ALEDO, TEXAS — Marcus & Millichap has arranged the sale of a 6,000-square-foot, net-leased property occupied by Dr. Pepper – Snapple in Aledo, 20 miles west of Fort Worth. Chris Gainey and Philip Levy with Marcus & Millichap marketed the property on behalf of the seller, a private investor. Levy and Gainey also secured the buyer. The industrial building is located at 700 Bear Cat Road. The lease is a five-year, double-net lease with a corporate guarantee from American Bottling Co., a subsidiary of Dr. Pepper Snapple Bottling Group.
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TAMPA, FLA. — The U.S. Department of Veterans Affairs (VA) and Duke Realty have opened the James A. Haley Veterans’ Hospital Primary Care Annex, a 106,000-square-foot VA clinic in Tampa. Duke Realty developed the two-story property at 13515 Lake Terrace Lane in the Hidden River Corporate Park at Interstate 75 and Fletcher Avenue. The property features a women’s center, radiology, mental health services and dental services. The VA leases the facility from Duke Realty. The facility was designed by Minneapolis-based Hammel, Green and Abrahamson.
PINEHURST, N.C. — Argus Development Group LLC, a Charlotte-based developer, has broken ground on PineCroft, a 98,220-square-foot shopping center located at the intersection of U.S. Highway 211 and Main Street in Pinehurst. PineCroft will be anchored by a 76,000-square-foot Harris Teeter and includes 22,200 square feet of specialty shops along with four outparcels. The center is scheduled for completion in fall 2015. The design team includes project architect One on One Design, project engineer BBM Associates and general contractor Montgomery Development. Stanford Garnett of Argus Development Group will handle the leasing for PineCroft.
GREENVILLE, N.C. —The Colliers International Student Housing Group has closed the sale of The Landing Apartments in Greenville for $33.5 million. According to Colliers, this sale signifies the demand for value-add student housing communities with opportunities for buyers to make improvements and renovations. The 319,296-square-foot complex is located near East Carolina University (ECU) and Pitt Community College. With 288 units and 888 beds, The Landing is a gated community with access to the ECU bus system for transportation to campus. An undisclosed private equity fund purchased the complex. The seller was Corridor Greenville LLC. Travis Prince, Dorothy Jackman and Sean Baird with the Colliers International Student Housing Group, along with Steven Peden, senior vice president with Colliers International | Raleigh-Durham represented the buyer and seller in the transaction.
ALPHARETTA, GA. — North American Properties (NAP) has announced three new retailers for Phase II of Avalon, a $600 million mixed-use development in Alpharetta. NAP recently secured commitments from Lily Pulitzer, Brooks Brothers and Peek Boutique, which will be joined by 12 more retailers and restaurants in Phase II. The second phase of Avalon will feature 90,000 square feet of upscale retail and restaurants, a 250,000-square-foot Class A office building above retail space, 276 luxury rental homes above retail space, a freestanding 300,000-square-foot office building and a 325-room hotel and conference center. Phase I, which is 97 percent leased, will open to the public on Oct. 30.
ORLANDO, FLA. — Walker & Dunlop Inc. has provided $33.4 million in acquisition financing for Arden Villas, a 336-unit apartment complex in Orlando. Stephen Farnsworth of Walker & Dunlop’s New Orleans office led the team that structured the financing for repeat sponsor Pollack Shores and its joint venture equity partner, DOME Equities. The loan features a 10-year fixed-rate term with four years interest only at 80 percent LTV under Freddie Mac’s Capital Markets Execution (CME) program. The interest rate was locked when the 10-year U.S. Treasury was at a then 12-month low of 2.5 percent, according to Walker & Dunlop.
LATHAM, N.Y. — CBRE/New England’s Debt & Structured Financing team, on behalf of Realty Financial Advisors and Grossman Development Group, has secured $45 million in construction first mortgage financing for The Shoppes at Latham Circle. Located at 800 New Loudon Road in Latham, the 370,000-square-foot shopping center will be anchored by a 188,000-square-foot Walmart Supercenter and will offer a mix of lifestyle tenants, including restaurants and fitness. Grossman Development Group is developing the center, which is owned by Realty Financial Advisors. Additionally, CBRE/Grossman Retail Advisors is handling the leasing of the center. Kyle Juszczyszyn, Carlos Febres-Mazzei and Taylor Shepard of CBRE/NE Debt & Structured Finance negotiated the transaction for the owner.
HARRISON, N.J. — NorthMarq Capital’s New Jersey regional office has secured a $16.9 million, 30-month construction loan for the Cookie Factory, a to-be-built multifamily property on Essex Street in Harrison. The 104-unit project will consist of two four-story buildings, connected by a clubhouse, and a mix of studio, one-bedroom and two-bedroom units. The borrower is a Bergen Street Urban Renewal LLC, a joint venture between an affiliate of the Hampshire Companies and CrownPoint Group. Gary Cohen of NorthMarq arranged the loan for the borrower through NorthMarq’s relationship with First Niagara Bank.
SPRING LAKE HEIGHTS, N.J. — Marcus & Millichap has arranged the ground lease sale of Investors Bank, a net-leased property in Spring Lake Heights. The 3,921-square-foot property sold for $3.2 million. The property has a 20-year corporately guaranteed ground lease with 10 percent rental increases every five years. Additionally, the property is an absolute-net ground lease with no landlord management. Michael Shover and Matthew Gorman of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller. Shover and Gorman also secured and represented the buyer, a limited liability company, in the transaction. Michael Fasano, also of Marcus & Millichap, assisted with the transaction.
NEW YORK CITY — GFI Realty Services has brokered the sale of 1365-69 St. Johns Place, two four-story apartment buildings in Brooklyn’s Crown Heights neighborhood. The properties, which feature 16 apartment units, sold for $2.8 million or 13 times the rent roll. Constructed in 1929, the properties total 13,760 square feet and are within close proximity to the 3, 4 and 5 subway lines and the Brooklyn Children’s Museum. Daniel Shragaei of GFI represented the buyer, while Shulem Paneth and Ohad Babo, also of GFI represented the seller in the transaction. Both the buyer and seller were local investors.