LORTON, VA. — Jerry Burg and Andrew Fallon of Calkain Realty Advisors have brokered the investment sale of a triple-net leased property in Lorton. Located within Lorton Station Town Center, the 3,695-square-foot office condominium is leased to defense contractor EOIR Technologies on a long-term, triple-net basis. A private investor acquired the property for $1.15 million. The seller was not released.
SOUTHERN PINES, N.C. — Norfolk, Va.-based Suburban Asset Management, a private investment company, has acquired Southern Pines Marketplace for an undisclosed price. Situated in the Pinehurst community, the property is 98-percent occupied by tenants, including Stein Mart, Olive Garden, Dickie's BBQ and Golf Augusta. Mike Burkard, Chris Decouflé and Steve Shields of CB Richard Ellis arranged the transaction. The seller was not disclosed.
DAPHNE, ALA. — Coral Gables, Fla.-based American Real Estate Capital has closed on a $15.6 million loan for the acquisition of Jubilee Square in Daphne. The 340,000-square-foot is 90-percent leased by tenants, including Stein Mart, Rave Motion Pictures, TJ Maxx and Hobby Lobby. The property is managed by Blackwater Management. Additional terms of the financing were not released.
TALLAHASSEE, FLA. — Stragetic Capital Partners, through its Stragetic Capital Partners Real Estate Opportunity Fund I, has acquired University Courtyard in Tallahassee. The 96-unit, 384-bed student-housing complex was acquired through a partnership sponsored by Atlanta-based Global Asset Alternatives. The partnership invested approximately $2.1 million of equity and received 10-year Freddie Mac financing originated by Walker & Dunlop. The property was 100 percent occupied at the time of acquisition. Terms of the transaction were not released.
OAK RIDGE, TENN. — Vikas LLC has purchased McKenzie Acres Apartments, a 100-unit multifamily property located in Oak Ridge. Built in 1969, the fully-occupied property sold for $2.9 million. The property is under a HUD Housing Assistance Payments Section 8 contract, which provides rent and utility subsides for the income-qualified tenants. Steve Goldman and John Dempster of NAI Knoxville represented the Knoxville, Tenn.-based seller in the transaction. Financing for the acquisition was provided by Lebanon, Tenn.-based First Freedom Bank.
WASHINGTON, D.C. — Washington, D.C.-based Perseus Realty has partnered with McLean, Va.-based Jefferson Apartment Group (JAG) to develop a mixed-use project at 14th and W streets in Washington, D.C. The 300,000-square-foot project will feature 231 rental apartments, an all-new 44,000-square-foot YMCA facility and more than 10,000 square feet of retail space. The first phrase, including the YMCA facility and initial apartments, will be available in summer 2012, with the project scheduled for completion in fall 2012. The development team plans to begin demolition of existing buildings in early December. The project received equity financing from Rockpoint Group and a $53 million construction loan from Wells Fargo Bank. Hellmuth, Obata & Kassabaum Inc. and Davis Carter Scott Ltd. are providing architectural services; Clark Construction is serving as general contractor for the project.
METAIRIE, LA. — Atlanta-based Songy Partners Ltd., in a joint venture with AImbridge Hospitality and Argonaut Private Equity, has acquired a Sheraton Hotel, which is located at Four Galleria Blvd. in Metairie. The Situs Companies, serving as a special loan servicer to a CMBS trust, sold the property for $9.8 million. The 181-room hotel features more than 4,000 square feet of meeting space, a rooftop lap pool, a restaurant and a fitness facility. Aimbridge Hospitality will manage the property. The Plasencia Group brokered the transaction.
LAFAYETTE, DENHAM, RUSTON, ABITA, DUTCHTOWN, GONZALES, BROUSSARD AND MERAUX, LA. — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged a $27.16 million loan for a portfolio of Walgreens drugstores in Louisiana. The eight-property portfolio totals 116,070 square feet and includes stores in Lafayette, Denham, Ruston, Abita, Dutchtown, Gonzales, Broussard and Meraux. HFF's Kevin MacKenzie, on behalf of Stirling Properties, place the 4.92 percent fixed-rate securitized loan with Goldman Sachs Commercial Mortgage Capital. Loan proceeds will be used to retire the existing construction loans on the properties, which were constructed between 2007 and 2010.
CAPE CORAL, FLA. — Fort Myers, Fla.-based Stevens Construction has commenced the renovations at Cape Coral First United Methodist Church. Located at 4118 Coronado Parkway in Cape Coral, the project includes renovation and a 6,920-square-foot expansion. Upon completion in spring 2011, the two-story, 13,377-square-foot building will feature an enhanced children's and youth ministry facility, including a preschool, a multipurpose room, classrooms, a kitchen and associated services. Christopher Lee Architects Inc. is providing architectural services for the project.
GRENADA, MISS. — Mississippi-based Hospitality Lodging has acquired the Comfort Inn in Grenada for an undisclosed price. The property will be repositioned as to the EconoLodge brand in early 2011. The two-story, 64-room hotel offers complimentary USA Today, wireless high-speed Internet access, microwaves and refrigerators, coffee makers, irons, ironing boards, hair dryers, premium cable television, a seasonal outdoor swimming pool and a fitness center. Anthony Falor of Hodges Ward Elliott's Select Service Division represented the undisclosed seller in the transaction.