GARLAND, TEXAS — BMC Capital has arranged a $1.5 million loan for a multifamily property located in Garland, roughly 18 miles northeast of Dallas. The non-recourse loan features a seven-year term, fixed interest rate of 3.99 percent and a 30-year amortization schedule. Clayton Wells of BMC Capital secured the financing for the undisclosed borrower.
SAGINAW, TEXAS — Dougherty Mortgage has arranged a $1.2 million Fannie Mae Supplemental loan for the refinancing of The Crossing Apartments in Saginaw. The multifamily property features 101 apartment homes. Dougherty’s Vienna, Va., office arranged the 7.5-year loan with a 30-year amortization schedule on behalf of the borrower, DCP Crossing.
ZANESVILLE, OHIO — Time Equities Inc. (TEI) has acquired Colony Square Mall in Zanesville, 50 miles east of Columbus, for $31.5 million. The 425,430-square-foot shopping mall is located at 3575 Maple Ave. Tenants include TJ Maxx, Shoe Carnival, Planet Fitness, JC Penney and more. TEI’s Ami Ziff, Jonathan Kim and Adam Levitt represented the company in the acquisition. Margaret Caldwell and Eric Spencer of Jones Lang LaSalle represented the seller, Rouse Properties. Urban Retail Properties LLC will oversee the management, marketing and leasing operations on behalf of TEI.
SCHAUMBURG, ILL. — CBRE has arranged the sale of Parkway Corporate Place in Schaumburg for $12.7 million. Totaling 161,741 square feet, the three-building office property is located on 16.1 acres. The property is currently 88 percent leased. Sperry Equities LLC was the buyer. Bill Novelli, Derek Fohl, Robert Graham and Dan Bessey of CBRE represented the undisclosed seller in the transaction.
MILWAUKEE — Gehl Foods has selected Avison Young to market the sale of its 719,599-square-foot industrial portfolio near Milwaukee. The portfolio consists of four buildings owned and occupied by Gehl Foods, a producer of ready-to-serve dairy products. Gehl Foods has invested more than $100 million in capital improvements and specialized equipment in the buildings. The portfolio will be sold as a 15-year, triple-net leaseback with annual lease rate escalations on the properties. Three of the buildings are located in Germantown, Wis., while one building is located in West Bend. Erik Foster and Mike Wilson of Avison Young will represent the owner.
CHICAGO — NAI Hiffman has brokered the sale of a 74,997-square-foot industrial building located at 830 W. 40th St. in Chicago. The building features 9,150 square feet of office space, 18-foot clear heights and three interior loading docks. Chris Gary and Joe Bronson of NAI Hiffman represented the buyer, Hog Shed Ventures LLC. George Maragos, Mitch Adams and Nicole Mentone of CBRE represented the seller, VK 830 W. 40th LLC. The building will be home to Frost Lighting, a full-service event production company.
CARMEL, IND. — Veritas Realty has negotiated leases for Planet Fitness and Homenclature at Merchant’s Square in Carmel, a suburb of Indianapolis. The shopping center is located at 2192 E. 116th St. Planet Fitness leased 16,860 square feet and Homenclature leased 8,181 square feet. Seth Biggerstaff and Amy Winchell of Veritas Realty represented the landlord, Ramco-Gershenson Properties LLC. Bart Jackson of Lee & Associates represented Planet Fitness, while Jeff Hubley of Midland Atlantic represented Homenclature. Planet Fitness is a franchise of fitness centers based in Newington, N.H. Homenclature offers both new and used furnishings for homes in offices. The company is headquartered in Valparaiso, Ind.
ALEXANDRIA, VA. AND GREENBELT, MD. — Hersha Hospitality Trust has sold the 203-room Courtyard by Marriott in Alexandria and the 120-room Residence Inn in Greenbelt for a combined $62 million. The two suburban Washington, D.C., hotels have an average age of 13 years. The Philadelphia-based lodging REIT sold the hotels to the undisclosed buyers at a 7.4 percent cap rate, based on the hotels’ net operating income for 2016. The company’s current portfolio spans 51 hotels totaling 7,675 rooms in New York, Boston, Philadelphia, Miami, select markets on the West Coast and Washington, D.C.
TAMPA, FLA. — Tampa-based Plaza Advisors has brokered the $51 million sale of three Publix-anchored shopping centers totaling nearly 300,000 square feet in Florida and Alabama. The assets include Magnolia Plaza in Panama City Beach, Fla.; Palmer Ranch in Sarasota, Fla.; and Magnolia Place in Daphne, a suburb of Mobile, Ala. The shopping centers had an average occupancy rate of 98 percent at the time of sale. Jim Michalak and Mike Cvetetic of Plaza Advisors were the sole brokers involved and represented the seller, which developed all three shopping centers. The buyer was undisclosed.
HOLIDAY, FLA. — KeyBank Real Estate Capital has provided $15.2 million in construction financing for Park at Wellington II, an affordable housing apartment community located in Holiday, a Tampa Bay area town in Pasco County. Combined with Phase I, the Low Income Housing Tax Credit property will span 110 units comprising one- to three-bedroom layouts. The units are designated for households earning 40 percent or 60 percent of the area median income. Set to open later this year, the four-story property will feature elevator service, shared amenities with Phase I of the development and supportive services, including financial literacy training, employment assistance and after-school programs on-site for children. Jeff Rodman and Kyle Kolesar of KeyBank arranged the financing, which included a $10.6 million tax-exempt construction loan and a $4.6 million Freddie Mac loan.