SILVER SPRING, MD. — A joint venture between Brandywine Realty Trust and Current Creek Investments, a subsidiary of Allstate Insurance Co., has entered into an agreement to acquire three office properties totaling 499,395 square feet, located in Silver Spring, for $120.6 million. The properties include the 162,832-square-foot 1100 Wayne Ave., the 196,663-square-foot 1010 Wayne Ave., and the 139,900-square-foot 8484 Georgia Ave. The seller is a joint venture between Urdang's Value-Added Fund II and Moore&Associates. The acquisition is slated to close in July.
Southeast
ARLINGTON, VA. — Washington Real Estate Investment Trust (WRIT) has purchased the 147,000-square-foot Fairgate at Ballston, an office building located at 1005 N. Glebe Road in Arlington, for $52.25 million in an all-cash transaction. The eight-story building is 82 percent leased. WRIT funded the acquisition with available capacity on its line of credit.
HANOVER, MD. — Cushman & Wakefield has arranged the $8.25 million sale of a 125,000-square-foot industrial property, located at 7495 Race Road in Hanover. The property is currently vacant. Cristopher Abramson, Brian Kruger, Nicholas Signor, Michael Elardo and Jared Ross of Cushman & Wakefield represented the seller in the transaction. Plymouth Meeting, Pa.-based Exeter Property Group was the buyer.
COLUMBUS, GA. — Gladstone Commercial Corp. has acquired a 32,000-square-foot office and classroom building, located in Columbus, for $7.3 million. The building is fully leased to the University of Phoenix and fully guaranteed by Apollo Group, its publicly traded parent company.
COLUMBIA, S.C. — Fred Ross of Dickinson, Logan, Todd & Barber's Columbia office has arranged an $11.5 million loan for a medical office building portfolio located throughout South Carolina. The properties total 68,386 square feet. A Midwest life insurance company provided the 15-year, fully amortizing loan.
JACKSONVILLE, FLA. — Charles Perry Partners Inc. has completed the $3.36 million, 16,000-square-foot University of North Florida College of Education's Disability Resource Center (DRC). The two-story facility promotes and facilitates partnerships among UNF students with disabilities and the UNF community. The DRC also assists those with hearing, learning, medical, psychological, physical, speech and vision disabilities, as well as ADHD, ADD, traumatic head injury and other diagnosed disabilities.
RIVERVIEW, FLA. — TNP has acquired the 78,500-square-foot Bloomingdale Hills, a shopping center located at the intersection of West Bloomingdale Avenue and Providence Road in Riverview, a submarket of Tampa. Walmart Neighborhood Market anchors the center, which is fully leased. The property is the public non-traded REIT's 19th acquisition.
SOUTHPARK, N.C. — A 15,344-square-foot office building, located in Morrocroft Professional Center in Southpark, has sold for $2.06 million. Charles G. Monnett III & Associates will occupy the first floor and Dr. Samuel Randall and Dr. Eric VanHuss currently occupy the second floor. NAI Southern Real Estate represented Queens Barrister II, the buyer, in the transaction. Jonathan Nance of Grubb Properties represented the seller, Colony at Morrocroft LLC.
TAMPA, FLA. — Mumford Co. has negotiated the sale of the 127-room Masters Inn, located adjacent to Interstate 4 in Tampa. David Mumford of Mumford Co.'s Newport News, Va., office, along with Steve Kirby and Burton Brooks of the firm's Atlanta office, represented the Supertel Hospitality, the seller, in the transaction. The buyer was a local operator.
OXFORD, MISS. — A joint venture between EdR and Landmark Properties has started construction on a $37.6 million, 668-bed off-campus student housing community, located at 2405 Anderson Road in Oxford, close to the University of Mississippi. Amenities include outdoor living areas, a resort-style pool, sand volleyball court and horseshoe pits. Additionally, the property will include a clubhouse with a fitness center, tanning beds, internet cafe, private and group study rooms, computer lounge, game room and golf simulator. The cottage-style development will be the first collegiate housing of its type serving the college. The joint venture secured a conventional 75 percent loan-to-cost construction loan from PNC Bank for the project. Completion is slated for the fall of 2013.