BOCA RATON, FLA. — CB Richard Ellis (CBRE) has negotiated the $18.5 million sale of the 68,9760-square-foot Palms Plaza, a shopping center located at 22191 Powerline Rd. in Boca Raton. Casey Rosen, Dennis Carson and Nikolas Kozy of CBRE's Miami office represented Greensboro, N.C.-based Bell Partners, the seller, in the transaction. The buyer was North American Development Group.
Southeast
BATON ROUGE, LA. — Deutsche Bank Berkshire Mortgage (DBBM) has arranged a $28.5 million, Freddie Mac CME loan to refinance the 352-unit Evergreen at Coursey Place Apartments, located 13675 Coursey Blvd. in Baton Rouge. The 10-year loan has a 30-year amortization schedule.
BETHESDA, MD. — Brookfield Office Properties has purchased the 368,400-square-foot Three Bethesda Metro Center, located at the intersection of Wisconsin Avenue and Old Georgetown Road in Bethesda, from The Meridian Group for $150.1 million. The 17-story building is currently 93 percent leased. The buyer was self-represented in the transaction.
HIGH POINT, N.C. — Showplace Acquisition Co., a subsidiary of International Market Centers, has purchased The Showplace Portfolio, an approximately 700,000-square-foot, five-building asset in High Point, for $46 million. Mark Gilbert, Samir Idris, David Meline, Carl Muhlstein and Stewart Calhoun of Cushman & Wakefield's Southeast Markets Group, along with Sean Dowell of Commercial Carolina Corp.'s Greensboro, N.C., office, represented the seller, Torchlight Investors, in the transaction. The portfolio consists of a four-building, 584,000-square-foot portfolio and the adjacent 115,600-square-foot Showplace West office building.
ORLANDO, FLA. — Karlin Real Estate has purchased the 304-unit Oakwood Apartments, located in Orlando, for $23.35 million. The property is currently 93 percent leased. Shelton Granade and Luke Wickham of CB Richard Ellis' Orlando office represented the undisclosed seller in the transaction. McKinley represented the buyer and will be the new property manager.
CARY, N.C. — Marcus & Millichap has brokered the $14.32 million sale of the 85,499-square-foot Stonebridge Village, located at 3430 Ten Ten Rd. in Cary. Harris Teeter anchors the center. Additionally, the sale includes the assumption of a 10-year loan. Sonny Molloy of Marcus & Millichap's Atlanta office represented the seller, First Carolina Properties. The buyer was undisclosed.
DECATUR, GA. — Atlanta-based Cortland Partners has acquired the 250-unit Spring Valley, an apartment complex located at 2823 Misty Waters Dr. in Decatur, for $2.3 million. Cortland purchased the property out of receivership from a lender. Nate Swenson of Cushman & Wakefield's Atlanta office represented the seller.
During the second quarter of this year, the Memphis multifamily market showed signs of growth. Occupancy, rent, absorption and sales were all up from the first quarter of this year. Construction remains relatively flat; however, after three consecutive quarters of no new units coming on line, 114 units were delivered in the second quarter. “We’re seeing continued improvement in our market,” says Tommy Bronson, III, vice president of the multi-housing group in CB Richard Ellis’ Memphis office. “Due to record low construction levels, we’re seeing positive rent growth, occupancy and concessions burning off.” The overall occupancy in the second quarter was 92.1 percent, compared to 91.6 percent in the first quarter of 2011. The strongest submarkets are Germantown/Collierville, Downtown and Cordova, which all average in the low- to mid-90s for occupancy, Bronson says. “In those locations, we are often seeing no concessions now, which is a big deal in the Memphis market because we’ve been a concessionary market during the last few years,” he says. Bronson adds that Class A and B properties are pushing rents because concessions are burning off. Rents for Class A and B properties rose from $803 per unit in the first quarter of this year …
MARIETTA, GA. — CB Richard Ellis has brokered the $4.07 million sale of the 113,888-square-foot Piedmont Village, located at the intersection of Piedmont and Canton roads in Marietta. Aaron's and a Department of Motor Vehicles office anchor the center, which is currently 88 percent leased. Craig Taylor of CBRE's Atlanta office represented the seller, Kentucky-based First Southern National Bank. The buyer was Marietta-based Columbia Properties.
WASHINGTON, D.C. — Deutsche Bank Berkshire Mortgage has arranged a 35-year, $19.9 million loan for the 300-unit Chastleton Cooperative, a multifamily property located along 16th Street in Washington, D.C. HUD's FHA 223 (a)(7) program provided the loan.