MOCKSVILLE, WINSTON-SALEM AND CHARLOTTE, N.C.; AND LOGANVILLE, GA. — RiverOak Investment Corp. has closed on a $20.7 million loan, which covers the company's acquisition of six medical office properties in North Carolina and Georgia. The CMBS loan has a 5-year term, a 30-year amortization schedule and a 6.07 percent interest rate. An affiliate of RiverOak Investment Corp. acquired the portfolio of properties, which are occupied by Novant Health Inc., in the Charlotte – Winston-Salem corridor for more than $28 million. The properties include 171 Enterprise Way in Mocksville; 480 W. Hanes Mill Road, 4020 Kilpatrick Street and 140 Club Oaks Court in Winston-Salem; and 17220 Northcross Drive in Charlotte. The properties are 100 percent occupied and total approximately 250,000 square feet. Additionally, the affiliate also acquired Loganville Medical Center, a 15,242-square-foot medical office building located at 3869 Highway 81 South in Loganville, for $5.3 million.
MORROW, GA. — Asherian Properties has acquired Southlake II, a 117,081-square-foot retail center in Morrow. Located at 1294 Mt. Zion Blvd., the property is occupied by K&G Fashion Superstone, Farmers Home Furniture, Citi Trends and D&K Suit City. Stafford Properties sold the retail center for $4.7 million. Watson Bryant of Carter & Associates represented the buyer; CB Richard Ellis' Atlanta Private Client Group, led by Craig Taylor, represented the seller in the transaction.
WILMINGTON, N.C. — Agree Realty Corp. has acquired a retail property, which is leased to AT&T, in Wilmington. Located at the corner of New Centre Drive and South College Road, the property sold for approximately $3.3 million. Additional terms of the transaction were not released.
POMPANO BEACH, FLA. — A south Florida apartment operator and investor has purchased Palm Islands Apartments, which is located at 401 N.W. 34th St. in Pompano Beach. The 402-unit, 286,115-square-foot property sold for $10.5 million. The property offers 88 studios, 181 one-bedroom/one-bath units, 79 two-bedroom/one-and-a-half-bath units and 54 two-bedroom/two-bath units. All residences have central heating and air conditioning, individual hot water heaters, ceiling fans, spacious closets and fully equipped kitchens. Community amenities include a swimming pool and lighted tennis courts. Still Hunter III and Evan Kristol of Marcus & Millichap represented the undisclosed seller; Douglas Mandel and Ryan Nee, also of Marcus & Millichap, represented the buyer in the transaction.
WASHINGTON, D.C. — A joint venture between Washington, D.C.-based Urban Investment Partners (UIP) and New York-based Infinity Real Estate has acquired a multifamily property in Washington, D.C. Located at 1340 Kenyon St. N.W., the 40-unit apartment building sold for $4.5 million. UIP has a $2 million renovation planned for the property, including new front doors, key fob- and telephone-based controlled entry access, a key-fob accessed bike storage, and renovated elevators, lobbies, hallways and individual units. UIP General Contracting, a subsidiary of UIP, will complete the renovations. UIP Property Management will manage the property. Andrew McAllister of Mac Realty Advisors represented the seller, an affiliate of Northridge Capital, in the transaction.
ST. PETERSBURG, FLA. — CB Richard Ellis' Capital Markets Debt & Equity Finance has procured a $5.5 million permanent mortgage for the refinancing of Gateway Crossing in St. Petersburg. Located at 10410-10490 Roosevelt Blvd., the grocer-anchored property offers 87,000 square feet of retail space. James Gunning and Donna Falzarano of CBRE secured the long-term loan through New England-based insurance company at a competitive interest rate for a 10-year, fixed-rate term. The borrower is New York-based FWI 8 LLC.
NORTH CHARLESTON, S.C. — McShane Construction Company's Southeast Region has completed West Yard Lofts, a 75,982-square-foot affordable housing development at 2375 Noisette Blvd. in North Charleston. Situated on 1.59 acres, the property offers 60 one-, two- and three-bedroom units, a multi-purpose room with a kitchenette, a fitness center, a community laundry room, a technology and learning center and a leasing office. West Yard Lofts is part of the revitalization of the 340-acre former Charleston Naval Base, which closed in 1995. Martin Riley Associates Architects provided architectural services for the project.
ST. AUGUSTINE, FLA. — A joint venture between DeBartolo Development and Impact Group has acquired Castillo Real, a upscale Ascend Collection hotel in St. Augustine. Situated on 2.2 acres at 530 A1A Beach Blvd., the 60-room hotel features La Cocina Restaurant, an outdoor pool and spa, and a fitness center with a steam room and a sauna. The joint venture purchased the property at a 51 percent discount to the outstanding loan balance. Terms of the transaction were not released.
MIAMI — Best Western International has opened Best Western Premier Miami International Airport Hotel and Suites in Miami. Located at 4100 Flager St., the property offers 114 guestrooms, a state-of-the-art fitness center, an on-site restaurant and bar, an outdoor swimming pool, a business center and a complimentary hot breakfast buffet. Additionally, the property offer more than 800 square feet of meeting and banquet space. The property is the first Best Western Premier hotel in Florida.
BRENTWOOD, TENN. — Alder Real Estate Fund has acquired the Parklane Building, a four-story, office building located at 5200 Maryland Way in Brentwood. The 110,000-square-foot property is occupied by LabCorp, American Home Patient, Sprint, Time Warner and CSX Transportation. Panattoni Development Co. sold the property for an undisclosed price. Matthew Adler of Adler Group represented the buyer; Perry Gooch and Crews Johnson III of Cassidy Turley represented the seller in the transaction.