DORAL, FLA. — The American Welding Society has purchased the 122,000-square-foot Royal Palm Offices at Doral from a limited liability company based in Coral Gables, Fla., for $19 million. The tenant will build out the property, which is located on a 5-acre parcel at 8669 NW 36th St., and occupy 50 percent of the space. Greg Zeifman and Benjamin Silver of Marcus & Millichap's Miami office represented the buyer.
BATON ROUGE, LA. — Walker & Dunlop has secured a $16 million construction to permanent loan for the 216-unit Canterbury House Apartments – Sherwood. The mixed-income Baton Rouge apartment complex, which is 91 percent occupied, features a tanning room, a pool, a business center and a dog park. The 30-year loan carries a 35-year amortization schedule. The loan utilizes Gulf Opportunity Zone Bonds.
RICHMOND, VA. — Genesis Properties has sold the 223-unit Fairhills Apartments to Boston-based The Winn Company for $5.9 million. The property, which comprises 26 two-story buildings, is located on 14.92 acres of land at 1339 Coalter St. in Richmond. Marcus & Millichap represented the seller.
SOUTHEAST — Jeff Bucaro of Aries Capital has arranged a $15.5 million acquisition loan for the purchase of 21 KFC/Taco Bell locations in the Southeast. The 5-year loan, funded by a consortium of credit unions, will cover 75 percent of the purchase. Michael Christie and Steven Madlinger of Heritage Capital Investments sponsored the loan.
CHARLOTTE, N.C. — MayfieldGentry Realty Advisors has leased 50,000 square feet of office space to CIT Group in Charlotte. The Class A property is located at 201 S. Tryon St. In September, CIT will move into three floors recently vacated by Wachovia. Erin Curry represented MayfieldGentry internally. Spectrum Properties' Ted Lee also helped negotiate the 6-year lease.
FREDERICK, MD. — Natelli Communities will break ground Monday on a 115,000-square-foot headquarters property for Banner Life Insurance Co. The development, which will comprise two two-story buildings, will be located at 3275 Bennett Creek Ave. in the Urbana Corporate Center in Frederick. Delivery in expected during summer 2011.
MIAMI — ANF Miami Gardens has borrowed a $17.4 million loan for the 470-unit Cottage Cove I & II multifamily complex. The property is located at 12 NE 188 St. and 18991 N. Miami Ave. in Miami. The 7-year loan was financed through Freddie Mac's Cap Arm program. The loan carries an interest rate of 3.66 percent and a 30-year amortization. Christian R. Lee and Christopher Apone of CB Richard Ellis' Miami office arranged the loan. TM Real Estate Group, led by Troy Ballard and Matthew Peller, sponsored the transaction.
WASHINGTON, D.C. — Roche Constructors has completed a two-story complex that houses a LEED-certified Safeway grocery store in the Georgetown area of Washington. To construct the property, Roche demolished an old store, building the new structure along with a 259-space parking garage. Safeway is located on the second floor, with retail space on the street level.
BURKE, VA. — Walker & Dunlop has secured a $36.5 million loan for the 167,642-square-foot Burke Centre shopping center. The Burke property, which is 99 percent leased, houses 46 tenants and is anchored by Safeway and CVS/pharmacy. Nationwide Life Insurance Co. financed the 10-year loan, which carries a 30-year amortization schedule.
ALPHARETTA AND MARIETTA, GA. — Strategic Storage Trust has purchased two self-storage properties in the Atlanta area from Storage Partners of Alpharetta and Storage Partners of Powers Ferry Road for $9.6 million. The Alpharetta property, located at 11640 Jones Bridge Road, spans 76,500 square feet and includes 670 units. The 500-unit Marietta property is located at 2035 Powers Ferry Road.