BIRMINGHAM, ALA. — Birmingham-based Colonial Properties Trust has closed a $350 million credit facility secured by 19 multifamily properties for repurchase by Fannie Mae. The 10-year facility, which carries an interest rate of 6.04 percent, was originated by PNC ARCS LLC. Colonial Properties will use the proceeds to pay down its $675 million unsecured line of credit and pay debt maturities through 2010.
ATLANTA — Atlanta-based Isakson Living is eyeing a 2009 groundbreaking on its 266-unit Peachtree Hills Place retirement community. The $200 million project spans 23.3 acres on Peachtree Hills Avenue in Atlanta. The development includes a 58,000-square-foot clubhouse and a 15,000-square-foot fitness center with a pool. Delivery is expected in 2011.
HOLLYWOOD, FLA. — A private investor from Miami Beach, Fla., has sold the 72-unit Washington Park Apartments to a Miami-based company for $4.27 million. The property is located at 6111 Washington St. in Hollywood. Elliot Shainberg of Marcus & Millichap’s Miami office represented the seller, and the firm’s Andrew Jordan and Paul Nudelman represented the buyer.
CHESAPEAKE, VA. — Carson, Calif.-based US Auto Parts Network has signed a 72,558-square-foot lease for space in the Indian River Distribution Center in Chesapeake. The property will serve as US’s East Coast distribution center. H. Ashton Williamson and R. Worth Remick of CB Richard Ellis’ Hampton Roads, Va., office and Peter Andrich of the company’s Newport Beach, Calif., office represented US.
RALEIGH, N.C. — Poway 1 has purchased a 10,200-square-foot office/flex building in Raleigh from an undisclosed seller for an undisclosed price. The property is located at 1648 N. Market Dr. Raleigh-based Drucker & Falk’s Branham Stovall, II, represented the buyer, and Raleigh-based Fountain & English’s Andy English represented the seller.
VIRGINIA BEACH, VA. — The local defense contractor Atlantic Diving Supply has acquired the 82,000-square-foot Lynnwood Plaza office building from an undisclosed seller for an undisclosed price. The 23-year-old property spans 4 acres of land at 621 Lynnhaven Parkway in Virginia Beach’s Oceana West Corporate Park and will serve as the company’s new corporate headquarters. ADS will initially utilize 40,000 square feet of the Class A space, leasing the rest. When the company expands, it will start to occupy more of the building. CB Richard Ellis brokered the transaction.
MIAMI — South Florida Federal Partners-Kendall has sold a 2.79-acre commercial development site to Extra Space Storage for $2.35 million. The land is located at the intersection of 147th Avenue and 118th Street, adjacent to the U.S. Citizenship and Immigration Services facility, in Miami. Future plans for the space have not been announced. Stephen and Eric Gaunt of CresaPartners represented the seller.
COLUMBIA, S.C. — Shree Sambhav LLC has sold the 96-room Comfort Inn of Columbia/Ft. Jackson to South Carolina Sunshine Hotel Group for an undisclosed price. The three-story property is located in Columbia. The buyer plans to undertake renovations to the hotel and retain its brand. Matt Winston of The Mumford Co.’s Newport News, Va., office, Randy Lee of the firm’s Dallas office and Steve Kirby of Mumford’s Atlanta office represented the seller.
BATON ROUGE, LA. — Houston Wire and Cable has signed a 22,200-square-foot lease for space in the Baton Rouge 6 building in New York-based Lightstone Group’s Industriplex Business Park, located in Baton Rouge. Jennifer Lee of Shreveport, La.-based Sealy & Co. represented Lightstone Group in the lease. Sealy & Co. has currently leased 93.3 percent of Lightstone’s South Louisiana portfolio.
CLERMONT, FLA. — Weingarten Realty Investors will open its 312,604-square-foot Clermont Landing shopping center on March 21. The property, located near the interchange of U.S. 27 and State Route 50 in Clermont, is anchored by JC Penney, Ross Dress for Less, T.J. Maxx and Michaels. Additional tenants include Olive Garden and Red Lobster. When completed, the complex’s 16-screen Epic Theatre will serve as the only move theater in the city.