SUMMERVILLE, S.C. — GBT Realty Corp. will develop a new BJ’s Wholesale Club in Summerville, S.C. The $12 million development is situated on a 10.5-acre site at the southeastern corner of Interstate 26 and North Main Street. The 87,800-square-foot membership warehouse club will feature a BJ’s gas station and is expected to open in late 2016. Construction is set to commence immediately following the acquisition of the site in December. Summerville is located 20 miles northwest of Charleston. BJ’s Wholesale Club Inc. currently has more than 200 locations in 15 states with, the closest store located in Charlotte, N.C.
INDIANAPOLIS — Pillar, a Guggenheim Partners affiliate, has originated a $36 million Freddie Mac loan for the acquisition of an apartment complex in Indianapolis. Oaks of Eagle Creek Apartments, located on the north side of Indianapolis adjacent to Eagle Creek Park, is a 632-unit complex that was built in 1988. The loan features a fixed rate, 10-year term with a 30-year amortization schedule and 80 percent loan-to-value. Joe Markech and Brooke Jackson of Pillar originated the loan. The borrowing entity is an Indianapolis-based sponsor that is growing its multifamily portfolio. The sponsor is planning to invest $3,000 per unit in renovations. The property is currently 98 percent leased.
COON RAPIDS, MINN. — Fairbridge Properties has sold a 261,805-square-foot flex facility in Coon Rapids, a northern suburb of Minneapolis, for $14 million. The industrial and research facility is located at 8840-8880 Evergreen Blvd. and is occupied by Honeywell Aerospace and MEDRAD. Shopoff Realty Investments purchased the property. Fairbridge realized an internal rate of return of 75 percent. After obtaining ownership of the building in 2013, Fairbridge made renovations including repainting the building’s exterior, replacing windows, resurfacing a portion of the parking lot and retrofitting the parking lot lighting. Fairbridge sold the property as part of a 1031 exchange, and the company is in the process of identifying a new investment to complete the exchange.
DES PLAINES, ILL. — Tremont Realty Capital has arranged $4.8 million in equity financing for a Mariano’s grocery store that will be built in Des Plaines, a northwest suburb of Chicago. The 73,317-square-foot building will be constructed at the corner of Golf Road and Mt. Prospect Road. Abbott Land & Investment Corp. is the developer. Tom Lorenzini of Tremont arranged the equity investment. The equity investment and construction loan make up roughly 97 percent of the project cost.
CHICAGO — NelsonHill has brokered the sale of a 40,000-square-foot industrial building in Chicago for $2.6 million. Jeron Electronic Systems Inc. sold the property located at 1743 W. Rosehill Drive. Alan and Armand Candea of Candea Development purchased the building and entered into a sale-leaseback agreement with Jeron Electronics. Frank Melchert of NelsonHill represented the seller.
LAWRENCEVILLE, PA. — Developer Chris Desmone has broken ground on for Square View, a luxury apartment building project located at 3413-3415 Butler St. in Lawrenceville near Doughboy Square. Designed by Desmone Architects, the four-story project will feature 12 apartments and 4,300 square feet of street-level retail space. Completion is slated for summer 2016.
RIDGELAND, MISS. — Greg Duvall of NorthMarq Capital’s Kansas City regional office has arranged acquisition financing of $24.5 million for Arbors at Natchez Trace, a 328-unit multifamily property located at 715 Rice Road in Ridgeland, Miss. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. Property amenities include a fitness center, pool, tennis court, walking/biking trails, picnic area, laundry facilities and wheelchair accessible rooms.
HARPERS FERRY, W.VA. — Marcus & Millichap has arranged the sale of the Quality Hotel and Conference Center, a 100-room hotel located in Harpers Ferry, W.Va. The asset sold for $2.95 million or $29,500 per room. Karianne J. Cibello and Gordon Allred of Marcus & Millichap marketed the hotel along with two retail buildings on nearly 14 acres. Cibello and Allred also secured the buyer, a local business owner who plans to upgrade the property. Ralph Nash served as the broker of record for the transaction. Located at 4328 William L. Wilson Freeway, the Quality Hotel & Conference Center is next to River Riders family adventure resort and one mile from the Hollywood Casino at Charles Town.
FREDERICK, MD. — Berkadia recently arranged a $12 million loan for Highland Technology Center, an office and industrial property located in Frederick, Md. Ben Van Horn of Berkadia’s Scottsdale, Ariz. office secured the fixed-rate financing through Bank of America Merrill Lynch. The borrower, Envision Highland LLC, will use the financing to acquire the property for $16 million. Loan terms include a 4.9 percent interest rate, a 75 percent loan-to-value ratio and a 30-year amortization schedule. David Monassebian, Martinn Winters and Luke Reetz represented Envision Highland in the transaction. Highland Technology Center consists of 150,700 square feet of office and industrial warehouse space. Tenants include Fairchild Controls and Engage. The property is over 98 percent occupied. Located at 550 Highland St., the property offers access to I-70 and I-270. It is also located near the Frederick Municipal Airport and Frederick Fairgrounds.
WOODBRIDGE, VA. — Pearlmark has closed a $14.8 million mezzanine loan that provided financing for Penzance in the acquisition of Elan Potomac Heights, a recently constructed 288-unit, Class A apartment complex located in Woodbridge, Va. At the time of acquisition, the property was 93 percent leased. The investment was made on behalf of Pearlmark Mezzanine Realty Partners IV (Mezz Fund IV), a fully discretionary investment fund. A major life insurance company provided fixed-rate senior financing. Mark Witt of Pearlmark arranged the transaction. Mezz Fund IV announced its initial closing in June. Mezz Fund IV serves as the firm’s exclusive mezzanine investment vehicle.