COLUMBIA, MD. — Columbia Gateway Plaza LLC has acquired The Shoppes at Gateway Plaza, a 24,000-square-foot retail center situated within the 630-acre Columbia Gateway Business Community at 7185 Columbia Gateway Dr. in Columbia. Sanford Gateway LLC, an affiliate of Stanford Properties, sold the center for $3.5 million or $148 per square foot. The center is currently 87 percent leased to a mixture of restaurants and business service amenities, including The Columbia Bank. Rick Porter of Goldstone Realty represented the buyer; Gil Neuman of KLNB Retail Investment Sales represented the seller in the transaction.
ATLANTA — Thayer Lodging Group is under contract to acquire Hotel Palomar Atlanta-Midtown, which is located at 866 W. Peachtree St. NW, from WP Partners. Concurrent with acquisition, the 21-story, 304-room hotel will be rebranded as The Renaissance Atlanta Midtown Hotel, within the Marriott International lifestyle portfolio. Renaissance will operate the hotel upon closing of the acquisition. The hotel features 10,000 square feet of flexible meeting space and a 1,000-square-foot fitness center.
WASHINGTON, D.C. — Walker & Dunlop has provided a $48.9 million loan insured under the U.S. Department of Housing and Urban Development's Section 223(a)(7) program to Capitol Hill Tower Housing Cooperative Inc. Located in downtown Washington, D.C., the 334-unit multifamily property offers a parking garage with valet service, an indoor pool, stadium views and an on-site dry cleaner. The loan was structured with a 90 percent loan-to-cost with a 40-year fully amortizing mortgage. Cushman & Wakefield Sonnenblick Goldman sourced the loan. Michael Johnson led the Walker & Dunlop team in the transaction.
BOYNTON BEACH, FLA. — An affiliate of Sembler Co. has completed the disposition of Boynton Town Center on Congress Avenue in Boynton Beach. Canada-based Morguard Investments Limited acquired the property for $59 million. The 202,000-square-foot retail center is occupied by SuperTarget, Best Buy, Total Wine, Michaels, Shoe Carnival, Jos. A Banks, GameStop, Sweet Tomatoes, Five Guys Burgers, Massage Envy and LensCrafters. CB Richard Ellis' Florida National Retail Investment Group represented the seller in the transaction.
DUNWOODY, GA. — Coro Realty Advisors has partnered with Daltex Oglethorpe Crossing LLC to purchase Oglethorpe Crossing Shopping Center, which is located at 3425 Ashford Dunwoody Road in Dunwoody. The 58,413-square-foot center is occupied by Publix and CVS/pharmacy. Terms of the transaction were not released.
COLUMBIA, MD., AND TYSONS CORNER, VA. — Cassidy Turley has arranged the sale of a three-building office portfolio in Maryland and Virginia. First Potomac Realty Trust acquired the properties – Cedar Hill I and III totaling 102,632 square feet in Tysons Corner, and Columbia Office, a 137,677-square-foot building in Columbia, for an undisclosed price. Cedar Hill I, located at 2222 Gallows Road, and Cedar Hill III, located at 2216 Gallows Road, are fully leased to the GSA through 2020 and 2019, respectively. Columbia Office is located at 10320 Little Patuxent Parkway. Paul Collins, Bill Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley represented the seller, PNC Realty Investors, which sold the property on behalf of a client, in the transaction.
OWINGS MILLS, MD. — Nancy Ferrell of NorthMarq Capital's Baltimore Regional office has arranged a $9.93 million loan for Allyson Gardens II. Located in Owings Mills, the multifamily property offers 196 units. Financing was based on a 10-year term and a 30-year amortization schedule. The financing was arranged for the borrower, A.G. II Limited Partnership, by NorthMarq through its seller-servicr relationship with Freddie Mac.
MANASSAS, VA. — S.A. Hastings LLC has completed the sale of Hastings Marketplace, a 28.05-acre mixed-use development in Manassas, for $21.6 million. Owings Mills, Md.-based Black Oak Associates has acquired the retail center for $18.1 million, while Richmond American Homes acquired the remaining undeveloped land, which is entitled for commercial and residential use, for $3.5 million. Located at the intersection of Prince William Parkway and Liberia Avenue, the 93,000-square-foot retail center is anchored by a 56,000-square-foot Harris Teeter Food Market and Pharmacy, which opened in last year. The center is currently 73 percent leased and occupied by Harris Teeter, Verizon Wireless and Neibauer Dental Care. Rappaport Retail Brokerage has been retained to lease the remaining space. The undeveloped land is entitled for development of 61 townhomes, 46 single-family homes, eight live/work units, 26 lofts apartments and more than 25,800 square feet of commercial space. Jim Kornick and Matt Clinebell of NorthMarq, along with Michael Gorsage of H&R Retail, represented the seller in the transaction.
DURHAM, N.C. — Principal Real Estate Investors LLC has completed the disposition of an office tower in Durham. Located at 4820 Emperor Blvd., the 11-story property offers 259,531 square feet of office space. Additionally, the building is LEED Silver certified. The buyer and acquisition price were not released. Paul Collins, Bill Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley represented the seller.
CHARLOTTE, N.C. — Institutional investors advised by J.P. Morgan Asset Management have acquired Elizabeth Square, a 267-unit multifamily property in Charlotte. Constructed in 2009, the property, which offers one-, two- and three-bedroom units, sold for $40.5 or $151,780 per unit. Dean Smith and Blake Okland of ARA represented the seller, Ashburn, Va.-based Woodfield Investments. Elizabeth Square was 93 percent occupied at the time of acquisition.