MIAMI — Marcus & Millichap has arranged the $8.5 million sale of the 12,271-square-foot Shoppes of Pinecrest, a strip center located on S. Dixie Highway in Miami. Tenants include Starbucks, Cold Stone Creamery, T-Mobile, GameStop and FedEx. Douglas Mandel, Kirk Olson and Drew Kristol of Marcus & Millichap represented Adler Dixie, the seller, in the transaction.
CHARLESTON, S.C. — Holder Properties has started construction on the 75,000-square-foot Faber Pointe, a Class A office building located in The Executive Park at Faber Place in Charleston. Warner Summers designed the building and Integra Construction Co. is the general contractor. The building will be ready for tenants by year's end.
LITTLE ROCK, ARK. — Rowan Development has sold a 10,000-square-foot retail building, located at 12206 W. Markham St. in Little Rock, to Crain Investments for $2.4 million. Stuart Mackey of Coldwell Banker Commercial Hathaway Group represented the seller in the transaction. Jeffrey Hathaway, also of Coldwell Banker Commercial Hathaway Group, represented the buyer.
GAINESVILLE, FLA. — NorthMarq Capital has arranged $23.25 million in first mortgage refinancing for the 366-unit Oxford Manor Apartments, an off-campus student housing development located near the University of Florida at 2777 S.W. Archer Road in Gainesville. Lamar Sarra of NorthMarq secured the 10-year loan with a 30-year amortization schedule through Freddie Mac.
COLUMBIA, S.C. — Centerline Capital Group has secured a $12.5 million loan for the 240-unit Carrington Place and Wildewood, an apartment complex located at 751 Mallet Hill Road in Columbia. The 5-year loan has 2 years of interest only payments.
WATERTOWN, S.D. — Chicago-based Eidco Construction has started work on two build-out projects at The Watertown Mall, located at 1300 9th Ave. SE in Watertown. The company is renovating a 4,016-square-foot Famous Footwear and a 4,885-square-foot rue21 on behalf of Lexington Realty International. Larry Vivoda of Eidco will oversee the projects, which are expected to be complete by July 1.
SPRINGFIELD, MO. — Arrowhead Building Supply Inc. plans to invest $3 million to construct a 30,000-square-foot industrial facility in Springfield. Arrowhead, a distributor and wholesaler of exterior building supplies and materials, will add 10 new jobs to its local workforce. In addition to the new Springfield location, the company has a 26,000-square-foot facility in Hollister and two locations in the St. Louis region. The family-owned company has qualified for $276,955 in state and local benefits through the Missouri Department of Economic Development and the City of Springfield's Enhanced Enterprise Zone tax incentive program.
WOODRIDGE, ILL. — Dik Drug Co. has extended its lease for 28,436 square feet at 2145 Internationale Parkway in Woodridge. Dik Drug is a regional distributor of more than 20,000 pharmaceutical products to independent pharmacies. The Chicago-based company first leased the Woodbridge warehouse facility in 2009. John Whitehead of NAI Hiffman represented the tenant in the transaction. Tim Thompson of HSA represented the landlord, IIT.
CARTERET, N.J. — The Hampshire Cos. has sold a 299,625-square-foot industrial building at 2-8 Germak Dr. in Carteret to A.J. Richard & Sons. The building is situated on more than 15 acres in one of New Jersey's prime distribution markets, offering access to the Port of New York/New Jersey and Newark Liberty International Airport. The Hampshire Cos. acquired the property in 2008, fully leasing it to A.J. Richard & Sons, a family-owned appliance and electronics company. Cassidy Turley represented The Hampshire Cos. in the transaction. Studley represented the buyer.
NEW YORK CITY — Hudson Realty Capital has funded a $5.2 million first mortgage loan, secured by a 13,707-square-foot, mixed-use building in Manhattan's Nolita neighborhood. The 15-unit building is fully occupied. The sponsor used the funds to recapitalize the property's maturing debt and establish operating reserves.