POMPANO BEACH, FLA. — CBRE has arranged the sale of a fully leased, 285,000-square-foot FedEx Ground distribution center located at 2700 N.W. 25th St. in Pompano Beach. Christian Lee, Chris Riley, Brian Budnick, Compie Newman, Jose Antonio Lobon and Tom O’Loughlin represented the seller, Charlotte-based Ft. Lauderdale BTS LLC, in the transaction. TIAA-CREF purchased the asset, which features 30-foot clear heights, 90- to 160-foot deep truck courtyards, a conveyer system, trailer storage parking and a fully fenced perimeter.
Southeast
CLEARWATER, FLA. — Stan Johnson Co. has brokered the sale of a 113,040-square-foot Sun Microstamping Technologies manufacturing facility in Clearwater for $8.7 million. Sun Microstamping provides metal stamping, injection molding and insert molding for the automotive sector. Camille Renshaw and John Rotunno of Stan Johnson’s New York office represented the seller, an investment fund, and the buyer, STORE Capital.
LOUISVILLE AND MURRAY, KY. — The Cooper Commercial Investment Group has brokered the $5.4 million sale of a portfolio of two CVS/pharmacy locations in Louisville and Murray. The assets both span 10,200 square feet and have five-and-a-half years remaining on the lease term. Dan Cooper of Cooper Commercial represented the seller, a private investment group based in New York, and procured the unnamed buyer in the transaction.
HORN LAKE, MISS. — Kennedy Funding Financial has completed a $2.3 million, three-year acquisition loan for a 240-acre ranch, now known as Circle G Ranch, which once was owned by Elvis Presley. The ranch is located in Horn Lake, about 18 miles south of Memphis, Tenn. The borrower is purchasing the property for roughly $3.7 million. Circle G Ranch includes a 3,000-square-foot restaurant, a honeymoon cottage and a 5,028-square-foot personal residence.
ARLINGTON, VA. — Finmarc Management Inc. has purchased an 85-unit apartment community located at 3409 Wilson Blvd. in Arlington for $39.9 million through a joint venture partnership with The Goldstar Group. The eight-story property was formerly an AKA Luxury Suites Residences. The property is located approximately two blocks away from the Virginia Square Metro Station and within walking distance of stores and restaurants in the Rosslyn and Ballston neighborhoods. Finmarc plans to invest $6 million to upgrade the property and convert it into a luxury condominium community. The Goldstar Group will manage the community. Alexandria, Va.-based McWilliams | Ballard will begin selling the condominium units in September. Wells Fargo provided senior debt for the community, and Metropolis Capital Finance arranged debt and equity.
BIRMINGHAM, ALA. — Grandbridge Real Estate Capital has provided a $21.2 million acquisition loan for Lake Heather Reserve at Inverness, a 252-unit, Class A apartment community in Birmingham. Mike Ortlip, Josh Davis and C.J. Webb of Grandbridge originated the Fannie Mae DUS Structured ARM loan.
HALETHORPE, MD. — Enterprise has opened The Greens at English Consul, a $14.6 million seniors housing community located at 4120 Oak Road in Halethorpe in Baltimore County. The property features 72 one-bedroom and 18 two-bedroom apartments affordable for seniors earning up to 60 percent of the area’s median income. In addition to developer Enterprise, the design team includes architect Grimm + Parker and general contractor The Whiting-Turner Contracting Co. The development includes a library with computer terminals, a community room, TV lounge and sports bar, activity room, laundry room, mail room and fitness center. Bank of America provided construction financing for the project. Financing also came via government funds, a grant, bond, construction loan and developer equity.
TAMPA, FLA. — Gramercy Property Trust Inc., a New York-based real estate investment trust (REIT), has acquired a 176,000-square-foot production and warehouse bottling facility in Tampa. The REIT purchased the asset for $9.5 million in an all-cash transaction. The property is fully leased through January 2020 to an unnamed beverage producer.
ORLANDO, FLA. — Continental Real Estate Cos. (CREC) has arranged the $8.5 million sale of Parkway Plaza, a 65,000-square-foot shopping center located one-half mile from The Mall at Millennia in Orlando. The Publix-anchored property is located at the crossroads of American Boulevard and John Young Parkway. Warren Weiser and Harry Blyden of CREC represented the seller, a tenant-in-common (TIC) ownership group managed by Los Angeles-based National Asset Services. The buyer was J-9 Land Partners LLP, a private investment firm based in Ormond Beach, Fla. Parkway Plaza is 95 percent leased to Publix, Chase Bank, Radio Shack, Subway and Little Caesar’s Pizza.
HERMITAGE, TENN. — Multi Housing Advisors (MHA) has arranged the $13.8 million sale of Green Leaf at Hermitage, a 261-unit apartment community in Hermitage, about 14 miles northeast of Nashville. The property, built in 1973, includes one- to three-bedroom layouts. The asset’s amenity package includes a fitness center, playground, swimming pool, business center, laundry facilities and a picnic area. Brett Kingman of MHA’s Atlanta office represented the sellers, affiliates of Danville, Calif.-based Green Leaf Partners, in the transaction. The buyer, an affiliate of Old Tappan, N.J.-based Spyglass Capital Partners, did not use a broker.