LAWRENCEVILLE, GA. — Caddis Partners LLC has acquired Gwinnett Medical Building, an 81,627-square-foot medical office building located at 575 Professional Drive in Lawrenceville, a northeast suburb of Atlanta. The five-story property is adjacent to Gwinnett Medical Center-Lawrenceville, Gwinnett Health System’s flagship hospital campus. The medical office building houses primary care, ophthalmology, neurology, nephrology, pediatric orthopedics, rehabilitation, laboratories and a pharmacy. Gwinnett Health System comprises a significant portion of the in-place tenancy. The transaction was financed with equity funded internally by Caddis and debt provided by GE Capital, Healthcare Financial Services. Erik Tellefson and Dan Eppley of GE Capital originated the loan. Caddis has tapped Atlanta-based PMRG to handle leasing services for medical office facility.
Property Type
MARIETTA, GA. — Walker & Dunlop has originated $24 million in bridge financing to refinance an existing acquisition and renovation loan for Ashford Retreat, a 654-unit apartment community in Marietta, a northern suburb of Atlanta. Jeff Lawrence of Walker & Dunlop led the team that originated the loan with two years of interest-only payments on behalf of the borrower, an Atlanta-based real estate investment company. Since purchasing the asset in 2012, the borrower has spent $4.7 million on exterior and interior upgrades to the community. Using the new loan, the borrower plans to invest another $1.5 million in capital improvements.
ORLANDO, FLA. — Franklin Street Real Estate Services has arranged the $14.2 million sale of Colonial Ridge Apartments, a 194-unit multifamily community located at 649 Cannon Ridge in Orlando. Darron Kattan, Robert Goldfinger and Kevin Kelleher of Franklin Street represented the buyer, a regional owner, in the transaction. Larry Ochab of Pinnacle Realty represented the seller, a private partnership based in New York City that owned the apartment community for nearly 15 years.
GASTONIA, N.C. — Faris Lee Investments has arranged the $7.6 million pre-sale of Petco & Shops, a 22,500-square-foot retail center located at 2272-2290 E. Franklin Blvd. in Gastonia, a suburb of Charlotte. The fully leased property features a 12,500-square-foot, freestanding building leased to Petco and two 5,000-square-foot, freestanding pad buildings leased to Select Comfort, Massage Envy, Firehouse Subs and Tijuana Flats. All the tenants have new 10-year triple-net leases. Matthew Mousavi and Patrick Luther of Faris Lee represented the seller, a North Carolina-based development company, in the transaction. Shaun Riley of Faris Lee represented the buyer, an Arizona-based investor who purchased the asset in a 1031 tax-deferred exchange.
STATE COLLEGE AND HANOVER, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has completed the sale of Nittany and North Hanover malls for a total of $32.3 million. Located in State College, the 534,000-square-foot Nittany Mall has sales of $243 per square foot and non-anchor occupancy of 70 percent as of June 2014. The 452,000-square-foot North Hanover Mall in Hanover has sales of $275 per square foot and non-anchor occupancy of 72.8 percent as of June 2014. Details of the transaction were not released.
WATERBURY, CONN. — HFF represented New Hyde Park, N.Y.-based Kimco Realty Corp. in the disposition of Waterbury Plaza, a grocery-anchored retail center in Waterbury. Toronto, Canada-based Slate Properties Inc. purchased the 141,443-square-foot center for $27.2 million. Located at 410 Reidville Dr., the fully leased center is anchored by Stop & Shop and Raymour & Flanigan. Jim Koury led the HFF investment sales team that arranged the transaction.
JERSEY CITY AND HOBOKEN, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has brokered the sale of a four-property Hudson County, N.J., multifamily portfolio. A private investment group purchased the 159-unit portfolio for a total of $21 million. The transaction includes 125-129 Magnolia Avenue in Jersey City, which sold for $12.7 million; 115-117-119 Magnolia Avenue in Jersey City, which sold for $5.4 million; 50 Stuyvesant Avenue in Jersey City, which sold for $1.04 million and 328-332 Jackson Avenue in Hoboken, which sold for $1.8 million. Nicholas Nicolaou of Gebroe-Hammer Associates represented the seller, a long-time client, and the buyer in the transaction.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a three-story, walk-up apartment building located at 257 West 113th St. in Harlem. Wanders in the West LLC sold the property to 257 West 113th Street LLC for $1.5 million. Built in 1900, the 2,691-square-foot building features nine apartments. Michael Kerwin of Rosewood represented the seller, while Aaron Jungreis, also of Rosewood, represented the buyer in the transaction.
McCOOK ILL. — Bridge Development Partners has sold its 365,359-square-foot build-to-suit corporate facility in McCook, a southwest suburb of Chicago, for an undisclosed price. Bridge purchased 40.9 acres at 8201-8401 W. 47th St. one year ago for the construction of build-to-suit and speculative projects. The facility built for Dallas-based Freeman Decorating Services Inc. was sold to American Realty Advisors for one of its client portfolios. In July 2013, Freeman, represented by Jerry Sullivan and Ed Wabick of Chicago’s Paine/Wetzel TCN Worldwide, and Tom Sutherland of CASE Commercial Real Estate Partners in Dallas, signed a 15-year lease for the build-to-suit transaction. Bridge acquired the McCook site with Akard Street Partners, an investment partnership operated by Hunt Realty Investments Inc. Phase II of the development on the remaining 15 acres of the site is a 226,196-square-foot speculative industrial facility, divisible to 50,000 square feet. Vern Schultz and Tom Condon of Colliers International are the exclusive leasing agents for the project. Itasca, Ill.-based Cornerstone Architects Ltd. designed both McCook facilities and Des Plaines, Ill.-based Premier Design + Build Group LLC constructed the properties.
CLEVELAND — Love Funding has secured a $5.3 million FHA loan for Governor’s Village, a Cleveland-area assisted living facility. The funding from the loan will be used to expand the facility. Robert Smallwood of Love Funding’s Cleveland office secured the loan through the U.S. Department of Housing and Urban Development’s (HUD) 232/241(a) loan insurance program. The program backs supplemental loans to fund repairs, additions and improvements at existing FHA-insured healthcare facilities. Randall Residence, the majority owner and operator of the property, built the facility in Mayfield Village in 2001. The property currently has 24 traditional, assisted living units and 24 memory care units. Upon completion, 38 assisted living units will be added, while subtracting one memory care unit, bringing the total capacity at the facility to 85 units. The Douglas Co. will build the project based on plans created by architecture firm C.C. Hodgson.