CALIFORNIA, MD. — Finmarc Management has purchased Wildewood Shopping Center, a 292,000-square-foot regional shopping center located in California in St. Mary’s County, for $28.4 million. The shopping center was 95 percent leased at the time of sale to tenants such as Bed Bath & Beyond, DSW Shoe Warehouse, Outback Steakhouse, JC Penney and Belk. Sandra Hunt of Scheer Partners represented the seller, SJS Wildewood LP based in New Jersey, in the transaction.
GAINESVILLE, GA. — The Griffin Fund, a private real estate investment firm, has acquired Edgewater on Lanier, a 180-unit multifamily community in Gainesville, for $8.4 million. The apartment property is located on Old Thompson Bridge Road on the shores of Lake Lanier. The Griffin Fund is planning a $2 million renovation plan for the property, including adding new gazebos, a barbecue area, lookout terrace, lakefront park, playground, fitness center, business center and dog park. The company also plans to refurbish the exterior of the property and upgrade the interiors with new flooring and new appliances for the kitchen area. The Griffin Fund has selected Stonemark Management to manage the apartment property.
CAMARILLO, CALIF. – Santa Rosa Plaza, a 58,940-square-foot retail property in Camarillo, has received a $5.5-million refinance. The plaza is located at 5800 Santa Rosa Road. Notable tenants include CVS and Bank of America. The center was originally developed in 1980. The new permanent, non-recourse loan features a 15-year fixed-rate term with a 30-year amortization schedule. It was arranged by Ted Willis of Pacific Southwest Realty Services through a life insurance company. The funds were used to pay off a maturing CMBS loan with a higher interest rate.
Historically low vacancy combined with pent-up demand in the Columbus industrial real estate market is driving new speculative construction for the first time since the Great Recession. In fact, we expect delivery of 1.8 million square feet of spec construction by the end of this year. After a six-year drought, several speculative and build-to-suit buildings, ranging from 300,000 square feet to 700,000 square feet, are in the works. More than 1 million square feet of space already has been absorbed this year — the highest amount since before the recession. The vacancy rate stands at 7.4 percent, 320 basis points lower than the historical average. Average asking rents for modern bulk buildings have risen 7 percent since last year. Cargo Air Service Advantage Rickenbacker International Airport, one of the only cargo-dedicated airports in the world, is a huge growth driver. As an important part of the global, multi-modal logistics hub, Rickenbacker Inland Port moves air cargo to, from and within the United States and has routes to Singapore, Shanghai, Hong Kong and Shannon, Ireland. FedEx Air, FedEx Ground and UPS regional hubs also are on-site. According to the U.S. Department of Commerce’s International Trade Administration (ITA), Columbus was among the …
CANTON, MICH. — Greystone has provided a $27.5 million HUD loan to refinance a 340-unit apartment community in Canton. Fred Levine of Greystone originated the 35-year FHA financing for the borrower, Singh Development LLC. Wyndchase Apartments is a luxury townhome and apartment complex. The property includes one-, two- and three-bedroom units and amenities such as a fitness center, pool and community clubhouse. Wyndchase is part of a portfolio of multifamily and seniors housing holdings across Michigan, North Carolina and Virginia. Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs.
WEBSTER GROVES, MO. — Construction has begun on a new customer electrical substation and on an underground electrical infrastructure at Webster University in Webster Groves. Kwame Building Group Inc. (KWAME) is the construction manager on the project, which will be completed in July 2016. The new substation will provide electrical capacity for future campus expansions and remove the campus from the neighboring electrical load, increasing electrical capacity for future community development. The project requires the complete shutdown of several campus facilities with minimal disruption to classes and other university activities.Phase I of the electrical distribution work is scheduled for completion by the end of October and Phase II of the electrical work is scheduled to begin by the end of 2014. William Tao & Associates is the engineer and Castle Contracting is the general contractor for the first phase of the project.
CHICAGO — Marcus & Millichap has brokered the sale of a 10-unit apartment in Chicago. The property is located at 1429 N. Sedgwick St. and includes a commercial space. Kyle Stengle of Marcus & Millichap’s Chicago downtown office represented the seller and the buyer, both limited liability companies.
CHICAGO — Quantum Real Estate Advisors has brokered the $3.8 million sale of a 14,806-square-foot shopping center in Chicago. The property is located at the northeast corner of 24th and Pulaski streets. The shopping center was fully occupied at time of sale. A local development group sold the property. An individual from New York City purchased the property in a 1031-tax deferred exchange. Chad Firsel of Quantum represented the buyer and the seller.
THE WOODLANDS, TEXAS — The Howard Hughes Corp. and The Woodlands Development Co. have begun construction on a 205-room, nine-story Embassy Suites Hotel at Hughes Landing, a 66-acre mixed-use development in The Woodlands. Hughes Landing is located on Lake Woodlands, 30 miles north of Houston. The project offers retailers, dining, entertainment, apartments and Class A office space. The 172,000-square-foot hotel is scheduled for completion in late 2015. Amenities will include 3,000 square feet of meeting and event space, a business center, bar, restaurant and a 4,000-square-foot rooftop pool deck overlooking Lake Woodlands.
ARLINGTON — Construction will begin in late October on a new Ag-Power retail store in Tyler. Bob Moore Construction is the general contractor and Pross Design Group is the architect. The new store will span 20,386 square feet, with eight service bays. It will be built adjacent to an old Ag-Power store. The steel building will include a brick veneer with storefront glass in the retail area. Completion is scheduled for summer 2015. Ag-Power sells agricultural and consumer equipment and has been in business since 1972.
