TIMONIUM, MD. — Cassidy Turley has brokered the $4.15 million sale of the 40,151-square-foot Deereco I, a flex building located at 9474 Deereco Rd. in Timonium. Jon Carpenter and Jay Wellschlager of Cassidy Turley's Baltimore office represented the seller, Deereco I, LLC, in the transaction. Abrams Development Group was the buyer.
Southeast
NEWPORT NEWS, VA. — Calkain Cos. has negotiated the $3.3 million sale of a 16,510-square-foot showroom, located at 11967 Jefferson Ave. in Newport News. The property is currently leased to La-Z-Boy Furniture Galleries. Bob Browning of Calkain's Wilmington, Del., office, along with Andrew Fallon of the Restin, Va., office represented the seller. The buyer was a local investment group.
TITUSVILLE, FLA. — SIKON Construction has completed a $3 million, 45,600-square-foot Publix at St. John's Plaza, located at 3275 Garden St. in Titusville. The new store will replace the previous location at 3265 Garden St. PMAT Real Estate Investments developed the store and Cuhaci & Peterson was the architect.
CLEARWATER, FLA. — Grandbridge Real Estate Capital has arranged a $4.5 first mortgage loan for a 171-site manufactured home community in Clearwater. Stephen Marshall and Todd Elkins of Grandbridge's Tampa, Fla., office arranged the 10-year loan with a 25-year amortization schedule through an insurance company.
FORT LAUDERDALE, FLA. — Ivy Realty has acquired the majority stake interest in the 340,000-square-foot One East Broward Boulevard, located in Fort Lauderdale, from a 32-member TIC for $42 million. The buyer is undertaking a strategic capital improvement program to enhance the building's lobby and common areas, upgrade its building systems and re-tenant the building, which is 50 percent leased.
LANDOVER HILLS, MD. — Bethesda, Md.-based Broad Street Realty has acquired the 68,000-square-foot Crestview Square Shopping Center, located at 6747 Annapolis Rd. in Landover Hills, from AG-FCP Cherry Hill for $10.7 million. Value Village anchors the center, which is fully leased. Andy Stape and Matt Adler of KLNB Retail's Washington, D.C., office represented the seller in the transaction. The buyer was self-represented by Tim McCann.
STRASBURG, VA. — Calkain Cos. has brokered the $2.85 million sale of the 15,547-square-foot Cedar Creek Station, located south of the intersection of Interstates 81 and 66 in Strasburg. Betty Friant of Calkain Cos.' Reston, Va., office represented the seller, Scott Rosenfield of La Rose Development. Trow Littleton of Armfield Miller & Ripley represented the buyer, a local investment group.
BLACK CREEK, GA. — Matson Logistics has signed a 130,000-square-foot lease at the 604,930-square-foot Building 100, located in Interstate Centre at 951 Interstate Center Blvd. in Black Creek, Ga. Nathan Pramik and Mark Hawks of Atlanta-based Resource Real Estate Partners represented the landlord, TPA Realty Services, in the lease transaction. Cliff Dales of Colliers International's Savannah, Ga., office represented the tenant.
PONTE VEDRA BEACH, FLA. — Grandbridge Real Estate Capital's Jacksonville, Fla., office has arranged a $4.15 million first mortgage loan for the 28,081-square-foot Azalea Plaza, a shopping center located at 2 Fairfield Blvd. in Ponte Vedra Beach. The CMBS loan has a 10-year term with a 30-year amortization schedule.
MIAMI — Equity One has entered into an agreement to sell 36 shopping centers, comprising 3.9 million square feet, for $473.1 million to Blackstone Real Estate Partners VII. These assets were encumbered by mortgage loans having an aggregate principal balance of approximately $177.4 million as of June 30, 2011. The shopping centers are located predominately in Atlanta, Tampa and Orlando, Florida, with additional properties located in North Carolina, South Carolina, Alabama, Tennessee and Maryland. Equity One intends to use the proceeds from the sale to retire debt, fund its redevelopment pipeline, for future acquisitions and other corporate purposes. Closing of the transaction is expected to occur in the 4th quarter. Lazard Freres & Co. is acting as the seller's financial advisor in the transaction and Eastdil Secured is acting as the buyer's financial advisor.