REBusinessOnline.com

July 24, 2012

CIRCLE AT SOUTH END SELLS FOR $74M
CHARLOTTE, N.C. — Crescent Resources has sold the 360-unit Circle at South End, located at 222 E. Bland St. in Charlotte, for $74 million. The property, which is LEED Silver certified, has been fully leased since it opened in May 2009. Amenities include the Resident Lounge, which features billiards, video games, movies and a gourmet kitchen, as well as a swimming pool with grilling stations and access to courtesy bicycles. CBRE Group represented the seller in the transaction.


APG BUYS ATL OFFICE BUILDING FOR $8.7M
ATLANTA — Atlanta Property Group has acquired the 124,273-square-foot 280 Interstate North, an office building located in Atlanta, for $8.7 million according to public records. The building is 72 percent leased. The buyer will invest nearly $400,000 to renovate the building's common areas and improve the property's aesthetic appeal. David Meline and Stewart Calhoun of Cushman & Wakefield represented the seller in the transaction.


CRYSTAL CITY MARRIOTT COMPLETES $7M RENOVATION
ARLINGTON, VA. — Vornado Realty Trust has completed a $7 million renovation at the 343-room Crystal City Marriott, located at 1999 Jefferson Davis Highway in Arlington. The project included the addition of the Bell20 restaurant, 10,000 square feet of meeting and event space, a 1,400-square-foot fitness center and a 1,200-square-foot concierge lounge. Marriott International manages the hotel.


SELF-STORAGE PORTFOLIO SELLS FOR $4.5M
MEMPHIS, TENN. — Marcus & Millichap has arranged the $4.5 million sale of two self-storage properties, located at 7384 Raleigh LaGrange Road in the Memphis MSA. Combined, the properties total 198,910 square feet. Michael Mele and Anne Williams of Marcus & Millichap represented the seller, Tellus Self Storage, in the transaction.


NORTHMARQ SECURES $32.8M LOAN
ATLANTA — NorthMarq Capital has arranged $32.8 million in first mortgage refinancing for the 353-unit 2924 Clairmont Apartments, a market-rate multifamily property located in Atlanta. Gardiner Champlin, Marty Meagher, Erick Flyckt and Paul Fearey of NorthMarq secured the five-year loan with one year of interest only payments followed by a 30-year amortization schedule through a life insurance company on behalf of Fairfield Clairmont I, the borrower.

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