CHARLOTTE, N.C. — NorthMarq Capital has arranged $7.8 million in first mortgage refinancing for the 358-unit Sailboat Bay Apartments, located at 5417 Albemarle Rd. in Charlotte. Kevin Jenkins of NorthMarq's Charlotte office secured the 10-year loan with a 30-year amortization schedule through Freddie Mac.
BOCA RATON, FLA. — The 248-unit Heritage at Boca Raton, an apartment complex located at 320 W. Palmetto Park Rd. in Boca Raton, has been sold for $67.96 million in an all-cash transaction. The property is currently 92 percent leased. Hampton Beebe and Marc deBaptiste of ARA's Boca Raton office represented Priderock Capital Management, the seller, in the transaction. The buyer was a pension fund advisor.
DECATUR, GA. — Savannah, Ga.-based NorSouth Constructs has broken ground on the 80-unit Oliver House, a seniors housing property located at 1450 Commerce Dr. in Decatur. The development is the second phase of a $30 million redevelopment of Allen Wilson Terrace Public Housing by the Decatur Housing Authority. Upon completion, Allen Wilson Terrace will contain 190 units for low-income families and seniors. HADP Architecture designed the property, which is expected to receive two EarthCraft green building certifications. Oliver House is slated for completion in August 2012.
UNION CITY, TENN. — The Goodyear Tire & Rubber Co. has sold a 2.2 million-square-foot manufacturing and distribution facility, located at 3260 Goodyear Dr. in Union City, to Titan Tire Corp. Michael Reid of Binswanger's Atlanta office, along with Larry Spinelli of the firm's Nashville, Tenn., office, represented the seller in the transaction.
RICHMOND, VA. — TGM Realty Investors has acquired the 66-unit Biggs Building Apartments, located at 920 W. Marshall St. in Richmond, from Biggs Building LP. for $5.03 million. Scott Douglas and Lindsey Floyd of Cushman & Wakefield/Thalhimer's Richmond office represented the buyer in the transaction. Scott Gaeser of Eagle represented the seller.
HALLANDALE BEACH, FLA. — KM/Plaza has completed the 24,667-square-foot BGT Media corporate headquarters, located at 600 Silks Run in Hallandale Beach. The property contains 53 offices and MDF workstations, five conference rooms and a kitchenette. Miami-based ADD Inc. was the architect for the project.
ATLANTA — Carter, with offices in Atlanta, Tampa, Fla., and New York City, has plans to pursue $500 million in development and investments. Following the completion of the sale of the company's brokerage and property management groups, the firm is focusing on four key areas: development of mixed-use and for-rent multifamily properties in urban infill locations, equity development of student housing, acquisition of opportunistic and value-add investments in the office sector and growing its project management and strategic consulting business.
DELRAY BEACH, FLA. — RexxHall Realty has purchased the three-building Arbors Office Park, located at 1615, 1625 & 1690 S. Congress Ave. in Delray Beach. The buildings total 244,247 square feet and are 45 percent leased to tenants including Alfred Angelo, Sperry & Hutchinson, Twin-Star International and Escalate. Charles Foschini, Christoper Aphone and Christian Lee of CBRE's Miami office, along with Scott O'Donnell of the firm's Boca Raton, Fla., office and Dominic Montazemi of the firm's Palm Beach County, Fla., office, represented the seller in the transaction.
GOLDSBORO, N.C. — The 57,000-square-foot Five Points Plaza, located at 102-118 Five Points Rd. in Goldsboro, has been sold for $6 million. Food Lion anchors the center, which is 97 percent leased. Drew Fleming and Mark Joines of Cassidy Turley's Atlanta office represented the buyer, a North Carolina-based private equity group, in the transaction. Marlene Spritzer of CresaPartners' Cary, N.C., office represented the seller, a North Carolina-based developer.
WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased a 21-unit apartment building, located at 1346 Park Rd. NW in Washington, D.C.'s Columbia Heights neighborhood, from Someck Development and Northridge Capital for $3.7 million. UIP has plans to invest $2.7 million in a full renovation of the property, including new plumbing, electrical, heating and cooling systems, as well as a new roof, windows and condo-level finishes. Additionally, seven units will be added on the cellar level. Andrew McAllister of Washington, D.C.-based MAC Realty Advisors represented the sellers in the transaction.