FOUNTAIN VALLEY, CALIF. – A 20,160-square-foot facility at 11535 Martens River Circle in Fountain Valley has sold to GBCNC Services for $2.5 million. Darin McDonald of Lee & Associates represented GBCNC. The sellers, Philip & Betty Wang, were represented by Nick Spatafore and Dave Desper of CBRE's Newport Beach, Calif., office.
Property Type
GAINESVILLE, VA. — A 1.07-acre retail property, located at 4995 Wellington Rd. in Gainesville, has been sold for $2.54 million. The property is leased to a 5,753-square-foot Chili's on a long-term, triple-net basis. Rick Fernandez of Reston, Va.-based Calkain Cos. represented the buyer, a private investor, in the transaction.
LEXINGTON, KY. — Louisville, Ky.-based PRG Investments has arranged the $1.47 million sale of two multifamily properties, The Cardinal Crossing and Daniel Court Apartments, located at Versailles Road and Village Drive in Lexington. The properties total 156 units. Fred Sutterlin and Reed Weinberg of PRG Investments represented the seller, First Federal Savings Bank of Kentucky, in the transaction and procured the buyer, DF Investments.
BILOXI, MISS. — CBRE has arranged $23.4 million in refinancing for the 472-unit Arbor View 2, 3 & 4, a multifamily community located near Biloxi. Glenn Housman of CBRE's Orlando, Fla., office secured the 7-year loan on behalf of the borrower, Tallahassee, Fla.-based Arbor Properties.
YULEE, FLA. — NorthMarq Capital has arranged $18.45 million in permanent loan refinancing for the 240-unit Courtney Isle Apartments, located at 86015 Courtney Isles Way in Yulee. Joel Coykendall of NorthMarq's Jacksonville, Fla., office arranged the 5-year loan through Sentinel Asset Management as interest only for 36-months with a 30-year amortization schedule to follow.
OLIVE BRANCH, MISS. — General Electric has signed a 212,800-square-foot lease at Crossroads Distribution Center, Building A, located at 9124 Pole Ln. in Olive Branch. The company is relocating from a 60,000-square-foot space in DeSoto County. Lisa Harber of CBRE's Atlanta office, along with Patrick Burke of CBRE's Memphis, Tenn., office represented the tenant in the lease transaction. IDI, the landlord, was self-represented by Tim Moore.
OMAHA — The Industrial Realty Group of Downey, Calif. has purchased the former Connectivity plant at 125th and I streets. Ryan Zabrowski and R.J. Neary of Investors Realty negotiated the sale for Comscope of Hickory, N.C. The property includes a 140,000-square-foot office building and data center, and a 1 million square foot industrial building. The property was listed at $19.16 million but the closing price was undisclosed.
CHICAGO — In a joint venture, Harper Court Partners and Los Angeles-based Canyon Johnson Urban Fund closed on a $65 million construction loan with Citi Community Capital for the mixed-use Harper Court in Chicago. The PrivateBank, a local subsidiary of PrivateBancorp, entered a participation agreement with Citi, through which it will provide a significant portion of the construction financing. The $106 million Harper Court project will include the construction of a 150,000-square-foot office tower and is slated for completion in 2013.
CHICAGO — Lawson Products, a distributor of maintenance, repair and operations supplies, is moving its Des Plaines headquarters to an office in Chicago and consolidating its distribution in McCook. The new headquarters are located at 8770 W. Bryn Mawr, where the company signed a lease for 86,000 square feet. The distribution center will be located at a 306,805-square-foot, build-to-suit facility at the CenterPoint Business Center. Construction is expected to be complete in August 2012. Colliers International represented Lawson in the McCook deal.
NEW YORK CITY — Manhattan-based owner Hidrock Realty has secured two loans totaling $66 million for the $126 million development of two new hotels in Midtown Manhattan. BBVA Compass Bank provided a $36 million construction loan for the $72 million development of the hotel located at 960 Avenue of Americas. The hotel is slated for completion in October 2012 and will include 167 guestrooms. The Bank of Nova Scotia provided a $30 million loan for the $54 million hotel, located at 25 W. 37th St. The project will include 173 guestrooms when completed in October 2013.