CULPEPER, VA. — Cushman & Wakefield | Thalhimer has arranged the $12.5 million sale of Centre at Culpeper, a 72,878-square-foot shopping center anchored by Aldi. The property is located at 15131-15193 Montanus Drive. Built in 2006, the center was 79 percent leased at the time of sale to tenants such as Starbucks, Five Guys Burgers & Fries and Rent-A-Center. Eric Robison, Berkley Mitchell and Sharon Schmidt of Cushman & Wakefield | Thalhimer represented the undisclosed seller in the transaction.
ST. AUGUSTINE, FLA. — MSB Hotels III has purchased Castillo Real, a 60-room boutique resort hotel located at 530 A1A Blvd. in St. Augustine. The company purchased the asset from a joint venture between Impact Properties and DeBartolo Development for $10.3 million. The purchase includes the assumption of an existing CMBS loan. MSB Hotels III has selected Elite Hospitality LLC to manage the hotel. Built in 2005, Castillo Real features beach access, a zero-entry outdoor pool and whirlpool, sauna, steam room, fitness center and the La Cocina Restaurant. Michael Weinberg and Preston Reid of HFF represented the joint venture in the transaction. Members of MSB Hotels III own nearby hotels including Courtyard by Marriott, Hilton Garden Inn and Hampton Inn, all of which are managed by Elite Hospitality.
TALLADEGA, ALA. — The Cooper Commercial Investment Group has brokered the $2.1 million sale of Talladega Plaza, a 37,981-square-foot retail center located in Talladega. The center is shadow-anchored by a Walmart Supercenter. Dan Cooper of Cooper Commercial’s Cleveland office represented the seller, a private investor based in Alabama. The buyer is a private investor based in Kansas.
BETHESDA, MD. — Capital One has served as lead arranger and administrative agent for a $61 million syndicated loan and $12 million syndicated credit facility to affiliates of CommuniCare Health Services, a Cincinnati-based provider of post-acute care. CommuniCare will use the financing to purchase nine skilled nursing facilities in Ohio and Maryland from a publicly traded REIT.
FORT LAUDERDALE, FLA. — Stiles has completed The Enclave Shops at Coral Ridge, a 27,300-square-foot shopping center anchored by The Fresh Market. The property is located at the entrance of a single-family home community in east Fort Lauderdale near Oakland Park Boulevard and Fort Lauderdale Beach. The Fresh Market occupies 21,000 square feet of the shopping center, which will also feature inline retail shops and an outparcel leased to a bank. Stiles developed the project in a joint venture agreement with a group of local businessmen headed by Phil Smith. Stiles is leasing and managing the property.
LAUREL, MD. — M&T Realty Capital Corp. has provided a $26 million acquisition loan for Horizon Square Apartments, a 254-unit apartment community located in Laurel, roughly 20 miles from both Baltimore and Washington, D.C. About 53 percent of Horizon Square’s units comprise one-bedroom layouts, with the remaining units comprising two- and three-bedroom residences. Amenities include a fitness center, clubroom, swimming pool and a playground. Tim Weldon of M&T Realty Capital’s Washington, D.C., office originated the Freddie Mac loan on behalf of the borrower, ROSS Cos., which plans to upgrade the property’s lighting fixtures, entryways and unit interiors, as well as install new windows.
LAKE MARY, FLA. — Cushman & Wakefield has arranged the $21.3 million sale of Technology Park, a five-building, 297,582-square-foot office, flex and warehouse park in Lake Mary, a suburb of Orlando. The single-story buildings are located at 100, 200, 250, 255 and 525 Technology Parkway. Buildings 250 and 255 were recently converted to Class A office space. The portfolio was 58 percent leased at the time of sale to tenants such as FARO Technologies and CuraScript. Michael Lerner, Mike Davis and Rick Brugge of Cushman & Wakefield represented the seller, Toronto-based Sun Life Assurance Co. of Canada, in the transaction. Colorado-based Real Capital Solutions purchased the portfolio for roughly $72 per square foot.
COVINGTON, LA. — KeyBank Real Estate Capital has arranged a $16.7 million acquisition loan for The Trace at Claiborne Hill, a 94-unit seniors housing community in Covington, located across Lake Pontchartrain from New Orleans. Built in 2009, the property features independent living and assisted living services, as well as a 24-unit, secured memory care building that was added to the property in 2014. Carolyn Nazdin of KeyBank arranged the 10-year, non-recourse, fixed-rate loan through Freddie Mac.
RUSKIN, FLA. — Cushman & Wakefield has brokered the sale of a 1 million-square-foot distribution center located at 3350 Laurel Ridge Ave. in Ruskin, a suburb of Tampa. The transaction was the largest industrial sale in Tampa history in terms of both size and value, according to Cushman & Wakefield research. The price was undisclosed, but public records set the sale price at $103.6 million. USAA Real Estate Co. sold the LEED Silver-certified asset to Cole Office & Industrial REIT Inc., a non-listed REIT sponsored by Cole Capital, the investment management business of Phoenix-based VEREIT. Built in 2014, the property is fully leased to a Fortune 50 retailer and features 40-foot clear heights, a 200-foot truck court, 92 rear-load doors, 54- by 50-foot column spacing, an ESFR sprinkler system and trailer parking. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented USAA Real Estate in the transaction.
FORT MILL, S.C. — Miller-Valentine Group plans to develop Beckett Farms, a 280-unit luxury apartment community in Fort Mill, a southern suburb of Charlotte in South Carolina. The asset will be situated on 44 acres near the intersection of Gold Hill Road and I-77. The property will feature one-, two- and three-bedroom units, as well as carriage units with garages underneath. Interiors will feature wood-style flooring, farmhouse-inspired fixtures and lighting, washers and dryers, stainless steel appliances, granite countertops, freestanding islands and tiled backsplashes. Amenities will include a salt water/ mineral pool with sun shelves, covered cabanas, palm trees, gas fire pit lounge area, outdoor kitchen and grill station, cyber café and a fitness center. The design team includes architects Axiom Architecture, Design Resource Group and Vignette Interior Design; general contractor CF Evans Construction; construction manager Miller-Valentine Construction; and marketing firm Yellow Duck Marketing. Miller-Valentine expects to deliver the first units of Beckett Farms by May 2017.
