell, Marty Busekrus and Miguel Alcivar of CBRE’s Private Capital Group<
CELEBRATION, FLA. — A 49,000-square-foot Publix has opened at Water Tower Shoppes, replacing a 33,000-square-foot Gooding’s Supermarket, at 29 Blake Blvd. in Celebration. National retail tenants such as Joe’s Crab Shack, Pep Boys, Chick-fil-A and Exxon Mobil Oil surround the 124,000-square-foot Water Tower Shoppes, which opened in 2005. Orlando, Fla.-based Crossman & Co. manages and leases the retail property.
CHARLOTTE, N.C. — A joint venture between Trinity Capital Advisors, Stockbridge Capital Group and Madison International Realty has acquired Toringdon 2, an office building in South Charlotte’s Toringdon Office Park. The joint venture owns four the park’s six office buildings including Toringdon 1, 2, 6 and 8 as well as 12 acres of land and the parking deck for Toringdon 3 and 5. Toringdon 2 is a 72,500-square-foot Class A office building with tenants Keller Williams, Coats and Metso Paper. The six-building Toringdon Office Park is a mixed-use master planned development with immediate access from I-485.
GREENSBORO AND DURHAM, N.C. — Bell Partners Inc. has sold two North Carolina apartment communities, the 284-unit Lake Brandt and 288-unit Bell Southpoint, on behalf of its investors. Winthrop Realty Trust purchased Lake Brandt in Greensboro and Duck Pond Corp. purchased Bell Southpoint in Durham. Lake Brandt includes one-, two- and three-bedroom units and amenities such as a fitness center, outdoor pool plaza, lighted tennis courts, indoor lap pool, business center and playground. Bell Southpoint also includes one-, two- and three-bedroom units and similar amenities.