TAMARAC, FLA. — New York-based Katz Properties has purchased Sunshine Plaza, a 237,000-square-foot, Publix-anchored shopping center, for $28.5 million. Built in 1972, the shopping center is located at 4161 W. Commercial Blvd. in Tamarac, part of greater Fort Lauderdale. Sunshine Plaza’s tenant roster features a 51,420-square-foot Publix, a 94,989-square-foot Old Time Pottery, 27,720-square-foot Marshalls, Krispy Kreme, BB&T Bank, Dollar Tree and Rainbow. Katz Properties has selected Winslow Property Management to provide leasing and property management services at the property. Dennis Carson and Casey Rosen of CBRE represented the seller in the transaction.
Southeast
RUSKIN AND LARGO, FLA. — Colliers International has arranged the sale of two shopping centers in the Tampa Bay area. Sun Point Shopping Center, located at 3040 E. College Ave. in Ruskin, sold for $7.3 million. The 132,374-square-foot shopping center was 80 percent leased to Goodwill, Big Lots and the Hillsborough County Tax Collector at the time of the sale. Sun Point SDC LLC purchased the asset from an undisclosed seller. Mike Milano, Ron Schultz and John Crotty of Colliers International represented the seller in the transaction. East Bay Junction Shopping Center, located at 2480 E. Bay Drive in Largo, sold for $1.8 million. The 56,668-square-foot property was 50 percent leased at the time of the sale to Youfit Health Club, along with a hair and nail salon. MBW Investors LLC purchased the center from CRI Plaza I LLC. Milano and Schultz represented the seller in the transaction.
NORFOLK, VA. — Quantum Real Estate Advisors Inc. has brokered the $5.6 million sale of a freestanding Walgreens in Norfolk. There are roughly 14 years left on Walgreens’ 25-year lease term. A private New York-based investor purchased the asset from a Midwest-based company in a 1031 tax-deferred exchange. Jordan Kaufman and Dan Waszak of Quantum Real Estate Advisors represented the buyer in the transaction.
BIRMINGHAM, ALA. — Regions Bank, the primary banking subsidiary of Birmingham-based Regional Financial Corp. (NYSE: RF), has been approved as a Fannie Mae Delegated Underwriting and Servicing (DUS) lender. Regions Bank has also acquired a DUS servicing portfolio totaling approximately $1 billion from an undisclosed lender(s). The DUS designation allows the bank to provide long-term financing solutions for its multifamily housing clients. Beekman Advisors assisted Regions and advised on the transaction. “Regions Bank is pleased to now be one of the 24 Fannie Mae designated DUS lenders in the U.S.,” says John Turner, head of Regions’ Corporate Bank. “This capability is a significant addition to the bank’s existing suite of debt capital products to meet the needs of real estate banking clients.”
FORT LAUDERDALE, FLA. — CBRE has arranged the sale of the 346-room W Fort Lauderdale Hotel and the remaining 147 residences in the 171-unit Residences at W Fort Lauderdale. The twin 23-story towers are located at 401 N. Fort Lauderdale Beach Blvd. (W Hotel) and 3101 N. Bayshore Drive (Residences). An affiliate of Related Fund Management acquired the two properties for an undisclosed price. Robert Given, Zachary Sackley, Neal Victor and Robert Taylor of CBRE represented the seller, along with Robert Kaplan, Mark Rutherford and Chris Lentz of The Ackman-Ziff Real Estate Group.
PALM BEACH GARDENS, FLA. — Cassidy Turley has arranged a $28 million loan for Golden Bear Plaza, a three-building, Class A office park spanning 243,000 square feet in Palm Beach Gardens. The asset is located at 11760, 11770, 11780 and 11790 Highway 1. The park features private terraces, floor-to-ceiling windows, a fitness center, on-site property management and views of the Atlantic Ocean. Philip Mudd and Bradley Geiger of Cassidy Turley arranged the loan through Guggenheim on behalf of the borrower, Equus Capital Partners Ltd.
MORRISVILLE, N.C. — Time Warner Cable has renewed its lease of 97,500 square feet of industrial space at Woodlake Center III at 101 Innovation Ave. in Morrisville, about 14 miles west of Raleigh. Woodlake Center is an industrial park spanning 812,000 square feet and offers access to Raleigh-Durham International Airport, I-40 and I-540. Hooker Manning of Duke Realty, along with Jackson Rives of Cushman & Wakefield | Thalhimer, represented the owner, Duke Realty, in the lease transaction.
ATLANTA — Hank Farmer and Pierce Lancaster, former colleagues at Jamestown, have formed Third & Urban, a new adaptive reuse and urban infill development firm based in Atlanta. The firm will focus on development opportunities in the Southeast and will also serve as a consultant to other developers. Third & Urban’s first consulting assignment is on Ben Carter Enterprises’ $75 million redevelopment of Broughton Street in Savannah, Georgia. “Pierce and Hank were key team members on several high-profile deals while at Jamestown,” says Matt Bronfman, CEO of Jamestown. “We wish them the best of luck and are confident that they will be successful in their new endeavor.”
PALM COAST, FLA. — Atlanta-based Branch Properties LLC, in conjunction with Michael Collard Properties, plans to commence the $40.8 million redevelopment of Palm Harbor, a Publix-anchored shopping center in Palm Coast. Branch and Michael Collard purchased the 28.7-acre site from The Inland Real Estate Group in May. Plans call for an additional 50,000 square feet of new retail space at the center. As part of the expansion, Publix signed a lease for a new 53,785-square-foot store, approximately 20 percent larger than the existing store. The shopping center, which will be renamed Island Walk, will be revitalized in three phases. Phase I includes the addition of several small shop tenants and will be completed by spring 2015. Phase II includes the new Publix store and additional small shops and will be completed by fall 2015. The final phase is the addition of retail space to the east of the new Publix and will be completed by mid-2016. Construction is slated to kick off in the fall. Synovus Bank provided a construction loan for the project.
MARIETTA, GA. — Atlanta-based SDM Partners has purchased Sandy Plains Business Park, a 167,329-square-foot office/flex business park in Marietta, a northwest suburb of Atlanta. SDM purchased the three-building asset from an unnamed global investment manager. The property was 94 percent leased at the time of the sale. The Bank of North Georgia, represented internally by Mark Hancock, provided acquisition financing, and Rooker Properties provided equity financing. Colliers International’s Atlanta office will provide leasing and property management services at the business park. Matt Tritschler of Avison Young represented the seller in the transaction.