SUNRISE, FLA. — HFF has secured $16 million in financing for Lake Shore Plaza II, a 128,470-square-foot, Class A office building in Sunrise. The five-story office building is located at 1300 Concord Terrace within the Sawgrass International Corporate Park. Completed in 2008, the property is 97.5 percent leased to tenants such as New York Life, Emerson Electric, T-Mobile, GMMI and Oracle. The office building was the first multi-tenant office building in South Florida to receive LEED Silver certification. Elliott Throne, Dana Brome and Jorge Portela of HFF arranged the 10-year, fixed-rate loan through a life insurance company on behalf of the borrower, Cornerstone Real Estate Advisors, which was acting on behalf of an unnamed institutional investor.
Southeast
BALTIMORE — KeyBank Real Estate Capital has arranged a $7.6 million CMBS loan for Churchill Manor Townhomes, a 90-unit townhome community located in Baltimore. Kathy Anderson and Ken Broussard of KeyBank arranged the fixed-rate loan on behalf of the borrower, Baltimore-based Quest Management Group. Quest completed a value-add renovation program utilizing a KeyBank bridge loan before obtaining permanent financing from the lender.
RALEIGH, N.C. — Trademark Property Co. plans to develop Carolina Row at Crabtree Valley, a mixed-use development on Glenwood Avenue in Raleigh. The property will feature 125,000-150,000 square feet of retail and restaurant space, a hotel and 700 residential units. There will also be a pedestrian/bicycle bridge connecting Carolina Row to the nearby Crabtree Valley Mall. Construction is set to begin in spring 2015, and the property is expected to open in late 2016.
FAIRFAX, VA. — Coretrust Capital Partners and Normandy Real Estate Partners have formed a joint venture, which has closed on its first acquisition: Fair Oaks Plaza in Fairfax. Fair Oaks Plaza is an eight-story, 179,282-square-foot office building located at the interchange of I-66 and Lee-Jackson Highway, about 20 miles west of Washington, D.C. The Coretrust-Normandy team worked with the special servicer to purchase an existing mortgage note from a CMBS trust. The property was 86 percent leased at the time of the sale to tenants such as HQ Global, NY Life Insurance, Computer Science Corp., Syska Hennessy Group, McCandlish & Lillard and Harrity & Harrity. The joint venture will manage the Class A office property, and Jeff Roman, Mike Pepper and John DiCamillo of CBRE will handle the leasing responsibilities. Eastdil Secured’s Washington, D.C., office arranged mortgage financing through Citizens Bank, N.A. on behalf of the joint venture.
OAKLAND PARK, FLA. — Avison Young has brokered the $4.1 million sale of Chase Bank Office Building, a 27,312-square-foot, three-story property located at 3201 N. Federal Highway in Oakland Park. David Duckworth of Avison Young represented the buyer, MCTUCHAUS LLC, in the transaction.
DESTIN, FLA. — Marcus & Millichap has arranged the sale of a 76-room Sleep Inn located at 10775 Emerald Coast Parkway in Destin. The hotel was constructed in 1992 and fully renovated in 2012. Jonathan Ruprai of Marcus & Millichap’s Tampa office represented the seller, a Florida-based limited liability company.
LAFAYETTE, LA. — The Ainbinder Co. has inked new lease agreements with several tenants for its Ambassador Crossing Shopping Center, which will be located at the intersection of Ambassador Caffery Parkway and Settlers Trace Boulevard in Lafayette. New tenants joining the Whole Foods-anchored center include J. Crew, Carter’s Babies & Kids, Osh Kosh B’Gosh, Lee Michaels Jewelers, Chipotle Mexican Grill, Sleep Number, Massage Envy, Which Wich and Superior Nails. Whole Foods will occupy 36,200 square feet of the 108,000-square-foot shopping center.
ATLANTA — Hunter Hotel Advisors has brokered the sale of three MainStay Suites hotels for Choice Hotels International. Regional investors purchased the three hotels, located in Pittsburgh, Nashville and Greenville, S.C. David Perrin of Hunter Hotel Advisors’ Washington, D.C., office represented Choice Hotels International in the transaction. All three hotels will undergo extensive renovations.
BESSEMER, ALA. — The Boulder Group has arranged the $5.9 million sale of a single-tenant CVS/pharmacy store located at 2901 Morgan Road in Bessemer, part of the Birmingham MSA. CVS has 10 years of lease term remaining at the 10,880-square-foot store. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high net worth individual from the Midwest, in the transaction. The buyer was a private real estate investment company.
CORAL SPRINGS AND PALM BAY, FLA. — Thomas D. Wood & Co., a commercial mortgage banker based in Coral Springs, has secured approximately $14.3 million for two properties in Coral Springs and Palm Bay. Thomas D. Wood & Co. arranged approximately $10.8 million to refinance University Centre West III, a 83,936-square-foot mixed-use development at 2702-2788 University Drive in Coral Springs. The property features Class A office space set above ground-floor retail space. The leases for three of the major tenants, which together occupy 42 percent of the property, expire in the near term. Patrick Harrington of Thomas D. Wood arranged the loan through LoanCore Capital, a CMBS lender, at a fixed interest rate of 5.42 percent. Thomas D. Wood also arranged $3.5 million to refinance of Shoppes of Palm Bay, a 76,886-square-foot, Publix-anchored shopping center located at 1150 Malabar Road S.E. in Palm Bay. Thomas Wood Jr. of Thomas D. Wood arranged the 10-year loan with a 25-year amortization schedule and a fixed 4.45 percent interest rate through Woodmen of the World Life Insurance Society. Thomas D. Wood worked with Pinnacle Financial Group, a Strategic Alliance Mortgage LLC (SAM) member. Thomas D. Wood is also a SAM member.