GLEN BURNIE, MD. — Walker & Dunlop has arranged $16.25 million in financing for the 212,345-square-foot Chesapeake Square Shopping Center, located in Glen Burnie. ShopRite and Best Buy anchor the center, which is 90 percent leased. Additional tenants include Advance Auto Parts, Subway and Five Below. J. Tyler Blue and Paul Wallace of Walker & Dunlop secured the 10-year loan with a 30-year amortization schedule.
Southeast
RANDALLSTOWN, MD. — A partnership between Morgan Properties and Core Properties has acquired the 588-unit Garden View Apartments, a garden-style multifamily community located at 8601 Gray Fox Road in Randallstown, for $27.4 million. The buyer plans to invest capital to upgrade individual units, correct deferred maintenance, enhance curb appeal and upgrade kitchens and bathrooms. M&T Bank provided senior acquisition and debt financing for the property.
HOMESTEAD, FLA. — Deerfield Beach, Fla.-based SIKON Construction Co. has completed the $10 million, 99-unit Veranda Senior Apartments, a seniors housing facility located at 28355 SW 152nd Ave. in Homestead. HTG Veranda Senior Ltd. developed the property. Amenities include a leasing office/clubhouse and a swimming pool.
PALM BAY, FLA. — A 16,000-square-foot CVS/pharmacy, located at the intersection of Palm Bay Drive and Babcock Road in Palm Bay, has sold for $5.59 million. CVS recently extended its triple-net lease. Dan Cooper of The Cooper Commercial Investment Group represented the seller, a Texas-based private group, in the transaction. The buyer was an Illinois-based private group in a 1031-exchange.
PENSACOLA, FLA. — Marcus & Millichap has arranged the $4.5 million sale of a 21,194-square-foot Office Depot, located at 5000 Bayou Blvd. in Pensacola. Scott Sandelin of Marcus & Millichap's Miami office represented the seller, a publicly traded REIT, in the transaction and procured the buyer, a Canada-based private investor.
HOLLY SPRINGS, N.C. — Kite Realty Group Trust has secured $37.5 million in construction financing for the 375,000-square-foot Phase I of Holly Springs Towne Center, located in Holly Springs. A 135,000-square-foot Target will shadow anchor the first phase of the project. Dick's Sporting Goods, Marshalls, Michaels and Petco will anchor the center. Other tenants include Pier 1 Imports, ULTA and Charming Charlie. Bank of America provided the three-year loan with an option to extend for two additional years.
“When the going gets tough, the tough get going.” The old adage is certainly taken to heart in Jonesboro. Amid the uncertainty of the recent recession, Jonesboro has become a beacon of resiliency and steadfast performance, resulting in much-deserved attention in nearly every aspect of commercial development. In fact, the Jonesboro MSA is one of only 54 U.S. metros that had gains in total employment between pre-recession November 2007 and post-recession November 2011. According to Garner Economics, a look at November 2011 employment shows that only 54 metros, or 15 percent, are at levels exceeding their November 2007 totals, which was one month before the recession officially started. Jonesboro has continued to increase its population, growing at a very respectable 2 to 2.5 percent per year for the past three decades and counting. This steady, consistent growth in population and tax base has made Jonesboro a huge attraction for expansion, particularly in the retail and healthcare segments of the market. 2011 saw just under 300 commercial building permits issued at a value of more than $250 million dollars, and nearly $40 million dollars worth of permits were issued in the first quarter of 2012. Investment in new infrastructure and facilities …
CONCORD, N.C. — Beacon Partners has added 68 acres to an existing 54-acre parcel with plans to develop a 1.5 million-square-foot manufacturing facility called RiverOaks Corporate Center. The property is located at the corner of Poplar Tent and Derita Road. As part of the development, Beacon worked with the property owner to donate 28 acres to the Cabarrus County Soil and Water Conservation District, which will serve as an amenity for park employees and be incorporated into the Carolina Thread Trail. Beacon Partners is the developer, ColeJenest & Stone is the civil engineer and Merriman Schmitt Architects is the project architect. Grading of the site will begin in the second quarter of 2013. Jim Plyler and Lester Osborn of Piedmont Properties represented Beacon Partners in the transaction. Glen Tucker of Re/Max represented the property owner.
DOTHAN, ALA. — Batson-Cook has topped off the $25 million, 110,000-square-foot Alabama College of Osteopathic Medicine (ACOM) in Dothan. The facility will be affiliated with Southeast Alabama Medical Center, which will accept 162 students for the program. KUD International is the developer for the property and Barrios Architects is the architect. The three-story building will include two auditoriums, laboratory space, study rooms, administrative offices, a student lounge and a teaching clinic. Completion is slated for April 2014.
VERO BEACH, FLA. — Kite Realty Group has acquired a 138,000-square-foot shopping center, located on U.S. Highway 1 in Vero Beach, for $15.2 million. Publix and Stein Mart anchor the center, which is 99 percent leased. As part of the transaction, the company assumed a $7.9 million mortgage.