LAUREL, MD. — Northbrook, Ill.-based Syndicated Equities Group and ASA Properties/Middleton Partners has purchased an office building in Laurel. The single-story, 43,785-square-foot building is located at 7700 Montpelier Road. The property is fully occupied by Johns Hopkins University. James Wellschlager of Cassidy Turley represented the undisclosed seller; Peter Holstein of Romanek Properties represented the buyer in the transaction.
GREENSBORO, N.C. — NorthMarq Capital has arranged $9.5 million in first mortgage financing for Northwinds Apartments. Located in Greensboro, the property offers 332 multifamily units. Financing was based on a 10-year term with a 30-year amortization schedule. Bill Matone of NorthMarq's Charlotte, N.C., regional office secured the financing through Freddie Mac.
NASHVILLE, TENN. — Bernard Financial Group has arranged a $2.9 million loan for the United States Postal Service. The loan is secured by a 217,808-square-foot industrial/warehouse facility in Nashville. The borrower is USP Nashville LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan, which was provided by Symetra Life Insurance Co.
MIAMI — Moduslink Corp. has signed a lease for 114,000 square feet of industrial space at Medley Distribution Center, which is located at 11000 N.W. 92nd Terrace in Miami. The 250,000-square-foot, Class A building is located within Flagler Station Business Park. The transaction is a long-term renewal of 57,000 square feet and an expansion of 57,000 square feet. Steve Medwin, Harry Wardell and Nick Wigoda of Jones Lang LaSalle represented the landlord, Chicago-based Columbia Florida 92nd Industrial, in the transaction. Terms of the lease were not released.
ALPHARETTTA, GA. — New York-based Marathon Asset Management, a corporate, structured and real estate credit investment manager, has closed on East Village Shopping Center, located on Holcomb Bridge Road in Alpharetta, through its real estate lending and distressed debt program. The acquisition involved the purchase of a distressed senior mortgage and simultaneous transfer of ownership through a pre-negotiated deed in lieu of foreclosure. The former borrower, Concordia Properties, will remain the property manager and developer of the shopping center, and Atlanta-based Synergy Resolution Services, a real estate asset manager and co-investor with Marathon, will oversee the on-site business plan implementation. Built in 2008, East Village Shopping Center includes 83,319 square feet of existing retail space with 112,296 square feet of planned development for which much of the infrastructure, planning and pre-development work has been completed. The retail property is shadow anchored by Super Target.
SMYRNA, GA. — Westchester, Ill.-based Tri-Land Properties has broken ground for the redevelopment of The Crossings at Four Corners in Smyrna. Situated on 8 acres, the project will be anchored by a 96,000-square-foot Kroger. The redevelopment project includes the installation of a traffic light at the north property line and South Cobb Drive, the renovation of 60,000 square feet of retail space and the development of eight outparcels and a 25,000-square-foot pad. The project is slated for completion in November.
CHARLOTTE, N.C. — The City of Charlotte has acquired a 2.9-acre lot at the corner of South Tyson Street and Westinghouse Boulevard in Charlotte for $1.69 million. The city plans to development a facility for the Steele Creek Division Police Station on the site. Jim Plyler and Steve Gentry of Piedmont Properties/CORFAC International represented the local undisclosed owners in the transaction.
FORT MYERS, FLA. — CR South has purchased the Shops at Verandah in Fort Myers. Located at the intersection of Palm Beach Blvd. and State Route 31, the 72,795-square-foot retail property is occupied by Publix, Beef 'O Brady's, Pinch a Penny, Allstate and H&R Block. Freestanding tenants at the center include Regions Bank, Exxon Mobil and Wachovia/Wells Fargo. Constructed in 2006, the property was 92 percent leased at the time of acquisition. The Shops at Verandah Ltd. sold the property for an undisclosed price. Jim Michalak, Anthony Blanco and Lenard Williams of Plaza Advisors represented the buyer in the transaction.
BALTIMORE — Crossroads Eastern Avenue LLC has acquired a two-parcel property totaling 4.48 acres at 6801 Eastern Ave. in Baltimore. The asset includes a 99,841-square-foot rentable warehouse building, located in Baltimore, and an adjacent parking area, which is located in Baltimore County, Md. 6801 Eastern Avenue LLC sold the property for $3.25 million. Owen Rouse Jr., Liz Tarren-Jones and Joe Bradley of Manekin LLC represented the seller in the transaction.
RIVIERA BEACH, FLA. — Continental Real Estate Cos. (CREC) has brokered the sale of Seabreeze Harbor Apartment Homes in Riviera Beach. Situated on more than 40 acres at 2304 N. Congree Ave., the 520-unit complex sold for $14.98 million. The property includes 37 low-rise buildings comprising 412,112 square feet of space. The property was 50 percent occupied at the time of acquisition. The undisclosed buyer plans to renovate, rebrand and reposition the asset. Peter Mekras of CREC represented the undisclosed seller. Charles Foschini of CB RIchard Ellis Capital Markets sourced the buyer's financing for the acquisition. Additionally, Gerald Biondo and Brandon Biondo of Murai, Wald and Biondo provided legal counsel for the seller.