CHAPEL HILL, N.C. — Charlotte, N.C.-based Medalist Capital has arranged $36.5 million in debt for the 716-unit Granville Towers, a University of North Carolina student housing property located at 125 W. Franklin St. in Chapel Hill. Don Williams, Bat Barber and Mary Neill Hagood of Medalist Capital arranged the long-term, fixed-rate loan through Aviva Investors North America on behalf of the borrower, The University of North Carolina at Chapel Hill Foundation. The Foundation has partnered with Atlanta-based Cousins Properties to start the redevelopment of the University Square portion of the project, which will include more than 500,000 square feet of retail, office and residential units upon completion.
TAKOMA PARK, MD. — Federal Capital Partners (FCP) has formed a joint venture with Level 2 Development to develop the $36 million Takoma Central, a mixed-use development located at 235-255 Carroll St. NW in Takoma Park. The project will include 156 apartment units and 8,000 square feet of ground floor retail. Amenities will include a fitness center, business center, outdoor terrace, community room and bike storage. MAC Realty Advisors represented Level 2 Development in the formation of the joint venture. Completion is slated for the fourth quarter of 2013.
WASHINGTON, D.C. — EDENS has purchased the 50,560-square-foot Jenkins Row Retail, a grocery-anchored urban retail asset located at 1391 Pennsylvania Ave. SE in Washington, D.C., from Jenkins Row Retail LP. The property is part of the Jenkins Row mixed-use development, which includes 247 luxury apartments in addition to the retail portion. Tenants include Harris Teeter, Subway, Signal Financial and GameStop. Washington, D.C.-based Transwestern's Institutional Commercial Group represented the seller in the transaction.
CLEARWATER, FLA. — Colliers International has launched it's National Student Housing Group, based in Clearwater. Dorothy Joffe Jackman and Travis Prince have been hired as managing directors of the newly formed group to serve clients nationwide. The company will continue to hire additional real estate professionals to join the student housing practice.
JACKSONVILLE, FLA. — A 65,296-square-foot shopping center, located at 31 Arlington Rd. S. in Jacksonville, has been sold for $2.2 million. Winn Dixie and Pinch-A-Penny anchor the center. Bryan Bartlett and Lee Stine of Jacksonville, Fla.-based Grubb & Ellis/Phoenix Realty Group represented the buyer in the transaction.
HUNTSVILLE, ALA. — Walker & Dunlop has arranged $24.7 million in refinancing for the 334-unit Bridgewater Apartments, located at 1501 Old Monrovia Rd. in Huntsville. The 10-year loan has a 30-year amortization schedule and was provided by Fannie Mae. Troy Marek of Regions' Real Estate Capital Markets originated the loan and Will Baker of Walker & Dunlop's Bethesda, Md., office led the Walker & Dunlop team.
The Orlando office market has been recovering during the past 90 days in all aspects and classes. The vacancy rate has been improving. During the third quarter of 2011, it was between 16 percent and 18 percent, which is in line with the national average. According to REIS, the Sanford and Maitland submarkets have the lowest vacancy at 12 percent and 14 percent, respectively. Sales have been steady, especially bank-owned office buildings, which are trading around 20 to 30 percent below cost. One of the most noticeable sale transactions was $60.8 million sale of the 476,000-square-foot Bank of America Center in downtown Orlando, which Eola Capital sold to Parkway Properties Office Fund II LP in May of last year. Additionally, in October of 2011, Blackstone purchased Duke Realty’s office portfolio, totaling 10.1 million square feet for $1.08 billion. Included in that portfolio were a few assets in Orlando. There are also a few bank-owned office buildings that are under contract and expected close early next year. The Interstate 4 corridor from Disney to Sanford seems to be a hot spot for development as many companies are looking for more exposure and better access. Duke Realty is building the 133,000-square-foot Kirkman …
NORTH PORT, FLA. — The 346-unit Toledo Club Apartments, located at 3565 Island Club Dr. in North Port, has sold for $23.52 million. Amenities include two clubhouses, a Wi-Fi business center, two fitness centers, two pools, a spa, illuminated tennis courts, a volleyball court, a dog park and a car care center. Jamie May of Institutional Property Advisors' Tampa, Fla., office represented the seller, Mt. Horeb, Wis.-based The Gallina Cos., in the transaction and procured the buyer, West Springfield, Mass.-based Aspen Square Management.
MARYLAND — Scott Group has sold a four-property industrial portfolio totaling 192,900 square feet in Maryland to Korth Construction. The properties include the 75,000-square-foot Crain Centre in Glen Burnie; the 16,500-square-foot Dunmore Building in Capitol Heights; the 54,400-square-foot Ritchie Business Center in Capitol Heights; and the 47,000-square-foot Rainswood Building in Landover. Christopher Kubler of NAI KNLB's Columbia, Md., office represented the seller in the transaction and the buyer was self-represented.
ATLANTA — Cushman & Wakefield has negotiated the sale of the 94,839-square-foot 56 Perimeter Center East, an office building located in Atlanta. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield's Atlanta office represented Rubenstein Partners, the seller, in the transaction. The buyer was The Simpson Organization.