MIAMI — Berkowitz Development Group Inc. has secured refinancing of a $45 million loan on Kendallgate Shopping Center, a 194,624-square-foot shopping center in Miami. The asset is located at 11910 S.W. 88th St. and includes tenants such as DSW, Bed Bath & Beyond, Petco, Ulta Beauty, Chili’s, Macaroni Grill and Sports Authority. Berkowitz Development place the 10-year loan with a fixed interest rate through PNC Bank.
Southeast
WASHINGTON, D.C. — Beech Street Capital has provided $21.3 million in Freddie Mac CME loans to refinance a portfolio of two apartment complexes in northeast Washington, D.C. The apartment complexes, Fort Lincoln Senior Village I & II, total 363 units. Adam Bieber of Beech Street originated the 10-year loans on behalf of the borrowers, Fort Lincoln Senior Village No. 1 Associates and Fort Lincoln Senior Village No. 2 Associates. The loans have 10 years of interest only payments and were originated with a fixed interest rate.
ORLANDO, FLA. — Colliers International has arranged the $10.2 million sale of Parkwood Plaza, a 148,232-square-foot, grocery-anchored shopping center in Orlando. The retail center is locate at 3191 W. Colonial Drive. The sale includes an additional 12.9 acres of undeveloped land zoned for commercial use. Winn Dixie anchors Parkwood Plaza, and Bank of America, McDonald’s, Valvoline and a KFC/Taco Bell are all outparcel retailers. Cynthia Shelton and Kane Morris-Webster represented the seller in the transaction. The buyer was Highyon Assets Corp.
WESTLAKE, OHIO — TravelCenters of America LLC has acquired 31 convenience stores with retail gas stations for $67.9 million. TravelCenters plans to operate the stores under the brand name of Minit Mart. Three of the stores are located in Tennessee and 28 are located in Kentucky. Four of the properties are leaseholds and the other 27 include the ownership of the land and the buildings.
MIAMI — Hersha Hospitality Trust, an owner of upscale hotels in gateway markets, has entered into a definitive purchase agreement for two Marriott Autograph Collection hotels in Miami’s South Beach submarket. Hersha will purchase the hotels, which total 145 rooms, for approximately $51 million. The two hotels include the 75-room Blue Moon Hotel and the 70-room Winter Haven Hotel. After closing, Hersha will manage the two hotels, which recently underwent renovations totaling $9 million.
WILMINGTON, N.C. — Progress Student Living has begun developing Progress910, a luxury student housing community near the University of North Carolina Wilmington (UNCW). The project is situated on 16 acres at 316 Marlboro St., approximately one mile west of the main entrance to the UNCW campus. The 168-unit Progress910 will contain 528 beds. The project will also include a resort-style pool with cabanas, 24-hour fitness center, outdoor patio with barbecue grills, sand volleyball court and cyber cafe, along with an activity room that will feature billiards and ping-pong tables. Rental rates range from $565 per month for a one-bedroom/one-bath suite in a four-bedroom/four-bath unit to $745 per month for a one-bedroom/one-bath suite in a two-bedroom/two-bath suite. The development is slated for a summer 2014 completion, with leasing already underway for the fall 2014 semester. American Campus Communities will serve as the property manager. Progress910 is the third project built by the partners of Progress Student Living, a San Francisco-based real estate development company, and Myrtle Beach, S.C.-based Progress Builders, a general contractor and developer that specializes in multifamily properties.
RICHMOND, VA. — Manekin LLC, a commercial real estate investment and development company based in Columbia, Md., has acquired a three-building, 617,232-square-foot distribution portfolio in Richmond’s airport submarket for $19.7 million from an institutional owner. The buildings, which are part of the Interport Business Center, are 60 percent leased. The buildings feature 18- to 27-foot clear ceiling heights, 83 rear-loading docks and nine drive-in docks. Dan Freedman and Chris Beck of Draper and Kramer’s Chicago office arranged financing through the American National Life Insurance Co. of Texas.
HOMESTEAD, FLA. — Trico Investments, a self storage developer and investor based in Irvine, Calif., has purchased a 500-unit, two-story self storage property located at 701 S. Homestead Blvd. in Homestead. The property was built on three acres in 1986. Trico purchased the facility in all cash from Homestead US 1 Self Storage LLC. Trico has developed and/or acquired approximately 100 self storage facilities, typically infill properties within populated areas with high barriers to entry.
MIAMI — NorthMarq Capital has arranged $73 million in refinancing for a portfolio of 17 industrial buildings and four apartment complexes. The portfolio consists of 421,500 square feet of industrial space and 1,434 apartment units, all located in the Miami Lakes, Fla., area. Jeff Robertson of NorthMarq’s Miami office arranged financing through The Lincoln National Life Insurance Co. on behalf of the borrower, The Graham Cos.
TAMPA, FLA. — CBRE has arranged three loans totaling $72 million for the refinancing of a portfolio of 18 properties in Florida and Georgia. The portfolio features 12 Walgreens stores; a Publix-anchored shopping center; a small office complex featuring Bank of America, Baycare and Academie Davinci; a freestanding Applebee’s, Dunkin’ Donuts and Anytime Fitness; and the Safety Harbor Resort and Spa. Donald Jennewein and Michael Strober of CBRE’s Tampa office arranged the loans on behalf of the borrower, Safety Harbor, Fla.-based Olympia Development Group.