RESTON, VA. — CBRE Capital Markets has arranged $98.2 million in debt financing for Reston Executive Center, three Class A office buildings totaling 494,264 square feet in Reston. Joe Donato and Matthew Williams of CBRE worked on behalf of an entity controlled by The JBG Cos. to arrange the five-year bridge loan through Wells Fargo Bank. The property is located at 12100, 12110 and 12120 Sunset Hills Road. The owner purchased the property in late 2012, when it was 77.5 percent leased. The owner plans to upgrade the property and begin an aggressive leasing plan to increase occupancy in the next 12 to 18 months.
IRMO, S.C. — Phillips Edison — ARC Shopping Center REIT has acquired a portfolio of three grocery-anchored shopping centers in Florida, South Carolina and Texas. The company acquired the 64,359-square-foot Murray Landing shopping center in Irmo, S.C., approximately 12 miles northeast of Columbia, S.C. The fully occupied center is anchored by a Publix grocery store, which is leasing the property through 2023. Phillips Edison also purchased the 62,821-square-foot Vineyard Center in Tallahassee. The center is also anchored by Publix, which is leasing the property through 2022. The final property is the 148,963-square-foot Kleinwood Center in Spring, Texas, which is anchored by an H-E-B grocery store.
ATLANTA — The 312-room Atlanta Marriott Downtown hotel will be rebranded to the DoubleTree by Hilton brand April 1. The opening of the DoubleTree by Hilton Atlanta Downtown marks the brand's first hotel in downtown Atlanta. Following the conversion, the hotel will begin a property-wide renovation, which is slated for completion later this year. Interstate Hotels & Resorts will continue to operate the property. Originally opened in 1962, the hotel is known for being the first racially integrated hotel in downtown Atlanta. Prominent guests have included the late Elvis Presley, Richard Nixon and Pearl Bailey. The hotel is located at 160 Spring St. N.W.
CHARLOTTE, N.C. — Trinity Capital Advisors has acquired an additional building in Shopton Ridge Industrial Park in Charlotte. The firm now owns three buildings in the eight-building park. Located at 4015 Shopton Road, the 108,800-square-foot Class A office and industrial building is fully occupied by Rent-A-Center and The Maintenance Team. Trinity purchased the property through a joint venture with Pacific Coast Capital Partners. Bill Wood handles the leasing at Trinity Capital's Shopton Ridge portfolio and Janice Crum serves as property manager.
FORT LAUDERDALE AND OAKLAND PARK, FLA. — Marcus & Millichap has arranged the $2.7 million sale of a 56-unit apartment portfolio in Fort Lauderdale and Oakland Park. The Prospect Apartment Portfolio consists of three parcels: 999 W. Prospect Road in Oakland Park, 1007 W. Prospect Road in Fort Lauderdale and 240 N.W. 42nd St. in Oakland Park. Joseph Thomas and Adam Duncan of Marcus & Millichap represented the seller, a local partnership, in the transaction. Thomas and Duncan also represented the buyer, a partnership from Coral Gables, Fla.
RALEIGH, N.C. — An entity managed by RAM Development Co. has acquired Apartments of Stonehenge, a 425-unit apartment community in Raleigh, for $40.2 million. Robinson Development Group, which purchased the property in 2010, was the seller. Robinson had renovated and redesigned the property's 5,000-square-foot clubhouse and residential units. Jeff Glenn of CBRE represented the seller in the transaction.
DOUGLASVILLE, GA. — ETPC Co. has acquired 865 acres in Douglasville, approximately 15 miles from the Hartsfield-Jackson Atlanta International Airport, for $5.4 million. The property was previously slated to be the site of the Villages of Riverview master-planned community by developer Brooks Land Inc. The site is currently entitled for 1,095 single-family homes, 325 townhomes and 14 acres of commercial space. John DeYonker and Rob Whitmire of Bull Realty represented the seller, DBSI Villages at Riverview LLC, in the transaction. The seller is a related entity to DBSI Inc., which filed for bankruptcy. Josh Reeves of Sotheby's Atlanta Fine Homes represented the buyer.
WASHINGTON, D.C. — The American Hospital Association (AHA), a national non-profit organization, has signed a lease for 42,000 square feet of office space in the CityCenterDC development in downtown Washington, D.C. Hines and TFI US Real Estate Fund are developing the property, which is now more than 83 percent leased. The AHA plans to move into the space in September 2014. AHA represents more than 5,000 hospitals, health care systems and networks, and provides education for health care leaders. Studley represented the tenant in the transaction.
SOUTH PASADENA, FLA. — Marcus & Millichap has arranged the $3.5 million sale of Shore Drive Apartments, a 50-unit property in South Pasadena. The property was built in 1972 and is located at 1824 Shore Drive South. Casey Babb of Marcus & Millichap represented the seller, a St. Petersburg, Fla.-based family partnership. She also represented the buyer, Weller Residential, also based in St. Petersburg.
BALTIMORE, MD. — Aztec Group has arranged a $4.2 million mortgage loan for Clifton Park Self Storage, a 636-unit facility located at 4211 Shannon Drive in Baltimore. Developed in 2005, the 105,000-square-foot facility contains climate-controlled and non-climate-controlled storage space and 50 outdoor vehicle storage spaces. Charles Penan and Howard Taft arranged the 10-year loan, with a fixed interest rate below 4.4 percent, on behalf of the owner, SV5 LLC.