ORLANDO, FLA. — Panther Properties Investment has purchased the 306-unit Venue Apartments in Orlando from the FDIC for $26.5 million. The FDIC had acquired the property as part of its takeover of IndyMac Bank. The property, which is located on 27.83 acres, was developed in 2005 by Wood Partners. Features include a fitness room, a media center and a pool. Venue Apartments was first sold in May 2006 for $48 million. Cushman & Wakefield represented the FDIC in the transaction.
ORLANDO, FLA. — MCP Retail has sold the Pleasant Hill Commons shopping center to an undisclosed party for $12.37 million. The property is located at the intersection of US Highway 17-92 and Pleasant Hill Road in Orlando. Pleasant Hill Commons, which is anchored by Publix, opened in 2008 and also houses Subway, Pizza Hut, 7-Eleven and Wendy's. CB Richard Ellis brokered the sale.
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.