ANDERSON, S.C. — Brad Walker of Grandbridge Real Estate Capital has closed a $3.1 million first mortgage loan for Anderson Crossing Apartments, a 152-unit multifamily community in Anderson. Fannie Mae provided the funding for the 10-year fixed-rate loan, which features a 30-year amortization.
Southeast
SILVER SPRING, MD. — Social & Scientific Systems Inc. has renewed its 88,230-square-foot, long-term lease at Silver Spring Plaza at 8757 Georgia Ave. in Silver Spring. Jim Cahill, Joe Judge and Bob Shue of Jones Lang LaSalle represented the tenant, and Marc Witowski of WPC represented the landlord, Washington Property Co.
OVIEDO, FLA. — Central Florida Regional Hospital, an affiliate of Hospital Corp. of America, has broken ground on a $9.7 million freestanding emergency department on 26 acres at the intersection of Red Bug Lake Road and State Road 417 in Oviedo. The 11,000-square-foot, state-of-the-art satellite facility will operate as a full-service emergency room providing 24/7 emergency care for both pediatric and adult patients. It will also offer comprehensive emergency services including a dedicated trauma room as well as laboratory and imaging services. The single-story emergency care center will include 12 private patient care rooms, a waiting area, nurse station, restrooms and support areas. It will open next fall and employ 35 full-time staff and four emergency care physicians. Charles Perry Partners Inc. (CCPI) is the healthcare project’s construction manager. CCPI specializes in healthcare, institutional, educational, government and commercial construction.
VIRGINIA BEACH, VA. — Pacolet Milliken Enterprises Inc. and Republic Station LLC have entered into a joint venture to own the new Whole Foods Market in the Hilltop area of Virginia Beach. The 40,000-square-foot freestanding grocery store is located at 1800 Laskin Rd. and opened this past October. The joint venture purchased an ownership interest from the developer, S.J. Collins Enterprises. It is the 14th addition to Pacolet Milliken Enterprises’ grocery store portfolio in the past 26 months.
CHARLOTTE, N.C. — Charlotte-based SYNCO Properties Inc., on behalf of Associated Realty Investors/500 East Morehead Limited Partnership, has sold 500 East Morehead Street, a 43,000-square-foot office building in Charlotte’s Midtown submarket. An entity sponsored by Charlotte-based Beacon Partners acquired the property for $5.25 million. The three-story building was built in two phases in 1960 and 1963. It fronts East Morehead Street adjacent to the Dowd YMCA. SYNCO Properties and its investing partners purchased 500 East Morehead Street in 1982 for $1.3 million. Tim Hose of SYNCO Properties represented the seller, and Mike Harrell of Beacon Partners represented the buyer.
LARGO, FLA. — The 37,574-square-foot Champions Center shopping center has sold for $2.65 million at 3690 E. Bay Dr. in Largo. Mike Milano and Ron Schultz of Colliers International Tampa Bay represented the seller, JPMCC 2005-CIBC13 East Bay Drive LLC. The buyer, Cantor Spellman Family Partnership LLP, represented itself. The center was 66 percent occupied at the time of the transaction. Outback Steakhouse is Champions Center’s major tenant. Other tenants include Kut Doctors Barbershop, Color Pages, Miracle Ear, Vitamin Outlet, Select Staffing, Next Step Rehab, Allstate and West Shore Pizza.
GREENWOOD, S.C. — Greenville, S.C.-based Carolina Holdings has sold the two-tenant Shops at Westwood on Highway 72 Bypass in Greenwood. The property is fully leased to Mattress Firm and Aspen Dental. Carolina Holdings developed the retail property, which is situated in front of Walmart, and will continue to serve as manager on behalf of the new ownership. McMillan Pazdan Smith was the project architect and Caldwell Construction was the general contractor.
A slight decline in vacancy this year confirms that Washington, D.C.’s apartment sector is in a new phase, where a closer alignment in tenant demand and completions will maintain vacancy within a tight range. Solid rental absorption promises to persist as employers hire workers who create new households and homeownership remains out of reach for many who cannot qualify for mortgages. However, potential cuts in defense spending might dull future housing demand in Virginia. The difference in the multifamily market at mid-year 2012 and one year ago shows the revival of residential construction as developers have cranked up production of all types of housing. Multifamily starts have jumped and represent more than 40 percent of all residential groundbreakings over the past year, approximately two times the typical proportion. All sections of the market will receive new multifamily stock this year, with only modest growth expected in Maryland offset by significant completions in Virginia. Meanwhile, most of this year’s production in the district will come online in the second half of 2012, limiting the extent of vacancy declines in the third and fourth quarters. Positive job growth supported growth in D.C.’s multifamily sector. Employers added 25,200 workers in the first six …
MEMPHIS, TENN. — US Foods has more than doubled the size of its distribution center in Memphis by adding 385,000 square feet. Improvements include a new state-of-the-art kitchen in which the company will hold product demonstrations for customers and an on-site truck repair shop. The expanded facility was officially dedicated to Joe Campbell, the former president of US Foods who was instrumental in the facility’s expansion. US Foods’ Memphis division has more than 375 employees and serves customers throughout the Southeast, including independent restaurants, healthcare and hospitality entities, government and educational institutions.
BALTIMORE — Minneapolis-based Target Corp. will open a new Target store in Baltimore in October 2013 as part of the Canton Crossing Shopping Center on Boston Street. The new Target will be approximately 135,000 square feet and will employ approximately 200 employees. The Baltimore East location will be the third Target in Baltimore.