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.
Southeast
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.
ATLANTA — Walker & Dunlop has secured $13.2 million in refinancing for the 222-unit Avalon Ridge, an affordable housing community in Atlanta. The 35-year loan has a 35-year amortization schedule and was provided under HUD'S Section 223(f) program. Stephen Farnsworth of the Walker & Dunlop's New Orleans office originated the loan on behalf of the borrower, Steven DeFrancis of Cortland Partners.
OCALA, FLA.— William Karns Enterprises has been selected to develop the $21 million, 120-bed Brentwood at Fore Ranch, an assisted living and memory care facility in Ocala, Fla. Construction will begin sometime this month and is scheduled for completion in 212. National Heath Investors provided a $2.5 million, three-year loan to develop the project, which will be managed by Senior Management Advisors.
MONTGOMERY COUNTY, MD.— Vanguard Realty has negotiated the sale of the 11-unit Roanoke Apartments and 37-unit Lee Avenue Apartments in Montgomery County, Md., for a combined total of$2.74 million. Both garden-style apartments are located in Takoma Park. Rick Struse and Cullen O'Grady of Vanguard's investment sales division represented the lender, JP Morgan Chase, and secured the buyers, which were two separate local investors. Eagle Bank provided the financing.
RICHMOND, VA.— United Network for Organ Sharing has purchased a 51,723-square-foot office building, located at 501 N. 2nd St. in Richmond for $2.5 million. The company also plans to occupy the space. Mark Douglas and R. Scott Douglas of Cushman & Wakefield's Richmond office handled the sales negotiations.