AUGUSTA, GA. — Arbor Commercial Mortgage has arranged a $3.12 million loan for the 64-unit Avalon Apartments in Augusta. Fannie Mae DUS funded the 10-year loan. The loan carries a 6.15 percent interest rate and a 30-year amortization schedule.
WESTON, FLA. — Strategic Storage Trust has purchased two storage facilities in Weston and New Jersey from Chicago Five Properties for a combined $23 million. The 651-unit Florida property is located at 16400 State Road 84 and is currently 86.1 percent occpuied. CB Richard Ellis represented the seller.
ARLINGTON, VA. — Chicago-based Equity Residential has purchased the 220-unit Vista on Courthouse multifamily complex from Sunburst Hospitality for $85 million. The high-rise rental property is located in Arlington and was completed last year. Mark Anstine and Dan Lockard of Fraser Forbes Real Estate Services represented the buyer.
RUSTON, LA. — Stan Johnson Co. has brokered the $4.94 million sale of a 14,550-square-foot Walgreens in Ruston between two private parties. The property, which sits on 1.6 acres, is fully leased to the retailer. Gill Warner of Stan Johnson Co. represented the seller. The firm's Rod Pickney and Chad Byerly represented the buyer.
ATLANTA — CIGNA has signed a 2-year lease extension with SDG Value Fund 1 for the 94,822-square-foot Metro Exchange Building in Nashville. The property is located in the 850-acre Metro Center mixed-use office park. CIGNA has been in the facility for more than 10 years. CB Richard Ellis' Harrison Johnson represented the tenant in the $3.55 million transaction.
CHARLOTTE, N.C. — Sunrise Senior Living has sold the 86-unit Sunrise of Eastover senior housing community to an undisclosed buyer for $8.85 million. Located on 3.54 acres at 3610 Randolph Road in Charlotte, the property features a reading lounge, an ice cream parlor, a library and a wellness center. Michael Pardoll and Mark Myers of Marcus & Millichap represented the seller.
JACKSONVILLE, FLA. — Jax BTS#1, principals of which include Beechwood Partners and an affiliate of Weeks – Robinson, is developing a 240,000-square-foot distribution center. The property, which will be complete this summer, is located on 12 acres in Jacksonville's Westlake Industrial Park. PenserSC will occupy the building. Cushman & Wakefield of Florida's Mark Scott, Tyler Newman and Jim Patrick represented Beechwood Partners in the lease transaction. An item that ran on a sale transaction of this property in yesterday's newsletter was inaccurate due to errant information provided by Cushman & Wakefield of Florida. The property is under development and has not been sold.
ORMOND BEACH, FLA. — Century Retail has finished a 45,600-square-foot Publix and 20,000 square feet of retail space at Ormond Beach Mall. The property is located on Ocean Shore Drive in Ormond Beach. The two-phase project commenced in April 2009, and Publix will open on March 12.
WASHINGTON, D.C. — Washington-based Braxton Hotel & Condominium has sold the 58-room District Hotel to Cherry Blossom Hospitality for $8.4 million. The seller had converted the property, which is located at 1440 Rhode Island Ave. NW in Washington, from a 1920s-era, 86-room boarding house to a boutique hotel. Cherry Blossom Hospitality plans to add four stories to the original property and build an additional eight-story building. Donohoe Corfac International brokered the sale.
ORLANDO, FLA. — Tom McFadden and William Bradford of Southern Commercial Real Estate Advisors have brokered two industrial leases in Florida. McFadden and Bradford represented the landlord, RREEF, in its 18,975-square-foot lease to Iberia Foods Corp. The tenant will occupy the space, which is located at 7580 Exchange Drive in Orlando, for the next 7 years. The Southern Commercial team also represented McDonald Ventures XXVI in its 6,100-square-foot lease to Atlantic Fasteners and Supply Co. The property is located at 3830 Enterprise Way in Sanford. Atlantic Fasteners will lease the space for the next 8 years.