NORTH BETHESDA, MD. — The General Services Administration (GSA), on behalf of the U.S. Nuclear Regulatory Commission, has renewed a 347,922-square-foot lease at Two White Flint North, a 10-story office building in North Bethesda. The GSA occupies the entire property as well as its sister property, the 18-story One White Flint North. The GSA inked the lease renewal with Two White Flint North’s ownership group, Lerner Enterprises and The Tower Cos.
TAMPA, FLA. — NorthMarq Capital has arranged $40.7 million in financing for a seniors housing property, apartment community and a shopping center in Florida. The properties include Twin Creeks Assisted Living, a 96-bed seniors housing property under construction in Riverview; Lakehouse Luxury Apartments, a 125-unit apartment property located at 3003 S. Frontage Road in Plant City; and Publix at Summerfield Crossings, a 69,917-square-foot shopping center located at 13146 U.S. Highway 301 South in Riverview. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the loans. The financing included a three-year, $14.2 million, interest-only construction loan for the Twin Creeks property on behalf of the borrower, Lithia Assisted Living LLC; a 10-year, $12.5 million, Fannie Mae loan with a 30-year amortization schedule for the refinancing of Lakehouse Luxury Apartments on behalf of Lakeside Gardens of Plant City LLC; and a 10-year, $14 million loan with a 30-year amortization schedule for the refinancing of Publix at Summerfield Crossings on behalf of the borrower, Big Bend Group LLC.
MEDLEY, FLA. — Cushman & Wakefield has arranged a 105,920-square-foot lease for space at Airport North Logistics Park, a 900,000-square-foot, Class A industrial complex currently under construction in Medley, part of Miami’s Airport North industrial submarket. The industrial park is situated on 45 acres at 8502 N.W. 80th St. The tenant, Neutralogistics Distribution LLC, signed the five-year lease for space in Building One, which will feature a 120-foot concrete truck court, 34-foot clear heights, 57 overhead doors, two ramps, 60-foot staging bay, an ESFR sprinkler system, 227 parking spaces and T-5 lighting. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield represented the landlord, Airport North Industrial Inc., in the lease deal. Juan Ruiz of Blanca Commercial Real Estate represented the tenant.
ALEXANDRIA, VA. — KLNB Retail has brokered the sale of New Grand Shopping Center, a 65,330-square-foot shopping center located at 6229-6259 Little River Turnpike in Alexandria, roughly 10 miles outside of Washington, D.C. The center was fully leased at the time of sale and anchored by New Grand Mart, an international supermarket that specializes in Korean, East Asian, Latino and African groceries. Other tenants include Pho Factory, TempAsian Café, Hee Been Restaurant, Panaderia Latina, Mamas Chicken, Kabob Restaurant, Halal Meats, a dry cleaner, laundromat, men and women’s hair salons and a beauty supply store. Andy Stape and Vito Lupo of KLNB Retail represented the seller, Grand Shopping Center LLC, and procured the buyer, a private real estate fund advised by Crow Holdings Capital-Real Estate. The sales price was not disclosed.
CHICAGO — HFF has arranged a $99.5 million loan for a 573,276-square-foot office building in Chicago. Borrowers Blue Star Properties and the Wolcott Group LLC will use the loan proceeds to payoff existing financing and complete building renovations. The building, located at 125 S. Clark St., was constructed in 1907 by Daniel Burnham as the Commercial National Bank Building of Chicago. The property is currently undergoing a renovation and rebranding as The National. The 20-story, steel and concrete building will feature loft office space, an outdoor terrace, an artisanal marketplace and lounge, record shop and fitness center. HFF arranged the floating-rate financing with Brookfield Real Estate Financial Partners and Bank of the Ozarks. Christopher Carroll, Michael Kavanau and Christopher Knight of HFF represented the borrower.
EDEN PRAIRIE, MINN. — New York Life Real Estate Investors has provided a $30 million mortgage loan for a 191-unit luxury multifamily community in Eden Prairie, approximately 17 miles southwest of Minneapolis. The recently constructed Martin Blu is a Class-A property that includes a fitness center, clubroom, coffee bar and outdoor plaza with fire pit and kitchen. The loan features a 15-year term with two years of interest-only payments. Ben Fazendin of Grandbridge Real Estate Capital acted as the mortgage broker in the transaction. Bader Development was the project developer, and Steven-Scott Management is managing the property.
SCHERERVILLE, IND. — Pine Tree Commercial Realty LLC has acquired Town Square shopping center, a 138,571-square-foot center located approximately 15 miles southwest of Gary, for $23 million. Bed Bath & Beyond and TJ Maxx anchor the center, which is also home to tenants including Old Navy and Shoe Carnival. The acquisition was brokered by HFF, and Wells Fargo provided financing. The seller in the transaction was undisclosed.
BATTLE CREEK, MICH. — Annex Student Living is set to begin the redevelopment of a newly acquired housing property located across the street from Kellogg Community College in Battle Creek. The currently vacant asset will be rebranded as student housing and named The Annex of Battle Creek. Renovations are expected to be completed by this August. The 118-bed community, which is currently accepting leases, will be comprised of 64 one-, two- and three-bedroom apartments and townhomes. The full renovation will include improvements to the exterior and interior, all new furnishings and a fully equipped security system. A new clubhouse will also be built on the property and will feature a fitness center, TV lounge, laundry center and ample study space with computers.
NORTHVILLE, MICH. — Schostak Brothers & Co. and REI Investment Group Inc. have secured several new leases at Northville Park Place, a 500,000-square-foot mixed-use development located at the intersection of Seven Mile and Haggerty roads in Northville, approximately 30 miles northwest of Detroit. Trader Joe’s will occupy an outparcel once construction on the 12,500-square-foot building is completed in the first quarter of 2017. Other recent lease signings include DentalWorks leasing 3,097 square feet, One Society inking a deal for 2,694 square feet and Brain Balance Achievement Centers leasing 2,595 square feet. All three tenants are expected to be open by this fall. Current tenants at the center include MOD Pizza, Tom + Chee, Chipotle, Red Olive, SVS Vision Optical Centers, Jimmy John’s, Sherwin Williams, Gazelle Sports, Orangetheory Fitness, BurgerFi, Rusty Bucket, Sports Clips and Granite City Food & Brewery.
ARLINGTON, TEXAS — Old Capital has secured a loan for Medlin Square Apartments, a 47-unit complex located in Arlington. A local investor purchased the asset, which was built in 2003. Old Capital provided the non-recourse Fannie Mae financing. The 10-year, 4.5 percent fixed-rate loan features a 30-year amortization schedule and 12 months of interest-only payments.
