ORLANDO, FLA. — McCraney Property Co. has signed a lease with FedEx Ground to occupy 60 percent of the 142,638-square-foot Building 3 in the John Young Business Park in Orlando. The 25-acre John Young Business Park consists of a three-building portfolio totaling 393,000 square feet. Construction was recently completed on Buildings 2 and 3, which were built speculatively. JLL represented FedEx Ground in the lease transaction, and David Murphy of CBRE represented McCraney.
BOYNTON BEACH AND DELRAY BEACH, FLA. — Berger Commercial Realty has brokered the $24 million purchase of a portfolio of office buildings in Palm Beach County. Kendall Properties purchased the 280,000-square-foot portfolio from LouJA Realty. The portfolio consists of the Delray Office Park in Delray Beach; Woolbright Corporate Park in Boynton Beach; Gulfstream Professional Building in Delray Beach; and Woolbright Professional Building in Boynton Beach.
COLUMBIA, S.C. — CBRE Group Inc. has arranged $30.1 million in non-recourse construction and permanent financing for The Atlantic at Parkridge, a 298-unit apartment complex that will be built in Columbia’s Irmo submarket. CBRE arranged the financing through HUD’s 221(d)(4) new construction mortgage insurance program, which provides an interest-only construction period of 22 months with a 40-year, fully amortizing permanent loan. Steve Heffner of CBRE’s capital markets group in Charlotte co-originated the loan with Monica Newman of CBRE’s capital markets group in Denver on behalf of the sponsors, New York-based AVR Realty Co. LLC and Charleston-based Middle Street Partners LLC. The project team includes Orlando-based architect Humphreys & Partners and Jacksonville-based general contractor Summit Contracting Group Inc.
HIRAM, GA. — The Shopping Center Group has arranged Planet Fitness’ 20,000-square-foot lease at Paulding Commons, a 210,000-square-foot shopping center in Hiram, about 27 miles northwest of Atlanta. The Planet Fitness is expected to open in late 2014, while new tenants Aspen Dental and Vision Works are slated to open in the fall. The new trio of tenants will be joining established retailers Academy Sports + Outdoors and Hobby Lobby at Paulding Commons. Brett Fuller of The Shopping Center Group represented the landlord, NewQuest Epic Investments, in the lease transactions. The shopping center is currently undergoing a $2 million renovation, which is slated to wrap up in the fall.
HOSCHTON AND CUMMING, GA. — Senior Living Investment Brokerage Inc. has facilitated the sale-leaseback of two assisted living communities in metro Atlanta totaling $33.6 million. The two properties are The Oaks at Braselton in Hoschton and The Oaks at Post Road in Cumming. Built in 2011, The Oaks at Braselton features 46 assisted living units and 34 memory care units. Built in 2007, The Oaks at Post Road features 64 assisted living units and 36 memory care units. The current operator, Oaks Senior Living, will continue to operate both communities under a long-term lease agreement. Bradley Clousing of Senior Living Investment Brokerage brokered the transaction.
LACOMBE, LA. — Weyerhaeuser Real Estate Development Co. (WREDCO) has begun developing Tamanend, an 848-acre master-planned community that will feature office space, a college, retail, restaurants and single- and multifamily residential units. Tamanend will be located in the centermost part of St. Tammany Parish north of Lacombe, which is approximately 45 minutes north of New Orleans. Gulf States Real Estate Services is providing project management, marketing and real estate consulting for the project. Northshore Technical Community College is planning to open an advanced technology center and STEM campus at Tamanend.
SUNNY ISLES BEACH, FLA. — HSBC has provided a $284 construction loan for the development of Jade Signature, a luxury 57-story condominium tower in Sunny Isles Beach, 16 miles north of Miami. The developer, Fortune International Group, will use the proceeds of the loan to develop the 192-unit tower by 2017. The project team includes general contractor Suffolk Construction, architect Herzog & de Meuron, interior design firm PYR and landscape architect Raymond Jungles. Individual condominium units range in price from $3 million to more than $26 million. According to Fortune International Group, roughly 80 percent of the homes are under contract.
ATLANTA — Atlanta-based Preferred Apartment Communities Inc. has acquired four multifamily communities totaling 1,397 units in Nashville, Kansas City, Dallas and Houston. Preferred purchased the assets from four new wholly owned subsidiaries for roughly $182 million. The acquisitions were financed through separate Freddie Mac loans from KeyBank National Association totaling $119.9 million.
JACKSONVILLE, FLA. — GE Oil & Gas plans to soon open its new 510,000-square-foot manufacturing facility in Jacksonville’s Westside submarket. The property will be located at AllianceFlorida at Cecil Commerce Center. The developer of the asset is Hillwood Property Investments, which will develop the property on land owned by the city of Jacksonville. The new facility will manufacture GE’s Mooney regulators and Becker control valves for the energy industry. The property will feature $50 million in investments for manufacturing and IT equipment, as well as additional real estate improvements. The facility is slated to open next month and create more than 500 jobs during the next three years.
LEXINGTON, KY. — Wheeler REIT has assumed a contract previously entered into by Wheeler Interests LLC to acquire Bryan Station, a 67,177-square-foot retail center in Lexington, for roughly $6.1 million. Wheeler REIT expects to acquire the asset using a combination of cash and debt. The property is fully leased to tenants such as Planet Fitness, Shoe Carnival, Rent-A-Center and Cato Fashion. The retail center, built in 1995, is shadow-anchored by Kroger.