ORLANDO, FLA. — McCraney Property Co. has signed a contract to purchase a 39-acre industrial development site with more than 1,200 feet of Florida Turnpike frontage in metro Orlando. The industrial real estate developer plans to build Bent Oak Industrial Park, a 700,000-square-foot warehouse and distribution center complex. The property will feature 32-foot clear ceiling heights, ESFR sprinklers and trailer storage. McCraney plans to complete the industrial park in the third quarter of 2014. Matthew Sullivan, Wilson McDowell and Bobby Isola of Colliers International’s Central Florida office are marketing the new property.
FORT LAUDERDALE, FLA. — HFF has closed the sale of Pinnacle Corporate Park I & II, two Class A office buildings totaling 262,434 square feet at 500 and 550 W. Cypress Creek Road in Fort Lauderdale. A joint venture between Banyan Street Capital and DRA Advisors purchased the buildings for $38.1 million. The properties are 85 percent leased to tenants such as University of Phoenix, CastlePoint Insurance, Oracle and Fannie Mae. Herman Rodriguez, Ike Ojala and Jorge Portela of HFF represented the seller, Northwestern Mutual, in the transaction.
JONESBORO, GA. — Multi Housing Advisors (MHA) has brokered the $20.2 million sale of Aslan on the River, a 324-unit apartment community in the Atlanta suburb of Jonesboro. Hamilton Point Investments, based in Old Lyme, Conn., purchased the property, which was built in 2001. Josh Goldfarb with MHA represented the seller and was the sole broker in the transaction.
GREENSBORO, N.C. — A10 Capital, a lending business specializing in small- to middle-market commercial real estate loans, has funded two non-recourse bridge loans of $2.4 million and $1.6 million for the acquisition of two student housing complexes near the University of North Carolina- Greensboro for PRAGMA Investments. PRAGMA focuses on value-add acquisitions that can be re-adapted to a college lifestyle brand. The commercial mortgage is secured by the two Class B properties at approximately 64 percent average leverage. Proceeds of the loans were used to fund the acquisition of the properties, as well as committed funds for future capital expenditure facilities. Both transactions were structured on a non-recourse basis. Chuck Taylor of A10 Capital's Atlanta office structured and closed both loans.
TALLAHASSEE, FLA. — NorthMarq Capital has arranged $19.5 million in acquisition financing for Catalyst Student Apartments, a 130-unit student housing community located at 631 W. Madison St. in Tallahassee. The Class A community is fully leased for the 2013-2014 school year. The property is within walking distance to Florida State University’s campus. Sue Blumberg of NorthMarq Capital’s Chicago office arranged the seven-year loan with a 30-year amortization schedule through a life insurance company.
ALGONQUIN, ILL. — UC Funding has originated and structured an $11 million bridge loan for the construction of Riverside Plaza, a 63-unit, Class A apartment development in downtown Algonquin. When completed, each unit will feature hardwood floors, Italian cabinetry and porcelain tiling. Amenities at the community will include a fitness room, business center, clubroom, lobby doorman service, two elevators, storage lockers and heated indoor parking. Algonquin is located 45 miles northwest of Chicago. UC Funding is a national balance sheet provider of capital solutions involving both debt and equity. The Boston-based firm has closed more than $700 million in real estate investments during the last 18 months.
BURNSVILLE, MINN. — Dougherty Mortgage LLC has arranged a $3.2 million Fannie Mae loan for the refinancing of the Court Place of Burnsville Apartments in metro Minneapolis. The 40-unit rental townhome community is located at 13354 Court Place in Burnsville. Dougherty’s Minneapolis office arranged the 12-year, non-recourse loan for Court Place of Burnsville LLP.
ADDISON AND WESTMONT, ILL. — NAI Hiffman has represented JSQ Commercial in four separate lease transactions totaling more than 32,000 square feet of office space in suburban Chicago. At Brush Hill Office Courte, located at 740-770 Pasquinelli Drive in Westmont, MacNeal Health Providers Inc. expanded its lease for 15,237 square feet. Mid-American Group, an employee benefits consulting firm, expanded its lease for 6,208 square feet at the property. Cardinal Health also signed a new lease for 4,011 square feet. Brush Hill Office Courte includes four single-story office buildings totaling 112,229 square feet. In Addison, Shimadzu Corp., a manufacturer of scientific instruments, expanded its lease for 6,968 square feet at Centerwest Business Park, located at 2055 West Army Trail Road. The space is located within an 116,583-square-foot flex building directly off the I-355 and Army Trail Road interchange. Dan O’Neill, executive vice president, and Matt Novak, associate with NAI Hiffman’s office services group, represented JSQ Commercial in all four transactions. Tony Karmin of Transwestern represented MacNeal Health Providers; Ellen Steinbrecher of Lee & Associates represented Mid-American Group; and Pete Adamo of CBRE represented Cardinal Health. Vic Sanmiguel of Chicagoland Commercial represented Shimadzu.
PHILADELPHIA — Drexel University and American Campus Communities have begun construction on a 580,000-square-foot, 24-story student housing project in Philadelphia. The $170 million development, located on Lancaster Avenue and 34th Street, will include apartments and suites for more than 1,300 students. The property will include 20,000 square feet of retail divided into 11 locations at the street level, as well as a student and community-dining center. American Campus will manage and operate the facility under a ground lease agreement with Drexel, and at the end of the lease term, the ownership will revert back to Drexel. The firm Solomon Cordwell Buenz Architects designed the new building that will be constructed by the Hunter Roberts Construction Group. The project is slated for a fall 2015 completion.
AVON, CONN. — Cronheim Mortgage has arranged $24 million in permanent financing for Avon Marketplace, a regional lifestyle center in Avon. The 10-year loan includes five years of interest only payment and a 30-year amortization schedule. Dev Morris and Andrew Stewart of Cronheim arranged the loan on behalf of Avon Marketplace Investors LLC. Avon Marketplace is owned and managed by an affiliate of David Adam Realty, a local operator of shopping centers. Built in the early 1990s, the property includes two freestanding buildings totaling 79,107 square feet on 17.3 acres. Avon Marketplace was fully occupied by 17 tenants at the time of sale, including ULTA, Gap, Eastern Mountain Sports, New Balance, Victoria's Secret, Starbucks Coffee and Verizon Wireless.