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.
MIAMI BEACH, FLA. — Cronheim Mortgage has arranged a $125 million loan for Grand Beach Hotel, a full-service, 424-room oceanfront property in Miami Beach. The 10-year loan includes two years of interest-only payments and a 30-year amortization schedule. Grand Beach Hotel was completed in 2009 and is located along Collins Avenue, the main thoroughfare in Miami Beach. Amenities at the property include a bar, poolside restaurant and an exercise room. Anna Westhoff and Andrew Stewart of Cronheim arranged the loan.
BOCA RATON, FLA. — Marcus & Millichap is listing two South Florida office buildings, the 46,486-square-foot Town Executive Center in Boca Raton and the 140,635-square-foot Cypress Executive Center in Fort Lauderdale. The Town Executive Center is being offered at $18.5 million and the listing price for Cypress Executive Center is $15.2 million. The properties are owned by unrelated parties. Doug Mandel of Marcus & Millichap is representing the sellers.
BRADENTON, FLA. — Namdar Realty Grouup has acquired DeSoto Square Mall, a 680,000-square-foot enclosed mall in Bradenton. The mall is 75 percent occupied and major tenants include Macy's, JC Penney and Sears. “This is a great deal,” says Joel Gorjian, director of acquisitions and dispositions at Namdar. “There are plenty of great tenants, along with a solid amount of vacancy, which leaves us with some room to add value to the property.”
MIAMI — Bar Invest Group, a Miami-based private capital group, has acquired three apartment properties on South Beach at 1348 Drexel Ave., 1135 8th St. and 951 Jefferson Ave. for $5.5 million. The properties total 39 units. The deal is the fourth multifamily transaction that CBRE Private Capital Group has brokered the sale of in the past 12 months. All of the sales were to foreign buyers. Calum Weaver of CBRE represented the seller, Bleu Lionn Capital, in the transaction. According to Weaver, pricing is on the rise due to limited investment opportunities on Miami Beach and a competitive appetite among investors.
NEW ORLEANS — A new 13,000-square-foot Walgreens has opened in New Orleans on historic Magazine Street. The store includes a drive-thru window, full-service pharmacy and a Look Boutique that specializes in high-end cosmetics. Located at 5518 Magazine St., the site is the original home of the Ed Brauner American Legion Post #307, and portions of the building date back to 1947. To pay homage to the war veterans, several American Legion symbols were incorporated into the new design. Stirling Properties constructed the property, and the firm is currently building two additional Walgreens stores in Terrytown, La., and Pass Road in Fulport, Miss.