DURHAM, N.C. — American Real Estate Partners has completed the disposition of Nottingham Hall, an office building located at 4505 Emperor Blvd. in Durham. Situated within Durham's Imperial Center business park, the building offers 105,363 square feet of Class A office space. The building was sold to an undisclosed buyer for an unreleased price. Paul Collins, Bill Collins, Drew Flood, Jud Ryan, James Cassidy, David Finger and Hillman Duncan of Cassidy Turley represented the seller in the transaction.
WEST PALM BEACH AND LAUDERHILL, FLA.; AND RALEIGH, N.C. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded three loans totaling $13.25 million under the Fannie Mae DUS Loan and Fannie Mae DUS Small Loan product lines in Florida and North Carolina. The 192-unit Sunset Place Apartments in West Palm Beach received a $6.5 million, 10-year loan, which amortizes on a 30-year schedule. Olive Tree Apartments, a 88-unit complex in Lauderhill, received a $3.3 million, 10-year acquisition loan, which amortizes on a 30-year schedule. Finally, the 39-unit Blackwolf Run II-6 in Raleigh received a $3.45 million, 9-year loan, which amortizes on a 30-year schedule. Alexander Kaushansky of Arbor's New York office originated the loans. Additional loan terms were not disclosed.
ROGERS, ARK. — Marcus & Millichap has brokered the sale of a net-leased Burger King in Rogers. Located at 500 S. Eighth St., the 3,621-square-foot facility sold for $1.58 million. John Edward Brigel, Ron Schultz and CJ Cooper of Marcus & Milichap represented the undisclosed seller in the transaction. The buyer was not released.
PADUCAH, KY. — David Garfinkel of NorthMarq Capital's St. Louis Regional office has arranged a $4.3 million loan for Paducah Towne Center in Paducah. The 178,425-square-foot, free-standing Walmart-anchored center is located at 3220 Irvin Cobb Dr. Financing was based on a 10-year term with a 25-year amortization schedule. NorthMarq arranged the financing through its relationship with Symetra Life Insurance Co.
HARFORD COUNTY, MD. — St. John Properties has completed nine office and R&D buildings at The Government and Technology Enterprise (The GATE) project, a 416-acre business community located within Aberdeen Proving Ground in Harford County. The buildings, which were designed to meet LEED SIlver certification, offer a total of more than 526,000 square feet of space. Current tenants at the business park include CACI International Inc., L-3 Communications, Raytheon Company and Science Applications International Corp.
CHESAPEAKE, VA. — Jay Mahalaxmi LLC has purchased the Super 8 Motel in Chesapeake. The buyer plans to renovate the three-story, 58-room hotel, which will continue to be a Super 8. David Mumford of The Mumford Company's Newport News, Va., office represented the undisclosed seller in the transaction. Terms of the transaction were not released.
WEST VIRGINIA — Scott DeVinney of NorthMarq Capital's Upstate New York Regional office arranged $13.3 million in first mortgage financing for The Crossings Shopping Center in West Virginia. The 200,000-square-foot retail center is occupied by a variety of tenants, including Kmart and Kroger. Financing was based on a 10-year term and a 25-year amortization schedule. The loan was arranged for the borrower through NorthMarq's relationship with American National.
MIAMI — BVT Development Partners has completed the sale of Coral Station, a 3-acre development site located at 1420 S.W. First Court in Miami's Brickell Financial District. A private foreign investment group led by Miami-based Alex Vadia acquired the property for $14.78 million. Potential development options for the site include residential, hotel and retail.
COLUMBIA, MD. — Columbia Gateway Plaza LLC has acquired The Shoppes at Gateway Plaza, a 24,000-square-foot retail center situated within the 630-acre Columbia Gateway Business Community at 7185 Columbia Gateway Dr. in Columbia. Sanford Gateway LLC, an affiliate of Stanford Properties, sold the center for $3.5 million or $148 per square foot. The center is currently 87 percent leased to a mixture of restaurants and business service amenities, including The Columbia Bank. Rick Porter of Goldstone Realty represented the buyer; Gil Neuman of KLNB Retail Investment Sales represented the seller in the transaction.
ATLANTA — Thayer Lodging Group is under contract to acquire Hotel Palomar Atlanta-Midtown, which is located at 866 W. Peachtree St. NW, from WP Partners. Concurrent with acquisition, the 21-story, 304-room hotel will be rebranded as The Renaissance Atlanta Midtown Hotel, within the Marriott International lifestyle portfolio. Renaissance will operate the hotel upon closing of the acquisition. The hotel features 10,000 square feet of flexible meeting space and a 1,000-square-foot fitness center.