Southeast

UNIVERSITY COLLECTION SHOPPING CENTER SELLS FOR $18.4 MILLION

by admin June 21, 2013

TAMPA, FLA. — The Shopping Center Group (TSCG) has completed the sale of University Collection, a 107,198-square-foot neighborhood retail center located in Tampa, for $18.4 million. Constructed in 1984, the property was approximately 80 percent leased at the time of closing. Sweetbay Supermarket anchors the center, though the grocer was not included in the transaction. Additional University Collection tenants include Dollar Tree, Pet Supermarket, Chili’s, Tijuana Flats, Five Guys Burgers & Fries, Firehouse Subs, Jason’s Deli, Mattress One and FedEx Office. TSCG’s Anthony Blanco, Lenard Williams, Mallory Ham and Kris Kral represented the seller, a joint venture between Ram CRA Partners and Forge Capital Partners. The buyer was an institutional investment fund managed by Charlotte, N.C.-based Faison.

June 21, 2013

NORTHMARQ ARRANGES $14M MORTGAGE FOR TAMPA-AREA APARTMENT COMMUNITY

by admin June 21, 2013

PALM HARBOR, FLA. — NorthMarq has arranged a $14 million permanent loan for the refinancing of Landings at Boot Ranch, a 232-unit multifamily community located in the Tampa suburb of Palm Harbor. The borrower, an undisclosed national multifamily investor, had recently acquired the defaulted note on the property, which is located at 212 Katherine Blvd., and is in the midst of an extensive renovation. Robert Hernandez of NorthMarq’s Tampa office arranged the loan, which carries a 15-year term and a 25-year amortization schedule. The lender was an undisclosed life insurance company.

June 21, 2013

Office Southeast

CBRE BROKERS $5.3 MILLION DISTRESSED OFFICE SALE IN SOUTH FLORIDA

by admin June 21, 2013

LAUDERHILL, FLA. — CB Richard Ellis (CBRE) has brokered the sale of Executive University Courts, a distressed office property located in Lauderhill, for $5.3 million. The 102,120-square-foot, Class B property is situated at 4300 N. University Drive. It comprises six interconnected two-story buildings surrounding a landscaped courtyard with a water feature. The campus was constructed in 1987 and renovated in 1999. Occupancy was 62 percent at the time of closing. The CBRE team of Scott O’Donnell, Dominic Montazemi and Miguel Alcivar represented both the seller, 4300 Lauderhill LLC, and the buyer, KAS Partners LLC. The buyer also enlisted CBRE to lease the property. Deborah Fink is handling the assignment.

June 21, 2013

Industrial Southeast

COLLIERS COMPLETES SALE OF 72,000 SF FLEX PROPERTY

by admin June 21, 2013

CARY, N.C. — Colliers International has completed the sale of a flex industrial property in Cary. The 72,000-square-foot building is situated on 9.5 acres at 312 Gregson Drive. The buyer, Triad Educational Services, plans to renovate the property and open a school in it this fall. Triad also operates the Triangle Math & Science Academy charter school in downtown Raleigh. Lee Holder and Frank Quinn, both of Colliers, represented the seller, Saia-Burgess. The acquisition price was not released.

June 21, 2013

Multifamily Southeast

MARQUIS INVESTMENTS BUYS ATLANTA MULTIFAMILY PORTFOLIO FOR $49.5 MILLION

by admin June 20, 2013

ATLANTA — Atlanta-based Marquis Investments has purchased a nine-property multifamily portfolio for $49.5 million. The communities are all located in Atlanta on Buford Highway, in between the Brookhaven and Druid Hills submarkets. The portfolio contain a total of 1,187 units and includes: Continental Village, Cross Keys Cabana Apartments, Garden Grove, Hallmark Apartments, Majestic Terrace, Monaco Garden, Montego Garden, Parkview Terrace and Parkway Apartments. The $49.5 million sale price equates to an 8 percent capitalization rate. Paul Vetter and Andrew Mays of Marcus & Millichap’s Atlanta office represented the seller, a Yakima, Wash.-based real estate company.

June 20, 2013

Hospitality 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

Industrial Southeast

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

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