SPRING LAKE, N.C. — Walker & Dunlop has arranged a $13.5 million acquisition loan for the 291-unit River's Edge Apartments, located at 1166 Pine Knoll Dr. in Spring Lake, on behalf of Priderock Capital Partners. The 7-year loan has a 30-year amortization schedule and was secured through Freddie Mac's CME Program.
ARLINGTON, VA. — The Donohoe Co. has broken ground on the 183-room Residence Inn by Marriott Arlington Ballston, located at 650 N. Quincy St. in Arlington. Additionally, the company closed on a $36 million construction loan through Capital One Bank. The hotel is part of the more than 1 million-square-foot Founders Square, a mixed-use, five-building complex adjacent to the Ballston Metro. Donohoe Construction Co. is the general contractor for the project and Donohoe Hospitality Services will manage the hotel. Completion is slated for the second quarter of 2013.
WINCHESTER, VA. — Cole Real Estate Investments has purchased the 167,000-square-foot Winchester Station, located at 2540 S. Pleasant Valley Rd. in Winchester, for $26.8 million. The shopping center is currently 97.5 percent leased to tenants including hhgregg, Ross Dress for Less, Bed Bath & Beyond, Michaels, Old Navy, Olive Garden and Red Lobster. William Kent and Gary Lawrence of CBRE's Washington, D.C., office represented Trout, Segall & Doyle Winchester Properties, the seller, in the transaction. The buyer was self-represented by Thomas Faltatko.
CHARLOTTE, N.C. — Phillips Development & Realty has selected McShane Construction Co. to build the 300-unit Phillips Mallard Creek, located at 655 W. Mallard Creek Church Rd. in Charlotte. Amenities will include a swimming pool, sport court, clubhouse, walking and biking trails, pet exercise area and a carwash. The first units and clubhouse are slated for completion in the summer of 2012 with full completion anticipated in May 2013.
RICHMOND, VA. — The 382,570-square-foot Deep Run 3, located at 9954 Mayland Dr. in Richmond, has been sold for $12.4 million. Mark Douglas of Cushman & Wakefield — Thalhimer's Richmond office represented the buyer, DR III, a joint venture between DRV and Markel-Eagle Partners, in the transaction.
GAINESVILLE, FLA. — The $11 million, 46,000-square-foot Florida Innovation Hub, located at the University of Florida in Gainesville, has been completed. The “business incubator” houses the UF Office of Technology Licensing, UF Tech Connect and more than 30 startup technology companies. Ponikvar & Associates designed the building to achieve LEED Gold certification, and Charles Perry Partners completed construction on the project.
CHARLOTTE, N.C. — Gastonia, N.C.-based Triangle Real Estate has purchased a three-property, 610-unit multifamily portfolio, located in Charlotte, from Houston-based Juniper Investment Group for an undisclosed price. The portfolio includes the 162-unit Vista Del Lago; the 220-unit Pinetree; and the 228-unit Misty Woods. Southeast Apartment Partners' Carolinas Group, led by Jordan McCarley of the firm's Charlotte office, represented both parties in the transaction.
WINTER PARK, FLA. — CBRE has brokered the $5.2 million sale of the 195-unit Sun Bay, a multifamily property located at 7001 Aloma Ave. in Winter Park. Shelton Granade and Luke Wickham of CBRE's Orlando office represented the seller in the transaction. The buyer plans to renovate and reposition the property, which is currently 89 percent leased.
BLYTHEWOOD, S.C. — Columbia, S.C.-based NAI Avant has arranged the $1.95 million sale of a 35,800-square-foot industrial property, located at 1101 Carolina Pines Dr. in Blythewood. Nick Stomski of NAI Avant represented ALD Thermal Treatment, the seller, in the transaction. The buyer was Spirax Sarco.
ORLANDO, FLA. — Atlanta-based Hodges Ward Elliott has arranged the $1.77 million sale of the 108-room Orlando Inn, located at 5900 American Way in Orlando. Anthony Falor of Hodges Ward Elliott's Select Service Division represented the undisclosed seller in the transaction. Florida-based Ark Hotel Group was the buyer. The property will be repositioned as the Super 8 Universal Studios — Orlando.