ASHEVILLE, N.C. — Capstone Apartment Partners has brokered the $14.8 million sale of the historic Kenilworth Inn Apartments in the Biltmore Village in Asheville. The 93-unit multifamily community was fully occupied at the time of the sale. The apartment community, originally built in 1892 and renovated in 2003, is listed on the National Register of Historic Places. Austin Green and Alex McDermott of Capstone Apartment Partners’ Charlotte office represented the seller, Kenilworth Apartments LLC, in the transaction. Saratoga Capital LLC was the buyer.
Southeast
MIAMI LAKES, FLA. — Sperry Van Ness South Commercial Real Estate Advisors has arranged the $6.2 million sale of 65,000 square feet of fractured office condos located at 14750 N.W. 77th Court in Miami Lakes. BB&T Bank sold 90 percent of the building’s office condos to the new ownership group, Kislak. Rene Vivo of Vivo Real Estate Group represented Kislak in the transaction. Matthew Rotolante, Caroline Camus and Eric Amat of Sperry Van Ness represented BB&T Bank.
WASHINGTON, D.C. — Strategic Hotels & Resorts Inc. has closed a $120 million limited recourse loan that is secured by the Four Seasons Washington, D.C. The new loan replaces the previous $130 million financing that was encumbering the property. Deutsche Bank Securities Inc. originated the five-year loan, which features a three-year initial term with two one-year extension options available to Strategic Hotels & Resorts.
ATLANTA — AWH Partners LLC has purchased the former Hotel Melia, a 501-room hotel in Atlanta’s Midtown neighborhood, in an all-cash transaction. AWH will reposition the property into a dual-branded hotel, with both brands belonging to InterContinental Hotels Group (IHG). After the renovation is complete, the new property will include 360 Crowne Plaza rooms and 102 Staybridge Suites rooms. The dual hotel is scheduled to open in January 2016. Spire Hospitality will operate the two hotels under a franchise agreement with IHG. Upon completion, the 25-story property will feature 31,000 square feet of meeting space, three restaurants and two lobbies.
LAUREL, MD. — Preston Scheffenacker Properties Inc. has plans to develop a new 244,500-square-foot industrial facility in Laurel. The new property, located at 9001 Whiskey Bottom Road, will be a build-to-suit facility for Coastal Sunbelt Produce, a produce distributor with a staff of 300 and annual revenue near $300 million. The property will include 196,500 square feet of refrigeration space, 38-foot clear heights and 48,000 square feet of office space on two floors. Cambridge will serve as the development manager and lease representative for the new facility. Coastal Sunbelt Produce signed a 15-year lease at the build-to-suit.
LILBURN, GA. — HFF has closed the sale of and arranged acquisition financing for Lilburn Corners, a 105,161-square-foot Publix-anchored shopping center at 375 Rockbridge Road N.W. in Lilburn, a northeastern suburb of Atlanta. The asset is 92.4 percent leased to tenants such as H&R Block, The UPS Store, Snap Fitness and Marco’s Pizza. BDB Realty LLC purchased the asset from Philips Edison & Co. for $11.2 million. Jim Hamilton and Richard Reid of HFF represented the seller in the transaction. HFF also arranged $8.6 million in acquisition financing on behalf of the buyer. Chip Sykes of HFF arranged the 10-year loan with a fixed interest rate through Jefferies LoanCore.
LORTON, VA. — The JCR Cos. has acquired 51,800 square feet of retail space at Lorton Station Town Center in Lorton, located 18 miles southwest of Washington, D.C., for $13.8 million. The Lorton Station Town Center, which occupies the ground-floor area above the Virginia Railway Express commuter train station, was sold by Regency Centers. It is fully leased to 19 local, regional and national tenants, including Wells Fargo, Fireside Grill, Subway, Pan e Vino and FedEx. It is part of a mixed-use project with more than 170,000 square feet of office and commercial space, and nearly 1,200 single-family homes, townhomes, condominiums and apartments. Cantor Commercial Real Estate financed the acquisition.
BETHESDA, MD. — Washington Property Co. (WPC) has broken ground on Solaire Bethesda, a 139-unit luxury apartment community along the Metrorail’s Red Line in Bethesda. The $60 million property will be located at 7100 Wisconsin Ave. near Bethesda Row, Bethesda’s popular shopping and dining destination. Upon completion in 2016, the property will feature 6,400 square feet of ground-floor retail space and a two-level underground parking garage, as well as a residents’ lounge with a bar and fireplace; club room; cyber café; fitness center; and outdoor terrace. WPC is financing Solaire Bethesda’s construction through a $42 million construction loan from RBS Citizens Bank.
ARLINGTON, VA. — HFF has arranged $65 million in financing for The View, a 17-story, 257-unit apartment tower at 4000 Wilson Blvd. in Arlington’s Rosslyn-Ballston Corridor. The View is located in the Library Center enclave at the Ballston Metro Station. Liberty Center is a 2.3 million-square-foot mixed-use development. Delivered earlier this year, the LEED Silver-certified property has an amenity package that includes a concierge desk, fitness center, club room, private courtyard, movie screen, 9,000 square feet of retail space and a common area rooftop. Sue Carras, Walter Coker and Brian Crivella of HFF arranged the 15-year, fixed-rate loan through Prudential Mortgage Capital Co. on behalf of the borrower, Ashton Park Associates III LLC, an affiliate of The Shooshan Co. The borrower will use the loan’s proceeds to retire existing construction debt on the property.
TAMARAC, FLA. — CBRE has brokered the sale of Marketplace at Tamarac, a 67,202-square-foot retail center located at 6801-6997 W. Commercial Blvd. in Tamarac in Broward County. Marketplace at Tamarac LLC purchased the property from Joge Investments Inc. for approximately $10.6 million. Joge Investments is an affiliate of Janoura Realty and Management Inc. The property is fully leased to tenants such as Floors Direct, Sherwin Williams and Tamarac Preschool Academy. David Donnellan and Todd Weintraub of CBRE represented the seller in the transaction.