WASHINGTON, D.C. — DCT Industrial Trust has signed a long-term lease with a subsidiary of a Fortune 500 company for its 179,000-square-foot Phase II at Dulles Summit, located in the Dulles Corridor submarket of Washington, D.C. The first building is slated for completion in the third quarter of 2012 and the second building will be complete in the first quarter of 2013. Rob Rakusin of Seefried Properties' Atlanta office, along with Steve Cloud of Transwestern's Vienna, Va., office represented the landlord in the lease transaction.
WASHINGTON, D.C. — Calkain Cos. has arranged the $1.1 million sale of a four-tenant, 4,329-square-foot retail condo property, located at 2200 18th St. NW in Washington, D.C. Current tenants include WY18 Developer's Model, Adams Morgan Hardware, Arada Foods and Ethio-American Coffee Shop. Rick Fernandez of Calkain Cos.' Reston, Va., office represented both parties in the transaction.
FREDERICKSBURG, VA. — BPG Properties, Ltd., has acquired two multifamily properties in Fredericksburg totaling 676 units for $83.4 million. Included in the sale was the 200-unit Greens at Falls Run, located at 2500 Green Tree Rd., and the 476-unit Manor at England Run, located at 101 Knights Ct. The properties are 95 percent leased. This is the first multifamily acquisition that BPG has made on behalf of BPG Investment Partnership IX, LP., its newly formed, value-add real estate fund.
TAMPA, FLA. — A joint venture between Global Growth Trust and Crescent Resources has purchased 25-acres to develop the $37 million, 344-unit Circle Crosstown, located at the intersection of Interstate 75 and Lee Roy Selmon Expressway in Tampa. The Class A, garden-style development will include amenities such as a dog walk park, clubhouse and salt water pool. Groundbreaking is slated for the second quarter of this year.
ODESSA, FLA. — Marcus & Millichap has arranged the $1.6 million sale of the 296-unit Storage Haven, a 37,210-square-foot, self-storage facility located at 2135 Gunn Hwy. in Odessa. The property is 94 percent leased. Michael Mele and Adam Wides of Marcus & Millichap's Tampa office represented the seller, a limited liability company, in the transaction and procured the buyer, a private investor.
MIAMI — Sunflower Hospitality has broken ground on a $16 million, 122-room Cambria Suites, located on NW 7th St. in Miami. Sunflower Hospitality is developing the property and Delant Construction Co. is serving as the general contractor. Financing for the property was provided by Ocean Bank. Amenities will include 1,800 square feet of meeting room space, an outdoor pool and terrace, as well as a casual dining and gathering area, a state-of-the-art fitness center and a convenience store. Completion is slated for summer 2013.
BIRMINGHAM, ALA. — A 36,000-square-foot former RoomStore, located at 1686 Montgomery Hwy. in Birmingham, has sold for $1.8 million. Bill McDavid of Birmingham-based Southpace Properties represented the seller, Marks Properties, in the transaction. Bill Clements of Retail Specialists' Birmingham office represented Schaeffer Properties, the buyer.
COLUMBIA, S.C. — Walker & Dunlop has arranged $12.56 million in multifamily financing for the acquisition of the 260-unit Paces Brook, located at 113 Paces Brook Ave. in Columbia. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 10-year loan with 2-year interest only and a 30-year amortization schedule through Freddie Mac's CME program on behalf of the borrower, a joint venture between LMS Real Estate Investment Management and Avison Young.
LOCUST, N.C. — Boston Capital Finance has secured $3.75 million in construction financing for the 35-unit Ardsley Commons, a seniors housing community located 25 miles east of Charlotte in Locust. The loan has a term of 24 months, interest only. Amenities will indlucde a 4,800-square-foot community room with a computer center, a fitness area and outdoor sitting areas including a picnic area with tables and grills.
South Florida, the densely packed grid squeezed between the Atlantic Ocean and the Everglades, is back on the priority list of retailers that, until recently, were content to hang out on the beach and wait for more inviting waters, so to speak. Over the past few months, the list of the most active newcomers has included Toys “R” Us, Babies “R” Us, Ross Dress for Less, Sports Authority and Dick’s Sporting Goods, just to name a few. And while the region is still a long way from the blistering pace of activity that was evident during the housing boom, there are other positive signs of life. A year and a half ago, similar to most major cities across the U.S., shopping center landlords in Miami and South Florida were fending off an overabundance of aggressive rent requests from retailers. All too often, in an effort to grasp some security for the future, many had to give in to retailers’ insistent demands for relief. In fact, many chains managed to lock into long-term leases at low- to mid-double-digit rent amounts in class “A” centers that used to command $25- or even $30-per-square-foot. During the past few months, however, the flood of …