MORRISVILLE, N.C. — Westwood Financial Corp. has purchased the 86,267-square-foot McCrimmon Corners, located at 4093 Davis Dr. in Morrisville, from Crosland for an undisclosed amount. The center is 99 percent leased to Harris Teeter, Tossed Salads, Taekwondo Academy, Nikos Taverna, Saffron Indian Food Restaurant, Two Guys Grille, Subway, AT&T, Great Clips, State Farm and Red Dragon. Rob Carter of Charlotte, N.C.-based Berkeley Capital Advisors represented the seller.
Southeast
JACKSONVILLE, FLA. — Alison WIlliams of NorthMarq Capital's Tampa, Fla., office and Joel Coykendall of the firm's Jacksonville office have arranged $2.7 million in first mortgage financing for an 18,920-square-foot freestanding retail property located at 10207 Buckhead Branch Dr. in Jacksonville, which is entirely leased by CompUSA. Financing was based on a 10-year term with a 25-year amortization schedule and was arranged for the borrower, The Gate Group, through Protective LIfe Insurance Co.
WASHINGTON, D.C. — CB Richard Ellis has negotiated the sale of the eight-story 1301 and 1317 Connecticut Avenue, a boutique office building and three-story retail property in Washington, D.C. Bill Prutting, Jr., William Kaye, Randall Heilig and Seth Benhard of CBRE's Washington, D.C., office represented the seller, New York-based Norvin Partners. The buyer was San Francisco-based Shorenstein.
BELLEVIEW & TEMPLE TERRACE, FLA. — Englewood Cliffs, N.J.-based Deerwood Real Estate Capital has closed on two retail loans in Florida. A 204,474-square-foot shopping center in Belleview received a 10-year, $9.5 million loan. In Temple Terrace a 109,004-square-foot retail property currently leased to KMart received a 7-year, $4.92 million loan. Russell Kimyagarov of Deerwood negotiated both loans.
SPRINGFIELD, GA. — Todd Crouse of NorthMarq Capital's Raleigh, N.C., office has secured $4.2 million in first-mortgage financing for the 46,845-square-foot Springfield Station Shopping Center, located at 1451 Highway 21 N. in Springfield. Financing was based on a 22-year term with a 22-year, fully-amoritizing loan and was arranged through Symetra Financial.
SANDSTON, VA. — Richmond, Va.-based Porter Realty Co. has negotiated the $2.7 million sale of a 145,706-square-foot industrial property located at 5700 Lewis Rd. in Sandston. Bob Porter and Cliff Porter of Porter Realty Co. represented the seller, Lewis Rd. LLC, and Dick Porter of the same company represented the buyer, NYW Enterprises.
PENDERGRASS, GA. — Titan Tire Corporation has recently renewed its lease at the 711-acre Valentine Farms, an industrial park in Pendergrass. They will continue to occupy a 120,000-square-foot facility developed by Rooker Construction. Floyd Baldwin and Drew Addison of Gainesville, Ga.-based Industrial Properties Group represented the landlord and Kurt Unger of Lee & Associates’ Atlanta office represented the tenant.
GAITHERSBURG, MD. — Red Mortgage Capital has provided $48.86 million in non-recourse FHA financing for the construction and mortgage financing for the 300-unit Residences at Hidden Creek, a Class A multifamily property near downtown Gaithersburg. Woodfield Investments, the developer, has selected Clark Builders Group as the general contractor, Bozzuto Management Co. as the property manager and The Housing Studio as the architectural firm.
POOLER, GA. — Tokyo, Japan-based Mitsui-Soko, a warehouse and logistics company, has leased 38,400 square feet of distribution space at DP Partners' LogistiPort on Clyde Alexander Way in Pooler. In 2009, Mitsui-Soko opened a 60,000-square-foot distribution center adjacent to LogistiPort as the company's primary East Coast distribution center. Darren Ross of Grubb & Ellis' Atlanta office represented Mitsui-Soko in the lease transaction, while David Sink of Colliers International Neely Dales in Philadelphia represented the landlord, Dermody Properties.
MIAMI — Flagler Real Estate Services has closed a 111,000-square-foot industrial lease at the Airport Business Center in Miami for Miami-based Forward Air. George Pino represented the landlord, ProLogis, and Michael Bauer of Fischer & Co. represented the tenant.