CLINTON, TENN. — Knoxville, Tenn.-based Formall Plastics has purchased a 200,000-square-foot industrial property in Clinton. Situated on 30 acres at 1709 Lake City Highway, the manufacturing/distribution facility sold for $1.8 million. Bob Thornton of Baker Realty Co. brokered the transaction. The seller was MasterBrand Cabinets.
Southeast
TUPELO, MISS.; AND GULF BREEZE, FLA. — CLW Health Care Services Group has negotiated the sale of two assisted living communities in Tupelo and Gulf Breeze. Herbert J. Sims and a joint venture partner sold the two properties for a total of $13.9 million or $110,317 per unit. LTC Properties acquired the assets. AvonLea in Tupelo features 65 assisted-living units and 20 independent-living cottage and Gulf Breeze Courtyard in Gulf Breeze features 61 assisted-living/memory-care units.
PALM SPRINGS, FLA. — CB Richard Ellis Capital Markets has arranged $7.3 million in financing for Advenir Station at Springdale Apartments, a multifamily community located in Palm Springs. The 151-unit community features a pool, a playground and a neighborhood lake. Terms of the fixed-rate financing include a 10-year term, a 30-year amortization schedule and 77 percent loan-to-value. Charles Foschini, Christian Lee and Christopher Apone of CB Richard Ellis Capital Markets arranged the financing through Freddie Mac on behalf of Advenir@Pines LLC.
ORLANDO, FLA. — Miami-based LNR Properties has completed the disposition of Park Hamilton Apartments, located at 5900 Park Hamilton Road in Orlando. Santa Monica, Calif.-based La Esperanza Orlando acquired the 330-unit property for $4.05 million. The property was built in 1974 and was 41 occupied at the time of closing. Hal Warren of Hendricks & Partners represented the seller, along with receiver Hold-Tyssen LLC of Winter Park, Fla.
LOUISVILLE, KY. — A Pittsburgh-based private investment group has acquired the ownership interest of Dixie Depot Plaza, which is located at 6810-6812 Dixie Highway in Louisville. Developed in 2009, the retail plaza is occupied by Qdoba Mexican Grill, Gaddie Eye Center and Aspen Dental. A private group of local investors sold the property for $2 million. Dan Cooper of The Cooper Commercial Investment Group represented the sellers in the transaction.
HOLLYWOOD, FLA. — The Hollywood Housing Authority has purchased Hollywood Village Apartments, which is located at 1735 Lincoln St. in Hollywood. The three-story, 29-unit apartment sold for $1.53 million or $52,914 per unit. J. Keith Kidwell of Sperry Van Ness Commercial Realty in Fort Lauderdale, Fla., represented the buyer and the seller, Hollywood Village LLC/Phil Von Kahle, receiver, in the transaction.
NAPLES AND FORT MYERS, FLA. — CB Richard Ellis, Fort Myers/Naples has brokered the sales of two multifamily properties in Naples and Fort Myers. In the first transaction, a private equity investment group acquired Turtle Creek, a 245,600-square-foot multifamily complex located at 1130 Old Turtle Creek Blvd. in Naples. FHFC II sold the 12-building, 268-unit complex for an undisclosed price. Jonathan Richards of CBRE, Fort Myers/Naples brokered the transaction. In the second transaction, Next Level Church purchased a 20,000-square-foot building, which is situated on 10.91 acres at 12400 Planation Road in Fort Myers. Love and Grace Family Church sold the property for $1.587 million. Stan Stouder and Mark Alexander represented the seller in the transaction.
ARLINGTON, VA. — Ashford Hospitality Trust has closed a $105 million loan with Deutsche Bank secured by the Marriott Crystal Gateway in Arlington. The 10-year term loan, which carries a fixed interest rate of 6.26 percent, will replace an existing $60.3 million loan on the property that had an initial maturity date in March 2012. The excess loan proceeds will be used to pay down the company's credit facility and for general purposes.
TAMPA, FLA. — Love Funding has secured a $3.6 million loan for the refinancing of Central Tampa Assisted Living Facility in Tampa. The 96-bed and 50-unit facility specializes in the care of seniors with Alzheimer's and related memory disorders. Robyn Cunningham of Love's St. Louis office originated the loan by utilizing the FHA 232/223(f) LEAN program, which locked in a 4.5 percent interest rate with a 26-year amortization schedule for the borrower.
GREENBELT, MD. — Wrightwood Capital High Yield Partners II has closed a $23 million preferred equity investment for the recapitalization and renovation of Empirian Village Apartment complex with Fieldstone Properties. Completed in 1973, the 2,877-unit garden-style apartment complex is located on 155 acres in Greenbelt. Concurrent with Wrightwood's equity investment, Freddie Mac provided a 7-year, $241.5 million first mortgage.