TAMPA, FLA. — A Fla.-based private investor sold the 32-unit, Class B garden apartment property Hyde Park Pointe in Tampa for $1.9 million, or $59,375 a unit, to an undisclosed limited liability company. Both parties were represented by Casey Babb and Luis Baez of Marcus & Millichap's Tampa office.
Southeast
WASHINGTON, D.C. — Cassidy Turley arranged $172 million in senior and mezzanine bridge financing for the 385,765-square-foot trophy office building Republic Square I, located at 25 Massachusetts Ave. in Washington, D.C., on behalf of Republic Properties. The senior loan, originated by an undisclosed commercial bank, and the mezzanine loan, provided by a private equity fund, will serve to refinance the previous loan and to fund future leasing coasts. The building is currently 60 percent leased. If necessary, another 200,000 square feet can be added on an adjacent parcel, known as Republic Square II. David Webb, John Campanella and Jamie Butler of Cassidy Turley's Washington D.C. office structured the two-tiered debt transaction.
VIRGINIA BEACH, VA. — According to Inland Diversified Real Estate Trust's SEC filing, Mountain Ventures Virginia Beach has sold the 409,747-square-foot Landstown Commons Shopping Center in Virginia Beach for $91 million to Inland Diversified Real Estate Trust. At close, the shopping center was more than 94 percent leased to a total of 63 tenants, including Best Buy, PetSmart and Bed, Bath & Beyond. On the second floor of the shopping center is 32,890 square feet of office space, which is currently 90 percent leased to two medical users. Mark Cosenza of Inland Real Estate Acquisitions' Oak Brook office represented the buyer and the undisclosed seller was represented by CB Richard Ellis' Florida and Washington, D.C., groups.
TOWSON, MD. — LaSalle Investment Management has sold a 5-story, 121,491-square-foot Class A office building, located at 100 West Rd. in Towson, for $18.75 million to TA Associate Realty. The LEED Gold Certified building is 87 percent leased and includes a fitness center and cafe. Bo Cashman and Jonathan Beard of CB Richard Ellis' Baltimore, Md., office represented both parties in the transaction.
CLEARWATER, FLA. — The 299-unit, 306,361-square-foot Cielo at Bradenton Apartments, located at 6904 Manatee Ave., in Clearwater, was sold by Cielo Apartments to Aspen Square Management for $12 million. The lender-owned Cielo at Bradenton Apartments is currently 92 percent occupied. John W. Stone and Jason T. Stanton of Colliers International in Tampa Bay, Fla., office represented the seller in the all-cash transaction. Broker information for the buyer was not released.
BIRMINGHAM, ALA. — Downtown Storage of Birmingham, a 75,897-square-foot, 627 storage unit self-storage facility has sold for $2.5 million to Ala.-based Metro Mini Storage. The seller, a financial institution out of California, was represented by Michael A. Mele of Marcus & Millichap's National Self-Storage Group and Nicholas Walker of Marcus & Millichap's Ontario, Ca., office. The buyer was represented by Edwin Greenhalgh of Marcus & Millichap's Birmingham office.
NASHVILLE, TENN. — DCT Industrial Trust leased 390,620 square feet to an undisclosed products manufacturer for an undisclosed price. The cross-dock distribution building, which is a joint venture between DCT Industrial and IDI, totals 556,000 square feet and features a 32-foot clear height, an ESFR sprinkler system and a 180-foot secured truck court. Don Kent and Clinton Gilbreath of the CB Richard Ellis' Nashville office represented the tenant, and Steve Preston of the CB Richard Ellis' Nashville office and Douglas Johnson of the CB Richard Ellis' Chicago office represented the landlords.
RALEIGH, N.C. — Ohio-based The Connor Group purchased the 268-unit Atria at Crabtree Valley from Fairfield Residential for $19.3 million. Since 2007, The Connor Group has purchased more than $140 million in luxury apartment communities in the area. Knoxville, Tenn.-based Dean Smith brokered the entire sale.
FREDERICKSBURG, VA. — Home Properties has broken ground on the 302-unit The Apartments at Cobblestone Square in Fredericksburg. The Class A community will feature eight, four-story buildings and a refurbished 100-year-old rail depot.The complex has been designed to achieve the National Association of Home Builders' Green Building Standard Silver certification. Amenities will include a fitness center, outdoor pool, spacious club room with gaming area, a business center and access to a 10-acre adjacent park. The first building, rail depot and amenities are slated for completion in late 2011, with the entire project complete in late 2012.
SPARTANBURG, S.C. — Greenville, S.C.-based RealtyLink sold a 50,024-square-foot Virginia College in Spartanburg for $8.7 million to a private investment company out of the northeast. Virginia College is a chain of private for-profit post-secondary institutions which offer classes related to specific professions. The building, a former furniture store, was redeveloped by RealtyLink of Alabama for Virginia College in 2010. The name of the landlord and broker information was undisclosed.