FREDERICK, MD. — Federal Capital Partners has sold Willowdale Crossing Apartments, a 432-unit garden-style multifamily community, for $41 million. The apartment community is located at 108 Willowdale Drive in Frederick. Drew White, Sean Piplico and Ryan Ogden from ARA’s Mid-Atlantic office represented Federal Capital Partners in the transaction.
Southeast
GREENVILLE, N.C. — SYNCO Properties Inc. and Stonecutter Capital Management LLC have purchased a three-property multifamily portfolio in Greenville for an undisclosed price. The buyers purchased the assets from the estate of William Dansey, the developer of the three multifamily communities. The three properties — The Madison (formerly Hyde Park), Courtney Square and Arlington Square — total 645 units. Courtney Square and Arlington Square will be consolidated into a 429-unit community known as Southgate Apartments. SYNCO and Stonecutter plan to invest $8 million in the coming months for capital improvements to the three properties. Synco Property Management, a subsidiary of SYNCO, will manage the communities. Prime Finance provided acquisition financing for the three apartment communities.
WASHINGTON, D.C. — Skanska USA Commercial Development Inc. has signed a ground lease with George Washington University to develop on Square 75A, known as the 2100 block of Pennsylvania Avenue. The 25,000-square-foot site, located five blocks from the White House, is approved for a 250,000-square-foot, LEED Gold-certified office building with 7,000 square feet of ground-floor retail space. Skanska, which will self-finance the project, will serve as the office building’s developer and general contractor. San Francisco-based Gensler will design the Class A office building. Square 75A is one of the last significant development sites along Pennsylvania Avenue, according to Skanska.
ATLANTA — KDC has commenced construction on Park Center, a new 17-acre master-planned project in Atlanta’s Central Perimeter submarket. State Farm Insurance will lease 585,000 square feet in Park Center’s first office building, a 13-story property at Hammond Drive and Perimeter Center Parkway, adjacent to the Dunwoody MARTA station. The office building will feature a seven-level parking structure and ground-level retail space. KDC plans to achieve LEED Silver certification. The office building is the first step in Phase I of Park Center, which will also include 17,000 square feet of retail and restaurants and a 175-room hotel. Occupancy for the first office building is slated for late 2016. At full build-out, the transit-oriented development will feature 2.2 million square feet of office space; 100,000 square feet of retail, restaurant and entertainment space; and the previously mentioned hotel. The project team includes architect Cooper Carry & Associates and general contractor Holder Construction Co.
TAMPA, FLA. — A joint venture between Lubert-Adler and The Laramar Group has acquired The Cove, a 689-unit apartment community in Tampa, for $50.5 million at auction. LNR Property LLC sold the community following a 2011 foreclosure. Built in 1980, The Cove is situated on Tampa Bay’s waterfront with access to historic Bayshore Boulevard. The Laramar Group will continue to manage the apartment community, which will undergo a $3 million renovation that includes a revamped clubhouse and the addition of an outdoor recreation area with a dog park.
PLANT CITY, FLA. — Hendricks-Berkadia has arranged the $23 million sale of Hunter’s Ridge at Walden Lake Apartments, located at 1400 Plantation Blvd. in Plant City. The 352-unit apartment community features a resort-style swimming pool and spa, as well as racquetball, tennis and basketball courts. Jason Stanton, Cole Whitaker and Hal Warren of Hendricks-Berkadia represented the seller, CFLP LLC, in the transaction. MIC HR LLC was the buyer.
MIAMI BEACH, FLA. — HFF has brokered the sale of the Raleigh Hotel, a 105-room historic art-deco hotel located at 1775 Collins Ave. in Miami Beach. The Raleigh Group purchased the landmark hotel from affiliates of New York City-based Tristar Capital for an undisclosed price. Hospitality management firm sbe Hotel Group will continue to manage the property. The Raleigh Group, a luxury hospitality group founded by Tommy Hilfiger, plans to renovate the hotel. Manuel de Zarraga, Max Comess, Cyrus Vazifdar, Claudia Steeb and Dan Peek of HFF represented the seller in the transaction.
HOLLYWOOD, FLA. — NorthMarq Capital has arranged a $15.8 million loan to refinance a 191,280-square-foot industrial facility leased to FedEx. The property is located at 2600 S.W. 39th St. in Hollywood. Jeff Robertson of NorthMarq arranged the 12-year loan with a 25-year amortization schedule through a life insurance company.
MYRTLE BEACH, S.C. — A joint venture between Peak Financial Partners Inc. and Misuma Holdings has acquired the 521,000-square-foot Myrtle Beach Mall in Myrtle Beach for $45 million. Peak and Misuma will jointly own and manage the mall, which features anchor tenants such as Bass Pro Shops, Belk and a 12-screen Carmike Theater. The mall is located along the North Kings Highway business corridor in Myrtle Beach. The partnership between Peak and Misuma, which began in 1995, identifies turnaround projects in the retail sector. Plans for the mall were not revealed at this time.
RICHMOND, VA. — Reynolds Development has begun construction on a new 19,000-square-foot retail building at The Shoppes at Reynolds Crossing, located at the corner of Glenside and Forest avenues in Richmond. The property is 70 percent pre-leased to retailers such as Starbucks Coffee, Chipotle Mexican Grill, Jersey Mike’s, Hair Cuttery, Ntelos Wireless, Lee Nails and Salad Works. Freeman & Morgan Architects designed the retail center, and Park Sterling Bank provided construction financing. David Crawford of CBRE | Richmond is representing the landlord in all leasing transactions. The retail center is scheduled to open in the first quarter of 2015.