DURHAM, N.C. — Principal Real Estate Investors LLC has completed the disposition of an office tower in Durham. Located at 4820 Emperor Blvd., the 11-story property offers 259,531 square feet of office space. Additionally, the building is LEED Silver certified. The buyer and acquisition price were not released. Paul Collins, Bill Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley represented the seller.
CHARLOTTE, N.C. — Institutional investors advised by J.P. Morgan Asset Management have acquired Elizabeth Square, a 267-unit multifamily property in Charlotte. Constructed in 2009, the property, which offers one-, two- and three-bedroom units, sold for $40.5 or $151,780 per unit. Dean Smith and Blake Okland of ARA represented the seller, Ashburn, Va.-based Woodfield Investments. Elizabeth Square was 93 percent occupied at the time of acquisition.
CAPE CORAL, FLA. — The Milman Group has purchased a 14,820-square-foot retail building, located at 611 Burnt Store Road South in Cape Coral. The property, which is occupied by Walgreens, sold for $5.15 million. Matt McNeill of Cassidy Turley BRE Commercial represented the buyer in the transaction. The seller was not disclosed.
CHARLESTON, W.V. — An affiliated entity of Inland American Real Estate Trust has acquired Charleston Marriott in Charleston. Located at 200 Lee Street East, the property sold for $25.5 million. The hotel offers 347 guestrooms, five suites and 17,500 square feet of meeting space. A subsidiary of Forest City Enterprises sold the hotel, which is located within the 897,000-square-foot Charleston Town Center.
SEBRING, FLA. — Stevens Construction has completed the construction of the Bud & Donna Somers Hospice House and Resource Center for Good Shepherd Hospice in Sebring. Located at 1110 Hammock Road, the 33,636-square-foot hospice house offers 61 beds. The property features private suites, a children's play area, a chapel, a kitchen and a library. Architecture Inc. provided architectural services for the project.
JACKSONVILLE AND WILMINGTON, N.C. — Walker & Dunlop has provided two loans totaling $8 million for multifamily properties in North Carolina. The 134-unit Cardinal Village in Jacksonville received a $3 million loan. Built in 1964, the property features an outdoor pool, a barbecue area, laundry rooms and a clubhouse. The 10-year loan has a 30-year amortization schedule and was underwritten to a 55 percent loan-to-value with a 1.55x debt service. Cypress Grove, a 208-unit property in Wilmington, received a $5 million, 10-year loan with a 30-year amortization schedule. The loan was underwritten to a 75 percent loan-to-value with a 1.30x debt service coverage ratio. Ryan Greer of Meridian Capital Group originated the loans. Will Baker led the Walker & Dunlop team in the transactions.
KISSIMMEE AND BONITA SPRINGS, FLA. — Thomas D. Wood & Co. has secured $7.4 million in financing for Dollar General Kissimmee and Bonita Exchange Land. Joe Dear of Thomas D. Wood & Co. arranged a $1.3 million loan for the construction of a build-to-suit, single-tenant retail facility in Kissimmee. Located at 2220 Michigan Ave., the 9,100-square-foot facility will be occupied by Dollar General. The loan has a 75 percent loan-to-value and an 80 percent loan-to-cost. Additionally, Dear secured a $6.1 million loan for Bonita Exchange, a 23.1-acre commercial land site located in Bonita Springs. The loans will be used to refinance existing debt.
GASTONIA, N.C. — Forsite Development has acquired a 211,000-square-foot former textile mill in Gastonia. The property, which is located at 1925 W. Poplar St., has been leased to WIX Filters and Republic Textile Equipment Co. Terms of the acquisition were not released. Additionally, Forsite has leased its 165,000-square-foot facility, which is located at 1224 Isley Road, to Stanley, N.C.-based US Leisure.
MELBOURNE, FLA. — Chicago-based HSA PrimeCare and Chicago-based Harrison Street Real Estate Capital have partnered to acquire Crane Creek Medical Center, which is located at 2222 S. Harbor City Blvd. in Melbourne. Built in 2009, the six-story, 107,000-square-foot medical office building was purchased from a joint venture of Milwaukee-based Zilber Ltd. and the building's anchor tenants, The B.A.C.K. Center and Osler Medical. Terms of the transaction were not released.
GREENVILLE, S.C. — Returnable Packaging Resource Inc. (RPR) has purchased a 25,500-square-foot industrial building in Greenville. The customized packaging company plans to expand into the new facility, which is located at 34 Pelham Davis Circle. Laurens Nicholson of Bentley Commercial represented buyer, Laffler Properties LLC; Cindy See of Joseph Wardlaw Realty represented the seller, Synco LLC., in the transaction. The acquisition price was not disclosed.