ABILENE, TEXAS — Bright Realty has negotiated a 10,020-square-foot retail lease at a former Big 5 Sporting Goods store at 2365 S. Danville Drive in the west Texas city of Abilene. Tim McNutt and Britton Lankford of Bright Realty represented the landlord in the lease negotiations. Jennifer Frank and Brian Frank of Segovia Retail Group represented the tenant, Skechers.
NORFOLK, VA. — Cushman & Wakefield | Thalhimer has arranged the $57 million sale of The ADP Building, a 288,662-square-foot, Class A office building located at 2 Commercial Place in downtown Norfolk. ADP, a human resources management software firm, fully leases the building and has invested more than $32 million to establish the property as its “Small Business Headquarters.” The Hampton Roads Economic Development Authority calculates that ADP will generate $1 billion in economic activity each year for Virginia’s Hampton Roads region. The seller, developer Buddy Gadams of Marathon Development Group, also invested $16.5 million in capital improvements after acquiring the asset in 2016. An unnamed REIT based in Boston purchased The ADP Building. Eric Robison of Cushman & Wakefield | Thalhimer, along with Eric Berkman of Cushman & Wakefield’s Washington, D.C., office, represented the seller in the transaction.
MCDONOUGH, GA. — American Realty Advisors has purchased Phase I of King Mill Distribution Park, an 846,496-square-foot distribution center in the south Atlanta suburb of McDonough. Trammell Crow Co. (TCC) and Allstate sold the asset to American Realty Advisors for an undisclosed price. Wayfair, a furniture and décor e-commerce retailer based in Boston, fully leases the distribution center, which is being built on spec. The building will feature 36-foot clear heights, trailer storage, employee vehicle parking, ingress/egress at two separate entrances and a flexible design that can accommodate multiple tenants served by separate entrances. Frank Fallon and Chris Riley of CBRE’s Atlanta office represented the sellers in the sale.
ATLANTA — Duke Realty Corp. has expanded its metro Atlanta industrial portfolio by nearly 600,000 square feet. The Indianapolis-based REIT broke ground on Camp Creek 4505, a 336,960-square-foot warehouse within Camp Creek Business Center in East Point near Hartsfield-Jackson Atlanta International Airport. Camp Creek 4505 will be the 10th warehouse Duke Realty has developed in its 400-acre industrial park. Duke Realty also purchased a 250,000-square-foot industrial facility at 2601 Skyview Drive in Lithia Springs for an undisclosed price. With these transactions, Duke Realty now owns and manages more than 11.3 million square feet of industrial properties in the Atlanta metro area.
DECATUR, GA. — Colliers International has arranged the $30 million sale of Perimeter East Industrial Park, an eight-building, 775,339-square-foot development situated near Interstate 285 in Decatur. Shreveport, La.-based Sealy & Co. purchased the property from Boston-based High Street Realty Co. Dennis Mitchell and Matt Wirth of Colliers represented High Street Realty in the transaction.
WINTER HAVEN, FLA. — Marcus & Millichap has brokered the $24 million sale of Cypress Gardens Apartments, a 278-unit multifamily community located at 4200 Mahogany Run in Winter Haven, about two miles from the Legoland Florida Resort. Community amenities include two swimming pools with sundecks, a dedicated parking lot for boats and trailers and a paved picnic area with a pergola. All of the apartment interiors have received upgrades, including new or resurfaced countertops, stainless steel appliances and new bedroom carpeting. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer. Cypress Gardens was 93 percent occupied when the seller listed the property for sale.
SANTA MONICA, CALIF. — A joint venture between Douglas Emmett and Qatar Investment Authority (QIA) has purchased two office buildings in Santa Monica for $352.8 million. The assets include a 206,000-square-foot building at 1299 Ocean Ave. and an 87,000-square-foot office building at 429 Santa Monica Blvd. The same consolidated joint venture also acquired 12100 and 233 Wilshire Blvd. in 2016. A portion of the purchase price was provided by a $142 million secured, non-recourse, interest-only loan to the joint venture that matures in July 2019 and bears interest at LIBOR plus 1.55 percent. Douglas Emmett provided 20 percent of the equity capital and manages the joint venture.
NEW YORK CITY — Greystone has provided $82.3 million in Fannie Mae DUS loans for the refinance and acquisition of multifamily properties in Long Island and Queens. Avrom Forman of Greystone originated the loans on behalf of KRCM Astoria Portfolio Corp. and 590-600 Realty Corp. Total financing included two seven-year Fannie Mae loans with one year of interest-only payments and 30-year amortization schedules. The transactions included: The $47.6 million refinancing of Fulton Manor Apartments, a 337-unit property in Hempstead located near Hofstra and Adelphi universities. With the proceeds from the above transaction, the borrower acquired a multifamily portfolio in the Astoria neighborhood of Queens. Greystone financed three mixed-use, non-contiguous properties totaling 119 units, including retail space for $34.7 million. Prior to acquisition, the properties saw $10 million in renovations.
YORKTOWN HEIGHTS, N.Y. — James Houlihan of Houlihan-Parnes Realtors has secured a $17.5 million first mortgage for an office property located at 2649-2651 Strang Blvd. in Yorktown Heights. The current owners acquired the property in October 2014. The seven-year, fixed-rate loan features a 50 percent loan-to-value ratio and includes an option to extend for another five years. Elizabeth Smith of Goldberg, Weprin, Finkel, Goldstein LLP was the attorney representing the borrower at closing. The property includes two buildings consisting of 200,000 square feet along with 695 on-site parking spaces. Tenants include Putnam County Savings Bank, ENT & Allergy Associates, Mercy College and New York-Presbyterian Medical Group-Hudson Valley Hospital.
SAN DIEGO — NorthMarq Capital has arranged a $61.2 million refinancing for a San Diego-based multifamily portfolio owned by a local private family office. The portfolio contains three communities and a total of 488 units. The properties are located in San Diego, Poway and La Mesa. The transaction was structured with a 12-year, interest-only term. Gardiner Champlin and Marty Meagher of NorthMarq arranged financing for the borrowers through Fannie Mae’s Green Rewards program.