FAYETTEVILLE, N.C. — NorthMarq Capital has arranged $12 million in first mortgage refinancing for the 694-unit Cambridge Arms Apartments, a market-rate multifamily community located at 301 Barcelona Drive in Fayetteville. Bill Matone of NorthMarq's Charlotte, N.C., office arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, SRC Cambridge Arms, through Freddie Mac.
Southeast
JACKSONVILLE, FLA. — CBRE Group has arranged the $38.6 million sale of the 257-unit Villas of St. Johns, a Class A multifamily community located at 2054 Riverside Ave. in Jacksonville. The property is 97 percent leased. Brian Moulder and Dhaval Patel of CBRE Group represented the seller, Northwestern Mutual Life, in the transaction. The buyer was Bell Partners.
TALLAHASSEE, FLA. — A joint venture between DeBartolo Development and Banyan Tree Cos. has acquired the 122-room Hampton Inn & Suites, located at 3388 Lonnhladh Road in Tallahassee, for $12.35 million. Gray Morgan and Charles Reyner of Greenville, S.C.-based Windsor/Aughtry Co. represented the seller, AHG Hotels, in the transaction.
ROCK HILL, S.C. — Childress Klein has sold the 59,020-square-foot Riverview Commons, a shopping center located at the corner of Celanese and Mount Gallant Roads in Rock Hill, for $9 million. Food Lion and Dollar General anchor the center, which is 93 percent leased. David Webb and Rebecca Levell of Berkeley Capital Advisors represented the seller in the transaction. The buyer was an affiliate of Benbrooke.
ORLANDO, FLA. — The Diocese of Orlando has broken ground on the $2.4 million, 14,000-square-foot Good Shepherd Catholic Church, located in Orlando. Additionally, the existing church, located at 5900 Oleander Drive, will undergo renovations that will transform the building into parish office space and meeting rooms. The new property will feature several green elements, including a high-reflective roof membrane, high-efficiency mechanical systems, low-flow water fixtures and increased building envelope insulation. Orlando-based SchenkelShultz Architecture designed the church. Completion is slated for spring 2013.
GLEN BURNIE, MD. — Walker & Dunlop has arranged $16.25 million in financing for the 212,345-square-foot Chesapeake Square Shopping Center, located in Glen Burnie. ShopRite and Best Buy anchor the center, which is 90 percent leased. Additional tenants include Advance Auto Parts, Subway and Five Below. J. Tyler Blue and Paul Wallace of Walker & Dunlop secured the 10-year loan with a 30-year amortization schedule.
RANDALLSTOWN, MD. — A partnership between Morgan Properties and Core Properties has acquired the 588-unit Garden View Apartments, a garden-style multifamily community located at 8601 Gray Fox Road in Randallstown, for $27.4 million. The buyer plans to invest capital to upgrade individual units, correct deferred maintenance, enhance curb appeal and upgrade kitchens and bathrooms. M&T Bank provided senior acquisition and debt financing for the property.
HOMESTEAD, FLA. — Deerfield Beach, Fla.-based SIKON Construction Co. has completed the $10 million, 99-unit Veranda Senior Apartments, a seniors housing facility located at 28355 SW 152nd Ave. in Homestead. HTG Veranda Senior Ltd. developed the property. Amenities include a leasing office/clubhouse and a swimming pool.
PALM BAY, FLA. — A 16,000-square-foot CVS/pharmacy, located at the intersection of Palm Bay Drive and Babcock Road in Palm Bay, has sold for $5.59 million. CVS recently extended its triple-net lease. Dan Cooper of The Cooper Commercial Investment Group represented the seller, a Texas-based private group, in the transaction. The buyer was an Illinois-based private group in a 1031-exchange.
PENSACOLA, FLA. — Marcus & Millichap has arranged the $4.5 million sale of a 21,194-square-foot Office Depot, located at 5000 Bayou Blvd. in Pensacola. Scott Sandelin of Marcus & Millichap's Miami office represented the seller, a publicly traded REIT, in the transaction and procured the buyer, a Canada-based private investor.