ORLANDO, FLA. AND FORT SMITH, ARK. — Inland Real Estate Corp. has acquired two shopping centers for approximately $63.3 million. The properties include the Goldenrod Marketplace in Orlando and the 415,000-square-foot Fort Smith Pavilion in Fort Smith. Inland purchased about 91,500 square feet of Goldenrod Marketplace, and the company plans to soon acquire the remaining 32,600 square feet, which is under development. Goldenrod Marketplace features a Marshalls and LA Fitness, as well as Taco Bell and KFC outparcels. Inland’s purchase of Fort Smith Pavilion included the assumption of a $33.2 million loan. Fort Smith Pavilion’s tenant roster includes Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, Old Navy, Petco, Michaels, Books-A-Million, Shoe Carnival and Ulta Beauty.
Southeast
MIAMI — CBRE has arranged $38 million in financing for the Hilton Garden Inn and Homewood Suites by Hilton in Miami. The 189-room Hilton Garden Inn and the 124-room Homewood Suites are located at the intersection of Palmetto Expressway and N.W. 36th Street, less than one mile from Miami International Airport. Jonathan Rice of CBRE Hotels | Finance and David Borge of CBRE Capital Markets Debt & Equity Finance arranged the loan on behalf of the borrower, Economos Properties.
COLUMBIA, S.C. — NAI Earle Furman’s multifamily division has arranged the sale of the Palms at Premier Park, a 240-unit apartment complex located at 1155 Clemson Frontage Road in Columbia. The Class B community, which was built in 2008, sold for approximately $19.4 million. Charleston, S.C.-based Companion Foundation and Companion Associates Inc. purchased the community from Greensboro, N.C.-based BRC Columbia LLC. Palms at Premier Park was 91 percent occupied at the time of sale.
CORAL GABLES, FLA. — Greystone, a real estate investment and development firm, has closed on the purchase of a parcel near the Miracle Mile commercial section of downtown Coral Gables, about seven miles southwest of downtown Miami. The lot, located at 3622 S.W. Coral Way, will be the future site of The Mile, a planned 13-story, 119-unit mixed-use community. The project is a joint venture between Greystone, Miami-based Alta Developers and Strategic Properties. The Mile’s property value is expected to exceed $40 million upon completion. The community will include a swimming pool, garage parking, fitness center and concierge. Coral Gables-based Behar Font & Partners will design the project. Construction is slated to begin in early 2014.
MIAMI — Eastern Consolidated has brokered the $30 million sale of a retail property located in Miami’s South Beach neighborhood at 530 Lincoln Road. The property sold for $3,000 per square foot, a record price for Miami’s South Beach retail market, according to Eastern Consolidated. The 10,000-square-foot asset is part of Lincoln Road Mall. Tristar Capital purchased the property from Yaniv Sananes, a local seller. The family of Gloria Estefan once owned the two-story trophy retail asset, which now features two short-term, ground-floor leases. Robert K. Futterman & Associates is handling the leasing of the property, and Eric Goldberg of Olshan Grundman Frome Rosenzweig & Wolosky LLP was the buyer’s attorney in the transaction.
LAUDERDALE-BY-THE-SEA, FLA. — CBRE has arranged the $17 milllion sale of the 147-room Lauderdale Beachside Hotel, located at 4660 N. Ocean Drive in Lauderdale-by-the-Sea, a town north of downtown Fort Lauderdale in Florida’s Broward County. Florida Development Group purchased the hotel, which features two swimming pools, 150 feet of beachfront access, a restaurant and tiki bar on the sand. The Miami-based CBRE Hotels team involved in the transaction include Christian Charre, Robert Taylor, Paul Weimer and Natalie Castillo. Ken Pearson and Chris Shamaly of CBRE’s Dallas office managed the sales process on behalf of Maria Yip, the Chapter 11 Bankruptcy Trustee for Ocean 4660 LLC. The asset was once subject to foreclosure but filed for bankruptcy protection instead. CBRE worked closely with the trustee’s legal counsel, Drew Dilworth of Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. in Miami.
BATON ROUGE, LA. — NorthMarq Capital has arranged $13 million in refinancing for the Bellemont Victoria Apartments, a 583-unit apartment community located at 3225 Victoria Drive in Baton Rouge. Elliot Auerbacher of NorthMarq’s New York City office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender.
PENSACOLA, FLA. — Beech Street Capital has provided a $6.7 million Freddie Mac CME loan for the acquisition of Meadowrun, a 200-unit, garden-style apartment community located in Pensacola. Chad Thomas Hagwood and Monica Schroeder of Beech Street originated the acquisition loan, and Brandon Pate of Beech Street managed the transaction. The seven-year loan features a fixed interest rate and a 30-year amortization schedule.
WASHINGTON, D.C. — HFF has arranged the sale of a 10-story, 105,965-square-foot office building located at 919 18 th St. in Washington, D.C.’s central business district. Epic LLC purchased the asset from Clarion Partners for approximately $52.8 milllion. The property was built in 1981, renovated in 2013 and is currently 94 percent leased. The property features a three-story, 85-space parking garage and a Devon & Blakely restaurant. Jim Meisel, Dek Potts, Andrew Weir and Stephen Conley of HFF represented the seller and procured the buyer in the transaction.
MEBANE, N.C. — CBRE has brokered the $21.5 million sale of Carden Place Apartments, a 240-unit neighborhood apartment community in Mebane, about 20 miles northwest of Chapel Hill, N.C. The sales price equates to approximately $89,583 per unit. Hal Kern, Richard Montana and Phil Brosseau of CBRE represented the buyer, James Island, S.C.-based Middle Street Partners, in the transaction.