CHARLOTTE, N.C. — Brynn Brooks of Medalist Capital’s Charlotte office has arranged a $20 million fixed-rate land loan for a 23-acre property in Charlotte’s historic South End district. Owners Cherokee Investment Partners and GreenHawk Partners of Raleigh, N.C. are developing the property.
Southeast
ORLANDO, FLA. — Bank of America has purchased Pinehurst Park, a 296-unit apartment community in Orlando, from N.J.-based RCP Management for $16.3 million. The complex features studio, one-, two- and three-bedroom units, and is located on the north shore of Lake Ellenor at the intersection of Texas Rd. and Oak Ridge Rd. Joseph Brecher of Gebroe-Hammer Associates and Lucky Commercial Realty, both of Miami, represented the seller. Leigh Fletcher of Tampa, Fla.-based Stearns Weaver Miler Weissler Alhadeff & Sitterson represented the buyer.
ANCHORAGE, ALASKA — Capmark Finance Inc. has originated a total of $9.97 million in fixed-rate financing for the acquisition of two single-tenant General Services Administration (GSA) office properties in Anchorage. The properties are 100 percent occupied by the Federal Bureau of Investigation (FBI) and the Drug Enforcement Administration (DEA). Each property is a two-story, Class A, built-to-suit GSA facility, with the first story being utilized as covered parking and the second story as office space. The 75,000-square-foot FBI property was constructed in 1994 and the 30,000-square-foot DEA facility was built in 2001. Marvin Hill and Greg Ciambruschini of Capmark’s Washington D.C. office secured a $6.95 million loan for the FBI building and an approximately $3 million loan for the DEA facility. Dexia Real Estate Capital Markets funded the loans, which have 10-year terms and 30-year amortizations. Together the loans covered 73 percent of the acquisition costs of the two properties.
CHARLOTTE, N.C. — Crescent Resources is developing Belgate, a 400,000-square-foot lifestyle retail center in Charlotte. The development is located on more than 200 acres at the intersection of Interstate 85 and City Blvd. Construction began last year, and IKEA will open in spring 2009.
NEWPORT NEWS, VA. — An affiliate of Norfolk, Va.-based Harbor Group has acquired Waterman’s Crossing Apartments, a 260-unit complex in Newport News, from Waterman’s Associates, Waterman’s Gardens and Orchard Court Waterman’s LLC for $29.7 million. The apartment community consists of one-, two- and three-bedroom units, and amenities include a swimming pool, tennis and volleyball courts and a fitness center. Andrew Boyer of CB Richard Ellis’ McLean, Va. office and Dan Johnson of its Norfolk office were the sole brokers.
ORLANDO, FLA. — Atlanta-based Williams Asset Management has purchased the Copper Terrace Apartments, a 300-unit luxury garden apartment community in Orlando, for $25 million. The community is situated on 18 acres alongside Kirkman Rd. Kevin Judd and Dan Gasti of Apartment Realty Advisors’ Boca Raton office represented the seller.
ATLANTA, AUSTELL AND DECATUR, GA. — New York-based GEI Capital Resources has acquired three multifamily properties, totaling 994 units, in Georgia from New York-based Sterling American Property. The properties include Park at Bouldercrest, a 438-unit apartment complex located at 26 Bouldercrest Ln. SE in Atlanta; West Chase, a 288-unit complex located at 7200 Six Flags Pkwy. in Austell; and Park on Candler, a 268-unit complex located at 2571 Candler Rd. in Decatur. Sterling was represented in-house by Mel Mayers.
GREENVILLE, S.C. — Los Angeles-based SCI Real Estate, a tenant-in-common sponsor, has acquired Verdae Village, a 241,548-square-foot shopping center in Greenville. Tenants include Super Bi-Lo, Steinmart, Office Depot and The Olive Garden.
WASHINGTON, D.C. — The Thomas Sommerville Companies has acquired the former A&A Hardware Building, a two-story, 40,000-square foot warehouse and office building in Washington, D.C., from Theodore Grossman for $3.5 million. The property is located at 6250 Chillum Place NW. Neil Simon and Jonathan Butts of Merrifield, Va.-based Uniwest Commercial Realty represented the seller, and Alan Coppola of KLNB’s Columbia, Md. office represented buyer. The building will continue to be used as a hardware, plumbing and electrical supply company.
WINSTON-SALEM, N.C. — Virginia Beach, Va.-based The Tetra Companies is developing Stafford Place, a $67 million, 36-acre mixed-use development in Winston-Salem. The project will include 266 apartments, 51,000 square feet of office space and 34,560 square feet of retail space. The development is located on Peters Creek Parkway and will be completed in 2011.