RALEIGH, N.C. — Marcus & Millichap has brokered the $9.8 million sale of a Food Lion-anchored center in Raleigh. The 75,927-square-foot property is 98 percent occupied. The center sold at an 8.69 percent cap rate. The population within five miles of the center includes 98,346 people. Sonny Molloy with Marcus & Millichap represented both the buyer, River City Capital LLC, and the seller, EIG Wakefield Crossing LLC.
FORT LAUDERDALE, FLA. — Valley Forge Fabrics has acquired a 76,000-square-foot industrial building, located at 1650 W. McNab Road in Fort Lauderdale, for $1.9 million, or $25.33 per square foot. 1650 West McNab Road Holdings LLC was the seller. Les Byron Associates developed the property in 1975. Les Byron of Sperry Van Ness Commercial Realty represented the buyer in the transaction. The building previously sold for $5.2 million. “Over the years, the market has changed and the building became challenged due to its size and configuration,” says Byron. “The buyer will invest in considerable renovations and upgrades.”
ST. PETERSBURG, FLA. — CBRE has arranged $15 million in permanent financing for Crossroads Shopping Center, a 341,682-square-foot power center in St. Petersburg. The loan will be used to refinance a mortgage originally placed in 2004. Crossroads Shopping Center is fully occupied by a mix of tenants, including Home Depot, T.J. Maxx, West Marine and Ross Dress for Less. Michael Strober, Donald Jennewein and Amanda Valenti of CBRE arranged the loan through a correspondent life company.
BUFFALO AND SARTELL, MINN. — Grandbridge Real Estate Capital has arranged a $7.7 million first mortgage loan for two multifamily properties: Hidden Cove Apartments, an 84-unit apartment complex in Buffalo; and Meadowlawn Village, a 95-unit apartment complex in Sartell. Tony Carlson of Grandbridge originated the loan. Funding for the 10-year, fixed-rate loan was provided through Fannie Mae’s Delegated Underwriting and Servicing program and includes a 30-year amortization schedule. The loan required no personal guaranty and allowed the borrower to pay off the existing financing.
KENOSHA, WIS. — Marcus & Millichap has arranged the $1.1 million sale of a 7,000-square-foot, net-leased property occupied by Advance Auto Parts in Kenosha, about 40 miles south of Milwaukee. Advance Auto Parts is located at 7545 Sheridan Road. Adam Prins and Matthew Hazelton of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a REIT.
MT. PLEASANT, MICH. — Kmart has extended its 80,399-square-foot lease for five more years at Central Michigan Commons in Mt. Pleasant, about 70 miles north of Lansing. The lease will expire on Aug. 31, 2018. Agree Realty Corp. owns the 241,458-square-foot shopping center. Other tenants include Panera Bread, GNC, Rue 21, JC Penny, Target and Staples.
TAYLOR, MICH. —Signature Associates has arranged the lease of 21,000 square feet of high-tech space at 20330 Superior Road in Taylor, about 20 miles southwest of Detroit. Brad Viergever of Signature Associates represented the landlord, Persiconi & Persiconi LLC, and the tenant, Life Bridge Church.
NEW YORK CITY — American Realty Capital New York Recovery REIT Inc. has closed the acquisition of the fee-simple interest in an office building located at 216-218 W. 18th St. in the Chelsea neighborhood of Manhattan for $112 million. A joint venture between Atlas Capital Group and GreenOak Real Estate sold the property. The 165,570-square-foot property is 83.7 percent leased to five tenants including Red Bull North America Inc., SAE Institute of Technology Corp., Microsoft Corp., Deluxe Media Creative Services Inc. and SYPartners.
SUMMIT, N.J. — AIG Global Investment Group has sold Constantine Village, a 100-unit apartment complex in Summit, for $19 million to Constantine CXII LLC. Constantine Village is located at 26 Constantine Place, about 22 miles west of Manhattan. The multifamily property includes nine buildings, two-bedroom units and several large townhomes with private garages. The property, built in two phases in the early 1950s and late 1970s, is 96 percent leased. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Michael Oliver of HFF represented the seller, AIG Global Investment Group, in the transaction.
BLOOMFIELD, CONN. — Construction is under way on Mallory Ridge, a 78-unit, Class A multifamily community in Bloomfield, a northern suburb of Hartford. The $13 million development was designed by Norristown, Pa.-based BartonPartners and includes four buildings, fitness center and pool. New England Construction will serve as the construction manager. The developer is Martin J. Kenny of Lexington Partners LLC. Monthly rent is estimated to range from $1,450 to $1,700, according to the Hartford Courant.