ORLANDO, FLA. — Columbus, Ohio-based Parkline Holding Co. has purchased an 81,750-square-foot industrial building from McCraney ORL-Parkline for $11.25 million. Spread across 6.61 acres at South Orange Avenue and Parkline Boulevard in Orlando, the building also comes with an attached 5.39-acre parcel. Parkline was represented by George Livingston and Christie Alexander of NAI Realvest. David Murphy of CB Richard Ellis represented the West Palm Beach, Fla.-based seller.
WASHINGTON, D.C. — Lowe Enterprises recently completed The V Apartments at CityVista, a 244-unit complex located in the 843,000-square-foot Washington, D.C., development, CityVista. The complex features amenities such as a fitness center and a library. Retailers already complete in the mixed-use project include Safeway, Results The Gym, 5th Street Hardware, Chevy Chase Bank and the Busboys and Poets restaurant. CityVista also encompasses a 441-unit condominium property and a 1-acre private park. Michael Marshall Architecture designed The V Apartments, which marks the final phase of the $240 million mixed-use project.
FERN PARK, FLA. — Shelton Granade of CB Richard Ellis’ Orlando office has represented an undisclosed seller in its sale of the 352-unit Magnolia Grove apartment complex to an undisclosed buyer for $16.7 million. The property, which was built in 1972, is located at 2174 Sharp Court in Fern Park.
TAKOMA PARK, MD. — The Montgomery Housing Partnership is finishing construction on its $14.5 million Takoma Park Preservation project, consisting of 75 affordable housing units in three Takoma Park apartment complexes. In 2005, residents of these apartments were in danger of being priced out of their homes, so the housing partnership purchased the buildings and outfitted them with new plumbing and electrical systems, new kitchens and bathrooms and energy-efficient features. The newly-renovated Merrimac Gardens, The Crossroads at Flower and Sligo View Apartments opened to residents this month.
CHATTANOOGA, TENN. — RV Storage Fund has purchased an 88,000-square-foot industrial building from a private citizen for $3 million. The two-building property sits on 10.5 acres at 7811 Old Lee Highway in Chattanooga. George Elder and John Healy of Chattanooga-based Sperry Van Ness/Elder Healy Commercial brokered the transaction.
PORT CHARLOTTE, FLA. —Marcus and Millichap has represented an undisclosed LLC in the sale of the 24,490-square-foot Courtyards of Horizon to a Port Charlotte-based doctor for $2.9 million. The senior housing facility, located at 2644 Rampart Blvd. in Port Charlotte, opened in 1989 and is licensed for 50 beds. The property was renovated in 2005 to fix damage brought on by Hurricane Charlie.
ATLANTA — iCap Realty Advisors has secured a $1.5 million loan for the acquisition of a Bank of North Georgia in Atlanta. The undisclosed borrower’s 10-year loan has a 6.5 percent fixed rate and a 25-year amortization. Alfie Means and Bill Mitchell of iCap’s Atlanta office arranged the financing through a life insurance company.
JACKSONVILLE, FLA. — Houston-based The Morgan Group has broken ground on the first phase of the 270-unit Arelia James Island, expected to deliver next April. The apartment complex is located at the intersection of Gate Parkway and Burnt Mill Road in Jacksonville. Amenities include a pool with a cabana kitchen, a fitness center equipped with plasma televisions, a business center, a coffee bar and a high-speed Internet café. This is the company’s second project on Jacksonville’s south side.
HOWARD COUNTY, MD. — Principal Real Estate Investors has sold the 215,345-square-foot Lakeview I & II office property, located in Howard County, to The Goldstar Group and Potomac Capital Advisors for an undisclosed price. Joe Donato, Maury Zanoff and Matt Williams of CB Richard Ellis’ debt and equity finance team represented the buyer. Principal Real Estate Investors was represented by Bruce Strasburg, Bill Prutting, Jr., and Marc Rampulla of CB Richard Ellis’ investment properties team. HSH Nordbank AG financed the acquisition.
MEMPHIS, TENN. — Raleigh, N.C.-based Highwoods Properties has assumed $7.8 million of unsecured debt and issued 183,587 operating partnership units to purchase the 135,000-square-foot PennMarc office building from an undisclosed party. Highwoods will undertake $1.7 million in renovations to the six-story building, which is located on Poplar Avenue in Memphis. The building is 91 percent leased.