PALM BEACH GARDENS, FLA. — CIT Real Estate Finance, a subsidiary of CIT Group Inc., has provided a $26 million loan to redevelop the PGA Plaza Shopping Center, a retail center located in Palm Beach Gardens. The borrowing entity is a joint venture headed by Menin Development, a commercial real estate owner and developer. CIT Real Estate Finance provided the loan through CIT Bank, the U.S. commercial bank subsidiary of CIT Group.
Southeast
KNOXVILLE, TENN. AND SAVANNAH, GA. — NorthMarq Capital has arranged $15.3 million to refinance Tillery Ridge Apartments in Knoxville and Buccaneer Trace Apartments in Savannah. Tillery Ridge is a 109-unit, affordable housing property located at 1716 Merchants Drive. Buccaneer Trace is a 208-unit apartment community located at 55 E. Deerwood Drive. Greg Duvall of NorthMarq Capital’s Kansas City regional office arranged both loans with 10-year terms and 30-year amortization schedules through Freddie Mac.
WASHINGTON, D.C. — Calkain Urban Investment Advisors, a division of Calkain Cos., has brokered the sale of a retail condominium unit at 1401 R St. N.W. in Washington, D.C. The 1,278-square-foot unit sold for approximately $1.4 million, or $1,100 per square foot. The property is leased on a long-term, triple net basis to a local restaurateur who is operating a café. Andrew Fallon and Rick Fernandez of Calkain represented the seller, a developer based in Washington, D.C., in the transaction. The buyer was a Washington, D.C.-based real estate firm.
PLANTATION, FLA. — U.S. Capital Holdings Group has broken ground on the first phase of 321 North, a $300 million live-work-play development in Plantation. The first phase is the redevelopment of a seven-story, 160,000-square-foot office tower. The design team includes general contractor GHJ Construction Inc., a subsidiary of Beijing Construction Engineering Group International Co. Ltd. GHJ plans to finish construction in approximately one year. U.S. Capital Holdings has retained CBRE as leasing agent for the new office tower. The redevelopment is the first of five phases for 321 North, which is slated to finish construction in 2017.
CHARLESTON AND FLORENCE, S.C. — Faison Enterprises Inc., a private real estate developer and owner based in Charlotte, N.C., has acquired two retail centers in South Carolina. The properties include the 350,000-square-foot Ashley Landing in Charleston and the 113,922-square-foot Crossroads Center in Florence. Ashley Landing is 92 percent leased to tenants including Publix, Burlington Coat Factory, Dollar Tree, Big Lots, Wells Fargo, Harbor National Bank and First Federal of Charleston. Scott Adams of Adams and Wilson Properties represented Faison in the transaction. Crossroads Center is 96 percent leased to Hamrick’s, Planet Fitness, LifeWay and Dollar Tree. Berkeley Capital Advisors’ Charlotte office arranged the transaction.
WOODSTOCK, GA. — Grandbridge Real Estate Capital has closed a $27 million first mortgage loan to refinance a 308-unit apartment community in Woodstock, a northern suburb of Atlanta. Alan Tapie of Grandbridge’s Atlanta office originated the loan. The apartment community features a pool, fitness center with a yoga studio, cabanas, fire pits, business center, coffee bar and greenway access to downtown Woodstock.
ST. PETERSBURG, FLA. — CBRE has brokered the sale of Marina Village, a 61,775-square-foot retail center in south St. Petersburg. The property is located at 4701-4949 34th St. South and is 79 percent leased to Dollar Tree, Radio Shack, Beef O’Brady’s, JSA Healthcare, The UPS Store and Domino’s Pizza. The buyer, a partnership between Paradise Ventures and ADJ-DIG LLC, purchased the center from EBK Properties Inc. for approximately $3.9 million. CBRE represented the seller in the transaction.
MIRAMAR, FLA. — Spirit Airlines has signed a 70,819-square-foot lease renewal and expansion of its South Florida headquarters in the Miramar Park of Commerce. The Spirit Support Center is located at 2800 Executive Way in Miramar. The company’s expansion totals 14,625 square feet of office space at 2844 and 2854 Corporate Way. The airline employs approximately 1,300 people in South Florida, including its staff at the Spirit Support Center. Andrew Ansin and Maridee Bell of Sunbeam Properties represented the landlord in the lease deal. Chris Lovell, Greg Katz and Roy Abernathy of Studley Inc.’s Miami office represented Spirit Airlines.
ATLANTA — HFF has secured $41.4 million in financing for a five-building office and industrial portfolio totaling approximately 700,000 square feet in Texas, Georgia and Florida. Mark Sixour and Bill Ireland of HFF arranged the 10-year, fixed-rate loan through The Royal Bank of Scotland on behalf of the borrower, FRAPAG America Inc. The properties include the Riverpark Distribution Center in Fort Worth, Texas; the Northmont Distribution Center in Duluth, Ga.; and the Waterview Office Buildings in Jacksonville, Fla.
WASHINGTON, D.C. — Finmarc Management Inc., a Bethesda, Md.-based commercial real estate services firm, has purchased a nine-building, 342,000-square-foot portfolio from First Potomac Realty Trust for $33 million. The properties consist of a mix of flex, office, retail and warehouse space and are located in Gaithersburg, Md., a suburb of Washington, D.C. The facilities, which are combined 82 percent leased, include Girard Place, Girard Business Center and Gateway Center. The acquisition was part of a 1031 tax-free exchange. Eric Berkman, Steve Gichner and Gideon Gil of Cushman & Wakefield represented the seller in the transaction.