WASHINGTON, D.C. — Meridian Capital Group LLC has arranged a $134.3 million mortgage to refinance a 13-story office property in Washington, D.C. The 417,383-square-foot, Class A office property is located at 1615 L St. N.W. Rael Gervis of Meridian Capital Group’s New York office arranged the 10-year CMBS loan with a fixed interest rate of 4.61 percent on behalf of the borrower, Spitzer Enterprises.
Southeast
BALTIMORE — Elm Street Development, a McLean, Va.-based residential real estate developer, will partner with St. John Properties Inc. and Somerset Construction Co. to develop Greenleigh at Crossroads in Baltimore. Greenleigh at Crossroads is a town center, mixed-use development that will include mid-rise, Class A office buildings, retail amenities and housing options. Design Collective Inc. designed Greenleigh at Crossroads, which will be the next phase of Baltimore Crossroads, a 1,000-acre mixed-use community in eastern Baltimore County. The project team will break ground on the community in the summer of 2014.
FORT MILL, S.C. — Dallas-based Venture Commercial Real Estate has arranged a $39 million sale-leaseback with Northern Tool + Equipment for its distribution center in Fort Mill. Northern Tool + Equipment sold its 701,595-square-foot facility, which is located at 1850 Banks Road, to One Liberty Property. Clay Mote of Venture Commercial represented Northern Tool + Equipment in the transaction. Joe Owen of Dallas-based Owen Holdings Inc. represented One Liberty Property, a publicly traded REIT. Northern Tool + Equipment signed a 15-year lease at the distribution center.
ORLANDO, FLA. — McKinley, a multifamily owner and manager, has purchased Bella Capri, a 248-unit, garden-style apartment community located in Orlando. The multifamily community was formerly known as Mission Pointe Apartments. Bella Capri is one of 11 garden-style apartment communities in the theme park submarket of Orlando, which is located between Universal Studios and Disney World. Eight of the 11 properties are owned and managed by McKinley. Bella Capri is located two blocks away from the Mall at Millenia, an indoor mall, and a few blocks west of Universal Studios, which includes the Universal Islands of Adventure and the Wizarding World of Harry Potter. Comerica Commercial Real Estate is providing acquisition financing on behalf of McKinley, and Berkadia Commercial Mortgage is providing long-term HUD financing.
CHARLOTTE, N.C. — MIG Real Estate, a Newport Beach, Calif.-based real estate investment firm, has acquired the Homewood Suites Charlotte Airport, a 102-room hotel located southeast of the Charlotte Douglas International Airport. The hotel is located at 2770 Yorkmont Road and features 1,541 square feet of meeting space, an outdoor swimming pool, fitness center, putting green, business center and guest laundry facilities. The hotel is MIG Real Estate’s first acquisition in North Carolina and its 12th overall hotel. Jeff Berkman of Hodges Ward Elliott represented the seller in the transaction. Raleigh, N.C.-based Concord Hospitality Enterprises will operate the hotel.
ATLANTA — The Atlanta Braves organization has secured land at the northwest intersection of Interstates 75 and 285 in Cobb County, which will be the future site of its new stadium. The Braves have opted to not renew their lease at Turner Field, the team’s existing stadium. Although the new property has an Atlanta address, it will be located in Cobb County. The new site will feature an integrated mixed-use development, parking and greenspace in addition to the stadium. The Braves will be significant investors, along with Cobb County, in the project. The total estimated cost of the stadium, parking and infrastructure is roughly $672 million, and the Braves will pay all cost overruns for the project. The Braves will develop the remaining parcels surrounding the new stadium. The Cobb-Marietta Coliseum and Exhibit Hall Authority, owner of the Cobb Galleria Centre and Cobb Energy Performing Arts Centre, are planning on owning the new property, according to the Braves organization. During construction, nearly 5,227 jobs will be supported. The new stadium is slated to begin construction in the second half of 2014 and conclude by opening day in 2017.
DUNCAN, S.C. — Atlanta-based Pattillo Industrial Real Estate plans to break ground on a 108,000-square-foot, Class A industrial spec building in Hillside Industrial Park in Duncan. The property will be located on a 30-acre site near Interstate 85 and Highway 20. The property will be expandable up to 232,000 square feet and will be available for sale or lease. Hillside Industrial Park spans 14 buildings and nearly 1.2 million square feet of existing industrial space, which is fully occupied. The new facility will feature at least 30-foot clear ceiling heights, a 150-foot truck court, 19 dock high doors, a drive-in door and a TPO roof system. Pattillo expects to wrap up construction in the second quarter of 2014. NAI Earle Furman will handle leasing the property.
HAMPSTEAD, MD. — The Hampshire Cos., a private real estate investment firm, has sold a 1 million-square-foot distribution center in Hampstead to STAG Industrial Inc. The distribution center sold for approximately $44 million. The facility is located at 630 Hanover Pike, approximately 29 miles from the Port of Baltimore. The property is currently leased to Dart Container. The property features high clear ceiling heights, motion-sensor T-5 lighthing, full-building circulation, 85 loading docks and 77 trailer drops. Cassidy Turley represented The Hampshire Cos. in the transaction.
TALLAHASSEE, FLA. — ARA has arranged the sale of Victoria Grand, a 320-unit apartment community located in Tallahassee’s Northeast submarket. The property, which was constructed in 2008, sold for approximately $42.2 million. The apartment community’s average unit size is more than 1,100 square feet and offers a mix of one-, two- and three-bedroom floor plans. Matt Wilcox, Kevin Judd and Patrick Dufour represented the buyer, Ramsey, N.J.-based Raia Properties Corp., in the transaction.
UNION CITY, GA. — NorthMarq Capital has arranged $12.5 million in acquisition financing for Hidden Lake Apartments, a 320-unit multifamily community located in Union City. Bill Matone of NorthMarq Capital’s Charlotte, N.C., office, arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.