PLANTATION, FLA. — Marcus & Millichap has arranged the $6.2 million sale of a 12,863-square-foot Walgreens, located at 10181 W. Broward Blvd. in Plantation. There are currently 21 years remaining on the 25-year, triple-net lease with 10 5-year options. Ronnie Issenberg and Scott Sandelin of Marcus & Millichap's Miami office represented the seller, a private developer, in the transaction.
CHARLOTTE, N.C. — Walker & Dunlop has arranged $6.1 million in acquisition financing for the 202-unit Cameron at Hickory Grove, located at 5625 Keyway Blvd. in Charlotte. Stephen Farnsworth of the firm's New Orleans office arranged the 7-year loan with 2-years interest only and a 30-year amortization schedule through Freddie Mac's CME Program on behalf of the borrower, Atlanta-based Cortland Partners.
During the third quarter of this year, the Memphis multifamily market slowed down compared to the second quarter. Rent and construction were up, however, occupancy and sales fell during the third quarter. “We’re seeing continued improvement in our market,” says Tommy Bronson, III, vice president of the multi-housing group in CB Richard Ellis’ Memphis office. “Due to record low construction levels, we’re seeing positive rent growth, occupancy and concessions burning off.” The overall occupancy in the third quarter of 2011 was 91.6 percent, compared to 92.1 percent in the second quarter. The strongest submarkets are Germantown/Collierville, Downtown and Cordova, which all average in the low- to mid-90s for occupancy, Bronson says. “In those locations, we are often seeing no concessions now, which is a big deal in the Memphis market because we’ve been a concessionary market during the last few years,” he says. Bronson adds that Class A and B properties are pushing rents because concessions are burning off. Rents for new construction rose from $939 per unit in the second quarter of this year to $960 per unit in the third quarter of this year, an increase of 1.8 percent. Overall rents also increased slightly, from $733 in the …
BIRMINGHAM, ALA. — The 150-room former Hyatt Place Hotel, located at 2024 4th Ave. South in Birmingham, has been sold for $19.25 million. Additionally, the hotel has been converted to the SpringHill Suites by Marriott brand. Teague Hunter of Hunter Realty's Atlanta office represented Capmark Financial, the seller, in the transaction. The buyer was Ascent Hospitality.
FORESTVILLE, MD. — Morgan Property Group has sold a 19,620-square-foot retail property, located at the intersection of Marlboro Pike and Donnell Drive in Forestville, to Scottsdale-Miller Associates LP II and HHL & HL-Indiana for $10.8 million. The property is leased to Walgreens and Sherwin Williams. Dean Zang of Marcus & Millichap's Philadelphia office represented both parties in the transaction.
CLEMSON, S.C. — NorthMarq Capital has arranged a $27.6 million refinancing for the 244-unit Chimney Ridge, a student housing property located at 1200 Old Shirley Rd. in Clemson near Clemson University. Bruce Foster of NorthMarq's Atlanta office negotiated the 7-year loan with a 30-year amortization schedule through Freddie Mac.
CARTERSVILLE, GA. — Aquafil USA has signed a 234,031-square-foot warehouse/distribution lease, located at 101 Friction Dr. in Cartersville. Mike Powell of Atlanta-based NAI Brannen Goddard represented the tenant in the lease transaction. James Belcher and Brian Bird of Hart Corp.'s Marietta, Ga., office represented the landlord, Morse Automotive Corp.
TAMPA, FLA. — Wurth Wood Group has signed a 46,000-square-foot office/warehouse lease, located at 5100 W. Hanna Ave. in Tampa. Craig Capo and John Ayers of Tampa-based Industrial Property Group represented the tenant in the lease transaction. Rian Smith of Cushman & Wakefield's Tampa office represented the landlord, Hanna Warehouse Partners.
WASHINGTON, D.C. — New York City-based Mitsui Fudosan America has entered into an agreement to acquire an 80 percent partnership interest in the 421,901-square-foot Homer Building, a trophy office building located at 601 13th St. NW in Washington, D.C., from Sydney, Australia-based Investa Office Fund for $252 million. The building is currently 90 percent leased to tenants include Amgen, General Mills and Toyota. Clarion Partners is representing the seller in the transaction, which is expected to close in January of 2012. Eastdil Secured is representing the buyer.
BETHESDA, MD. — StonebridgeCarras, PN Hoffman and Northwestern Mutual have formed a joint venture to develop a $200 million mixed-use project, located at the corner of Woodmont and Bethesda Avenues in Bethesda. The development will contain 250 residential units and 40,000 square feet of retail space. SK&I Architectural Design Group designed the project and the Clark Construction Group has been retained as the general contractor. Stephen Conley, Dave Nachison, Alan Davis, Mark Remington and Dan McIntyre of HFF's Washington, D.C., office represented StonebridgeCarras and PN Hoffman in the creation of the joint venture. Ground breaking is slated for January of 2012.