NORTH EAST, MD. — A joint venture between The Dolben Company and Klein Enterprises has started construction on the $30 million, 332-unit Charlestown Crossing, a garden-style apartment complex located in North East. Amenities will include a 5,400-square-foot clubhouse, billiards room, fitness center, media room and a swimming pool with a patio and grilling area. The first units are scheduled to open in April 2013, with full completion slated for February 2014.
LAKELAND, FLA. — Ramco-Gershenson Properties Trust has acquired a 93 percent interest in the 183,842-square-foot Shoppes of Lakeland, a shopping center located in Lakeland, from its joint venture partner for $26 million. Michaels, Staples, Ashley Furniture, Petco and an anchor-owned Target anchor the center, which is 96.4 percent leased.
HUNTERSVILLE, N.C., AND NORTH CHARLESTON, S.C. — Hawthorne Retail has purchased two shopping centers for a total of $16.3 million. In Huntersville, the company purchased the 56,120-square-foot Northcross Commons for $3.91 million. The fully leased property is anchored by Food Lion. The company also acquired the 266,588-square-foot North Rivers Market in North Charleston for $12.39 million. The property is 87 percent leased, and the buyer plans to begin a major renovation in 2013. Rob Carter, Alex Quarrier, David Webb and Rebecca Levell of Berkeley Capital Advisors represented the seller, a public REIT, in the North Rivers Marketplace transaction.
DURHAM, N.C. — The Connor Group has sold the 186-unit Parc at University Tower, an apartment community located at 20 Morcroft Lane in Durham, for $22 million. The Ohio-based real estate investment firm purchased the property 25 months ago for $17.55 million. Dean Smith, Blake Okland, Sean Wood and John Heimburger with ARA represented the seller, DPR Parc at University Tower LLC, in the transaction.
TAMPA, FLA. — CBRE Group has arranged a $46.47 million acquisition loan for a six-property portfolio of shopping centers, located in Florida. The properties total more than 400,000 square feet, and include Corridors at Ponte Vedra in Ponte Vedra Beach, First Merritt Center in Merritt Island, Mandarin Oaks in Jacksonville, Publix at Holly Hill in Daytona, Publix at Summer Bay in Clermont and Regency Village in Orlando. Michael Strober, Amanda Valenti and Donald Jennewin of CBRE Group secured the seven-year loan with a 25-year amortization schedule through a life insurance company on behalf of the borrower, H&R REIT.
ST. LOUIS, MO. — hhgregg (NYSE:HGG), the Indianapolis-based appliance and electronics retailer, will open four new stores in Missouri on Thursday, Sept. 13. The stores will be located at 101 Gravois Bluff Dr. in Fenton, Mo.; 301 Costco Way in St. Peters, Mo.; 5925 N. Illinois in Fairview Heights, Ill.; and along Chesterfield-Airport Road in Chesterfield, Mo. The stores will showcase more than 100 HDTVs and 350 major appliances will be in stock. The locations will also feature new product categories consisting of fitness equipment and furniture. More than 240 employees have been hired to staff the new St. Louis area stores.
BUFFALO GROVE, ILL. — Zebra Technologies, a bar code and radio-frequency identification (RFID) maker, has signed a new lease for 68,000 square feet of industrial space in Buffalo Grove. The building, located at 1700 Leider Lane in the Aptakisic Creek Corporate Park, is owned by Chicago-based Bridge Development Partners. Kurt Sarbaugh, Robin Stolberg and Dan McCarthy of Jones Lang LaSalle represented the tenant in the transaction.
ST. LOUIS, MO. — NorthMarq Capital has arranged $4.3 million for the refinancing of two adjacent multifamily properties in St. Louis. David Garfinkel of NorthMarq arranged a $2.3 million loan for Park Royal Apartments, a 61-unit property at 4605 Lindell Blvd. He also arranged a $2 million loan for The President Apartments, an 83-unit building at 4615 Lindell Blvd. A life insurance company provided the financing.
NEW YORK CITY — Zar Properties has purchased a 35,000-square-foot retail condominium building in Soho for $39 million. The property is located at 105-113 Wooster St. and the current tenant, Room & Board, has seven years remaining on its lease. The transaction also includes three residential loft apartments.
RUTHERFORD, N.J. — PCCP has provided a $60 million senior loan to refinance Meadows Office Complex, a 600,471-square-foot office property in Rutherford. A joint venture between Onyx Equities and SL Green Realty Corp. owns the two-building property. The complex is 79 percent leased to 60 tenants, the largest of which is Malo, a wellness and dental clinic. The property includes structured parking, a cafeteria and full daycare services.