BRANFORD , CT — O,R&L Commercial has negotiated a 12,030-square-foot biomed-tech office lease for dermatology company Azitra Inc. in Branford, an eastern suburb of New Haven. Azitra researches skin conditions and diseases and develops medical treatment products. Richard Guralnick of O,R&L represented Azitra in the lease negotiations. Guralnick also represented the undisclosed landlord.
NEWBURYPORT, MASS. — JLL has arranged a $7.5 million refinancing loan for Pond Street Mall, a 28,164-square-foot retail center in Newburyport, located approximately 40 miles north of Boston. Centreville Bank provided the fixed-rate, non-recourse loan to the borrower, Quincy & Co., which will use the proceeds to repay an existing loan. CVS anchors the retail center and other tenants include Young Women’s Christian Association and Panda Dry Cleaners. Lauren O’Neil and Martha Nay of JLL represented Quincy & Co. in arranging the loan. Craig Schermerhorn represented Centreville Bank on an internal basis.
QUARRYVILLE, PA — ROCK Commercial has brokered the sale of a 17,500-square-foot retail property in Quarryville, located approximately 65 miles west of Philadelphia. Located at 1007 Lancaster Pike, the property includes a main retail building sized at approximately 15,000 square feet and a small warehouse sized at approximately 2,500 square feet. Jason Turnbull and Heather Kreiger of ROCK represented the seller, CCC Real Estate Holding Co. LLC, in the transaction. Drumore Holdings LLC was the buyer. The sales price was undisclosed.
COVINGTON, GA. — German discount grocer Lidl plans to develop its fourth U.S. distribution center in metro Atlanta. The project will span 925,000 square feet and cost $100 million to build. The center will be located in Covington and will also serve as the company’s regional headquarters. Covington is situated along Interstate 20 and 35 miles southeast of downtown Atlanta. The new facility will house 270 full-time employees over the next five years. A timeline for construction as well as details about the design team were not disclosed. Lidl has opened four stores in Georgia and has hired more than 150 employees in Augusta, Mableton, Marietta and Snellville. Lidl first established its U.S. headquarters in Virginia in June 2015. Today the grocer operates more than 85 stores across nine East Coast states. Lidl’s other three distribution centers are in Fredericksburg, Va.; Graham, N.C.; and Perryville, Md.
MIAMI — Berkadia has secured a $76 million bridge loan for the construction of Gateway at Wynwood, an approximately 230,000-square-foot office and retail complex at 2916 N. Miami Ave. in Miami’s Wynwood district. Charles Foschini of Berkadia arranged the financing through Miami-based 3650 REIT on behalf of the borrower and developer, New York-based Rose & Berg Realty Group LLC. Designed by architect Kobi Karp, Gateway at Wynwood will be situated near Miami’s central business district (CBD), Midtown, the Arts and Entertainment District, Miami Beach and mass transit options including the Miami Metrorail and new Virgin Trains commuter rail line. The project will feature approximately 220,000 square feet of office space, with roughly 27,700 square feet of space on each floor, as well as 25,900 square feet of retail space. The site is ready for the foundation work and vertical construction to commence. Gateway at Wynwood is projected to open in the second half of 2021. Colliers International is handling Gateway at Wynwood’s office leasing assignment, and CBRE is marketing the property’s retail space.
GROVETOWN, GA. — Cushman & Wakefield has brokered the $51 million sale of Riverstone Apartment Homes, a 328-unit multifamily community located in Grovetown. NorthRock Cos. acquired the complex located 101 Halton Drive, 11 miles from downtown Augusta. Cushman & Wakefield’s Taylor Bird, Robert Stickel and Nelson Abels represented the seller, Mesa Capital Partners, in the transaction. Built in 2014, Riverstone Apartment Homes is located near Interstate 20 and Ga. State Route 388 and includes a dog park, clubhouse, car care center, fitness center, playground and pool.
FRANKLIN, TENN. — Charlotte-based Crescent Communities has sold Two Greenway Centre, a five-story office building in Franklin, 16 miles south of Nashville in the market’s Cool Springs district. The 155,000-square-foot property is located at 302 Innovation Drive on a 16-acre parcel. Nashville Business Journal reports that TA Realty LLC purchased the building from Crescent for $43.5 million. Cushman & Wakefield brokered the sale on behalf of Crescent. Two Greenway is situated near Interstate 65, with access via two interchanges. The LEED Silver-certified building offers open floor plates, a fitness center, parking and nearby walking trails. Construction on Two Greenway began in 2015, and the first office tenants occupied the building in 2017. Little Diversified Architectural Consulting served as the project architect, and Barrett, Woodyard & Associates served as engineer. Whiting-Turner was the general contractor.
BIRMINGHAM, ALA. — Newmark Knight Frank (NKF) Multifamily Capital Markets has arranged the sales of three Alabama multifamily communities totaling $23.5 million. Bo Flurry and Justin Uffinger in NKF’s Birmingham office, along with the firm’s National Affordable Housing group, represented the sellers in all three transactions. The deals include Birmingham-based The Gateway Cos. selling Liberty Square, a 168-unit apartment community in Montgomery, to Missouri-based Zimmerman Properties for $9.3 million. Built in 2003, the property was 90 percent occupied at the time of sale. The other deals include Birmingham-based Durham & Associates selling the Carondolet apartment complex in Mobile to an entity managed by Birmingham-based Dobbins Group for $11.6 million. Built in the mid-1970s, Carondolet was 92 percent occupied at the time of sale. Lastly, Birmingham-based Oak Manor Partners sold the Williamsburg Townhomes apartment complex in Gadsden to an undisclosed investor based in California. Constructed in 1973, the community was 95 percent occupied when it sold for $2.6 million.
MINNETONKA, MINN. — Dominium has acquired Crest Ridge, a 120,000-square-foot office building in Minnetonka. The purchase price was undisclosed. Dominium, a Minnesota-based apartment owner, developer and manager, plans to relocate its corporate office to the building and occupy approximately half of the property. Dominium also plans to begin renovating the building early this year. Constructed in 2009, Crest Ridge was formerly home to Syngenta Seeds.
BELTON, MO. — An 82-room Fairfield Inn & Suites hotel has opened in Belton, about 20 miles south of Kansas City. Located just north of Highway 58 between Mullen Road and I-49, the four-story property features complimentary Wi-Fi, meeting rooms, free parking and electric car charging stations. Other amenities include a fitness center, indoor swimming pool and valet laundry. The hotel will operate as a Marriott franchise, owned and managed by Kansas Hospitality Management Services.