CHARLESTON, S.C. — Regent Partners and Clement Crawford & Thornhill, along with their capital advisor Patterson Real Estate Advisory Group, have begun construction on Midtown Charleston, an $85 million mixed-used development on the Charleston peninsula. A Hyatt Place / Hyatt House hotel will anchor the development, which will feature 304 hotels rooms (191 Hyatt Place rooms and 113 Hyatt House rooms), a rooftop restaurant and event facility, a 398-space parking deck and approximately 37,000 square feet of office and retail space. Midtown Charleston is breaking ground in the Upper King district of Charleston along King Street between Woolfe and Spring streets. Bank of America is providing the construction financing. Upon completion in the spring of 2015, Midtown Charleston will represent the first major hotel built in the downtown Charleston market in more than 12 years, according to Patterson.
CHAPEL HILL, N.C. — Multi Housing Advisors (MHA) has arranged the $22.3 million sale of Foxcroft Apartments, a 248-unit apartment community located in Chapel Hill. Marc Robinson and Jordan McCarley of MHA’s Charlotte office represented the seller, Douthit & Co., in the transaction. The buyer, an affiliate of Eller Capital Partners, purchased the apartment community, which is 95 percent occupied. The 40-year-old apartment community has only been sold one other time, according to MHA.
ALPHARETTA AND DULUTH, GA. — Meridian Capital Group LLC has arranged $19 million in acquisition financing for the purchase of Brookside Concourse in Alpharetta and Chattahoochee Corners in Duluth. Brookside Concourse spans four buildings totaling 153,500 square feet and is 70 percent leased. Chattahoochee Corners spans five buildings totaling 250,000 square feet and is 60 percent occupied. Michael Brown and Noam Kaminetzky of Meridian Capital Group’s Boca Raton, Fla., office arranged the three-year, non-recourse loan through a balance sheet lender.
SUN CITY CENTER, FLA. — Marcus & Millichap has secured the sale of South Bay Medical Arts, a 32,123-square-foot, Class A medical office property located at 4051 Upper Creek Drive in Sun City Center. The office building sold for approximately $3.8 million. Moe Derbala of Marcus & Millichap’s Tampa office represented the seller and secured the buyer, both local private investors.
CHATTANOOGA, TENN. — The Cooper Commercial Investment Group has arranged the $1.9 million sale of a 6,515-square-foot retail center located on Gunbarrel Road in Chattanooga. The center is anchored by FedEx Office and includes other tenants such as T-Mobile, Gigi’s Cupcakes and CPR Cell Phone Repair. Bob Havasi of Cooper Commercial represented the seller, a private investor based in Chattanooga, in the transaction. The buyer was a private investment group based in Chicago.
PLYMOUTH, MINN. — NorthMarq Capital has arranged $38 million in acquisition financing for Stoneleigh at the Reserve, a 361-unit multifamily property in Plymouth, a western suburb of Minneapolis. Greg Benjamin, senior vice president, and James Hoopes, senior director at NorthMarq, arranged the 10-year loan, which includes a 30-year amortization schedule. The borrower was a division of Weidner Investment Services Inc., a Seattle-based, privately held owner of multiple multifamily properties. NorthMarq arranged the Fannie Mae loan through its affiliate AmeriSphere. Constructed in 2003, Stoneleigh at the Reserve includes four three-story buildings with numerous amenities, including an outdoor pool, community room with kitchen, gas fireplace and indoor half basketball and racquetball courts. The community also features heated underground parking, as well as cyber lounges and fitness centers in each building. The property is located at 5200 Annapolis Lane North.
BETTENDORF, IOWA — Phillips Edison–ARC Shopping Center REIT Inc. has acquired Duck Creek Plaza, a 134,229-square-foot, grocery-anchored shopping center in Bettendorf, for $19.7 million. Inland Western Bettendorf Duck Creek LLC was the seller. A 63,706-square foot Schnucks grocery store, one of the largest privately owned grocers in the Midwest, anchors the center. The 92.7 percent-occupied plaza also features a 28,270-square-foot Marshalls store and is located in the Quad Cities region that borders Iowa and Illinois.
DUBUQUE, IOWA — The Cafaro Organization has acquired a large portion of Asbury Plaza, a 700,000-square-foot regional power center in Dubuque, a city in northeast Iowa, for $12 million. The purchase includes more than 136,000 square feet, comprising 16 separate store spaces. Current tenants include Bed Bath & Beyond, Michaels Arts & Crafts, Dress Barn, Famous Footwear, Pier 1 Imports, Petco, Maurices, Sally Beauty Supply, GNC, VIP Nails and Supercuts. Asbury Plaza is located at the intersection of Asbury Road and Highway 32. The property is shadow-anchored by Hy-Vee Supermarket, Kohl’s, AMC Theater and a 114,000-square-foot Blain’s Farm & Fleet currently under construction.
CARLSTADT, N.J. — Terreno Realty Corp. has acquired two industrial properties in Carlstadt for $9.9 million. Situated on 3.2 acres in the central Meadowlands submarket, the two industrial properties total 90,000 square feet. The 22,000-square-foot building is fully leased to one tenant and is located at 465 Meadow Lane. The 68,000-square-foot property, located at 341 Michele Place, is 95.6 percent leased to two tenants. The estimated capitalization rate of the properties is 5.7 percent. Terreno Realty Corp. is an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets — Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore.
NEW YORK CITY — Pembrook Capital Management LLC has closed $7.5 million in preferred equity for the construction of Lincoln Park, a two-building, 133-unit multifamily development in Brooklyn. The equity Pembrook provided will serve as additional financing to a $32.1 million first-mortgage construction loan that the borrower secured from another lender. The Lincoln Park development includes the construction of a nine-story residential building at 510 Flatbush Ave. and a new eight-story residential building at 31 Lincoln Road. Upon completion, the two buildings will total 92,025 square feet and include 39 studios, 27 one-bedroom and 67 two-bedroom units. The entire development will total 183,422 square feet and feature additional space for parking, as well as 22,000 square feet of retail and community areas. Construction on the project began in September and completion is slated for late 2015.