GOOSE CREEK, S.C. — Northwood Assembly, which includes Northwood Church and Northwood Academy, is breaking ground for the development of the first phase of its new campus within Carnes Crossroads in Goose Creek. The new campus will be developed in several phases on 60 acres of land, which was donated by Charleston, S.C.-based The Daniel Island Company. The first phases will include the construction of a main auditorium, a childcare center, Kid’s Town chapel, youth ministry environments and administrative offices. Completion of the first phase is scheduled for late 2011. Additional phases will include buildings for Northwood Academy’s lower and upper schools, including gymnasiums, a cafeteria and athletic fields. The Daniel Island Company is developing Carnes Crossroads, a planned master community in Goose Creek.
TARPON SPRINGS, FLA. — Walker & Dunlop has provided a $13.44 million refinance loan for Sun Valley Estates Manufactured Housing Park in Tarpon Springs. Built in 1972, the 55-plus, age-restricted mobile home community consists of 261 pads with 231 doublewide and 30 singlewide homes. Community amenities include an outdoor pool, eight shuffleboard courts, a leasing office, a laundry facility, a community room, a storage area and a library. At the time of closing, the property was 94 percent leased. The 10-year loan has a 30-year amortization schedule. Additionally, the loan was underwritten to a 70 percent loan-to-value with a 1.30x debt-service coverage ratio. Cary Monroe and Mike Giordano of Monroe & Giordano originated the loan. Andrew Tapley of Walker & Dunlop led the firm’s team for the transaction.
KISSIMMEE, FLA. — Michael Jaworski of Marcus & Millichap’s Tampa represented the seller, a Florida-based developer, in the disposition of a Walgreens location in Kissimmee. Located at 5180 U.S. Highway 192, the 14,490-square-foot retail property sold for $5.6 million. The investment is a fee simple, new construction triple-net property, which opened last year. Paul Nudelman of Marcus & Millichap’s Miami office represented the buyer, a Florida-based limited liability company, in the transaction.
OSPREY, FLA. — Fort Myers, Fla.-based J.L. Wallace Inc. has completed the construction of a CVS/pharmacy location at Blackburn Point and U.S. Highway 41 in Osprey. The 13,013-square-foot project includes a drive-thru area, an extensive aluminum storefront work, automatic glass doors, a prefabricated entry trellis, a single-ply roof system over lightweight concrete, building signage, a compactor enclosure and monument signs. Additionally, the project included extensive site work and the interior features detailed cabinetry, shelving, fixtures and graphics, security grills, an overhead door, resilient flooring, carpeting, coolers/freezers, a fire system and an alarm system. Robert Reid Wedding Architects and Planners provided architectural services for the project, while Foresite Group provided engineering services. The project was contracted with Armstrong Development Properties.
CHARLESTON, S.C. — Walker & Dunlop has provided $17.2 million in non-recourse construction financing for renovations to the Holiday Inn located at the intersection of Calhoun and Meeting streets in downtown Charleston's Historic District. Noble Investment Group, which acquired the 126-room property earlier this month, plans to add 50 units and 5,000 square feet of meeting space to the hotel. It will also be rebranded as a Courtyard by Marriott. The loan carries a 5-year term with 2 years interest-only payments as well as a 25-year amortization schedule. Andrew Coleman of Walker & Dunlop led the team that procured the financing.
JACKSONVILLE, FLA. — The Paul and Eleanor Sade Trust has purchased a 254,297-square-foot warehouse property from Ascension I Jax for $10.65 million. The property is located at 6831-35 Stuart Ave. and 6830 Highway Ave. in Jacksonville. Miller International's Bob Miller represented the buyer in the transaction. Bobby Gatling, Bryan Bartlett and John Richardson of Grubb and Ellis|Phoenix Realty Group represented the seller.
LAFAYETTE, LA. — A private developer has sold the 25,220-square-foot Siemens Water Technologies Corp. building to an undisclosed buyer for $2.78 million. The single-tenant, net-leased property is located at 411 Commercial Blvd. in Lafayette. Marcus & Millichap's Sam Hanna represented the seller. The firm's William Hoffpauir assisted in brokering the sale.
WADESBORO, N.C. — Marcus & Millichap has brokered the $1.62 million sale of the 7,762-square-foot Fresenius Medical Care building between two undisclosed parties. The property is located at 2349 US Highway 74 West in Wadesboro. The firm's Scott Niedergang, Brian Parmacek and Steve Rachman represented the seller. James Rea and Brian Munn of the firm's Atlanta office represented the buyer. Gary Lucas also helped close the deal.
SNELLVILLE, GA. — RJ Griffin and Co. has started construction on a 40,162-square-foot office building on the Emory Eastside Medical Center campus in Snellville. The property, which is being developed by BremnerDuke Healtcare Real Estate, will house a spine center and office space for neurosurgical and endocrine specialists. Construction of the building was necessary because the two other medical office buildings at the site are currently fully occupied. Lyman Davidson Dooley designed the project, which will deliver by July 2011.
CHARLOTTE, N.C. — Madison Marquette has purchased an ownership stake in Charlotte's Morrison mixed-use project for an undisclosed amount. The property, which is located in the SouthPark area, was built by Casto Lifestyle Properties in partnership with Grubb Properties. Morrison features 214 apartment units, 121 condominiums and a retail portion that is anchored by Earth Fare Organic Grocer and Barnes & Noble Booksellers. The project's first phase opened in 2006.