MIAMI — Grandbridge Real Estate Capital has closed $20.2 million in first mortgage construction loans for two new warehouse buildings at the AVE Aviation and Commerce Center, a 2.6 million-square-foot master-planned corporate business park in Miami. The warehouse properties, which are 32 percent pre-leased to an aircraft engine repair firm, will span 313,820 square feet. Phil Carroll of Grandbridge arranged the construction financing through BB&T.
SUNRISE, FLA. — HFF has arranged a $38.2 million loan for the refinancing of Sawgrass Lake Center, a 239,373-square-foot, Class A office building in Sunrise. The property is located south of Sawgrass Mills Mall at 13450 W. Sunrise Blvd. The office building was 84 percent leased at the time of the sale. Paul Stasaitis, Chris Drew, Jorge Portela, Jose Carrazana and Maxx Carney of HFF arranged the loan through Mesa West Capital’s Mesa West Real Estate Income Fund III, a $750 million debt vehicle. The loan was arranged on behalf of the borrower, a joint venture between CNL Commercial Realty Estate and Long Wharf Real Estate Partners.
ROSWELL, GA. — Sterling Organization has purchased Roswell Village Shopping Center, a 145,082-square-foot shopping center located at the southwest corner of Highway 9 and Holcomb Bridge Road in Roswell, roughly 20 miles north of downtown Atlanta. Sterling purchased the asset for approximately $10.6 million in an off-market transaction via its institutional fund Sterling Value Add Partners II LP. The property is currently 31 percent leased to tenants such as Goodyear, Pizza Hut, Jersey Mike’s and Curves.
NAPLES, FLA. — Investment Properties Corp. has brokered the sale of Goodlette Corners, a 46,000-square-foot retail center located at the intersection of Goodlette-Frank and Pine Ridge roads in Naples. OREXCO purchased the asset from Goodlette Corners LLC for $13.3 million. David Stevens of Investment Properties Corp. represented the buyer in the transaction. Steve Hovland of Hovland Real Estate represented the seller.
CHARLESTON, S.C. — The Kalikow Group plans to start construction soon on The Apartments at Shade Tree, a 248-unit garden-style apartment community at the entrance of Shade Tree, a 355-acre master-planned development in Charleston. The asset will be located on a 9.2-acre site at 2947 Maybank Highway on Johns Island. The Kalikow Group has formed a joint venture with EYC Cos. for the project. The apartment community will feature a fitness center, clubhouse, pool, business center, playground, dog park, walking trails and access to community parks and retail outparcels. The Apartments at Shade Tree will be the first multifamily development in the Johns Island area since 2005.
HANOVER, MD. — MCR Development LLC has completed renovations on two hotels in Hanover, a suburb of Baltimore. The assets are the 130-room Hampton Inn & Suites Arundel Mills/Baltimore at 7027 Arundel Mills Circle and the 131-room Residence Inn Arundel Mills/BWI Airport at 7035 Arundel Mills Circle. The renovations include upgrades to the lobby areas and the guestrooms.
The trends in Louisville are typical of a market rebounding. According to CBRE Research, the Louisville market is experiencing rent growth, vacancy declines, construction increases and more speculative product hitting the city. Leasing volume is increasing steadily, and investment sales are peaking as well. The Louisville industrial market remains tight even with several recent construction completions. With more than 100 million square feet of industrial space in the area, Louisville is a major player in the Eastern United States distribution market. Despite several lease and sale transactions consummating in the second quarter of 2014, market vacancy increased slightly to 4 percent, which reflects the fact that several large speculative buildings came on line during the period offsetting otherwise net positive absorption. As expected, with existing industrial inventory levels at an all-time low and new building deliveries coming on line and more on the horizon, market vacancies rose to 3.9 percent in the first quarter of 2014, ending a streak of 13 consecutive quarters of declining vacancy. Louisville remains an extremely tight market, even considering the increase in the vacancy rate. In addition, compared to the percentage of total market size in neighboring cities like Columbus, Cincinnati, Indianapolis, Nashville and Memphis, …
CHARLOTTE, N.C. — Trinity Capital Advisors, owner of the six-building Toringdon Office Park in Charlotte’s Ballantyne submarket, has struck a deal to bring a new Hampton Inn and Suites to one of the office park’s outparcels. The 120-room, six-story hotel will feature a fitness center, indoor/outdoor pool and meeting space. The new hotel will be Beacon IMG’s fourth hotel in the greater Charlotte area. Construction will begin in the fall and wrap up in late 2015 or early 2016. Trinity Capital Advisors has also signed TIAA-CREF to a 24,190-square-foot lease in the Toringdon 4 building. TIAA-CREF will have signage on the exterior of the building that is visible from nearby Interstate 485, as per the lease agreement. Josh Lebowitz and Rob Hinton of CBRE represented TIAA-CREF in the lease transaction. Rhea Greene and Jennifer Kurz represented Trinity Capital Advisors internally.
RALEIGH, N.C. — Lowe Enterprises Investors (LEI) has teamed up with Blue Ridge Realty to develop The Gramercy, a 203-unit multifamily property located at 401 Glenwood Ave. in Raleigh’s Glenwood South neighborhood. The community will sit atop 6,900 square feet of ground-floor retail space and a 260-space parking garage. Wells Fargo provided a $26 million construction loan, which was arranged by Howard Brooks of Medalist Capital. The six-story building will offer studio, one- and two-bedroom apartments with granite countertops, stainless steel appliances, nine-foot ceilings and individual balconies. Amenities include a clubhouse with a kitchen and lounge area, resort-style pool and a business center. The design team includes architect J. Davis and general contractor Choate Construction. Construction of the project has begun this week.
LAVERGNE, TENN. — Binswanger has brokered the sale of a single-story, 865,000-square-foot industrial facility located on a 53-acre site at 1714 Heil Quaker Blvd. in Lavergne. The property is located near I-24 and 12.5 miles away from Nashville International Airport. Ashley Capital purchased the asset from Whirlpool Corp. and plans to retrofit it. Ashley Capital has tapped Binswanger to sell the asset once the retrofit is complete. Michael Reid of Binswanger’s Atlanta office represented Ashley Capital in the transaction.
