Property Type

WSA TO BUILD HILLWOOD PLAZA SHOPPING CENTER

by admin February 13, 2012

MOBILE, ALA. — Mobile-based White-Spunner & Associates (WSA) has been selected by Publix to build the 74,450-square-foot Hillwood Plaza Shopping Center, located at 2370 Hillcrest Rd. in Mobile. A 45,600-square-foot Publix will anchor the center, which will include an additional 28,850 square feet of retail space. Zito and Russell Architects and Rester & Coleman Engineers have also been selected to work on the project. Ground breaking is slated for late summer 2012, with completion scheduled for summer 2013.

February 13, 2012

BOURBON ORLEANS HOTEL RENOVATION COMPLETE

by admin February 13, 2012

NEW ORLEANS — The 246-room Bourbon Orleans Hotel, located at 717 Orleans St. in New Orleans, has completed a multi-million dollar renovation. Upgrades to guestrooms include new bedding, carpeting, wall colors and coverings, interior plantation shutters and furnishings. The bathrooms received extra counter space, black granite surfaces and black tile and glass-enclosed showers. Property renovations include repainting all exterior balconies and window frames, as well as the addition of an enlarged fitness center. The renovation began in August 2011.

February 13, 2012

Hospitality Southeast

M&M BROKERS $5.6M HOTEL SALE

by admin February 13, 2012

ORLANDO, FLA. — Marcus & Millichap has arranged the $5.6 million sale of the 214-room Quality Suites – South Orlando, located at 9350 Turkey Lake Rd. in Orlando. Ahmed Kabani of Marcus & Millichap's Miami office represented the seller, a limited liability company, in the transaction and procured the buyer, a private investor.

February 13, 2012

Multifamily Southeast

BEECH STREET PROVIDES $11.3M LOAN

by admin February 13, 2012

BALTIMORE —Beech Street Capital has provided an $11.3 million Fannie Mae conventional loan for the acquisition of the 120-unit Henderson House, a multifamily property located at 101 E. Mount Royal Ave. in Baltimore. Jacob Katz of Meridian Capital Group originated the 10-year loan with 2-years interest only and a 30-year amortization schedule.

February 13, 2012

Healthcare Midwest

CARTER VALIDUS BUYS SURGICAL CENTER FOR $8.4M

by admin February 13, 2012

ST. LOUIS — Tampa-based Carter Validus Mission Critical REIT has acquired the St. Louis Surgical Center, an ambulatory surgical center in St. Louis, for $8.4 million. The facility is in close proximity to three area hospitals: St. Johns Mercy Medical Center, BJC Missouri Baptist and Barnes Jewish West County Hospital. The surgical center opened in 2005 with nine pre- and post-operating bays and five operating rooms totaling 14,718 square feet. In 2007, the facility expanded by 7,105 square feet with the addition of two operating rooms and nine overnight stay rooms.

February 13, 2012

Midwest Office

GRANDBRIDGE SECURES $27M MORTGAGE FOR OFFICE PARK ACQUISITION

by admin February 13, 2012

WOODLAWN, ILL. — Grandbridge Real Estate Capital has arranged a $27 million first mortgage loan secured by Rutherford Business Park, a 359,937-square-foot office park in Woodlawn. The borrower is a partnership comprised of Chicago-based Blue Vista Capital Management and Baltimore-based CSG Partners. Jim Cope of Grandbridge's Milwaukee office arranged the financing through Kirk Booher of BB&T Real Estate Funding. The interest-only, floating rate loan is for a period of three years.

February 13, 2012

Midwest Multifamily

MARQUETTE COS. BUYS CONDO PROPERTY IN ILLINOIS

by admin February 13, 2012

ITASCA, ILL. — The Marquette Cos. has purchased Two Itasca Place, a 70-unit condominium property in Itasca originally developed by the seller, Bloomingale, Ill.-based Donald E. Morris Enterprises. The five-story property includes an underground, structured parking garage. Marquette plans to convert the property to apartments with financing provided by West Suburban Bank. The first rental units will be available this spring. Two Itasca Place is located at the corner of Rohlwing and Nordic roads.

February 13, 2012

Healthcare Midwest

ROCKFORD SELLS CHICAGO MEDICAL PROPERTY FOR $2.2M

by admin February 13, 2012

CHICAGO — Rockford 550 has completed the $2.2 million sale of a 13,980-square-foot medical property, located at 825 W. 35th St. in Chicago. The property is net-leased to Fresenius Medical Care (FMC), which has 11 years remaining on its lease. FMC specializes in kidney dialysis and patient-oriented renal therapy. Ben Rosenfield of Titan Commercial's Chicago office represented Rockford in the transaction. Coldwell Banker represented the buyer, Georgia Tsoutsos.

February 13, 2012

Healthcare Northeast

PREIT SIGNS AGREEMENT FOR NEW HEALTHCARE FACILITY AT PLYMOUTH MALL

by admin February 13, 2012

PHILADELPHIA —Pennsylvania Real Estate Investment Trust has signed an agreement to launch a Mercy Health System consumer health and wellness facility at Plymouth Meeting Mall in Philadelphia this September. The health system is aligned with Mercy Suburban Hospital. The 23,000-square-foot outpatient ambulatory healthcare facility will include primary care physicians and specialist offices, physical therapy and non-invasive procedure suits, imaging facilities and a walk-in clinic. The space will be accessible from both inside and outside the mall.

February 13, 2012

Hospitality Northeast

PCCP ARRANGES $65M LOAN TO FINANCE ACQUISITION OF CASSA HOTEL

by admin February 13, 2012

NEW YORK CITY — PCCP has arranged a $65 million loan for the acquisition and repositioning of Cassa Hotel, on behalf of China-based HNA Property Holding Group. The 165-room luxury hotel is located at 70 W. 45th St. in New York City. The loan is secured by the lower 24 stories and basement levels of a 45-story tower, with floors 25 to 45 consisting of residential condo units that are not collateral for the loan. In addition to the hotel rooms, the property includes 11,000 square feet of restaurant space leased to BLT Restaurant and 1,100 square feet of meeting space. HNA plans to renovate and rebrand the hotel, which Viceroy Hotel Group will manage.

February 13, 2012

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