OLIVE BRANCH, MISS. — LEGACY Supply Chain Services Inc. has signed a lease for 117,181 square feet of industrial space at Crossroads Distribution Center Building B in Olive Branch. The third-party logistics provider is securing the space as a distribution center for a manufacturer of baseball-related equipment. The lease brings the property to full occupancy. As a result, the property owner, IDI, has broken ground on Building L “to meet market demand,” according to Tim Moore, vice president of leasing for IDI Memphis. Crossroads L is slated to be 241,994 square feet and is scheduled for completion in October 2013. Fully developed, Crossroads Distribution Center will contain approximately 7 million square feet of Class A distribution buildings. Ken Parker and Mike Demperio of Fischer & Co. represented the tenant in the transaction. Moore represented IDI.
LIGHTHOUSE POINT, FLA. — The 27,000-square-foot Bank of America Building, located at 2850 N. Federal Highway in Lighthouse Point, has sold for $1.5 million. The four-story, Class B property was constructed in 1968 and is 29 percent occupied by a Bank of America branch with seven drive-thru lanes. Douglas Mandel of Marcus & Millichap represented the seller, a limited liability company from New York, in the transaction. Jason Yukins, also of Marcus & Millichap represented the buyer, a limited liability company from Illinois.
ATHENS, TENN. — RCG Ventures has purchased McMinn Plaza, a 107,200-square-foot power center in Athens. The property, located at 921 Decatur Pike, is 84 percent occupied and anchored by a 60,000-square-foot Ingles Supermarket and a 17,826-square-foot Badcock Furniture. The center is one mile from Athens Regional Medical Center, a 315-bed hospital. Helen Putterman and Vera Thomas of Cohen Real Estate represented the seller, Wheeler Interests, a Virginia Beach, Va.-based REIT, in the transaction. Putterman and Thomas also represented the Atlanta-based buyer.
JOHNSTON, IOWA — Dougherty Mortgage LLC has arranged an $18.8 million refinancing loan for the Mansions at Hemingway, a 184-unit, market-rate multifamily complex located in Johnston. Dougherty Mortgage arranged the 10-year term, 9.5-year yield maintenance refinance loan on behalf of the borrower, Mansions at Hemingway LLC. The Mansions at Hemingway is located near the Saylorville Lake recreational area.
ELGIN, ILL. AND SOUTH HAVEN, IND. — Trevian Capital has funded a $15.8 million first-mortgage bridge loan secured by two garden-style apartment complexes totaling 322 units in Elgin and South Haven, suburbs in the Chicagoland market. Loan proceeds are being used by the borrower to retire two maturing loans. The loan is cross-collateralized by a 184-unit, 99 percent occupied multifamily property and a 138-unit, 95 percent occupied multifamily property.
OAKBROOK TERRACE, ILL. — NAI Hiffman has arranged three leases along Butterfield Road in Chicago’s East-West corridor totaling 15,169 square feet. Jack Henry & Associates has signed a 7,709-square-foot lease renewal at Butterfield Centre, located at 700 Butterfield Road in Lombard. NAI Hiffman represented the landlord, St. Paul Travelers, in the transaction. In Oakbrook Terrace, The BROE Group acquired a new tenant, Midwest Digestive Disease Specialists, which signed a lease for 5,427 square feet of office space at 2 TransAm Plaza. At 635 Butterfield Road, Premises Group signed a new lease with a full service engineering firm, CHA Consulting Inc., for 2,033 square feet. Michael Van Zandt, Brian Edgerton and Matt Novak of NAI Hiffman’s office services group, represented the landlords in all three transactions. Tim Fisher with Cresa represented Jack Henry & Associates. Al Lindeman with Sperry Van Ness/AML Commercial represented Midwest Digestive. Kellen Monti of Jones Lang LaSalle represented CHA Consulting.
AUBURN HILLS, MICH. — Metro Sweep Services LLC has signed a lease for 16,320 square feet of industrial space located at 2670 Auburn Court in Auburn Hills. Metro Sweep offers environmentally friendly solutions for street sweeping, parking lot sweeping, landscape maintenance and pressure washing. Kris Pawlowski and Gary Stephens of Signature Associates represented the landlord, Gold Star Development LLC, in the transaction.
NEW YORK CITY — HFF has arranged $150 million in financing for the Madison Belvedere, a 50-story, 404-unit Class A multifamily property near Manhattan’s Madison Square Park. HFF worked on behalf of a pension fund advised by Invesco to secure the loan through Cornerstone Real Estate Advisers. The Madison Belvedere is located at 10 E. 29th St. between Fifth and Madison avenues. Built in 1999, the property consists of studio, one- and two-bedroom units, which are 93 percent leased. Managing directors John Rose and Steven Klein led the HFF team representing the borrower.
GARDEN CITY, N.Y. — AG-Metropolitan 711 Stewart Avenue LLC, a joint venture of Metropolitan Realty Associates LLC and Angelo, Gordon & Co., has sold a 125,000-square-foot office/medical condominium unit at Garden City Square for $16.4 million. The buyer was Great Neck, N.Y.-based Benedict Realty Group. The property, which is 55 percent leased, was recently renovated and provides an infrastructure to meet the needs of office/medical tenants. Jeffrey Dunne, Steven Bardsley, David Gavin, Philip Heilpern, Richard Karson and Martin Lomazow of CBRE represented AG Metropolitan in the transaction. The CBRE team also procured the buyer, which was represented by Robert Watman. Garden City Square also includes two retail condominiums, the 121,000-square-foot BJ’s Wholesale Club and the 55,000-square-foot LA Fitness, which are currently under construction. The retail properties were sold in a separate transaction by CBRE in April for $66.3 million.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 538 East 89th Street, a 10-unit apartment building located in New York City. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The asset sold above the original asking price of $6.1 million and closed at more 14 times the gross rent, according to Marcus & Millichap.