KISSIMMEE, FLA. — A partnership between Mayan Properties and Blue Rock Partners has acquired the 208-unit Woodside Apartments, located at 900 Woodside Circle in Kissimmee. The buyer plans to spend $2.5 million to renovate the property during the next year, including the common areas and all apartments. The property will be renamed The Park at Sorrento. Blue Rock Partners will oversee the renovation and manage day-to-day operations. Jason Shapiro of Miami-based Aztec Group arranged a five-year acquisition and bridge loan through a regional bank on behalf of the borrower.
ORLANDO, FLA. — NorthMarq Capital has arranged $27.7 million in first mortgage refinancing for the 308-unit Wisper Palms, a conventional market-rate multifamily community located at 13308 Whisper Palms Way in Orlando. Jeff Robertson of NorthMarq's Miami office arranged the 10-year loan with a 30-year amortization schedule through a correspondent life insurance company.
AUSTELL, GA. — Graphic Dimensions has signed a 65,259-square-foot industrial lease at the 353,983-square-foot Hartman Business Center One, a distribution complex located at 675 Hartman Road in Austell. The manufacturer is relocating from 7775 The Bluffs to its new location. The complex is now fully leased. Steve Grable and Chris Tomasulo with Jones Lang LaSalle's Atlanta office represented KBS REIT, the landlord, in the transaction. Brad Pope of Atlanta-based Hailey Realty Co. represented the tenant.
MOORESVILLE, N.C. — Langtree Development Co. has closed on vertical financing for the Langtree at the Lake project, which will include the immediate construction of 300 apartments and 47,000 square feet of retail space. The total projected price of the development is more than $2 billion. According to the release from the company, this closing is the largest of its kind ever recorded in North Carolina. Langtree at the Lake is located at Interstate 77 and exit 31 on more than 380 acres. The site is adjacent to the Lowe's Home Improvement corporate campus, Ingersoll-Rand corporate campus and Lake Norman Regional Medical Center. The financing was provided through M&T Bank utilizing a housing and urban development guarantee program.
KENOSHA, WIS. — Integrated MerchandisingSystems (IMS) has signed a lease for 312,500 square feet of industrial space at 10100 58th Place in Kenosha. The merchandising service agency is consolidating some of its locations into the new space. The building features 32' clear ceiling height and is located near I-94. Samuel Badger and Brad Weiner of Paine/Wetzel/TCN Worldwide represented IMS in the transaction. Keith Puritz and Ryan Bain of CBRE represented the building owner, LaSalle Investment Management.
BRIDGETON, MO. — Train U.S. Inc. has inked a lease for 33,847 square feet of industrial space at 170 Corporate Woods Court in Bridgeton. Tim Balk and Tom Caskanett of Solon Gershman represented the landlord, Ashby Road Partners IV LLC, in the transaction.
BETHEL TOWNSHIP, PA. — Dollar General Corp. has plans to build a $100 million, 900,000-square-foot distribution center, located at Interstate 78 and State Route 501 in Bethel Township. The facility will be located in Berks Park 78, a new industrial park, and is expected to create 500 jobs as well as an additional 75 trucking jobs. A group of economic development professionals housed within the state's Department of Community and Economic Development coordinated the project with the Berks County Industrial Development Authority. With more than 10,000 stores in 40 states, Dollar General has more retail locations than any retailer in America. In fiscal 2011, the retail chain posted $14.81 billion in sales. Construction is slated to begin this fall, with hiring starting in the fall of 2013.
NEW YORK CITY — A six-story apartment building located at 181-191 South 9th St. in Brooklyn's Williamsburg neighborhood has sold for $4.4 million. The 24,900-square-foot property includes 30 units. Mark Lively and Brendan Maddigan of Massey Knakal represented the seller in the transaction.
BOSTON — Developers have broken ground on Longwood Center, a 11-story laboratory building in Boston's Longwood Medical Area. The planned facility will include 414,000 square feet of space adjacent to the Joslin Diabetes Center. A joint venture between National Development, Charles River Realty Investors, Alexandria Real Estate Equities and Clarion Partners is developing the project. The project is scheduled for completion in the fall of 2014.
WESTCHESTER, N.Y. — NorthMarq has arranged $10.5 million in first mortgage financing for the 330-unit Saxony Towers in Jackson Heights. Financing was based on a 10-year term and a 30-year amortization schedule. Robert Ranieri and Craig Bjornsund of NorthMarq arranged the transaction for the borrower, Saxony Towers Realty Corp., through Freddie Mac.