CUMMING, GA. — Preferred Apartment Communities Inc. (PAC), a publicly traded REIT based in Atlanta, has purchased Castleberry-Southard, an 80,018-square-foot shopping center located near Ga. 400 in Cumming, a suburb of Atlanta in Forsyth County. Situated at the intersection of Castleberry and Bethelview roads, the shopping center is anchored by a 45,600-square-foot Publix store. PAC purchased the asset for an undisclosed price through its subsidiary New Market Properties LLC, which now has 32 grocery-anchored centers spread across seven Sunbelt states. PAC financed the acquisition using an $11.5 million loan with a fixed 3.99 percent interest rate from Principal Life Insurance Co.
FORT LAUDERDALE, FLA. — JLL has arranged two lease deals totaling 22,000 square feet at Cypress Financial Center, a 198,528-square-foot, Class A office building located at 5900 N. Andrews Ave. in Fort Lauderdale. Long-time tenant TD Bank renewed its 16,675-square-foot lease, and Allied Integrated Marketing signed a new lease for 5,325 square feet on the eighth floor. Sandra Anderson of JLL represented the landlord, Steelbridge Capital, in both lease deals. Mathew Saker, John Jaspert and Caroline Barone of CBRE represented TD Bank, and Bob Orban and Tyler Wyant of Savills Studley represented Allied Integrated Marketing.
OVERLAND PARK, KAN. — Lane4 Property Group has begun the demolition of the vacant Metcalf South Mall in Overland Park. The mall, which opened in 1967, officially closed to the public in September 2014. Early phases of demolition will occur on the interior of the building, making visible demolition on the exterior not likely until next month. The mall is located at located at the southeast corner of 95th Street and Metcalf Avenue. Once the mall has been razed, site work will begin to level the land and construct frontage roads. Construction of a Lowe’s store is scheduled slated to begin this fall. The overall project plan also includes a number of smaller-format retail buildings and restaurants, but potential tenants have yet to be announced. Lane4 worked with both the Overland Park Historical Society and the Johnson County Museum to preserve items of historical significance from within the mall. Lane4 and The Kroenke Group jointly purchased the Metcalf South Mall site in 2014.
DUNLAP, ILL. AND HOLLAND, OHIO — Hunt Mortgage Group has arranged $30.5 million in acquisition financing for multifamily properties located in Illinois and Ohio. Knoxville Pointe Apartments is a 218-unit apartment complex located in Dunlap, near Peoria, Ill., and comprised of 13 two-story buildings. The property was built in 2001. Fox Chase Apartments is a 304-unit apartment complex located in Holland, within the Toledo metro area, and comprised of 23 two-story buildings. The property was built in 1998. Michigan-based ROCO Real Estate was the borrower. The properties were financed through ROCO’s structured credit facility with Freddie Mac and Hunt.
FLANDREAU, S.D. — Dougherty Funding has provided a $12 million loan for the second phase of the renovation and expansion of Royal River Casino and Hotel in Flandreau, located in eastern South Dakota. The funds will be used to renovate the bingo hall into a VIP lounge, as well as make improvements to the gaming and poker room. Plans also include the addition of an administrative building that will connect directly to the casino. Dougherty arranged the financing for the Flandreau Santee Sioux Tribe of South Dakota, which has owned and operated the property since 1990.
SPRINGFIELD, OHIO — Marcus & Millichap has arranged the sale of Burnett Plaza in Springfield, west of Columbus, for $3.6 million. The 86,335-square-foot shopping center is located at 508 South Burnett Road. The center was built in 1960 and renovated in 1997. The property was 87 percent occupied at the time of sale and is anchored by Family Dollar, AutoZone and Ace Hardware. C.J. Jackson, Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap marketed the property on behalf of the seller, an Ohio-based REIT. The team also secured and represented the buyer, a private out-of-state group.
WAUKESHA, WIS. — CBRE has negotiated an 11,320-square-foot office lease for Von Briesen & Roper SC in Waukesha, a suburb of Milwaukee. The law firm will occupy space on the fourth floor of Crossroads Corporate Center VIIA, located at 20975 Swenson Drive. Matt Hunter of CBRE represented Von Briesen in the lease transaction. Alyssa Geisler and John Mazza of CBRE represented the landlord, Somerset Properties.
SUTTON, MASS. — Galaxy Development has purchased five acres for an addition to the Pleasant Valley Crossing Shopping Center in Sutton. The new parcel will accommodate a 5,500-square-foot restaurant and a multi-tenant, 19,000-square-foot retail plaza. MidPoint Engineering will submit plans for permits this spring and the developer expects to start construction in the fall, with store openings planned for summer 2018. Todd Lornell was the broker for the seller, Fuller Hamlets Soccer Club. Pleasant Valley Crossing is a grocery-anchored project with current tenants including Market 32 by Price Chopper, Five Guys, Verizon, Great Clips, Q-Nails, Pleasant Valley Dental and UniBank. Additional land for the project can accommodate up to 130,000 square feet of retail. When complete, the project will total 225,000 square feet of retail space plus a residential parcel that can accommodate multifamily or seniors housing.
HAMDEN, CONN. — Marcus & Millichap’s Institutional Property Advisors (IPA) division has brokered the $63.1 million sale of Seramonte Apartments, a 451-unit multifamily community in Hamden. The sales price equates to just under $140,000 per unit. Victor Nolletti of IPA’s Northeast and Florida team was the lead advisor on the transaction. Seramonte was built between 1965 and 1968. Nolletti, Steve Witten, Eric Pentore and Wes Klockner of Marcus & Millichap’s New Haven office represented the seller, Seramonte Associates LLC, and procured the buyer, Detail Management LLC. Seramonte Apartments is located on more than 30 acres at 1 Kaye Plaza, just off exit 60 on the Merritt Parkway/Route 15.
PENNSVILLE, N.J. — Eastern Union Funding’s David Singer has arranged a $10.5 million loan for AJH Management Co.’s purchase of Laura’s Glen, a 197-unit apartment community in Pennsville. Eastern Union, working with Greystone, secured a 30-year term with the GSE lender. Matt Wilheimer of The Kislak Co. represented the seller in the transaction.