CRYSTAL CITY, VA. — Los Angeles-based Lowes Enterprises is planning a $70 million redevelopment project for 1400 Crystal Drive in Crystal City. The 300,000-square-foot building, which is part of the 550,000-square-foot Jefferson Plaza complex, will be redeveloped into a modern Class A office property. Slated to begin in early 2012, the project will include relocating the building lobby to Crystal Drive and on-site amenities, including a rooftop terrace, a fitness center and a concierge. Additionally, the building will be retrofitted with modern mechanical systems. Fox Architects is providing architectural services for the project.
WASHINGTON, D.C. — NorthMarq Capital has arranged $31.5 million in acquisition and bridge financing for 1250 23rd Street Northwest in Washington, D.C. The 130,000-square-foot mixed-use/office building was 60 percent leased at the time of closing. Financing was based on a 3-year, interest-only term and was arranged for the undisclosed borrower by NorthMarq through a correspondent lender relationship. Gary McGlynn and Jason Smith of NorthMarq's Washington, D.C., Regional office secured the financing.
CULPEPER, VA. — Beech Street Capital has provided a $9.9 million Fannie Mae DUS loan to refinance the Friendship Heights Apartments in Culpeper. Built in 1987, the garden-style apartment complex offers 210 units, a basketball court and a playground. The fixed-rate loan has a 7-year term with 6.5 years of yield maintenance and a 30-year amortization schedule payable on an actual/360 basis. The loan was originated by Meridian Capital Group
AVENTURA, FLA. — Sperry Van Ness (SVN) has brokered the sale of Terzetto at Aventura, loft land parcel and a 1.71-acre land site in Aventura. Located at the corner of Northeast 185th Avenue and Northeast 28th Court, the property was previously approved for a 13-story, 138-unit multifamily loft project. Lubavitch Center Aventura South Inc. purchased the asset for $2.4 million or $32.08 per square foot. Keith Kidwell of SVN represented the seller, MGAL REPH I, II, III LLC and receiver, Phil von Kahle of Michael Meocker & Associates, in the transaction.
GADSDEN, ALA. — Ontario, Canada-based The Narmco Group has purchased the former Ridge Building System facility in Gadsden. Houston-based Ridge Building Systems sold the property for $3.3 million. Situated on 25 acres, the 240,000-square-foot industrial facility is 100 percent under crane. John Coleman and Sonny Culp of Birmingham, Ala.-based Graham & Company represented the seller in the transaction.
HENRICO COUNTY, VA. — Slurry Pavers Inc. has acquired a 42,300-square-foot property, which is located at 3617 Nine Mile Road in Henrico County. Virginia Truck Center of Richmond, Va., sold the property, which is situated on 11.4 acres, for $1.1 million. Virginia Truck Center plans to continue to operate its business at the property. Jeffrey Cooke and L. Birck Turnbull of Cushman & Wakefield | Thalhimer brokered the transaction.
ROSEDALE, MD. — KLNB Retail Investment Sales has brokered the sale of a retail property in Rosedale. Located at 8815 Yellow Brick Road, the 7,654-square-foot property was purchase by an undisclosed buyer for $3.29 million or $431 per square foot. The building is fully occupied by Bridgestone Retail Operations LLC, which utilizes the property to operate its automotive tire retail operations. Gil Neuman of KLNB represented the buyer; EXP Realty Advisors represented the seller, SB Rosedale 408 LLC, in the 1031 all-cash transaction.
MIAMI — Welsh Family Enterprises has completed the disposition of Finger Lakes Warehouse in Miami. Robert Pereira purchased the 13,084-square-foot warehouse, which is located at 1950 N.W. 93rd Ave. in Miami, for an undisclosed price. Kris Wagner and Richardo Perez of Colliers International South Florida represented the seller; Parvani Commercial represented the buyer in the transaction.
MIAMI — Jones Lang LaSalle's Capital Markets team has secured a $60 million senior mortgage loan for LaSalle Investment Management (LIM) to finance the acquisition of Miami Tower in Miami. Located in downtown Miami, the 47-story tower was purchased in an all-cash transaction by LIM in December 2010. David Hendrickson and Chuck Hoag of Jones Lang LaSalle led the company's team in the transaction.
GREER, S.C. — Columbus Pacific Properties (CPP) has acquired West Chase Apartment Homes in Greer. The Class A, 192-unit multifamily property sold for $11.1 million. Situated on 14.23 acres, the property offers spacious units, a resort-style pool, a playground, a pet park, picnic areas, a fitness center, a laundry facility and a car-care center. The buyer secured a 65 percent permanent loan through Walker & Dunlop and George Smith Partners for the acquisition. Mike McGaughy and Jon Kleinberg of Transwestern represented the buyer and seller, Greystar Management Services, in the transaction.