KISSIMMEE, FLA. — Williams Co. Southeast has broken ground on St. Cloud Commons, a 225,000-square-foot retail center located in Kissimmee, a city on the southern outskirts of Orlando. Situated on a 33-acre site near the intersection of the Florida Turnpike and U.S. Highway 192, the center is pre-leased to tenants such as Hobby Lobby, Outback Steakhouse and Panera Bread. Delivery is slated for October.
MIAMI — Housing Trust Group has completed the $23 million development of Wagner Creek Apartments, a 73-unit complex located at 1501 N.W. 13th Court in Miami’s health district. Funding for the project included $17 million in equity from Raymond James Tax Credit Fund and a $3.4 million permanent loan from Citi Community Capital. The company broke ground on the development in November 2016.
MIAMI BEACH, FLA. — Meridian Capital Group has arranged a $26 million loan to refinance the 253-room Holiday Inn located at 4333 Collins Ave. in Miami Beach. Jacob Schmuckler and Steve Adler of Meridian Capital Group arranged the 10-year CMBS loan, which features interest-only payments for the full term. The property, which was fully renovated in 2009, offers an on-site bar and restaurant, fitness center, laundry facilities and a business center.
ORLANDO, FLA. — BTI Partners has sold 30 acres located at the interchange of Interstate 4 and U.S. Highway 27 in the Orlando suburb of Davenport, and opened The Grove Resort & Spa Orlando at 14501 Grove Resort Ave. in Orlando. The 30-acre site, which sold to a retail developer for $9.9 million, is part of Posner Park, a 104-acre, master-planned community that features 200,000 square feet of retail space, as well a hotel and residential units. The first phase of Grove Resort & Spa, a 106-acre property that spans roughly 2 million square feet and includes a lakefront pier with watersports and a water park, opened March 10.
BOWIE, MD. — The Greenwich Group International has secured $22 million in construction financing for the development of a Courtyard by Marriott Hotel in Bowie, located about 20 miles east of Washington, D.C. The developer is Hospitality Development Co. of Columbia, Md. The 144-room hotel is being built near the entrance to Melford, a 466-acre, mixed-use business park at Route 50 and Route 301. Greenwich obtained a $12.4 million first mortgage construction loan with $5 million in subordinate financing from the Small Business Administration; $2.6 million from several state and county economic development funds; and the remaining $2 million from a side loan sourced from the first mortgage lender.
HAMPTON, VA. — Marcus & Millichap has brokered the $23.6 million sale of a nine-property 7-Eleven portfolio located in the Tidewater region of Virginia. Three of the 7-Eleven properties are located in Hampton, and two are in Williamsburg. The remaining properties are located in Poquoson, Newport News, Gloucester and Surry. Mark Taylor, Derrick Dougherty and David Becattini of Marcus & Millichap represented the seller, a privately held entity, and procured the buyer, an unnamed REIT.
BATON ROUGE, LA. — GBT Realty Corp., a Nashville-based commercial developer, has broken ground on a 6,600-square-foot retail center on Millerville Road in Baton Rouge. GBT acquired the nearly one-acre site from Target in February for $810,000. Shadow-anchored by Target, Best Buy, Lowe’s Home Improvement, PetSmart and Office Depot, the center is 100 percent pre-leased to tenants such as PacificDental, GNC and Zoes Kitchen.
FORT LAUDERDALE, FLA. — Bridge Development Partners has sold two Class A industrial buildings in South Florida totaling nearly 400,000 square feet for $53 million. The assets include Bridge Point Davie in south Broward County and Bridge Point Crossroads West in northwest Miami-Dade County. Chris Riley, Christian Lee and Jose Antonio Lobon of CBRE represented Bridge Development Group in the sale to an unnamed institutional investment management firm. Built in the second quarter of 2015, the 145,800-square-foot Bridge Point Davie was fully leased at the time of sale to tenants such as Pet Supermarkets and Challenge Warehouse. Steve Wasserman and David Wigoda of JLL managed the leasing assignment for the asset on behalf of Bridge Development. Built in the third quarter of 2016, the 243,300-square-foot Bridge Point Crossroads West was nearly 90 percent leased at the time of sale to tenants such as Ace Transport and Pas Cargo. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield marketed the asset on behalf of Bridge Development.
ASHEVILLE, N.C. — The University of North Carolina at Asheville is set to break ground on a $33.8 million, 300-bed on-campus student housing community. The six-building development will feature four-, five- and six-bedroom units with full kitchens. The sixth building will offer a multipurpose room and visitor’s center, fitness center and an apartment for the community director. Adjacent parking is also planned as part of the project. Construction will begin this spring.
CHARLOTTE, N.C. — Development-Management Inc. (DMI) plans to develop a new two-story, 120,000-square-foot self storage facility at 536 W. Tremont Ave. in Charlotte’s South End. Situated on 3.5 acres between South Tryon Street and Toomey Avenue, the property will feature 98,000 square feet of rentable storage space, a wine cellar and exterior units that will be accessible by car. DMI purchased the site in a bankruptcy sale for $1.5 million. The developer expects to deliver the new property in 2018. The facility will be DMI’s sixth self storage property in Charlotte and its ninth in the Carolinas.