ENGLEWOOD, COLO. – The 88-unit Lincoln Pointe Lofts II in Englewood has received a $6-million refinance. The community is located at 9781-9783 Pyramid Court. The loan features a 10-year term and a 9.5-year yield maintenance. It was arranged for Lincoln Pointe Lofts TWO LLLP by Dougherty Mortgage LLC’s Denver office.
FORT LAUDERDALE, FLA. — An affiliate of Miami-based Gencom has acquired the Ritz-Carlton Fort Lauderdale for an undisclosed amount. Constructed in 2008 as a St. Regis-branded hotel, the beachfront property was converted to the Ritz-Carlton brand in 2008. It features 166 rooms and suites as well as 28 third-party owned condo-hotel units that participate in the hotel’s rental program. Its amenities include gourmet dining options, a seventh-floor pool deck with private cabanas, more than 24,000 square feet of event space, an 8,500-square-foot spa, a 24-hour business center and valet parking service. The hotel also has a prime location at 1 N. Fort Laurderdale Blvd., close to Fort Lauderdale-Hollywood International Airport. The Holliday Fenoglio Fowler team of Daniel Peek, Manny de Zarraga, Max Commess, Paul Hsu and Chris Lingerfelt represented the undisclosed seller in the deal.
DECATUR, ALA. — Cole Real Estate Investments has purchased Decatur Commons shopping center for $13.2 million. The property totals 125,211 square feet and is located at 1605 Beltline Road in Decatur. Its anchors include Publix, Petco and Goody’s. Occupancy was 86 percent at the time of closing. Drew Fleming and Mark Joines of Cassidy Turley represented the undisclosed seller in the deal.
PELL CITY, ALA. — Southpace Properties has brokered the sale of The Shoppes of Pell City for $3.2 million. The recently redeveloped shopping center totals 58,332 square feet. Its current tenant roster includes Goody’s, Badcock Furniture and Burke’s Outlet. Michael Randman and Anne Michaels of Southpace Properties represented the seller, Second Street LLC. Andrew Patterson of Shannon-Waltchack represented the buyer, SW Holdings II LLC.
CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of The Offices at Hanbury, a 22,098-square-foot office park located at 131 and 135 Hanbury Road in Chesapeake. Hanbury Road Partners LLC purchased the property from Hanbury LLC for $2.3 million. Christine Kaempfe of Cushman & Wakefield represented the seller in negotiations.
DETROIT — The Economic Development Corp. (EDC) of the City of Detroit has approved the preliminary terms of a deal with McCormack Baron Salazar (MBS) to build a 300-unit residential and retail development along Atwater Street in Detroit. MBS plans to spend $55 million building Phase I of Rivertown as a series of low-rise apartment structures along Atwater and Franklin streets between the Dequindre Trail Greenway and Riopelle Street. Phase II of the plan features additional 200 housing units on the vacant property extending along Atwater Street west of Riopelle Street. The EDC owns most of the property involved and would transfer it to the developer if it can meet the other terms of the agreement. The EDC is also offering a loan to help the developer with implementation costs.
FARMINGTON HILLS, MICH. — Bernard Financial Group has arranged an $8 million loan for Halsted Village, a 137,801-square-foot retail property in Farmington Hills. Halsted Village LLC is the borrower, and Dennis Bernard and Kevin Kovachevich of Southfield, Mich.-based Bernard Financial Group originated the loan. Wells Fargo is the lender.
INDEPENDENCE, MO. — Northern Tool + Equipment has signed a 16,665-square-foot lease at 4023 S. Noland Road in Independence, an eastern suburb of Kansas City. The store will be Northern Tool’s third Missouri location. Earlier this year, the retailer opened two St.-Louis area stores in St. Peters and Arnold. Clay Mote of Dallas-based Venture Commercial worked with Kansas City-based X Team partner Tom O’Leary of LANE 4 Property Group in the negotiation of Northern Tool’s 10-year lease.
NORTHBROOK, ILL. — NAI Hiffman represented The Davis Cos. in two leases totaling 7,770 square feet at its Edens Corporate Center in Northbrook, a suburb of Chicago. The Bureaus Inc., a financial services firm, signed a new lease for 4,369 square feet, and law firm Berlin & Braude renewed its 3,410-square-foot lease for an additional five years. Edens Corporate Center, located at 630-650 Dundee Road, features twin Class A, four-story buildings totaling 188,000 square feet. The Davis Cos. owns the property and NAI Hiffman manages it. The office property is 84 percent occupied with available spaces ranging from 1,600 to 10,600 square feet.
NEW YORK CITY — Eastern Union Funding has arranged $25.9 million in financing for commercial real estate properties throughout New York City. An 82-unit multifamily property in the Crown Heights neighborhood of Brooklyn was refinanced for $11.5 million. Michael Muller and Moshe Lipschitz of Eastern Union negotiated the transaction. A 19,500-square-foot office property, located on South 2nd St in the Williamsburg neighborhood of Brooklyn, received a $5.5 million loan for the refinancing of the property. The five-year loan includes a 25-year amortization schedule. Jonathan Singer of Eastern Union negotiated the transaction. Michael Muller of Eastern Union arranged an $8.9 million loan for the acquisition of a 112-unit mixed-use property on Webster Avenue in the Bronx section. During the past month, Eastern Union has arranged $200 million in financing for commercial properties in New York City.