TUCKER AND CHAMBLEE, GA. — CPA: 18-Global, W. P. Carey’s non-traded REIT, has acquired a 97 percent interest in two metro Atlanta apartment communities for approximately $46 million. The two properties include the 217-unit Dupont Place Apartments in Tucker and the 227-unit Gentry’s Walk in Chamblee. Co-investment partners Silverpeak Real Estate Partners and Carroll Organization own the remaining interest in the two multifamily assets.
COVINGTON, LA. — Stirling Properties has brokered the sale of three retail centers in Louisiana and Alabama totaling $15.2 million. The three properties include a CVS in Baton Rouge, La., that sold for approximately $4.8 million; the Conn’s-anchored Park Plaza in Lake Charles, La., that sold for $6 million; and the 42,257-square-foot Woodmere Crossing in Montgomery, Ala., that sold for $4.4 million. A private New York-based investor purchased the CVS in Baton Rouge from a private Louisiana-based investor in a 1031 tax-deferred exchange. Patrick Luther and Matthew Mousavi of Faris Lee Investments assisted in the sale. A private investor based in Houston purchased Park Plaza from Weingarten Realty Investors. The property was 40 percent vacant at the time of sale. BV Belk Properties purchased Woodmere Crossing via auction. Jeff Barnes of Stirling’s Mobile office assisted in the transaction along with Auction.com. Woodmere Crossing’s tenant roster includes Petco, Books-A-Million, Jason’s Deli and Sally Beauty Supply. Beezie Landry of Stirling’s Covington office represented the seller in all three transactions.
DEERFIELD BEACH, FLA. — Investments Limited has purchased Hillsboro Commons, an 82,000-square-foot shopping center located in Deerfield Beach, for $12.3 million. The two-story, LA Fitness-anchored retail center located at 1000 E. Hillsboro Blvd. was 98 percent leased at the time of sale. Investments Limited purchased the center from Hillsboro Capital LLC. Phil Bloom of Bellestar Partners LLC and Nancy Dockerty of Dockerty Romer & Co. co-brokered the transaction.
WASHINGTON, D.C. — HFF has secured $42 million in financing for 620 F St., an 11-story, 119,649-square-foot office tower in Washington, D.C.’s East End submarket. Sue Carras, Walter Coker, Brian Crivella and Nicole Snarski of HFF arranged the 25-year, fixed-rate loan through Prudential Mortgage Capital Co. on behalf of the borrower, BAC F Street LLC. Completed in 2006, the office tower is fully leased to tenants such as AARP and the International Union of Bricklayers and Allied Craftworkers. R.J. Davis of Pillsbury Winthrop Shaw Pittman LLP provided legal counsel of behalf of the owner.
CHARLOTTE, N.C. — Portman Holdings has shared its design details and renderings of 615 South College, a 19-story office tower in Uptown Charlotte. Portman has begun the permitting process and expects to break ground in June 2015. Travis Garland of Portman will work with Trinity Partners to lease and market the 370,000-square-foot tower, which is slated for a fourth quarter 2016 completion. The property will feature an elevated green plaza, two-story corner balconies, floor-to-ceiling windows, signage opportunities fronting I-277, a fitness center and a conference facility. The tower will be situated atop an underground parking garage. Architect John Portman & Associates is designing 615 South College to achieve LEED Gold certification.
DORAL, FLA. — PS Business Parks Inc. has purchased a 148,618-square-foot, Class A industrial building located in the Miami International Commerce Center. Dubbed 2323 at MICC, the industrial building is located at 2323 N.W. 82nd Ave. in Doral and is 100 percent vacant. The property features a two-story open office space, air-conditioned warehouse with 16- to 24-foot clear heights and a fully fenced parking lot.
FORT WALTON BEACH, FLA. — Capital One Multifamily Finance has originated a $6.4 million fixed-rate loan through an unnamed CMBS lender for the acquisition of Colony House Apartments. The 139-unit, garden-style apartment community is located in Fort Walton Beach. Chad Thomas Hagwood of Capital One Multifamily originated the 10-year loan with three years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, Engel Realty. Jimmy Adams of Multi Housing Advisors’ Birmingham office brokered the sale of Colony House Apartments.
SUWANEE, GA. — Grandbridge Real Estate Capital’s seniors housing and healthcare finance team in Atlanta has closed a $4.5 million supplemental loan for Noble Village of Sugarloaf. The loan will be used in conjunction with the assumption of the existing $19 million first mortgage and acquisition of the seniors housing property. Located in the Atlanta suburb of Suwanee, the 109-unit community features a pool, fitness center, library, media center, billiards room, theater, coffee house, walking paths, beauty salon and a barber shop. Richard Thomas of Grandbridge originated the fixed-rate Fannie Mae DUS loan at the same time as the assumption of the existing Fannie Mae loan, which Grandbridge had originated for the seller several years earlier.
PLANTATION, FLA. — CBRE has brokered the $52 million sale of The Manor in Plantation, a newly developed 197-unit apartment community. The mid-rise and townhome residential asset is located at 601 N.W. 82nd Ave. in Plantation. The Manor LLC purchased the apartment community from Veranda II Apartments LLC and Veranda II Townhomes LLC. The Manor’s rents have been averaging $1.99 per square foot and the property was 90 percent occupied at the time of sale. Amenities include a beach entry pool with a hot tub, clubroom with flat screen TV and WiFi loft, billiards and poker room, private dining room, business center with conference room, theater and a fitness center. Robert Given, Zachary Sackley, Gerard Yetming and Neal Victor of CBRE represented the seller in the transaction. Related Group of Florida delivered The Manor in 2013.
ALPHARETTA, GA. — Lincoln Property Co. Southeast has arranged the $50 million sale of a 184,553-square-foot data center in Alpharetta, a northern suburb of Atlanta. The data center is part of the 21-acre Windward Concourse Office Park. Carter Validus Mission Critical REIT purchased the property, which is fully occupied by GE under a long-term lease, from Datawind LLC. Tony Bartlett, Denton Shamburger and Chip Sipple of Lincoln Property Co. Southeast represented Datawind in the transaction.
