SANFORD, FLA. — A 36,264-square-foot office building, located at 101 E. First St. in Sanford, has sold for $1.2 million. Robert Blackwell and Michael Heidrich, Sr., of Maitland, Fla.-based NAI Realvest represented Ft. Lauderdale, Fla.-based One Hundred One, the seller, in the transaction. Mayer Gross of ASD Realty represented Lilac Group-Sanford, the buyer.
HUNT VALLEY, MD. — Walker & Dunlop has secured $90 million in acquisition financing for the 766,256-square-foot Hunt Valley Towne Center, a shopping center located on York Road in Hunt Valley. Wegman's anchors the center, which includes Chipotle, Chico's, California Pizza Kitchen, Caribou Coffee and M&T Bank. Tyler Blue and Paul Wallace of Walker & Dunlop's Bethesda, Md., office arranged the 8-year, interest-only loan through American International Group.
PIKESVILLE, MD. — Meridian Capital Group has arranged a $7.65 million Fannie Mae conventional loan to refinance the 134-unit Marrion Square Apartments, located at 4619 Horizon Cir. in Pikesville. Jacob Katz of Meridian Capital Group's Bethesda, Md., office arranged the 10-year loan with 9.5 years of yield maintenance and a 30-year amortization schedule through Beech Street Capital.
The Memphis metro is an interesting industrial market. Like many other markets, we’ve begun to see positive signs in the numbers. 2011 ended with positive absorption of more than 1.6 million square feet. Because nearly all of the space added in 2011 was build-to-suit, vacancy rates have begun to decline a bit. IDI has just announced plans to build two buildings totaling 1.1 million square feet in Olive Branch, Mississippi, which will be the first new speculative development since 2008. But it’s hard to look strictly at the numbers and really get a sense of our market. That’s because, when compared to behemoths like Chicago and Dallas, we are a relatively small industrial market, with approximately 210 million square feet, depending on how you count the space. This creates significant volatility in the numbers when a major lease is won or lost. So it is the fundamentals that paint a better and more realistic picture of the Memphis market. Though relatively small in size, we’re a giant in terms of the infrastructure that makes us attractive to major players. A few of the major leases during the last 12 months help illustrate that: Trane’s 626,00-square-foot lease, California-based online retailer Newegg …
MALVERN, PA. — Malvern-based Liberty Property Trust has sold a 49-property portfolio for $195 million. Included in the sale are single-story and mid-rise office buildings, as well as high-finish flex properties, in Wisconsin, Maryland, Virginia, North Carolina and New Jersey, totaling 2.5 million square feet. The properties are 83 percent leased.
ATLANTA — North American Properties (NAP) has plans to build a 276-unit mid-rise apartment community, located on 3.7 acres in Atlanta's Old Fourth Ward submarket. Construction is scheduled to begin by late spring with completion slated for fall 2013. The development is NAP's first ground-up multifamily development in Atlanta since the company shifted its focus from retail to mixed-use and multifamily developments.
PINELLAS PARK, FLA. — The 135,308-square-foot, five-building Cross Bayou Industrial Park, located at 10410-10450 66th St. N. in Pinellas Park, has sold for $2.75 million. Dennis Bush and Elliott Ross of Clearwater, Fla.-based The Ross Realty Group represented BB&T, the seller, in the transaction. Illinois-based Congaree River was the buyer.
FORT PIERCE, FLA. — H&H has sold the 53,000-square-foot Virginia Avenue Plaza, located at 800 Virginia Ave. in Fort Pierce, to Virginia Plaza Avenue LLC for $2 million. Nikolaus Schroth of Stuart, Fla.-based NAI Southcoast represented the seller in the transaction and Bryan Grunbaum, also of NAI Southcoast, represented the buyer.
DOTHAN, ALA. — Beech Street Capital has arranged a $5.16 million HUD 223(f) loan for the refinance of the 150-unit Camelot Apartments, located at 106 Castle Dr. in Dothan. Chad Hagwood of Beech Street's Birmingham, Ala., office arranged the 35-year, fully amortized loan on behalf of the borrower, Engel Realty Co.
ATLANTA — Dallas-based Behringer Harvard has sold the 253-unit Mariposa Lofts Apartments, located at 100 Montag Cir. in Atlanta for $40 million, according to Fulton County records, as reported by the Atlanta Business Chronicle. Amenities include a resort-style pool, sauna, landscaped courtyards and a clubhouse with a fitness center, business center, media room and game room. The 5-acre site contains eight mid-rise buildings.
