ROCK HILL, S.C. — Morgan Property Group (MPG) has sold a freestanding Walgreens drugstore at the intersection of Heckle and Herlong boulevards in Rock Hill, part of the Charlotte MSA. MPG sold the store for about $6.4 million to Zosime LLC. MPG, through its affiliate Rock Hill I Realty LLC, developed the drugstore, which opened in July. The store is MPG's third Walgreens development in the Carolinas. Stream Capital Partners represented the buyer in the transaction. General Realty Partners LLC, the brokerage arm of MPG, and Paisley Gordon of CPG Real Estate Inc. represented the seller.
MIAMI — Marcus & Millichap has arranged the $6 million sale of Shoppes of Tamiami, a 12,909-square-foot retail strip center located at 14200 S.W. 8th St. in Miami. The center, which was developed in 2007, is 90 percent leased to Starbucks Coffee, Smoothie King, Mattress Firm, Massage Envy and T-Mobile. Drew Kristol and Kirk Olson of Marcus & Millichap's Miami office represented the seller, a Miami-based limited liability company, in the transaction. The buyer is also a Miami-based limited liability company.
CARY, N.C. — CBRE | Raleigh has brokered the sale of a 97,707-square-foot big box retail property, located at 960 Kildaire Farm Road in Cary. March Pottery LLC purchased the former Kmart from Liberty Bankers Life Insurance Co. for approximately $3.3 million. Barry Bowling and Charlie Coyne of CBRE | Raleigh represented the seller in the transaction. Rich Roy of Casto represented the buyer.
TITUSVILLE, FLA. — MBA Hotel Brokers Inc., a member of Hotel Brokers International, has arranged the $1.6 million sale of the Ramada Inn Titusville/Kennedy Space Center in Titusville, about 35 miles outside of Orlando. The 124-room hotel is located at 3500 Cheney Highway near Interstate 95, beach communities, the Kennedy Space Center. Charlie Fritsch of MBA Hotel Brokers represented the seller, Painter Bay Trust, in the transaction. Fritsch also procured the buyer, Shivstar Investments LLC, which plans to covert the hotel to a different brand. The seller recently invested $300,000 to upgrade the hotel.
GOSHEN, IND. — Mumford Co. has arranged the sale of the Courtyard by Marriott of Goshen, a two-story, 91-room hotel located about 28 miles east of South Bend. Morris Lasky Receiver and Torchlight Investments sold the hotel to a North Carolina-based owner and operator with holdings in the Midwest. The new owner plans to renovate and rebrand the property. Steve Kirby, principal, Ed James, principal, and Lance Potter, vice president at Mumford Co., represented the seller in the transaction. Located on U.S. Highway 33 at Goshen’s primary retail corridor, the property is Goshen’s largest hotel, according to Mumford Co. Amenities at the hotel include an indoor and outdoor pool with hot tub, exercise room and The Market, a convenience store adjacent to the front desk.
CHICAGO — Ares Commercial Real Estate Corp. has originated a $37 million mezzanine loan secured by the office and parking portion of a 49-story, mixed-use property in Chicago. The proceeds of the loan were used to refinance the mixed-use property and fund improvements. A joint venture between Walton Street Capital and GlenStar Properties owns the property, which is located in the central business district of Chicago.
CLIVE, IOWA — Hubbell Realty Co. and Stonegate Capital Partners LLC have broken ground on Stonegate Crossing, a 198-unit multifamily development in Clive. The $19.7 million project is located on the southeast corner of Boston Parkway and N.W. 156th Street, about 10 miles west of Des Moines. The development includes 96 one-bedroom, 54 two-bedroom and 48 three-bedroom units, along with 198 garages within six buildings. Community amenities include a swimming pool and clubhouse with a community room, theater room, business center, internet café and 24-hour fitness center. Apartment homes will be available for leasing in summer 2014.
RIVERWOODS, ILL. — Podolsky|Circle CORFAC International has arranged two new leases at Riverwoods Corporate Center in Riverwoods, located about 29 miles north of Chicago. Partners In Design Architects Inc. has leased 2,621 square feet and Office Revolution has leased 1,380 square feet at the property. With these transactions, Riverwoods Corporate Center is fully leased. Partners In Design, an architectural firm, will move into its space later this year. The firm has previously leased 3,500 square feet in the building. Office Revolution, a provider of high-quality furniture, will move into its space later this month. Riverwoods Corporate Center, located at 2610 Lake Cook Road, is a two-story, Class A office building totaling 46,000 square feet. Building features include executive heated underground parking and grade-level parking for more than 130 cars. Tenants include Podolsky|Circle, Hardt, Stern & Kayne PC, Irgens Development Partners, Creative Financial Services Indorama Ventures and Contract Resource. Randy Podolsky, managing principal, and Corey Chase, principal of Podolsky|Circle CORFAC International, represented the building’s owner, RCC JV LLC, in the transaction.
PITMAN, N.J. — Broadway Stages has acquired the 495,166-square-foot former Sony facility in Pitman, a city in southeast New Jersey. The New York City-based film, television and music video production company purchased the property as an investment, according to Binswanger, which brokered the sale. The high-tech facility was previously used to manufacture compact discs and DVDs and includes 19 dock high doors, parking for approximately 830 vehicles, 35,048 square feet of office space and a full-service cafeteria. Binswanger will be marketing the property, which is located at 400 N. Woodbury Road, on behalf of Broadway Stages.
SADDLE BROOK, N.J. — CBRE Group Inc. has arranged $18 million in financing for Fairfield Business Center in Fairfield, on behalf of a partnership owned and managed by Denholtz Associates and The Zaro Group. James Gunning, Donna Falzarano and Evan Kleppe of CBRE’s debt & equity finance group secured the non-recourse loan with Redwood Trust. The 10-year, fixed-rate loan includes a 30-year amortization schedule. Fairfield Business Center is a seven-building, 336,000-square-foot flex/office park situated in the heart of the Fairfield/Route 46 submarket. The portfolio was 85 percent occupied at the time of the transaction.