SPRINGFIELD, GA. — The U.S Department of Housing and Urban Development (HUD) has committed to insure a $31 million mortgage loan to Effingham County Hospital Authority in Springfield. The loan will be used to finance the construction of an addition and renovation to the area's existing hospital. The addition will include a new emergency room, new inpatient and outpatient surgery areas, a new laboratory and new imaging departments. Additionally, the loan will be used to renovate the existing Alzheimer's unit. The loan was financed through FHA's Section 242 Hospital Mortgage Insurance Program.
ALEXANDRIA, VA. — PACE-Beacon Hill has acquired a Walgreens store, which is located at 6717 Richmond Highway in Alexandria. The 14,469-square-foot drugstore sold for $10.57 million or $731 per square foot. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller; Phil Sambazis of Marcus & Millichap's San Diego office represented the undisclosed New York-based buyer in the transaction. David Feldman of Marcus & Millichap's Washington, D.C., office also provided representation.
FAYETTEVILLE, N.C. — CB Richard Ellis has completed the sale of Stone Ridge Apartments in Fayetteville. Located at 3001 Stone Carriage Circle, the 216-unit multifamily property sold for $20.5 million or $94,907 per unit. Richard Montana, Hal Kern, Phil Brosseau and Jeff Glen of CBRE's Carolinas Multi-Housing Group represented the undisclosed seller. The buyer was not released.
SMYRNA, GA. — Westchester, Ill.-based Tri-Land Properties has received zoning and financing approval for the redevelopment of The Crossings at Four Corners in Smyrna. The project includes the renovation of 60,000 square feet of retail space and the development of eight outparcels and a 25,000-square-foot pad. Tri-Land has sold 8 acres to Cincinnati-based Kroger Co., which is developing a 96,000-square-foot supermarket at the site. Once completed in mid-November 2011, the center will offer 230,000 square feet of retail space. Construction is slated to begin in January. Chicago-based Cole Taylor is providing construction financing for the project.
PENSACOLA, FLA. — Leon Brockmeier and Matt Reichenthal of Marcus & Millichap's Tampa, Fla., office have brokered the sale of the ground lease of The Shops at Perdido Key, a shopping center in Pensacola. Located at 13390 Perdido Key Dr., the 53,003-square-foot retail center is anchored by a Publix. The asset sold for $7.95 million. Leon Brockmeier and Matt Reichenthal of Marcus & Millichap's Tampa, Fla., represented the seller, a Florida-based limited liability company. The buyer was not disclosed.
ATLANTA — Locally based Post Properties has opened The Ritz-Carlton Residences in Atlanta. The 129 residences comprise the top 17 floors of 3630 Peachtree, a 34-story, mixed-use development in Buckhead. Residential amenities include concierge services, valet parking, a dedicated car service and assistance with personal arrangements. The Residences will be managed by The Ritz-Carlton Hotel Company. In additional to The Residences, 3630 Peachtree offers 425,000 square feet of Class A office space, retail and restaurant space.
OXON HILL, MD. — Laurel, Md.-based Dragone Realty Investments has acquired Azalea Woods, a multifamily property located at 1101 Kennebec St. in Oxon Hill. Built in 1963, the 305-unit property features three-story, garden-style buildings and a five-story, mid-rise building. Miami-based LNR Partners sold the property for $9.5 million. Bill Roohan, Mike Muldowney, Andrew Boyer, Michael Rudolph, Jonathan Greenberg, Brian Margerum, Martha Hastings and Tim Bonebrake of CB Richard Ellis' Washington, D.C., Multi-Housing Team brokered the transaction.
HARTSELLE, AL. — Columbia Cottage – Hartselle LLC has acquired Sierra Springs in Hartselle for $1.8 million or $56,000 per unit. LSJ Investments sold the assisted-living property, which was built in 2000. At the time of acquisition, the property was 87 percent occupied. Ryan Maconachy and Scott Corbin of ARA Seniors' Dallas office represented the seller in the transaction. The property will be managed by Huntsville, Ala.-based Cottage Senior Living.
HOUMA, LA. — Walker & Dunlop has provided a $12.6 million refinance loan for Houma Highlands, an apartment development located in Houma. The multi-phase development currently consists of eight three-story, walk-up apartment buildings and a clubhouse with a swimming pool, fitness center, playground and car wash. The borrowers will use the loan to help finance the second phase of the development. The loan features a 7-year capped ARM with a 1-year lockout, 1 percent exit and a 30-year amortization schedule. Stephen Farnsworth of Walker & Dunlop originated the loan and led the Walker & Dunlop team.
HUNTSVILLE, ALA. — A Philadelphia-based investor has purchased Virginia College, a 51,171-square-foot facility in downtown Huntsville, for $9.87 million. Situated on 5.43 acres, the former Kroger building was redeveloped in 2010. Virginia College is on a 15-year, absolute NNN lease with 1 percent rent bumps annually. Greenville, S.C.-based RealtyLink developed and sold the property.