FOREST PARK AND JONESBORO, GA. — Blue Ridge Capital has acquired an 11-property portfolio, comprised of office and retail properties located in Forest Park and Jonesboro, from Capmark for $3.2 million. The portfolio is approximately 50 percent leased. The properties include Center Village Shopping Center, Parkway Village Shopping Center, the four-building Shady Oaks and the four-building Northpark in Forest Park, as well as the Jonesboro Village Shopping Center in Jonesboro. Fred Victor of Newmark Knight Frank’s Atlanta office represented the seller in the transaction.
Southeast
JACKSONVILLE, FLA. — A 35,000-square-foot retail building located at 6024 103rd St. in Jacksonville has been sold to 6024 103rd Street LLC for $1.65 million. American Freight occupies the triple-net leased property. Jimmy Cranford of Silverfield Cranford represented the seller, SILJAX, in the transaction.
LEXINGTON AND NICHOLASVILLE, KY. — Capital Advisors has secured $6.8 million in refinancing for Bryan Station and Brannon Crossing, two 50,000-square-foot shopping centers in Lexington and Nicholasville. Riley Skinner of Capital Advisors arranged the 10-year loans with 30-year amortization schedules on behalf of the borrowers, ERP Bryan Station and ERP Brannon Crossing, through UBS.
SPRING HILL, FLA. — Aztec Group has secured $3 million in debt refinancing for a Walgreens located at 4096 Mariner Blvd. in Spring Hill. Howard Taft and Charles Penan of Aztec Group arranged the 10-year loan with a 25-year amortization schedule through BankUnited.
The return of development in the Raleigh-Durham apartment market should not be surprising to anyone familiar with the market, and neither should the pace of development, which leads the nation when judged by some metrics. Raleigh-Durham has become one of the most popular markets in the nation for investment over the last decade due mostly to its high-growth status. The Triangle’s existing inventory is relatively young which is appealing to a large number of investors seeking newer product, and this has propelled investment activity. More than $1.2 billion worth of apartments have traded in Raleigh-Durham since the beginning of 2011. Prospects of continued job and population growth are promising, and an analysis of these local trends indicate a need for new development that meets the changing preferences of renters in one of the nation’s fastest growing markets. Currently, 3,453 new units in 12 communities are under development in the Triangle. This accounts for 3.2 percent of current inventory of nearly 108,000 units. An additional 3,733 units are likely to break ground within the next 18 months. These projects generally represent the most desirable sites within their respective submarkets, are led by well-capitalized developers, and, in most cases, are backed by …
ARLINGTON, VA. — New York-based Savanna has completed the sale of a senior interest in a $157.7 million note secured by three office buildings, located in the Rosslyn section of Arlington. The first two buildings, located at 1000-1100 Wilson Blvd., are interconnected high-rise office towers totaling 1.1 million square feet. The third building, located at 1101 Wilson Blvd., is a 326,000-square-foot high-rise office property. The senior note was sold to Apollo Global Real Estate in the transaction, with Savanna retaining the $76.7 million junior note. The three buildings are part of a 10-building portfolio owned by a joint venture between Monday Properties and Goldman Sachs.
BOSSIER CITY, LA. — Rouse Properties has commenced a multi-million dollar renovation of the more than 600,000-square-foot Pierre Bossier Mall, located at 2950 E. Texas St. in Bossier. The renovation will include a new porcelain tile floor throughout the common areas and food court, as well as new paint for all walls, columns and ceilings. Rouse will also add soft seating areas with new furniture and carpeting in key gathering areas, upgraded mall entrances and upgrading of the center’s pylon and exterior directional signage. Dillard’s, JC Penney and Sears anchor the center, which is home to more than 70 specialty stores including American Eagle Outfitters, Bath & Body Works, Victoria’s Secret and Buckle. Rouse expects to complete renovations in time for the 2012 holiday season.
ROANOKE, VA. — The 78,000-square-foot Crystal Tower, located on the corner of Campbell Avenue and Second Street in Roanoke, has been sold to Crystal Tower LLC for $1.3 million. Built in 1931, Crystal Tower was originally opened as the 183-room Ponce de Leon Hotel and was converted into offices in 1970. The buyer plans to spend $10 million to convert the building to a 70-unit apartment complex with retail space on the first floor. Michael Waldgovel and Krista Vannoy of Waldgovel Commericial Properties represented the seller, Crystal Tower Building Corp., in the transaction.
GREENBELT, MD. — Diversified Realty Ventures has purchased the 120,000-square-foot Greentec IV office building, located at 7700 Hubble Drive in Greenbelt, for $6.35 million. The property is fully leased to government contractors and employees working on the Joint Polar Satellite System. Robert Finney of Transwestern represented the seller, C-III Asset Management, in the transaction.
ST. PETERSBURG, FLA. — Franklin Street Real Estate Services has arranged the $2.77 million sale of the 176-unit Woodlawn Park, a distressed apartment complex located at 1626 18th Ave. N. in St. Petersburg. The buyer, a local private investor, is planning a major renovation to the property. Darron Kattan, Robert Goldfinger and Kevin Kelleher of Franklin Street represented both parties in the bankruptcy auction sale.