SARASOTA, FLA. — HREC Investment Advisors has completed the sale of the Holiday Inn Express & Suites located in Sarasota. The 101-room hotel is situated just off Interstate 75. HREC’s Scott Stephens, Monty Levy and Paul Sexton represented the seller, a joint venture between an affiliate of DeBartolo Development and Banyan Investment Group. The buyer’s name and the sale price were not released.
WILLIAMSBURG, VA. — Merrimac Associates has acquired a Williamsburg apartment community from Woodshire LLP for an undisclosed amount. Village of Woodshire Apartments is located at 150 Merrimac Trail. It comprises 252 one- through three-bedroom units on a heavily wooded site. Community amenities include a playground, a laundry facility, a swimming pool and a picnic area. Dan Johnson and Hank Hankins of CBRE|Hampton Roads partnered with Andrew Boyer and Jonathan Greenberg of CB Richard Ellis’ Washington, D.C. Multi-Housing Group to represent the seller.
ST. AUGUSTINE, FLA. — Marcus & Millichap has brokered the sale of a Walgreens in St. Augustine for $6 million. Located at 5445 State Road 16, the 14,820-square-foot property is situated across from a Flagler Hospital satellite campus and is shadow-anchored by a newly constructed Publix shopping center. Craig Lewis of Marcus & Millichap’s Jacksonville office represented the seller, a Jacksonville-based REIT. The buyer was an undisclosed party from San Francisco.
FRANKLIN, TENN. — Skanska USA has signed a contract to complete a $51 million expansion and renovation of Williamson Medical Center in Franklin. The project will include an approximately 33,000-square-foot expansion and approximately 10,500 square feet in renovations. It will commence in October and is scheduled for completion in November 2015.
MIAMI BEACH, FLA. — Marcus & Millichap has completed the sale of a Miami Beach retail property for approximately $12.3 million. The building is located at 1441 Washington Ave. and totals 18,750 square feet. Its primary tenants include American Apparel and nightclub Score, the latter of which recently signed a new 10-year lease. Drew Kristol and Kirk Olson of Marcus & Millchap’s Miami office represented the buyer, a New York-based private investment group, as well as the seller, a locally based owner/developer.
JACKSONVILLE, FLA. — Grandbridge Real Estate Capital has arranged a total of $30.83 million in Fannie Mae DUS financing for the purchase of two Jacksonville multifamily communities. The first transaction was a $16 million, non-recourse loan secured by Timberwalk at Mandarin Apartments. The garden-style community contains 284 units and features a playground, a swimming pool, a spa, a dog park, a fitness center, a clubhouse, tennis courts and laundry facilities. The loan carries a 10-year term, a 30-year amortization schedule and 2 years of interest-only payments. The second transaction was a $14.83 million first mortgage secured by Chase Oaks Apartments. The garden-style community contains 240 units and features a clubhouse, two swimming pools, a sports court, a dog park, a fitness center, an internet café, a playground, a car care area, and laundry facilities. The loan carries a 12-year term, a 30-year amortization schedule and 3 years of interest-only payments. The borrower, which was the same in both deals, plans to complete exterior renovations to Chase Oaks Apartments. The properties will be managed by Merion Realty Management, a borrow-affiliated company. Taylor Williams of Grandbridge’s Jacksonville office originated and closed both loans.
BONITA SPRINGS, FLA. — Real Capital Solutions (RCS) has acquired North Bay Village in Bonita Springs from CWCapital Asset Management for $7.45 million. Situated at 26381 S. Tamiami Trail, the distressed property totals 114,545 square feet and was developed in 2004. It includes a three-story, 28,819-square-foot office building; a 25,726-square-foot, small-shop retail space; and a 60,000-square-foot retail outparcel. The small-shop space features Bonefish Grill, First Watch, Mattress Giant, Edible Arrangements, Keller Williams Realty and a hair salon. The outparcel was formerly a Robb & Stucky Furniture Showroom, and RCS plans to target a similar tenant with its leasing efforts, which will be handled by Trinity Commercial Group.
CORAL GABLES, FLA. — Agave Holdings has delivered 17,800 square feet of street-level retail and restaurant space at its 396 Ahambra office development in Coral Gables. The newly completed space fronts Coral Gables’ Restaurant Row and is one block away from the city’s Miracle Mile. Danet Linares and Andres del Corral of Blanca Commercial Real Estate have been named leasing agents of the space. 396 Alhambra is a $140 million development that comprises two office towers totaling 282,000 square feet and 34,000 square feet of ground-floor retail space. The Class A towers are currently 78 percent leased.
STAFFORD COUNTY, VA. — Cushman & Wakefield | Thalhimer has brokered the sale of approximately 1.52 acres of land located at the intersection of Deacon Road and Cleremont Drive in Stafford County. The buyer, VADG LLC, plans to develop a Dollar General retail store on the site. Mike Degan of Thalhimer represented the seller, Degen-Gallahan LLC. The parcel traded for $445,000.
Charlotte has become one of the most desirable and sought-after investment markets in the nation with a diverse economy fueling job growth, attracting new talent and enticing investors. In fact, Charlotte had the largest population growth rate for urban areas of 1 million people or more in the decade from 2000 to 2010 and is expected to increase its population by another quarter-million people by 2020, fueled by diverse industries such as banking, energy, healthcare, manufacturing and transportation. With 37,000 jobs created in 2012, Charlotte’s employment has added back every job lost during the recent recession, eclipsing its previous high-water mark set in 2007. Approximately 50 companies have announced major expansions or relocations in the Charlotte area over the past year-and-a-half. Highlights include Metlife announcing plans to establish a hub for its U.S. retail business in Charlotte bringing 1,300 jobs to the city and Convergys, the business process outsourcing giant, announced plans to create 1,600 jobs. From a multifamily operations perspective, the Charlotte MSA has seen outstanding performance over the last two years with both total occupancy and average rents at their highest levels in the past 10 years. With current occupancy levels above 95 percent (increased by approximately 490 …
