BALTIMORE — Continental Realty Corp. (CRC) has launched an internal program to aid the restaurant industry in the communities it serves. CRC owns and operates retail centers and multifamily properties in Maryland, Virginia, North Carolina, South Carolina, Tennessee, Alabama, Georgia and Florida. Between April 14 and May 15, any CRC employee who provides a receipt for food items bought locally will be reimbursed up to $200. “We feel extremely strongly about initiating a program that benefits our loyal and hard-working team members and supports the restaurant sector,” says Crystal Frey, senior vice president of human resources for CRC. “With restaurants reduced to handling carry-out and curbside orders, we encourage other companies to follow our lead to minimize the disruption impacting both locally owned and nationally operated locations.” CRC is based in Baltimore and focuses on value-add properties throughout the Southeast.
CHATTANOOGA, TENN. — Hunt Real Estate Capital has provided a $27.4 million acquisition and renovation loan for Rise at Signal Mountain, a 280-unit multifamily community in Chattanooga. The property spans 42.9 acres and comprises 19 two- and three-story buildings that were built in 1986. The community features one- and two-bedroom floor plans and communal amenities such as a pool clubhouse, dog park, fitness center storage space and a business center. The buyer and borrower, Birmingham, Ala.-based StoneRiver Co. LLC, plans to invest an additional $2 million in the property’s exteriors, amenity spaces and landscaping. The upgrades are scheduled to start this month. and the buyer expects the renovations to last for six to nine months. Hunt provided the non-recourse loan, which features interest-only payments and a 30-month term with three extension options. Rise at Signal Mountain is situated at 1185 Mountain Creek Road, six miles north of downtown Chattanooga. The seller was not disclosed.
FORT WALTON BEACH, FLA. — Marcus & Millichap has arranged the sale of Choctaw Plaza, a 93,650-square-foot retail center in Fort Walton Beach, as well as an outparcel property that is triple-net-leased to Compass Bank. The properties sold for a combined $9.8 million to different buyers. A private personal trust acquired Choctaw Plaza, located at 111 Racetrack Road NW, four miles north of downtown Fort Walton Beach. A Big Lots anchors the property, which was 89 percent leased at the time of sale to tenants including Dollar General, Rent-A-Center, Coldwell Banker, Little Caesars, the Department of Juvenile Justice and the U.S. government. An undisclosed private trust acquired Compass Bank, which is situated at 101 Racetrack Road NW as the outparcel to Choctaw Plaza. James Medefind and Cory Gross of Marcus & Millichap represented the seller, an undisclosed private investor, in the transactions.
CHARLOTTE, N.C. — Beacon Partners has signed Quantum Machinery Group to a 37,972-square-foot lease for the company to move its distribution headquarters to Metrolina Park in Charlotte’s Henderson Circle submarket. Quantum Machinery is a metalworking equipment supplier that was formerly based in California. The company is expected to move into the new space this summer. Metrolina Park, which is now fully leased, is a 2.5 million-square-foot distribution park situated at the intersection of N.C. Highway 115, Old Statesville Road and Gibbon Road, seven miles north of downtown Charlotte. Brad Cherry of JLL represented Quantum Machinery Group in the lease transaction.
KERNERSVILLE, N.C. — CBRE|Triad has brokered the sale of a 3.3-acre lot at 811 N.C. Highway 66 in Kernersville. The buyer is Lightning McClean Car Wash, an express car wash company with locations in Durham, N.C.; and Lynchburg and Danville, Va. Lightning McClean offers a three-minute car wash and free vacuum use for customers. A timeline for construction was not disclosed. Brian Craven of CBRE|Triad represented the seller, Red Cherry Capital LLC, in the transaction. The seller sold the land for an undisclosed amount.
DALLAS — Austin-based Rastegar Property will develop a 270-unit high-rise apartment community at 1899 McKinney Ave. in Dallas. Units will feature fully equipped kitchens and washers and dryers, and amenities will include storage lockers, a pool, rooftop terrace and common areas on each floor. The property will also feature North America’s tallest living wall with over 40,000 estimated plants making up the structure. Rastegar has tapped San Francisco-based hospitality firm Sonder to operate the property, which is expected to be complete by early 2023.
PFLUGERVILLE, TEXAS — FourPoint Investment Sales Partners has negotiated the sale of Stone Hill Apartments, a 300-unit multifamily community located in the northern Austin suburb of Pflugerville. Units at the property feature stainless steel appliances, hardwood floors and private balconies. Amenities include a pool, movie theater, fitness center and a dog park. Kevin Dufour and Kyle Peco of FourPoint represented the locally based seller, Journeyman Group, in the transaction. A Seattle-based investor acquired the asset for an undisclosed price.
DENTON, TEXAS — Dougherty Mortgage LLC has provided a $7.7 million Fannie Mae loan for the refinancing of Hollyhills, a 100-unit apartment complex in Denton. The property features a dog park, pool, grilling area and covered parking. Dougherty originated the loan, which was structured with a 12-year term and a 30-year amortization schedule, on behalf of the borrower, Holly Hills 76205 LLC.
HOUSTON — Colliers International has brokered the sale of a 6.2-acre industrial property that houses 41,076 square feet of warehouse space in Houston. Tom Condon Jr. of Colliers represented the buyer, Tomball Economic Development Corp., in the transaction. Natalie Hurley of Register Real Estate Advisors represented the seller, South Live Oak Associates LP.
NEW YORK CITY — Local development and investment firm Jonathan Rose Cos. has acquired Tower West Apartments, a 217-unit multifamily property in Manhattan’s Upper West Side, for $93.8 million. Located at 65 W. 96th St., the 28-story building features a ground-floor terrace, community room, playground and onsite laundry facilities. The buyer plans upgrade the lobby, amenities and energy systems. The sale did not include the retail component of the asset. Rose Community Management has taken over management of the property. The seller was Starrett Corp., which originally developed the building in 1971.