RAPID CITY, S.D. — Patrick Minea of NorthMarq Capital's Minneapolis office has arranged $3 million in first mortgage financing for Canyon Lake Apartments, a 109-unit multifamily property in Rapid City. Minnea arranged the financing through NorthMarq's seller-servicer relationship with Freddie Mac. The 10-year loan has a 30-year amortization schedule.
CARLISLE, PA. — Trammel Crow Co. and USSA Real Estate Co. plan to break ground on a 700,000-square-foot, Class A distribution facility at Mountain Creek Distribution Center in Carlisle. The two-building project will be located on 113 acres at Exit 44 of Interstate 81. The first building is slated for completion in the summer of 2012 and will include cross dock loading and 32-foot clear height ceilings. The project is approved for more than 1 million square feet of space and is designed to achieve LEED Core & Shell.
PITTSBURGH — Discount grocer Bottom Dollar Foods is opening 14 stores in greater Pittsburgh and Youngstown, Ohio. The first stores open Jan. 26. The retailer plans to include Pittsburgh Steelers players at each location for the Pennsylvania openings at 7:30 a.m. Stores include 12012 Frankstown Road, Penn Hills, Pa. (Randy Grossman); 1160 Washington Ave., Carnegie, Pa. (LC Greenwood); 1155 Washington Pike, Bridgeville, Pa. (Louis Lipps); 300 Eden Park Blvd., McKeesport, Pa.(Mike Meriweather); 2011 Sheffield Road, Aliquippa, Pa. (John Banaszak); 7350 Saltsburg Road, Pittsburgh (Mike Wagner); 5239 Brownsville Road, Pittsburgh (Robin Cole). Four additional Bottom Dollar Food stores will also open in Pennsylvania Feb. 9.
NEW YORK CITY — Fidelity National Title Insurance Co. is relocating its New York City headquarters to 485 Lexington Ave. The company, which provides real estate-related products and services, including title insurance, signed a 7-year lease for 27,996 square feet. The office is about 5,000 square feet larger than the company's existing space at 1 Park Ave. and occupancy is slated for this spring. Leon Manoff and Robert Kennedy of Colliers International represented Fidelity in the transaction. David Amsterdam of SL Green represented the landlord.
PHILADELPHIA — Optimum Hotel Brokerage has closed on the bank REO sale of the Spencer Suites (formerly Clarion Suites) in Manchester. Joseph McCann of Optimum represented the seller, a national bank located in California. The buyer was a local owner/operator. The 104-room property was developed in the early 1990s as a Generation One Residence Inn by Marriott. The asset was formerly held by an affiliate of Lehman Brothers. After the company's bankruptcy, the hotel was returned to its California-based lender, which hired Optimum to market the property.
TEXAS — Arbor Commercial Funding has secured $46.5 million in Fannie Mae loans through the Fannie Mae DUS Loan, Fannie Mae DUS Multifamily Affordable Housing and Fannie Mae DUS ARM 7-6 programs for six multifamily developments in Texas. These deals include $16.97 million in a 10-year loan for the 312-unit Red Oak Town Village Apartments in Red Oak; $8.01 million in a 10-year loan for the 228-unit South Lake Villas Apartments in Houston; $8 million in a 7-year loan for the 288-unit Madera Brookside complex in Arlington; $7.83 million in a 10-year loan for the 325-unit Anderson Springs Apartments in Austin; $3.5 million in a 7-year loan for the 100-unit Broadmoor Villa Apartments in Irving; and $2.19 million in a 10-year loan for the 72-unit Creekside Estates in Lufkin. Jay Porterfield of Arbor's Plano office originated the loans, all of which had a 30-year amortization schedule.
COLLEGE STATION AND LAREDO — CBL & Associates has plans for multi-million renovations of the 775,000-square-foot Post Oak Mall, located at 1500 Harvey Rd. in College Station, and Mall del Norte, 5300 San Dario Ave. in Laredo. Post Oak Mall will receive new flooring, upgraded entrances, soft seating, new food court design and updated lighting. Mall del Norte will receive upgrades that were started in 2007.
MIDLAND — Marcus & Millichap has secured the sale of a 68-room Comfort Inn, located at 902 Interstate 20 W. in Midland, for $5.3 million. Tyler Bean, Michael Yu and Rahul Bijlani of Marcus & Millichap's Houston office represented the seller, a limited liability company, in the transaction.
DEL RIO — NorthMarq Capital has arranged $15.75 million in financing for the 260,818-square-foot Plaza Del Sol, a regional mall located in Del Rio. John Burke and Chad Owens of NorthMarq's Houston office arranged the 10-year loan through Deutsche Bank's CMBS platform on behalf of the borrower, Levcor Inc. Plaza Del Sol's tenants include Marshalls, Ross Dress for Less, JC Penney, Bealls and Cinemark.
DENVER – A 30-unit apartment building located at 1225 Colorado Blvd. in Denver has sold to an unnamed buyer for $2,125,000. Kyle Malnati of Madison Commercial Properties represented the buyer. The seller was represented by John Laratta of Hendricks & Partners.