SEATTLE — Live Oak Bank has provided a $2.2 million loan for the acquisition of an assisted living community in a northern suburb of Seattle. The community features 12 beds across two adjacent buildings. The boutique community has monthly rents between $6,000 and $10,000. A husband-and-wife team, one of which is a longtime employee at the community, acquired the property from an undisclosed seller. The SBA loan features 90 percent loan-to-cost ratio.
SWEDESBORO, N.J. — HFF has arranged $9.1 million in financing for a 254,250-square-foot industrial facility in Swedesboro. The property is located at 405 Heron Drive, approximately 25 miles south of Philadelphia. HFF arranged a 10-year, fixed-rate loan for the borrower, Burton Real Estate through lender CUNA Mutual Group. The permanent fixed-rate loan will be added to an existing mortgage collateralized by a three-building industrial portfolio. Burton Real Estate purchased the property in November 2017. At the time, the property was 88 percent leased. Loan proceeds will be utilized to return equity to the sponsorship. Situated on more than 25 acres, 405 Heron Drive features 24- to 25-foot clear heights, nine dock-high doors and two drive-in doors.
NEW YORK CITY — Meridian Investment Sales has brokered the sale of the Turtle Bay Music School in the Midtown East neighborhood of Manhattan for $11 million. Located at 244 E. 52nd St., the three-story property was built in 1865 and has been occupied by the Turtle Bay Music School since 1935. The undisclosed buyer plans to convert the property into residential condominiums. David Schechtman, Lipa Lieberman and Abie Kassin of Meridian represented the undisclosed seller in the transaction.
NORTH CHARLESTON, S.C. — Lee & Associates has brokered the $69 million sale of Aviation Business Park, a 342,042-square-foot business park located along Interstate 29 in North Charleston. The property includes seven buildings and is situated on 29 acres. Bob Nuttall and Reid Davis of Lee & Associates arranged the transaction on behalf of the buyer, Greenville Corporate LLC. The seller, Rushmark Properties, was represented internally. Aviation Business Park was developed in 2001 and is home to tenants including DHL, HITT Contracting, Samet Corp., Secure Missions, Centurum and Nolan Transportation.
DURHAM, N.C. — Federal Capital Partners (FCP) has sold Venable Center, a three-building office campus located at the intersection of South Roxboro and Pettigrew streets in downtown Durham. The News & Observer reports the former tobacco mill property sold for $27.3 million. Scot Humphrey, Ryan Clutter, Chris Lingerfelt and Zack Drozda of HFF represented FCP in the transaction. A joint venture between Wheelock Street Capital, SLI Capital and Trinity Capital Advisors acquired the buildings. FCP originally purchased Venable Center in 2016 for $18 million and completed several building and site improvements. Biotechnology company Precision Biosciences is headquartered at Venable Center and is the property’s largest tenant. The property was originally constructed in 1905 and is listed on the National Register of Historic Places.
WARMINSTER, PENN. — NKF Capital Markets has negotiated the $11.2 million sale of County Line Commerce Center, a 427,421-square-foot office building in Warminster. Mike Margolis, Dave Dolan and Dave Garonzik of NKF Capital Markets represented the seller, Crossroad Partners, in the transaction. The buyer was a joint venture between Corvest Realty Group and Balashine Properties. County Line Commerce Center is currently occupied by tenants ABB and Advanced Coatings with an additional 275,000 square feet of vacant space. The new owners plan to install a full suite of amenities including a fitness center, on-site food service and conference facilities. The property also offers a shuttle service to and from the Warminster Regional rail line.
GULF SHORES, ALA. — Transcontinental Realty Investors Inc., along with its wholly owned subsidiary, Abode Properties, has acquired the Villas at Bon Secour, a 200-unit apartment community in Gulf Shores, a city on Alabama’s Gulf Coast. The Dallas-based real estate investment firm secured a Freddie Mac loan for the acquisition. The name of the seller and sales price were not disclosed. The community includes a mix of one- and two-bedroom units ranging from 648 to 990 square feet. Community amenities include a business center, dog park, clothes care center, fitness center and a resort-style pool. The Villas at Bon Secour is located less than five miles from the beach and within one mile of The University of South Alabama’s Gulf Coast campus.
ATLANTA — CBRE has negotiated the $12.3 million sale of Shops at Cascade & Fairburn, a 45,279-square-foot shopping center located at 3752 Cascade Road and 1195 Fairburn Road in Atlanta. Chris Decouflé, Craig Taylor, Kevin Reavey and Kevin Hurley of CBRE represented the seller, GDC Cascade LLC, in the transaction. The buyer was 1195 Fairburn Road LLC. A freestanding Walgreens anchors the Shops at Cascade & Fairburn, which was constructed in 2004. The center was 91.2 percent leased at the time of sale to tenants including Workout Anytime, Great Expressions Dental, Metro PCS and Domino’s Pizza.
APPLE VALLEY, MINN. — Dominium has completed development of The Legends of Apple Valley, a 163-unit affordable seniors housing property located 20 miles south of Minneapolis. Residents who are 55 and older and who earn up to 60 percent of the area median income are eligible to live at the property. Amenities include a fitness center, community room, theater room and a beauty salon. Eagle Building Co. was the general contractor. Dominium’s Legends portfolio comprises 2,100 units of affordable senior apartments across the metro area.
CHICAGO — Chicago Trading Co. (CTC) has signed a 114,186-square-foot office lease renewal and expansion at 425 Financial Place in Chicago. CTC, a derivatives trading firm, has expanded its lease by 26,768 square feet. Mark Keebler and Brad Serot of CBRE represented CTC in the lease transaction. Mike Curran of JLL represented the undisclosed landlord. Owner CIM Group has committed to investing significantly in the property, formerly known as 440 S. LaSalle St., to upgrade amenities and improve common areas.