WASHINGTON, D.C. — Cassidy Turley has arranged $13.5 million in debt financing for the 74,234-square-foot, Class A office building located at 1111 18th Street in Washington, D.C. The property is 100 percent leased to the GSA. Phil Mudd and Christian Miles of Cassidy Turley's Washington, D.C. office procured the loan from a life insurance company on behalf of the owner, Jack I. Bender & Sons, a partnership affiliated with principals of Blake Real Estate. Steve Lustgarten of Blake Real Estate represented the partnership in loan negotiations.
Southeast
CHATTANOOGA, TENN. — Aventura, Fla.-based Trade Street Capital has purchased Fontaine Woods Apartments in Chattanooga. The property is situated at the base of Signal Mountain and is less than 7 miles from the new Volkswagen plant. It contains 263 apartments as well as a clubhouse with a fitness center and a resort-style swimming pool. The new owner plans to complete a capital improvements program in the near term. The seller and acquisition price were not released.
CORBIN, KY. — Webbed Sphere Inc. has purchase the former American Greetings building, a more than 1 million-square-foot industrial property located on 108 acres in Corbin. Bruce Isaac of NAI Isaac Commercial Properties and Dov Sorotzkin of Newmark Knight Frank represented the seller. The purchase price was not released.
NAPLES, FLA. — Globalvest Investments Group has purchased a 45,878-square-foot retail building located at 5015 Tamiami Trail in Naples from LNR Partners for $3.5 million. The CB Richard Ellis team of Larry Foster and Mike Concilla represented LNR, and David Stevens of IPC represented Globalvest.
ELKIN, N.C. — Midwest-CBK has sold its 416,007-square-foot industrial building, located at 300 Candle Wycke Ln. in Elkin, to Pittsburgh Glass Works. The building will be used as a new manufacturing facility to make automotive glass products. The seller was represented by Doug Faris of Binswanger's Charlotte, N.C., office.
TALLAHASSEE, FLA. — Construction has begun on the 219-unit, 11-acre Campus Circle Tallahassee, located across the street from Florida State University in Tallahassee. The community is being developed and constructed in a joint venture between The Bainbridge Companies and National Real Estate Advisors. Amenities will include a two-story fitness center, heated swimming pool with cabanas and a 12,990-square-foot clubhouse. The first apartments are expected to be available in January 2012.
WILLIAMSBURG, VA. — The 8,375-square-foot office condominium, located in the Wells Fargo Building at 428 McLaws Cir. in Williamsburg, has been sold for $2.39 million. Cedar Park purchased the condo from Leebcor Properties at McLaws as an investment. Andy Dallas and Chris Rouzie of Cushman & Wakefield | Thalhimer's Newport News, Va., office handled the sale negotiations.
MANATEE CO., FLA. — Construction has begun on the 272-unit Lost Creek Resort Apartments, located on Lakewood Ranch Boulevard in Manatee Co. The property contains nine, three-story garden-style apartment buildings. The architect on the project is Forum Architecture & Interior Design. The contractor is Winter Park Construction and the developer is P.A.C. Land Development.
DAVIE, FLA. — The $21 million Young At Art Museum and Broward County Library in Davie, celebrated its top off with a live oak, the official tree of the town of Davie. The 55,000-square-foot building is scheduled for completion in the spring of 2012. The architects on the project are Miami-based Spillis Candela DMJM and Fort Lauderdale, Fla.-based Glavovic Studios. The construction company is James B. Pirtle Construction. Young At Art has also received accreditation by the American Associations of Museums, the highest national recognition to be bestowed on a museum. It's one of only six children's museums nationwide and the only children's museum in Florida to receive the honor.
JACKSONVILLE, FLA. — First Market Properties has acquired the 230-unit Preserve at St. Nicholas, a garden apartment complex located on Atlantic Boulevard in Jacksonville. First Market Properties purchased its mortgage from a national bank at a discount of approximately 50 percent. The loan had a balance of $13.5 million. The property is currently 78 percent occupied.