NEWNAN, GA. — Out-Med II has sold a 31,213-square-foot office property to an undisclosed buyer for $5.25 million. The building, located at 2959 Sharpsburg McCollum Rd. in Newnan, is occupied by The Papp Clinic. Atlanta-based Bull Realty brokered the transaction.
TAMPA, FLA. — Regency Square Developer has sold the 120-unit Regency Square Apartments to Tampa Regency Apartments for $5.05 million in a deal 2.5 years in the making. During the long process, the sales price dropped 35 percent and the property was marketed to more than a dozen potential buyers. The complex was built in the 1970s and includes a swimming pool and a basketball court. Occupancy at the property hasn’t dropped below 93 percent in the past 3 years. Casey Babb, Bill Renje and T. Sean Lance of NAI Tampa Bay brokered the transaction for the seller. Peter Hanson of Hackensack, N.J.-based NAI James E. Hanson represented the buyer.
FREDERICK, MD. — Pennsylvania Real Estate Investment Trust has closed a $55 million non-recourse mortgage loan for Francis Scott Key Mall. The 711,000-square-foot Frederick mall is 92.3 percent occupied and is anchored by JC Penney, Macy’s and Sears. Financing for the 5-year loan was provided by a commercial bank. The loan carries a fixed interest rate of 5.24 percent.
FAYETTEVILLE, ARK. — A student housing fund managed by a partnership between Chicago-based Blue Vista Capital Management and Atlanta-based Place Properties has acquired the Hill Place student housing complex from an undisclosed party for an undisclosed amount. The 288-unit student housing complex in Fayetteville can house 840 students and features a clubhouse equipped with wireless Internet, a game room, a fitness center, tanning beds and two swimming pools.
CHEVY CHASE, MD. — Grosvenor has begun a $35 million renovation of a 214-unit Holiday Inn hotel, located at 5520 Wisconsin Ave. in Chevy Chase. The property will be rebranded as a Courtyard by Marriott. The project also calls for adding 1,500 square feet of retail space to the adjacent Chevy Chase Plaza and will be complete by spring. Renovations include expanding the hotel’s capacity to 226 rooms and pursuing a Silver LEED rating. Low-flow shower heads and toilets, energy-efficient windows and a reflective roof are some of the planned environmental features. Grosvenor bought the 112,500-square-foot Holiday Inn and the 40,000-square-foot Chevy Chase Plaza in 2004. Tenants at the plaza include Saks Jandel, Brooks Brothers, Sylene’s and Bank of America.
BROWARD COUNTY, FLA. — Fort Lauderdale, Fla.-based Moss & Associates has completed construction of four fire-rescue stations in Broward County as part of a $31.7 million program. A fifth station, the Broward County Fire Rescue Station in Pembroke Park, is expected to deliver in January. The completed buildings include the Regional Everglades Fire Rescue Station, the Airport/Seaport and Regional Technical Rescue Station, the Hazardous Materials Fire Rescue Station and the Regional Logistics Warehouse. Designed by PGAL Architects, the properties feature sleeping areas, workshops, office areas and drive-through bays.
DEERFIELD BEACH, FLA. — Doral, Fla.-based The Easton Group has purchased a 120,000-square-foot warehouse from Graebel/South Florida Movers for $9.6 million in a sale lease-back transaction. The 5-year-old building, located at 2900 S.W. 15th St. in Deerfield Beach, sits on 8.84 acres. State Farm Life Insurance Co. provided financing for the deal.
NORFOLK, VA. — Lauth has secured $70 million in financing for the 195,890-square-foot Fort Norfolk Plaza and is eyeing an April 2010 completion date for the healthcare project. Located on Brambleton Avenue in Norfolk, the project is a joint venture partnership between Lauth and Dr. Keith H. Newby, Sr. Tenants in the building include Sentara Medical Group, which is leasing 65,000 square feet, and Dr. Newby’s Cardiology Arrhythmia Consultants, which will occupy 22,000 square feet. The property will be connected to a 904-space parking deck. Financing comes from the New Markets Tax Credit program, Bank of America and SunTrust.
LEXINGTON AND LOUISVILLE, KY. — Aaron Johnson of Marcus & Millichap’s Louisville office has represented all parties in the sale of two area apartment complexes for $17.4 million. A New York-based buyer has purchased the 312-unit Pegasus Place Apartments, located at 2504 Larkin Rd. in Lexington, from a local seller for $13.6 million. The same buyer has also acquired the 66-unit Worthington Apartments, located at 735-737 S. Second St. in Louisville, from a New Jersey-based seller for $3.8 million.
JACKSONVILLE, FLA. — Jacksonville Bay LP has sold the 46,000-square-foot Nor-Rec Plaza to Nor-Rec LLC for $7.34 million. The retail center is located on 5.6 acres of land at 9998 Atlantic Blvd. in Jacksonville. The property houses Rec Warehouse, a retailer of above-ground swimming pools and home recreational products, and Northern Tool & Equipment. Barry J. Goldstein of Jacksonville-based Goldstein Commercial Properties brokered the sale.