RICHMOND, VA. — The 162,000-square-foot Brookhill Azalea Shopping Center, located at 5214 Chamberlayne Rd. in Richmond, has sold for $8.95 million. Food Lion and Family Dollar anchor the center, which is 70 percent leased. Alex Divaris of Divaris Real Estate's Virginia Beach, Va., office represented the seller, GE Capital, in the transaction. BSV Premier Brookhill, an investment partnership controlled by the principals of Broad Street and The Premier Companies, was the buyer. Financing for the acquisition was provided by Virginia Heritage Bank. The Premier Companies will manage the property and Divaris Real Estate will lease it.
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.