WAYNESVILLE, N.C. — Atlanta-based Ackerman & Co. has negotiated the $3.37 million sale of the 49,583-square-foot Mountain Creek Plaza Shopping Center, located at 366 Russ Ave. in Waynesville. BI-LO anchors the shopping center, which is fully leased. Jason Powell and Andrew Murphy of Ackerman & Co. represented the seller, a private investor, in the transaction and procured the buyer.
NEW ORLEANS — Walker & Dunlop has arranged a $9.55 million loan for the 211-unit The Muses, a mixed-income residential apartment community located at 1720 Baronne St. in New Orleans. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 18-year refinance loan with a 35-year amortization schedule through Fannie Mae on behalf of the borrower, LDG Development.
LEXINGTON, KY. — The University of Kentucky Board of Trustees has approved a 50-year ground lease with EdR, allowing the company to proceed with the first phase of the university's on-campus housing renovation. Phase I, slated to break ground this spring, includes a $25.8 million, 601-bed freshman honors housing community at Haggin Field, which EdR will develop, construct and own. The living-learning community will include classroom and meeting space, and be available to occupancy by fall 2013. EdR and UK are in discussions regarding Phase II, which would include an expansion from 6,000 residence hall beds to 9,000 residence hall beds, as well as EdR assuming management of the student housing properties in fall 2013. If approved, EdR will systematically demolish most of the current on-campus dormitories and replace them with more modern and attractive living communities.
DORAL, FLA. — Related Development has purchased 33 acres of land, located at the intersection of Northwest 97th Avenue and the Dolphin Expressway in Doral, from Fontainebleau Lakes for $20.5 million. The company plans to build a 720-unit multifamily property on the site in two phases, each with 360 units. Amenities will include a resort-style pool, tennis courts, private garages, a fitness trail, wireless internet in public areas and a car wash. Construction is slated to begin in the third quarter of this year. Tere Blanca and Andres del Corral of Miami-based Blanca Commercial Real Estate represented the seller in the transaction.
CORAL GABLES, FLA. — The 42-unit Capri Apartments, located at 800-801 Capri St. in Coral Gables, has sold for $3.4 million. John Crotty of Colliers International's Miami office represented the seller, 800 and 801 Capri Street LLC, the seller, in the all cash transaction. The buyer was Capri Gables.
ATLANTA — Two tenants have signed leases totaling 63,500 square feet at 1075 Peachtree, an office building located at the intersection of Peachtree and 12th streets in 12th & Midtown, a mixed-use development project in Atlanta. Duane Morris signed a 28.500-square-foot lease and will relocate to the building from its current Midtown location at Atlanta Center Plaza in early summer. Steve Morgan of Grubb & Ellis' Atlanta office, along with Mark Kercher of Studley's Atlanta office, represented the tenant in the lease transaction. Additionally, IMG Worldwide has signed a 35,000-square-foot lease. The company plans to move into the space in June. Jason Schulz of Chicago-based The J Rich Co., along with Russ Jobson and Jeff Kelley of Colliers International's Atlanta office, represented the tenant.
WASHINGTON, D.C. — Clarion Partners has commenced construction on the $32 million renovation of Chevy Chase Pavilion, a mixed-use development located at 5335 Wisconsin Ave. in Washington, D.C. Included in the property is a 198-room hotel, 154,292 square feet of retail space and a 200,248-square-foot office tower. The renovation will include new finishes, the removal of the atrium canopy, new vertical transportation and a new media venue with a 30-by-60 foot, synchronized LED wall. In addition, a 14,000-square-foot RANGE restaurant will be added, as well as the 5,500-square-foot The Civil Lounge, a small plate eatery and cigar lounge. Completion is slated for mid-September.
JEFFERSON, GA. — The Shopping Center Group has negotiated the $5.25 million sale of the 29,800-square-foot shops portion of Loggins Corners, located at the intersection of Old Pendergass Road and U.S. Highway 129 in Jefferson. A 78,829-square-foot Kroger and Fuel Center shadow-anchors the small shop space, which is 97 percent leased to tenants including Beef 'O' Brady's, H&R Block, Northeast Georgia Health System, State Farm, Little Caesars and Verizon Wireless. The Shopping Center Group represented the seller, an Atlanta-based development company, in the transaction. The buyer was a Colorado-based private investor.
PORT ORANGE AND CASSELBERRY, FLA. — Walker & Dunlop has arranged $30.3 million in acquisition financing for the 296-unit Ocean Oaks Apartments, located at 1645 Dunlawton Ave. in Port Orange, and the 336-unit Reflections, located at 100 Reflections Cir. in Casselberry. Will Baker of Walker & Dunlop's Bethesda, Md., office arranged the 10-year loans with 4-years interest only, followed by a 30-year amortization schedule, through Freddie Mac's CME program.
SODDY DAISY, TENN. — Beech Street Capital has secured $3.36 million in acquisition financing for the 69-unit Blackberry Creek Apartments, located at 9516 Dayton Pike in Soddy Daisy. Chad Hagwood of Beech Street Capital's Birmingham, Ala., office arranged the 10-year loan with a 9.5-year yield maintenance payable on a 30-year amortization schedule through Freddie Mac's CME program.