PALM BAY, FLA. — ARA has negotiated the $3.17 million sale of the 216-unit The Pines Apartments, a garden style apartment community located at 3016 Pinewood Dr. NE in Palm Bay. The property is currently 92 percent leased. Kevin Judd, Patrick Dufour and Matt Wilcox of ARA's Orlando, Fla., office represented the seller in the transaction. Cincinnati-based Green Realty Corp. was the buyer.
KNOXVILLE, TENN. — Baker Realty Co. has brokered the $1 million sale of the 39,286-square-foot former Sea Ray Logistics building, a warehouse located at 5501 Island River Dr. in Knoxville. Bob Thornton of Baker Realty Co. represented the seller, Brunswick Corp., in the transaction and procured the buyer, LORYSAN.
HOMEWOOD, ALA. — Beech Street Capital has closed a $19.9 million Freddie Mac CME conventional loan for the 274-unit Mayfair Chateau Manor, located at 3450 Manor Dr. in Homewood. Beech Street's Birmingham office arranged the 10-year loan with a 30-year amortization schedule.
ATLANTA — Cousins Properties Inc. has signed the first six tenants to the $100 million Phase I of Emory Point, a mixed-use property located at 1727 Clifton Rd. in Atlanta. The retailers include: a 14,338-square-foot CVS/pharmacy; a 4,512-square-foot Jos. A. Bank; a 2,995-square-foot Marlow's Tavern; a 1,891-square-foot Solar Dimensions; a 1,692-square-foot Which Wich; and a 1,117-square-foot Carriage Cleaners. The first phase, which will include 80,000 square feet of retail space and 443 apartments, is slated for completion in the fall of 2012.
CHARLOTTE, N.C. — A joint venture between Charlotte-based Ferncroft Capital and Dallas-based Crow Holdings has purchased the 102,000-square-foot Northlake Commons Shopping Center, located at 9310 Center Lake Dr. in Charlotte, for $22 million. Tenants include Chick-fil-A, Chili's, Olive Garden, On The Border, Red Robin, Panera Bread, AT&T, Sprint, Moe's Southwest Grill, Shane's Rib Shack, Men's Wearhouse and Fox and Hound. New South Properties has been retained to lease and manage the center.
ORMOND BEACH, FLA. — The 194-unit Coral Sands Resort, located at 1009 Ocean Shore Blvd. in Ormond Beach, has sold for $6.15 million. Charles Wayne of Daytona Beach, Fla.-based Charles Wayne Properties represented Ocean Shore Investments, the seller, in the transaction. The buyer was Island Club Associates.
ATLANTA — Cushman & Wakefield has negotiated the sale of the 387-room Renaissance Concourse Atlanta Airport Hotel, located at 1 Hartsfield Centre Pkwy. in Atlanta. Tom McConnell and Ernest Lee of Cushman & Wakefield Sonnenblick Goldman's New York office represented the seller, an institutional owner. The buyer was an investment group between Clearview Hotel Capital and a real estate fund managed by Oaktree Capital Management.
ORLANDO, FLA. — CBRE has arranged the $1.8 million sale of the 45,370-square-foot Washington Shores Plaza, located at 2100 Bruton Blvd. in Orlando. CBRE's Orlando office represented the seller, Berkadia, in the REO transaction. The buyer was CRP II – Washington Shores, an entity affiliated with Tampa, Fla.-based Community Reinvestment Partners II, a private equity fund sponsored by Forge Capital Partners and DeBartolo Development. The center is currently 39 percent leased, however, the purchaser secured a 22,500-square-foot lease with Save-A-Lot during the due diligence period.
LAFAYETTE, LA. — Walker & Dunlop has secured $18.98 million in financing for the 242-unit Ansley Walk Apartments, located at 401 Guidry Rd. in Lafayette. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 7-year loan with a 30-year amortization through Freddie Mac's CME program.
WASHINGTON, D.C. — Centerline Capital Group has secured a $328 million Freddie Mac CME structure to finance a portfolio of eight multifamily properties in suburban Washington, D.C. The owner is DP Portfolio Investors, a joint venture between Pantzer Properties and Dune Real Estate Partners, which purchased the portfolio in early 2011. The properties total 2,580 units and are located in Alexandria, Ashburn, Herndon, Leesburg and Massas, Va., and in Gaithersburg and Germantown, Md. John Beam of Centerline's Atlanta office originated the transaction.
