ATLANTA — North Highland has signed a 69,922-square-foot lease at the 564,000-square-foot, Class A Terminus 200, a mixed-use building in Atlanta. The lease brings the building to 84 percent occupied. North Highland, currently located at 550 Pharr Rd. in Atlanta, plans to relocate by November, bringing its two affiliates, Sparks Grove and TrueBridge Resources, to the newly leased space as well. Terminus 200 is owned by Cousins and Morgan Stanley.
MIAMI — CB Richard Ellis Capital Markets has arranged $23 million permanent financing for the 114,610-square-foot, Class A office building Dadeland Centre II, located in Miami. Terms of the fixed-rate financing include a 5-year term and 30-year amortization. The CBRE team of Charles Foschini, Christian Lee and Christopher Apone arranged the financing through JP Morgan Chase Bank on behalf of Dadeland Centre II, Ltd.
FORESTVILLE, MD. — The 599-unit Regency Pointe, an apartment community located on 24.6 acres inside the Washington Beltway in Forestville, has been purchased for $20 million by a joint venture between Rockville, Md.-based The Donaldson Group and New York-based Angelo, Gordon & Co. The partnership plans to invest an additional $16 million to renovate the property, including full renovation on 77 units that are currently unable to be occupied due to fire and other damage. In June 2010, the partnership acquired a defaulted $32 million senior loan on the property from Wells Fargo and proceeded to foreclose on the owner, MPI Cambridge, which had been in bankruptcy since 2009. The property went up at a foreclosure auction, but the sale did not close. Following a period of litigation, the joint venture finalized its acquisition of Regency Pointe.
EUSTIS, FLA.; SPARTANBURG, S.C.; AND CHARLOTTESVILLE, VA. — St. Louis-based Love Funding has closed $13.69 million in refinancing loans in the Southeast. Robyn Cunningham of Love Funding's St. Louis office closed a $1.96 million loan for the 55-unit Parkview Apartments, located in Eustis, through the U.S. Department of Housing and Urban Development's 233(f) program. The loan allowed the owner, Judy Travis, to consolidate four outstanding loans on the property into one 30-year loan. William E. Jones, Jr., of Love Funding's New York office closed a $2.43 million loan for the 149-unit Heritage Court Apartments, an apartment complex for seniors and handicapped persons, located in Spartanburg, through the U.S. Department of Housing and Urban Development's 233(a)(7) program. The 26-year loan enabled the property owner to move from a 6.35 percent interest rate to a 3.9 percent fixed rate. Laura Saull-Smith of Love Funding's Washington, D.C., office closed a $9.3 million loan for the 86-unit Jefferson Heights at Pantops Mountain, a senior housing complex located in Charlottesville, though the Federal Housing Administration's 223(a)(7) program. The new loan will extend the term 40 years for the owner, Osprey/Pantops Place.
HENRICO, VA. — Forward Air Solutions has leased 47,858 square feet of space in Building C at Airport Distribution Center, located in Henrico. Airport Distribution Center is comprised of four buildings, which total more than 700,000 square feet. Clifford B. Porter of Richmond, Va.-based Porter Realty Co. marketed the center on behalf of the owner, Graham & Co., and handled lease negotiations.
JESSUP, MD. — A 612,900-square-foot, Class A industrial building, located at 7605 Dorsey Run Rd. in Jessup, has sold for an undisclosed price. Plymouth Meeting, Pa.-based Exeter Property Group sold the asset to Chicago-based LaSalle Investment Management. Bruce Strasburg and Marc Rampulla of CB Richard Ellis' Washington, D.C., office represented the seller.
ATLANTA — Atlanta City Council member Joyce M. Sheperd and other local officials joined to dedicate a newly renovated rental townhouse community, The Villas at Lakewood. Virginia Beach, Va.-based Hercules Real Estate Services (HRES) has completed a $6 million renovation of the former Amal Heights community, located south of downtown Atlanta at 1700 Giben Rd. The renovation was completed under the Federal Low Income Housing Tax Credit (LIHTC) program. More than 160 units are designated affordable housing under the LIHTC program, while 28 are market rate. Hercules acquired the half-empty Amal Heights complex in 2007 with plans to convert it to affordable housing under the program.
MIAMI BEACH, FLA. — A 13,624-square-foot, single-tenant retail building, located at 745 Collins Ave. in Miami Beach, Fla., has been sold for $17.65 million. The building is occupied by Victoria's Secret, which has a 15-year, double-net lease with 14 years remaining. The undisclosed seller was represented by Lori Schneider of Marcus & Millichap's Fort Lauderdale, Fla., office and Drew Kristol and Kirk Olson of the Miami office. The buyer, a foreign entity with an office in New York City, was represented by Sean Shahar Ziv, a San Diego-based independent agent.
MARYVILLE, TENN. — Construction will begin soon on a 45,000-square-foot, 12-screen Carmike Cinema at Foothills Mall in Maryville. The former Belk building will be redeveloped to accommodate the new theater. Grand opening is anticipated for summer 2012. The Foothills 12 will be one of six anchors at the 481,000-square-foot mall.
HOWARD COUNTY, MD. — A joint venture between St. John Properties and Greenebaum & Rose Associates has formed to develop 570,000 square feet of office space in five multi-story buildings along Maple Lawn Boulevard in Howard County. Additionally, the joint venture will share ownership of four multi-story office buildings, which total 385,000 square feet, one of which is still under construction. With the new agreement, St. John Properties assumes the rights to co-own, lease and manage up to 15 buildings on 60 acres of land at Maple Lawn, totaling more than 1.2 million square feet of office, flex and retail space. This is the fourth joint venture for the companies.