Argus Realty Investors has acquired Powers Ferry Landing East on Atlanta's I-285 perimeter for $65.3 million from The Realty Associates Fund V in a deal brokered by CB Richard Ellis Atlanta. The three, six-floor buildings are class B and are located on 25 acres along the Chattahoochee River. The property is 15 minutes from downtown and 25 minutes from Hartsfield International Airport.
Dornoch Jasper LLC has acquired a vacant 60,000 sq. ft. commercial warehouse in the Great Falls Historic District of Patterson, N.J., for $3 million. Affiliate Dornoch Patterson LLC plans to redevelop the site into residential units overlooking the area's Great Falls. Patterson is currently considering Dornoch Jasper's redevelopment proposal for the district.
Joint venture partners the Penzance Cos. and O'Connor North American Property Partners LP have purchased 1101 Connecticut Avenue NW in Washington, D.C.'s golden triangle central business district for $39.75 million. The 12-story, 179,000 sq. ft. office building, which sits three blocks from the White House, has retail shops at street level and a food court. Penzance will manage the property.
Red Mortgage Capital Inc. has structured a $325 million Fannie Mae credit facility for seniors housing owner and operator Senior Resource Group (SRG). Red Mortgage Capital and Fannie Mae arranged the new credit facility for SRG, replacing a previously established $197 million facility. Five assisted living properties in Arizona, California and Oregon were included in the transaction.
