JACKSONVILLE, FLA. — Prime Finance has provided a $20.1 million refinancing loan for One Deerwood, a 161,167-square-foot office building in Jacksonville. The three-year loan features a floating interest rate. The property is situated at 10201 Centurion Parkway, 11 miles southeast of downtown Jacksonville. The six-story asset was 88 percent leased at the time of the financing. Porter Terry and Tarik Bateh of JLL arranged the loan on behalf of the borrower, Boston-based Taurus Investment Holdings LLC. San Francisco-based Prime Finance was founded in 2008 and provides loans for property types including office, multifamily, industrial, hospitality, retail and student housing.
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LILBURN, GA. — JLL has arranged the sale of Five Forks Corner, an 88,646-square-foot, Publix-anchored shopping center in Lilburn. The property was 89 percent leased at the time of sale to tenants including Pak Mail, Marco’s Pizza, Fitness 19, Mathnasium, Farmers Insurance, Sun City Tanning and Lush Nail Spa. The shopping center is situated at 4045 Five Forks Trickum Road SW, 24 miles northeast of downtown Atlanta in Gwinnett County. Jim Hamilton, Brad Buchanan and Mike Allison of JLL represented the seller, DLC Management Corp., in the transaction. Atlanta-based Branch Properties LLC purchased the asset for an undisclosed amount.
KeyBank Provides $20M Refinancing Loan for Affordable Housing Community in Fort Pierce, Florida
by Alex Tostado
FORT PIERCE, FLA. — KeyBank Real Estate Capital has provided a $20 million Fannie Mae refinancing loan for Sabal Chase, a 340-unit affordable housing community in Fort Pierce. The property comprises 20 three-story building spanning 29 acres. Sabal Chase offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, business center, fitness center and a car care center. The borrower, Harmony Housing, acquired the property in 2014. The community was built in 2001 and offers units reserved for residents earning 50 percent and 60 percent of the area median income (AMI). Al Beaumariage and Kyle Kolesar of KeyBank originated the loan on behalf of the borrower.
Marcus & Millichap Arranges $19.2M Sale of Industrial, Self-Storage Property in West Caldwell, New Jersey
by Alex Patton
WEST CALDWELL, N.J. — Marcus & Millichap has arranged the $19.2 million sale of an industrial and self-storage facility in West Caldwell, western suburb of New York City. Located at 670 Passaic Ave., the property features 67,000 square feet of industrial space and 41,000 square feet of self-storage space across 760 units. Alan Cafiero, Ben Sgambati and Nicholas Bocchi of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also represented the buyer, a local private investor. Both parties requested anonymity.
Patagon Ventures Acquires 29,994 SF Property in Philadelphia for Self-Storage Redevelopment Project
by Alex Patton
PHILADELPHIA — Patagon Ventures LLC, a Utah-based developer and investment firm, has acquired a 29,994-square-foot industrial building located at 533 E. Hunting Park Ave in Philadelphia for $1.6 million. Patagon plans to redevelop the property as a self-storage facility. A construction timeline was not released. Jason Ostach and Chris Pennington of Binswanger Commercial Real Estate Services represented Patagon in the transaction. Tony Rod of The Flynn Co. represented the seller, SBG Real Estate LLC.
Eastie Realty Purchases Medical Office Building in Providence, Rhode Island, for $3.5M
by Alex Patton
PROVIDENCE, R.I. — Eastie Realty LLC, a Boston-based investment firm, has purchased a 13,818-square-foot medical office building in Providence for $3.5 million. Located at 111 Plain St., the property is fully leased to Rhode Island Hospital, the flagship hospital of Lifespan Health System. The building is also located near Hasbro Children’s Hospital, Women & Infants Hospital and Brown University’s medical campus. Joseph Alvarado, George Deoulas and Casey Valente of Newmark Knight Frank represented the seller, Legacy Real Estate Ventures, in the deal. The team also procured Eastie as the buyer.
Markeim Chalmers Negotiates Sale of 6,400 SF Office Building in Haddonfield, New Jersey
by Alex Patton
HADDONFIELD, N.J. — Markeim Chalmers Inc. has negotiated the sale of a 6,400-square-foot office building in Haddonfield, a southeastern suburb of Philadelphia. Located at 116 N. Haddon Ave., the two-story property offers multiple spaces for small office tenants as well as ground-floor retail space. Kevin Burns of Markeim Chalmers represented the seller, Hutchinson Engineering LLC, in the transaction. Haddon Equities LLC was the buyer.
Premier Dermatology Signs 5,214 SF Medical Office Lease in Haddon Heights, New Jersey
by Alex Patton
HADDON HEIGHTS, N.J. — Premier Dermatology has signed a 5,214-square-foot medical office lease in Haddon Heights, a southeastern suburb of Philadelphia. Located at 500 Grove St., the 31,800-square-foot building was completed in 1975 and offers quick access to Interstate 295. Other tenants include clinical diagnostic company LabCorp, nonprofit healthcare company Virtua and American Water Co. Mike Scanzano of Wolf Commercial Real Estate (WCRE) represented Premier Dermatology in the lease negotiations. Ryan Barikian, also with WCRE, represented the landlord, 500 Grove Associates LLC.
SIOUX FALLS, S.D. — Smithfield Foods Inc. has closed its pork processing plant in Sioux Falls until further notice. Nearly 250 workers tested positive for the coronavirus, more than half of the active coronavirus cases in the state of South Dakota, according to Gov. Kristi Noem. The Smithfield plant is one of the largest pork processing facilities in the U.S., representing 4 to 5 percent of U.S. pork production. It supplies nearly 130 million servings of food per week, or about 18 million servings per day. Smithfield employs 3,700 workers at the facility and more than 550 independent family farmers supply the plant. “The closure of this facility, combined with a growing list of other protein plants that have shuttered across our country, is pushing our country perilously close to the edge in terms of our meat supply,” says Kenneth Sullivan, president and CEO of Smithfield. “It is impossible to keep our grocery stores stocked if our plants are not running.” Virginia-based Smithfield will resume operations in Sioux Falls once local, state and federal officials give further direction. The company will continue to compensate its employees for the next two weeks.
WATERLOO, IOWA — Arbor Realty Trust Inc. has provided a $15 million Fannie Mae loan for the refinancing of The Grand Crossing in Waterloo in northeastern Iowa. Recently built in two phases, the 104-unit apartment complex includes a community workout facility and an underground parking garage. It is also home to retailers Jimmy John’s and Sidecar Coffee. Marcus & Millichap Capital Corp. arranged the 15-year, fixed-rate loan. The borrower was undisclosed.