WASHINGTON, D.C. — Cambridge Property Group has brokered the $64 million sale of a 128,571-square-foot mixed-use development located at 1250 23rd St. in Washington, D.C.’s West End submarket. Built in 1989 and renovated in 2010, the property was fully leased at the time of sale with more than 75 percent of the tenants encumbered by leases exceeding 10 years. Galaxy 23rd Street LLC, a joint venture between Hartford Investment Management Co. and Galaxy Investments LLC, purchased the development from W/G 1250 23rd Street NW LLC. Transwestern represented the seller in the transaction. The new ownership has retained Cambridge Property Group to provide property management and leasing services for the project.
VALDOSTA, GA. — Capital One has provided an $18.2 million acquisition loan for Northwind Apartments, a 276-unit apartment community in Valdosta, a city located along the Georgia-Florida border. Constructed in two phases between 2004 and 2008, Northwind Apartments features a pool, fitness center, tennis court, community room, grilling/picnic area and controlled access. Chad Thomas Hagwood of Capital One Multifamily’s Birmingham office originated the 10-year Freddie Mac loan on behalf of the borrower, EBSCO Income Properties, a subsidiary of EBSCO Industries. The loan features a fixed interest rate and four years of interest-only payments followed by a 30-year amortization schedule.
FORT LAUDERDALE, FLA. — Morning Calm Management and joint venture partner Blue Vista Capital Management have purchased Lakeshore Business Center, a four-building, 234,954-square-foot office complex in Fort Lauderdale, for $18.1 million. The office campus is located at 5100 and 5200 N.W. 33rd Ave. and 3201 and 3125 Commercial Blvd. in Fort Lauderdale’s Commercial Boulevard submarket. The joint venture purchased the development from NTS. The campus was 53 percent leased at the time of sale to tenants such as Embry-Riddle Aeronautical University, ECI Telecom and Evolis.
EMERSON, GA. — AVATRON USA Development LLC has selected Lee & Associates Atlanta to lease AVATRON Park, a 712-acre development housing a theme park and an adjacent hospitality and retail complex in Emerson, roughly 40 miles north of Atlanta. Slated for completion in early 2019, AVATRON Park will feature a theme park, 300,000-square-foot lifestyle shopping center, dining area, two hotels totaling 500 rooms and a 10,000-seat outdoor amphitheater. According to Joe Simpson of Lee & Associates Atlanta, the firm is primarily focused on hospitality and multifamily projects at the development and will work with New York–based Newmark Grubb Knight Frank on the retail projects. Attractions in development for the theme park will include newly created intellectual property along with gaming and movie industry intellectual property, most notably The Hunger Games franchise. In early November, movie studio Lionsgate announced its licensing, for the first time in North America, of the Hunger Games, Step Up and Now You See Me franchises as part of its partnership agreement with AVATRON.
CLEARWATER, FLA. — An affiliate of North American Development Group has purchased Courtyard at Countryside, a retail center located at 2514-2532 State Road 580 in Clearwater, for $25.5 million. The center was fully leased at the time of sale to tenants such as Kohl’s, Total Wine & More, Panera Bread, EverBank, Salon Lofts, Sport Clips and Tijuana Flats. The center is directly across from Westfield Countryside, a 1.3 million-square-foot mall anchored by Dillard’s, Macy’s, JC Penney, Sears and Whole Foods Market. Michael Milano and Ron Schultz of Colliers International’s Tampa Bay office represented the seller, Skylark Plaza LLC, which developed the property in 2008.
RALEIGH, N.C. — Lincoln Harris has brokered the $7.5 million sale of Cypress and Cedar East, two office buildings in Raleigh totaling 79,186 square feet. The properties are located at 3117 and 3101 Poplarwood Court and were 73 percent leased at the time of sale. Kaler Walker of Lincoln Harris represented the seller, Cedar East & Cypress LLC, in the transaction. Carter Worthy of Worthy Commercial represented the buyer, Debnam Properties, which owns two other buildings in the neighborhood. The buyer plans to occupy a portion of the buildings and continue leasing the rest.
CHARLOTTE, N.C. — HFF has closed the $6.7 million sale of and arranged acquisition financing for One University Place in Charlotte’s University Place mixed-use development. The four-story, 80,891-square-foot office building is located at 8801 JM Keynes Drive within 1.5 miles of I-85. Originally built in 1986, One University Place is 66 percent leased to a mix of healthcare, technology, consulting and business services tenants. The largest tenants at the property are Bayada Home Health Care and University Radio. Origin Capital Partners purchased the asset free and clear of debt. Ryan Clutter led the HFF investment sales team in representing the seller, Financial Enterprises III, in the transaction. Travis Anderson and Cory Fowler led HFF’s debt placement team in placing acquisition financing through First Tennessee Bank on behalf of Origin Capital Partners.
PEMBROKE PINES, FLA. — MCSS Self Storage LLC, a developer of urban infill self storage facilities in South Florida, has closed on a land parcel at 1781 S. Park Road in Pembroke Pines, a city in Broward County. MCSS plans to develop an 85,000-square-foot self storage facility at the site, located in Pembroke Park, totaling 1,139 climate controlled storage units. The project will be managed by an unnamed self storage REIT. In addition to its most recent purchase, MCSS is developing several locations throughout Miami-Dade and Broward counties.
WAYNESVILLE, N.C. — Yale Realty Services Corp. has purchased Waynesville Commons, a 126,901-square-foot shopping center in Waynesville, roughly 30 miles west of Asheville. Yale Realty purchased the center from CBL & Associates Properties Inc. for $14.5 million. Built in 2012, the shopping center’s tenant roster includes Belk, Michaels, PetSmart, Rack Room Shoes, SuperClips and US Cellular. Waynesville Commons is shadow-anchored by a 188,494-square-foot Walmart Supercenter. Alex Quarrier and Marc Ozburn of Berkeley Capital Advisors represented the seller in the transaction.
DORAL, FLA. — Marcus & Millichap has arranged the $13 million sale of Doral Commons, a four-story, 59,727-square-foot office building located at 8550 N.W. 33rd St. in Doral, a suburb of Miami. Built in 1999, the office building was 98 percent leased at the time of sale. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor from Boston, and the buyer, a limited liability company from Aventura, Fla., in the transaction.