ORLANDO, FLA. — CIM Group has provided a $72.9 million construction take-out loan for SunTrust Plaza at Church Street Station. The new 28-story, 209,000-square-foot office building is located in downtown Orlando. The borrower, a partnership between Lincoln Property Co. and Mason Capital Partners, delivered the asset earlier this year. Truist Financial Corp., formerly SunTrust Bank, occupies 43 percent of the building through 2030. The asset was 84 percent leased at the time of financing.
CHATTANOOGA, TENN. — The RADCO Cos. has sold Radius Mountain Creek, a 296-unit multifamily community in Chattanooga, for $32 million. The Atlanta-based investment firm recently renovated the property to include a pool, sundeck, firepit, dog park, tennis courts, fitness center and a playground. The asset is situated at 936 Mountain Creek Road, five miles north of downtown Chattanooga. A real estate fund managed by Covenant Capital Group LLC acquired the community. CBRE brokered the transaction.
ALEXANDRIA, VA. — NorthMarq has arranged a $19.5 million acquisition loan for 1199 North Fairfax Street, a 108,118-square-foot office building in Alexandria. NorthMarq arranged a 10-year term loan through an undisclosed life insurance company. The financing featured a fixed interest rate followed by a 30-year amortization schedule on behalf. The 10-story building features an underground parking garage and was 87 percent leased at the time of financing. The asset is situated eight miles south of downtown Washington, D.C. The borrower was not disclosed.
SARASOTA, FLA. — A joint venture between Miami-based Limestone Asset Management and Orion Real Estate Group has purchased two retail properties in Sarasota for $15.5 million. The properties are located at 362 and 371 St. Armands Circle on Lido Key, four miles west of downtown Sarasota. French pastry shop Le Macaron, fashion retailer Breezin’ Up and women’s clothing store Sahara occupy the property at 362 St. Armands. Tommy Bahama occupies the space at 371 St. Armands. Florida-based Ocean Bank provided acquisition financing to the buyers. The seller(s) was not disclosed.
FRISCO, TEXAS — General contractor Adolfson & Peterson has broken ground on the new headquarters building in Frisco for the PGA of America, which is relocating to the northern Dallas suburb from South Florida. The 106,622-square-foot building will be situated on 6.2 acres within the new 660-acre campus, which will also include two golf courses, a 500-room Omni hotel and a golf entertainment district. Architecture firm Page designed the building, which will initially house about 150 employees, and Cushman & Wakefield is managing the construction team on behalf of PGA of America. The new headquarters campus is expected to come on line during the first quarter of 2022. The PGA of America is an organization of about 29,000 members dedicated to elevating the standards of and growing interest in golf.
TALLAHASSEE, FLA. — Boutique National LLC has negotiated the $8.3 million sale of four office buildings within Woodcrest Office Park in Tallahassee. The buildings total 89,284 square feet and are located at 323-325 John Knox Road, three miles north of downtown Tallahassee. At the time of sale, the assets were leased to 26 tenants. Nick Ganey, Tommy Szarvas and Estevan Lamas of Boutique National represented the buyer, an undisclosed private investor, in the transaction. Jimmy Nystrom of NAI Talcor represented the seller, an undisclosed limited liability company.
SOUTHLAKE, TEXAS — RREAF Holdings is nearing completion of a 240-room Delta by Marriott hotel in the Fort Worth suburb of Southlake, with an expected opening date of mid-November. Hotel amenities will include a grab-and-go food market, a 24-hour pantry, fitness center, outdoor pool and lounge area and an onsite restaurant and bar. The 10-story building will also feature 10,000 square feet of meeting and event space. Aimbridge Hospitality will manage the property.
KYLE, TEXAS — Lowe’s has signed a lease to open a 120,000-square-foot distribution center at Kyle Crossing Business Park, a 40-acre development located about 20 miles south of downtown Austin. Lowe’s will occupy approximately 60 percent of Building 1 at 1980 Kohlers Crossing, adjacent to the nearly 308,000-square-foot facility that was leased by Amazon in July. California-based Majestic Realty owns Kyle Crossing Business Park.
AUSTIN, TEXAS — Locally based investment and development firm Manifold Real Estate has broken ground on a 45,600-square-foot office project at 1608 W. 5th St. in Austin. Designed by Studio8 Architects, the three-story, Class A project includes three levels of underground parking and is 75 percent preleased. Zapalac/Reed Construction Co. is the general contractor. Construction is expected to last about 14 months.
WACO, TEXAS — Hunt Capital Partners, in collaboration with co-developers Mears Development & Construction Inc. and Harris284 Team Inc., has raised $11 million in low-income housing tax credit (LIHTC) financing for the construction of Residences at Lake Waco in Waco. Designed for seniors 55 and older, the new development will feature 11 market-rate and 79 LIHTC units set aside for households earning up to 30, 50 and 60 percent of the area median income. Crossroads Housing Development Corp. is the general contractor, and Brownstone Architects & Planners Inc. is the project architect. Construction of the development began in August 2020 and is scheduled for completion in January 2022.
