ORLANDO, FLA. — Charles Perry Partners has completed a $21.7 million, 82,280-square-foot classroom at Valencia College at Lake Nona in Orlando. The property is the first building for the new satellite campus. SchenkelShultz Architecture designed the three-story building, which includes academic spaces, teaching laboratories, student services, a book store, library, cafe, Dean's suite and administrative offices.
Southeast
ELGIN, S.C. — KT Spears Creek has sold the 240-unit Greenhill Parish Crossing, located at 10682 Two Notch Road in Elgin, to Legacy Sandhill Apartments LLC, for $19.5 million. The Class A community, which is 96 percent occupied, was built in 2009 by the seller. A 13-acre undeveloped Phase II parcel was also included in the sale and has been approved for an additional 240 units. Woody Moore, Ron Cameron and Will Mathews of Colliers International represented the seller in the transaction.
JACKSONVILLE, S.C. — Marcus & Millichap has arranged the $19 million sale of the 185-unit Brighton Bay, an independent living community located at 10061 Sweetwater Parkway in Jacksonville. Michael Pardoll of Marcus & Millichap represented Wells Fargo & Co., the seller, in the transaction. The Carlyle Group was the buyer.
GLEN BURNIE, MD. — Acadia-MCB Holding Co., a joint venture between affiliates of MCB Real Estate and Acadia Realty Trust, has purchased the 265,000-square-foot Arundel Plaza, located on Ritchie Highway in Glen Burnie, for $17.6 million. Lowe's Home Improvement and Giant anchor the center. Mike Gorsage of H&R Retail represented the seller in the transaction.
ARLINGTON, VA. — The 184,216-square-foot Webb Building, an office building located at 4040 N. Fairfax Drive in Arlington, has received financing totaling $54.7 million for the repositioning and re-tenanting of the property as part of the Base Realignment and Closure initiative. FCP Fund II provided $21.2 million of equity, and Wells Fargo has provided a $33.5 million loan facility for the project, which is slated to begin in December. The building will be vacated and fully renovated with a new lobby, landscaping, facade improvements, fitness center, updated common areas, updated HVAC, fire and life safety systems and a roof deck with extensive views. Federal Capital Partners and RESI Management own the Webb Building.
NEWPORT BEACH, CALIF. — Newport Beach-based Sabal Financial Group has purchased a $69 million loan portfolio from Branch Banking and Trust Bank (BB&T). The properties include land and commercial real estate assets heavily concentrated in the Carolinas, as well as Florida, Alabama, Georgia, Maryland, Delaware and Pennsylvania.
LANHAM, MD. — Capitol Asset IT & Recycling Solutions has acquired a 25,500-square-foot warehouse and office property located at 4721 Boston Way in Lanham, for $2.15 million. The property will serve as Capitol Asset's new headquarters, warehouse and distribution facility. Scott Skogmo of Sperry Van Ness represented the buyer in the transaction. Mike Roden, Jay O'Donnell and Ralph Haught of CBRE Group represented the seller.
LEXINGTON, KY. — An 88-unit multifamily property, located at 1740 Jennifer Drive in Lexington, has sold for $1.3 million. Fred Sutterlin and Reed Weinberg of PRG Investments represented the seller in the transaction.
OLIVE BRANCH, MISS. — Cushman & Wakefield has arranged the sale of the 1.1 million-square-foot Williams-Sonoma National Distribution Center, located in Olive Branch. The cross-docked facility is leased on a triple-net basis to William-Sonoma Retail Services. Stewart Calhoun and Robert Elms of Cushman & Wakefield, along with Dave Curran of Cushman & Wakefield/Commercial Advisors, represented the seller, a private investor, in the transaction. American Realty Capital was the buyer.
MARCO ISLAND, FLA. — A 12,000-square-foot office building, located at 900 N. Collier Blvd. in Marco Island, has sold for $2.75 million. David Stevens of Investment Properties Corp. of Naples represented the buyer, 900 North Collier Blvd. LLC, in the transaction. The seller was David Nassif as trustee under the land trust.