RALEIGH, N.C. — CB Richard Ellis Capital Markets has secured a $11.55 million loan for a Delaware Statutory Trust to finance the acquisition of Midtown Crossing. The 228-unit Raleigh apartment complex encompasses 11 buildings, a swimming pool, a picnic area and a children’s play area on 23 acres. The borrower’s plans for the property include unit upgrades and $200,000 in exterior renovations. Freddie Mac financed the 7-year loan, which comes with an interest-only rate of 3.63 percent and a 30-year amortization. Keith Braddish, Jason Gaccione, Robert LaChapelle, Richard Jordan, Matt Forgione and Steve Heffner of CB Richard Ellis Capital Markets arranged the loan.
Southeast
POMPANO BEACH, FLA. — Pompano Beach-based Structural Group has purchased 30,317 square feet of industrial space from a Boca Raton, Fla.-based private investor for $3 million. The warehouse, which is located at 2001 Blount Rd. in Pompano Beach, will serve as Structural Group’s new base of operations. The property features 22-foot ceiling height, impact windows and a new roof. Harry Tangalakis and Tom O’Loughlin of CB Richard Ellis’ Fort Lauderdale, Fla., office represented the sellers, and Sperry Van Ness’ Keith Kidwell brokered the transaction on behalf of the buyer.
LENOIR CITY, TENN. — Mimms Enterprises has completed development of the 57,000-square-foot first phase of Market at Town Creek, located at 300 Market Dr. in Lenoir City. The shopping center is anchored by a 44,000-square-foot Food City, and leases have been signed with AT&T, Bojangles’, Sports Clips, Regions Bank and TVA Credit Union. The property is currently 90 percent occupied. The second phase of Market at Town Creek, which will encompass 150,000 square feet of retail space, is still in the planning stages.
DUNCAN, S.C. — Gas Turbine Efficiency Inc. has signed a 49,225-square-foot lease with landlord Hagen Real Estate for space at the Gateway Business Center. The property is located at 240 Parkway East in Greer. Kevin Bentley of Greenville, S.C.-based Bentley Commercial/CORFAC International represented the tenant. Greenville-based Coldwell Banker Commercial Caine’s John Powell represented the owner.
TAMPA, FLA. — Stinger Systems has signed a lease for 14,793 square feet with CLW Industrial Group for space at the 30,000-square-foot Thompson Center II. The warehouse, located at 5505 Johns Rd. in Tampa, is fully leased. The property, which was constructed by Thompson Kirk Properties, will serve as Stinger’s headquarters.
ANDERSON, S.C. — DG Properties II has purchased a 9,014-square-foot Dollar General store from a private seller for an undisclosed amount. The property is located at 3502 E. River St. in Anderson. Robert Griggs of Greenville-based Waterford Enterprises brokered the transaction on behalf of DG Properties. P. Randall Bentley, Jr., of Bentley Commercial/CORFAC International represented the seller.
WASHINGTON, D.C. — New York City-based Integra Realty Resources has formed the Integra Rapid Response Team to help valuate commercial real estate assets. The economic crisis is a huge roadblock to properly assessing commercial assets, and the team was formed as a way to lessen the uncertainly associated with the market value of properties. Joseph Pasquarella of the firm’s Philadelphia office will lead the division, which will also include appraisers from the firm’s 57 locations. Integra has offices in Washington, D.C., Georgia, Florida, Kentucky, North Carolina, South Carolina, Tennessee and Virginia.
HAGERSTOWN, MD. — The Oekos Group has purchased the 110,000-square-foot Stone House Square shopping center from its developer, Faison, for an undisclosed price. The newly completed center, located at the intersection of Leitersburg Pike and Cortland Drive in Hagerstown, is anchored by Weis Supermarkets and Lowe’s Home Improvement Warehouse. Stone House is 90 percent occupied by Chevy Chase Bank, Starbucks Coffee, Greene Turtle and Friendly’s, among others. Mike Gorsage and Kate Howarth of Baltimore-based H&R Retail brokered the sale.
NAPLES, FLA. — Starwood Capital Group has secured a $35 million loan for the 350-unit Carlisle Naples, an assisted-living facility in Naples, from NorthMarq Capital. Freddie Mac financed the 5-year loan, which comes with a 30-year amortization. Compie Newman and Ernest DesRochers of NorthMarq’s Charlotte, N.C., and New York City offices, respectively, arranged the loan.
ROYAL PALM BEACH, FLA. — Keene Construction Co. has broken ground on a 90,000-square-foot Kohl’s department store at 8751 Southern Blvd. in Royal Palm Beach. The store, which marks Keene’s tenth Kohl’s property in Florida, is scheduled for completion early next year. Scott & Goble Architects designed the project.