Southeast

HERSHA HOSPITALITY PURCHASES MIAMI HOTEL

by admin June 20, 2013

MIAMI — Hersha Hospitality Trust has purchased the Residence Inn Coconut Grove from an affiliate of San Francisco-based Fremont Realty Capital for an undisclosed amount. The five-story, extended stay hotel is located in Miami’s Coconut Grove submarket. It features two outdoor swimming pools, a fitness center, a business center, a breakfast area and a sundry shop. The Holliday Fenoglio Fowler team of Daniel Peck, Holden Lim, Mac Comess, Chris Lingerfelt and Alexandra Lalos represented the seller. The Jacksonville, Fla., office of Holland & Knight represented the buyer.

June 20, 2013

MONMOUTH ACQUIRES FEDEX FACILITY FOR $10.2 MILLION

by admin June 20, 2013

ROANOKE, VA. — Monmouth Real Estate Investment Corp. has purchase a 104,402-square-foot, built-to-suit industrial building in Roanoke for $10.2 million. The building is situated on approximately 22 acres at 1935 Blue Hills Drive near Roanoke Regional Airport and Interstate 81. FedEx Ground Package System holds a 10-year net lease on the property. The seller’s name was not released.

June 20, 2013

Industrial Southeast

FLAGLER STATION WAREHOUSE BEGINS CONSTRUCTION

by admin June 20, 2013

MIAMI — Miller Construction Co. has commenced construction for a new industrial project within Miami’s Flagler Station business park. Building 31 will contain 171,944 square feet of warehouse space. It will feature 54-foot column spacing, 30-foot clear ceiling heights and dock-high loading bays. Miller has completed site improvements and is building the tilt-wall structure on an expedited schedule for owner Flagler Development that will have the project complete by October. RLC Architects designed the building. Flagler Station is a 900-acre business park located near Miami International Airport and PortMiami.

June 20, 2013

Retail Southeast

CRONHEIM ARRANGES $10.8 MILLION SHOPPING CENTER LOAN

by admin June 20, 2013

ALEXANDRIA, LA. — David Cronheim Mortgage Corp. has secured $10.8 million in permanent financing for a shopping center in Alexandria. Alexandria Commons contains 185,336 square feet of space. Its anchors include Best Buy, Michaels, Old Navy, Marshalls and PetSmart. David Turley and Anna Westhoff of Croheim arranged the loan, which carries a 4.45 percent fixed interest rate for 10 years over a 30-year amortization schedule. The borrower’s and lender’s names were not released.

June 20, 2013

Multifamily Southeast

THE ABBEY AT FOREST LAKES TRADES FOR $33 MILLION

by admin June 19, 2013

OLDSMAR, FLA. — Pacifica Companies has acquired a 400-unit multifamily community in Oldsmar from Abbey Residential for $33 million. The Abbey Forest Lakes is situated on 42 acres at 100 Old Village Way. Constructed in 1984, the community comprises 136 three-bedroom units, 232 two-bedroom units and 32 one-bedroom units. Community amenities include two resort-style pools with sundecks, a tennis court, a putting green, four laundry centers, a fitness center, a car care center, a sand volleyball court, boat storage, and picnic and barbecue areas. Jamie May of Marcus & Millichap’s Institutional Property Advisors represented the seller.

June 19, 2013

Industrial Southeast

IDI BEGINS CONSTRUCTION FOR TWO INDUSTRIAL PROJECTS

by admin June 19, 2013

MIRAMAR AND DAVIE, FLA. — IDI has commenced construction for industrial buildings at two of its South Florida business parks. In Miramar, IDI will construct a 300,428-square-foot building within its 77-acre Miramar Business Centre. This project marks the final building in the business park, which will contain 1.1 million square feet upon its completion. In nearby Davie, IDI will construct a 122,175-square-foot building within Davie Business Center. This project marks the first building constructed in the 42-acre business park, which will contain 705,000 square feet of industrial space at full build-out. Both buildings will be built to LEED-Silver standards. Completion for both projects is expected in December.

June 19, 2013

Office Southeast

TRINITY CAPITAL ADVISORS ACQUIRES DURHAM OFFICE BUILDING

by admin June 19, 2013

DURHAM, N.C. — Trinity Capital Advisors has acquired a 73,446-square-foot office building located within Meridian Business Park in Durham. Anchor tenants at the property include SRA International and Lockheed Martin Corp. Trinity plans to recapitalize and reposition the asset with the short-term goal of achieving full occupancy. The seller in the deal was Byrd Meridian LLC. The purchase price was not released.

June 19, 2013

Industrial Southeast

NGP REALTY BROKERS 300,000SF DISTRIBUTION FACILITY

by admin June 19, 2013

JACKSONVILLE, FLA. — Newmark Grubb Phoenix Realty Group (NGP) has brokered the sale of a 300,000-square-foot distribution facility located at 5550 W. 5th St. in Jacksonville’s Westside submarket. NGP’s John Richardson and Bryan Bartlett represented the seller, Zell Enterprises. Bob Hillis of Hillis Properties represented the buyer, Dupuy Storage Florida. The sale price was undisclosed.

June 19, 2013

Hospitality Southeast

HERSHA HOSPITALITY EXPANDING COURTYARD MIAMI BEACH OCEANFRONT

by admin June 19, 2013

MIAMI BEACH, FLA. — Hersha Hospitality Trust is completing an expansion and renovation of the Courtyard Miami Beach Oceanfront, which is located at 3925 Collins Ave. in Miami Beach. The project includes a 93-room oceanfront tower, which will be complete in the fall. Additional improvements will include a new 32-foot lobby bar and lounge, a new fitness center, a redesigned main pool area, a new pool and a new tiki bar deck area.

June 19, 2013

Multifamily Southeast

VENTERRA REALTY ACQUIRES TUSCANY AT LINDBERGH

by admin June 18, 2013

ATLANTA — Venterra Realty has acquired Tuscany at Lindbergh, a 324-unit, Class A multifamily community located at 600 Garson Drive in Atlanta. Constructed in 2001, the property features one- through three-bedroom units averaging 1,034 square feet. Community amenities include a resort-style swimming pool, a fitness center, an executive center and a media room. Occupancy was 95 percent at the time of closing. Cortney Cole of Holliday Fenoglio led the team that represented Venterra in the deal. The buyer procured fixed-rate acquisition financing through MetLife.

June 18, 2013

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