LONGMONT, COLO. — Grandview Meadows apartment community in Longmont received an $11.78-million refinance loan. The loan will cover Phase I of the four-phased community. Walker & Dunlop partnered with Freddie Mac to underwrite this phase as a stand-alone property for the borrower, M. Timm Development. Phase I was completed in 2000. It includes 144 units situated on more than eight acres. Phase IV of the property is currently under construction. Grandview Meadows boasts a 96 percent occupancy rate. The refinance loan features a 10-year term with three years interest-only and a 30-year amortization schedule under Freddie Mac’s Capital Markets Execution Program (CME). It was underwritten to a 75 percent loan-to-value.Charles Christensen led the Walker & Dunlop team.
SCOTTSDALE, ARIZ. — JLB Partners has purchased 9.7 acres between Highland Avenue and Chaparral Road in Scottsdale for $13.87 million. The company plans to develop a 369-unit luxury apartment community on the site, which was known as the former Portales Place property. David Fogler, Steven Nicoluzakis and Don Arones with Cassidy Turley BRE Commercial represented the seller, ML Manager, in this transaction.
LONG BEACH, CALIF. — A two-building, 121,127-square-foot industrial park in Long Beach has sold to Rader Properties Group 14 for $8.25 million. The multi-tenant park is located at 701-733 West Anaheim Street and 700-806 West 14th Street. Colliers’ Patrick Remolacio and Bret Hardy, along with co-listing partners David Prior and Murray Smith of the Klabin Company, represented both the buyer and the seller, Bechler Corp, in this transaction. Bill Townsend of INCO Commercial, also assisted with this transaction and is the project’s leasing agent.
PHOENIX — The 148-unit Shadow Tree apartments in Phoenix has sold to SUP 44th Street 148 LLC for $5.25 million. The community was built in 1979 and resides at 2606 North 44th Street. The seller, H&S Shadow Tree Joint Venture, was represented by Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix office and Art Wadlund of the firm’s Tucson, Ariz., office.
ALCOA, TENN. — Oak Brook-Ill.-based Inland Diversified Alcoa Hamilton LLC has acquired the 175,996-square-foot Hamilton Crossing, located in Alcoa, from Alcoa-based Hamilton Crossing I for $31.27 million. Dick's Sporting Goods, Ross Dress for Less, Michael's, PetSmart and Old Navy anchor the center. Berkeley Capital Advisors represented the seller in the transaction.
TAMPA, FLA. — Marcus & Millichap has arranged the $3.05 million sale of the 120-unit Southern Oaks, an apartment complex located at 13533 Gragston Cir. in Tampa. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa office represented the seller, a private investor, in the transaction and procured the buyer, a private investor.
SNELLVILLE, GA. — Benning Construction Co. has been selected to build a 42,000-square-foot, freestanding Walmart Neighborhood Market, located at 2912 W. Main St. in Snellville. Completion is slated for fall 2012. Currently, there are more than 160 Walmart Neighborhood Markets in the United States.
CHAPEL HILL, N.C. — NorthMarq Capital has arranged $5.5 million in first mortgage refinancing for 300 & 400 Market St., two buildings totaling 64,362 square feet located in Chapel Hill. The buildings contain retail and office space. Todd Crouse of NorthMarq's Raleigh, N.C., office secured the 10-year loan with a 20-year amortization through Genworth Financial.
BIRMINGHAM, ALA. — Mercy Medical has signed a 45,540-square-foot lease at a former Havertys store, located off of Interstate 20 in Birmingham. Mercy Medical will renovate the freestanding building and use it for a seniors medical clinic and physical therapy center beginning in late fall. Michael Bull, Theresa Johnson and John Harrison of Atlanta-based Bull Realty represented the landlord, Havertys, in the transaction. Craig Dyas of Fairhope, Ala.-based DYAS represented the tenant.
FLINT, MICH. — Great Neck, N.Y.-based Namdar Realty Group has acquired Eastridge Commons, a 169,676-square-foot shopping center in Flint, for an undisclosed amount. The shopping center's anchors include T.J. Maxx, Dollar Tree and Party City. Ben Wineman and Daniel Stern of Mid-America Real Estate Corp. represented the seller, Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust, in the transaction. The buyer was self-represented.