WASHINGTON, D.C. — Calkain Urban Investment Advisors has arranged the $14.5 million sale of a 12,565-square-foot CVS/pharmacy, located on Columbia Road in Adams Morgan, a neighborhood of Washington, D.C. CVS/pharmacy has approximately 23 years remaining on its lease. Rick Fernandez of Calkain represented the seller in the transaction and Jerry Burg, also of Calkain, represented the buyer, a private 1031-exchange investor.
Southeast
ORLANDO, FLA. — Continental Realty Corp. has acquired the 116,000-square-foot Waterford Park, a mixed-use development located at 12301 Lake Underhill Road in Orlando, for $13.25 million. The property is 45 percent leased to office, medical and retail tenants, including BB&T, Florida Radiology Imaging, Keller Williams Realty and Signature Title Co. Ray Turchi and Ryan Cockerill of Marcus & Millichap represented the seller in the transaction. The buyer was self-represented.
SIMPSONVILLE, S.C. — STAG Industrial has purchased two industrial properties, located in Simpsonville, for $9.2 million. The buildings total 411,994 square feet and are primarily leased to Lanxess Corp. with more than four years remaining on the lease term.
AUSTELL, GA. — Duke Realty Corp. has acquired the 569,674-square-foot Hartman Business Center V, a warehouse and distribution building located at 7545 Hartman Industrial Way SW in Austell. The property is located within the 150-acre Hartman Business Park, a master-planned development. The property is fully leased to Czarnowski. Chris Riley, Frank Fallon and Brian Budnick of CBRE Group represented Opus Group, the seller, in the transaction.
WEST PALM BEACH, FLA. — Beech Street Capital has provided $20.4 million in Freddie Mac Capital Markets Execution loans for the acquisition of the 166-unit Golf Villas at Sabal Palm and the 276-unit Palo Verde, two multifamily properties located in West Palm Beach. David Hayum of Meridian Capital Group secured the 10-year loans with a 30-year amortization schedule, which Beech Street Capital financed as part of its correspondent relationship with Meridian.
WASHINGTON, D.C. — First Potomac Realty Trust has sold its 95 percent interest in an 85,000-square-foot office building, located at 1200 17th St. in Washington, D.C., for $43.7 million. The company acquired the interest in 2011 for $37.6 million in a joint venture with Akridge, which will continue to own its portion of the building.
NASHVILLE, TENN. — North American Properties has started construction on the $34 million, 200-unit ParkCentral, a multifamily property located at 220 25th Ave. in Nashville. Amenities will include a rooftop deck with a saltwater swimming pool, resort-style clubroom and an upscale fitness center. NilesBolton Associates is the project architect, Barge Waggoner Sumer & Cannon is the engineer and NAP is the construction manager and developer.
ORLANDO, FLA. — CBRE Group has negotiated the sale of the 394-unit Legends at Lake Nona, a multifamily community located at 10203 Falcon Parc Blvd. in Orlando. Amenities include a resort-style pool, lighted tennis courts, basketball court, outdoor grills and fitness and business centers. Shelton Granade and Luke Wickham of CBRE Group's Orlando office represented the seller in the transaction.
HIALEAH, FLA. — Marcus & Millichap has arranged the $8.1 million sale of the 109-unit Okeechobee Villas, an apartment complex located at 1350 W. 6th Ave. in Hialeah. The property is 97 percent leased. Joseph Thomas and Felipe Echarte of Marcus & Millichap represented the seller, a Miami Lakes, Fla.-based limited liability company, in the transaction. Evan Kristol and Still Hunter III, also of Marcus & Millichap, represented the buyer, a Miami-based limited liability company.
ASHEVILLE, N.C. — Starwood Hotels & Resorts has opened the 115-room Aloft Asheville Downtown, located at 51 Biltmore Ave. in Asheville. The property features 1,800 square feet of outdoor meeting space on its Air Level pool deck and The Ledge observation deck, as well as 649 square feet of indoor meeting space. It is the 60th hotel globally for Starwood.