SPRING LAKE, N.C. — Walker & Dunlop has arranged a $13.5 million acquisition loan for the 291-unit River's Edge Apartments, located at 1166 Pine Knoll Dr. in Spring Lake, on behalf of Priderock Capital Partners. The 7-year loan has a 30-year amortization schedule and was secured through Freddie Mac's CME Program.
GROVELAND, FLA. — Marcus & Millichap has brokered the $9.1 million sale of the 65,751-square-foot Eagle Ridge Shoppes, a shopping center anchored by Publix at 7975 State Rd. 50 in Groveland. Daniel Molloy of Marcus & Millichap's Atlanta office represented the seller, Groveland Associates, and Kirk Olson and Drew Kristol of Marcus & Millichap's Miami office represented the buyer, Coral Gables, Fla.-based Fraga Properties.
PORT ST. LUCIE, FLA. — Atlantic/Pacific Companies has acquired 21.1 acres of land on Village Parkway in Port St. Lucie to develop a Class A multifamily community. The 252-unit apartment development is slated to be known as Grande Palms at Tradition.
COLUMBIA AND SUMTER, S.C. — A 14,560-square-foot Walgreens property, located at 4469 Devine St. in Columbia, has sold for $3.3 million, and a 12,728-square-foot Rite Aid property, located at 375 Pinewood Rd. in Sumter, has sold for $2.65 million. Lori Schneider of Marcus & Millichap's Fort Lauderdale, Fla., office brokered the transactions.
FREDERICK, MD. — NorthMarq Capital has arranged $7.5 million in first mortgage financing for the 130,000-square-foot The Home Depot, located on West Patrick Street in Frederick. Deanna Polizzo and Ernest DesRochers of NorthMarq's New York City office arranged the financing with a 20-year term and a 20-year amortization schedule through ING Investment Management on behalf of the borrower, Golden Mile Real Estate. The Home Depot anchors the 602,000-square-foot Frederick Towne Mall, along with Boscov's Department Store and Hoyt Cinema.
ATLANTA — Toronto-based Avison Young has assumed the property management and leasing portfolio of four Atlanta area developments totaling 600,000 square feet from Atlanta-based Barry Real Estate Cos. The properties include 30 Allen Plaza, Lenox Plaza, Lenox Center and 2045 Peachtree. Avison Young will also relocate its Southeastern offices to 30 Allen Plaza.
HATTIESBURG, MISS., AND RUSTON, LA. — Marcus & Millichap has arranged the $39 million sale of two student housing properties in separate sales in Hattiesburg and Ruston. The 216-unit Eagle's Trail Apartments, located at 8 Eagle's Trail in Hattiesburg, one mile from the University of Southern Mississippi, has been sold to a large student housing REIT for $20 million. Additionally, the 144-unit University Crossing, located at 1201 W. California Ave. in Ruston, adjacent to Louisiana Tech University, has been purchased by a private investment group for $19 million. Ray Turchi of Marcus & Millichap's Orlando, Fla., office represented the seller of the two properties, Ken Dixon, a private investor, in both transactions. Gregory Wilson, also of Marcus & Millichap's Orlando office, procured both buyers. William Hoffpauir of Marcus & Millichap's Lafayette, La., office also represented the buyer of University Crossing.
ORMOND BEACH, FLA. — ARA has negotiated the sale of the 184-unit Shadow Lakes, a REO community located at 500 Shadow Lakes Blvd. in Ormand Beach. The property is currently 92 percent leased. Kevin Judd of ARA's Orlando, Fla., office, Patrick Dufuor of ARA's Tampa, Fla., office and Matt WIlcox of ARA”s Jacksonville, Fla., office represented the undisclosed seller in the transaction. The buyer was self-represented.
NAPLES, FLA. — CBRE has arranged the $1.65 million sale of the 9,203-square-foot Bellagio Shoppes, located at 877 91st Ave. on Tamiami Trail in Naples. Larry Foster and Bill Young of CBRE's Naples office represented the seller, LBUBS 2006-C6 Tamiami Trail, and procured the buyer, Bellagio Naples.
ORLANDO, FLA. — Nashville, Tenn.-based Robbins Property Group has purchased the 68-unit Windward Apartments, located at 1744 Bowen Dr. in Orlando, from Ocwea for $1.6 million. Cole Whitaker and Hal Warren of Hendricks & Partners' Orlando office represented the seller in the transaction.