MONTGOMERY, ALA. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage has obtained a $12.9 million loan under the Fannie Mae DUS Loan product line for Park Place, a 200-unit residential complex in Montgomery. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.89 percent. The loan was originated by Ronen Abergel. Arbor Commercial Mortgage is headquartered in Uniondale, N.Y.
TEMPLE TERRACE, FLA. — Marcus & Millichap Real Estate Investment Services has arranged the sale of the Telecom Technology Center, a 133,919-square-foot, three-building, single-story office park in Temple Terrace, in a 1031 exchange. The Telecom Technology Center sold for $10.9 million and traded at a cap rate of 10.65 percent. Douglas Mandel of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, FOA Tampa LLC. Nathan Wood of the firm's Jacksonville, Fla., office represented the buyer, Lepanto Realty Corp.
ATLANTA — Dallas-based Cobalt Capital Partners, through its Cobalt Industrial REIT affiliate, has executed a 135,000-square-foot lease with Scott Distribution Service Inc. at 5201 Phillip Lee Dr. in Atlanta. Scoot Distribution Service is a provider of integrated logistics services including warehousing, fulfillment, transportation and packaging. Chip Watson of CB Richard Ellis represented the tenant.
ORLANDO, FLA. — Orlando-based Mercantile Capital Corp. has closed on SBA 504 loans worth more than $12 million in August, up more than 212 percent over the same period last year. Included in the loans was $4.5 million to acquire and renovate Best Western's Sun Vista Hotel on International Drive in Orlando and $1.1 million to acquire and renovate a dental office in Atlanta. SBA 504 loans offer 90 percent loan-to-cost financing at below-market rates for qualified small business owners who want to acquire or develop their own facilities.
TAYLORS, S.C., AND KNOXVILLE, TENN. — Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust has sold two Wal-Mart stores in the Taylors Square shopping center in Taylors and the Northwest Crossing development in Knoxville to an undisclosed buyer for $27.4 million. A Home Depot store in Michigan was also included in the transaction. Ramco-Gershenson still owns 125,000 square feet of the Knoxville property and 35,000 square feet of the Taylors property. The firm will use proceeds from the sale to pay down a credit facility.
TAMPA, FLA. — Charles LeClaire and Michael Mele of Marcus & Millichap’s National Self Storage Group brokered the sale of a U-Store-It property between two undisclosed parties for $2.8 million. The 56,197-square-foot facility is located on North Dale Mabry Highway in Tampa. Built in 1985, the property encompasses 474 units.
SOUTHAVEN, MISS. — Three retailers will move into spaces vacated by previous tenants in the Southaven Towne Center during the end of this year and early 2010. The 530,000-square-foot center will welcome a 34,000-square-foot hhgregg in a previous Circuit City location; a 25,000-square-foot Bed, Bath & Beyond in a former Linens ’N Things location; and an 18,000-square-foot Jo-Ann Fabric and Craft in a space vacated by Cost Plus World Market. The property, which is anchored by Dillard’s and JC Penney, is located in Southaven.
CHARLESTON, S.C. — Boater’s World Properties has sold a 6,950-square-foot retail property to Palmetto Land Buyers for $1.08 million. The building is located at 1863 Sam Rittenberg Blvd. in Charleston. Blair Belk and Trey Lucy of Grubb & Ellis|WRS of Mount Pleasant, S.C., brokered the sale.
HUNT VALLEY, MD. — A 63,000-square-foot MVP Entertainment location will open its doors early next year in the 980,000-square-foot Hunt Valley Towne Centre in Hunt Valley. MVP features an upscale restaurant, two golf simulators, 38 bowling lanes and private reception areas that can accommodate up to 200 people. Hunt Valley Towne Centre is anchored by a 140,000-square-foot Wegmans.
CAPE CORAL, FLA. — J.L. Wallace has finished work on Cape Christian Fellowship’s 22,000-square-foot educational building. Designed by Titsch & Associates, the property is located at 2110 Chiquita Blvd. in Cape Coral. The building encompasses two public assembly rooms, administrative offices and 14 classrooms.