FT. LAUDERDALE, FLA. — Grandbridge Real Estate Capital has closed on a $34.56 million loan, which is secured by The Falls at Marina Bay in Ft. Lauderdale. David Gahagan of Grandbridge originated the loan, which was a refinance of an existing HUD-insured loan under Section 221(d)(4) pursuant to Section 223(a)(7). The 376-unit multifamily features a clubhouse with a gymnasium, racquetball courts, a movie theatre, coffee/tea service, billiards, a sauna and a spa, a resort-style pool, a fitness trail, tennis courts, a waterfront restaurant and marina/waterfront views.
Southeast
JAMES CITY COUNTY, VA. — Federal Capital Partners (FCP) and Westmoreland Partners (WML) have acquired Settler's Market, a multi-use development at the intersection of State Route 199 and Monticello Avenue in James City County. The $13.25 million acquisition from a bank's REO portfolio was made by FCP and WML. Settler's Market has an approved site plan for 349,890 square feet of retail and commercial space and 204 residential units. At the time of closing, 47,826 square feet of retail space was already developed and is occupied by tenants, including Trader Joe's, BB&T and Baker's Crust.
CHARLOTTE, N.C. — Duke Realty Corp. has acquired Morehead Medical Plaza I on the Carolina Medical Center campus in Charlotte. The 190,773-square-foot medical office building is directly connected to Carolinas Medical Center's 874-bed inpatient care tower via an enclosed walkway. The property is 100 percent leased to Carolinas Medical Center. Terms of the transaction were not disclosed.
ALCOA, TENN. — Second Harvest Food Bank of East Tennessee has acquired a 77,540-square-foot office, showroom and distribution center property in Alcoa. Walker Supply Company sold the property, which is located at 136 Torijack Landing Dr., for $4 million. Maribel Koella and Brian Tapp of NAI Knoxville represented the buyer; Mike Price and Jerry Holloway of Oliver Smith Realty represented the seller in the transaction.
ST. PETERSBURG, FLA. — Marcus & Millichap has brokered the sale of a BB&T Insurance office building in St. Petersburg. Located at 800 49th St. N., the 16,000-square-foot property sold for $400,000. Leon Brockmeier and Tim Phillips of Marcus & Milichap represented the Maryland-based seller and the Florida-based buyer.
LEXINGTON, KY. — The Boulder Group has brokered the sale of a single-tenant, ground-lease retail property in Lexington. The property sold for $2.65 million. The 2-acre property is occupied by CVS/pharmacy on a long-term lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the undisclosed buyer. The seller was not released.
RALEIGH AND CHAPEL HILL, N.C. — Federal Capital Partners and Grubb Properties have made a joint venture investment in two multifamily properties in North Carolina. The venture, which is valued at $42 million, includes Riverwoods apartments in Raleigh and Glen Lennox in Chapel Hill. The joint venture acquired Riverwoods, a 174-unit property located on Six Forks Road, from Duham, N.C.-based Dilweg Companies. Andrea Howard of Grubb Properties represented the joint venture in the acquisition, while Steve Heffner of CB Richard Ellis Capital Markets helped the joint venture secure financing through Freddie Mac. The partnership plans to reposition the property as Sterling Forest Apartments. Jason Nettles of Holliday Fenoglio Fowler represented the seller. The 440-unit Glen Lennox is located on Hamilton Road. Dean Smith and Blake Oakland of Apartment Realty Advisors represented Grubb Properties in the acquisition.
RALEIGH, N.C. — Drucker Falk has added four apartment communities totaling 776 units to its fee management portfolio in North and South Carolina. The properties include the 168-unit the Tides at Town Center in Calabash, N.C.; the 124-unit Summerlyn Apartments in Raleigh; the 212-unit Windjammer Apartments in Charleston, S.C.; and the 272-unit Heron Reserve in Charleston.
LOUDOUN COUNTY, VA. — Kenneth Gentzel and Gary McGlynn of NorthMarq Capital's Washington, D.C., office has arranged $7.2 million in first mortgage financing for Signal Hill in Loudoun County. The property offers 61,115 square feet of office space. Financing was arranged for the undisclosed borrower through NorthMarq's correspondent relationship with Genworth Life Insurance Co.
MACON, GA. — Newmark Realty Capital has arranged $1.26 million in financing for acquisition of Walnut Hills Apartment Complex in Macon. The 100-unit community was 96-percent occupied at the time of closing. Adam Parker of Newmark's Phoenix office arranged the financing for the undisclosed borrower. The 25-year term loan has a fixed-interest rate period for 5 years.