MOBILE, ALA. — Deerwood Real Estate Capital has arranged a $20.7 million nonrecourse loan for the acquisition of a 381,000-square-foot power center in Mobile. The center is 80 percent leased. Rafi Frankel and Mark Silbersher of Deerwood arranged the 10-year loan, which includes two years of interest-only payments, followed by a 28-year amortization schedule.
ORLANDO — Bell Partners Inc. has acquired the 310-unit Landmark Universal Apartments in Orlando, which will be renamed Bell at Universal. The garden-style community includes a swimming pool, clubhouse, cabana with a fireplace, fitness center, theater room and Internet cafe. The property is adjacent to Universal Studios Orlando. In April, Bell Partners completed the final close of a $200 million capital raise for its Bell Apartment Fund IV. To date, the company has invested more than $150 million in apartment communities.
RIVIERA BEACH AND JACKSONVILLE, FLA. — Oak Grove Capital has arranged two HUD 223(f) loans totaling $37.1 million for the Cornerstone Group, which will use the funds to refinance two affordable housing communities in Florida. Each of the two fixed-rate loans carries a 35-year term and amortization period. The properties include Indian Trace Apartments, a 330-unit property in Riviera Beach; and Mission Pointe Apartments, a 338-unit complex in Jacksonville. Amenities at the communities include a fitness center, car wash and outdoor pool.
FAYETTEVILLE, ARK. — Thompson Thrift Construction has been selected as the general contractor for the West Center, a $25 million student housing project adjacent to the University of Arkansas in Fayetteville. The off-campus project will feature 471 beds in 150 units and utilize modern, green design. Its 2.7-acre site will also include a pool and clubhouse, along with a rooftop sun terrace. Construction will begin this spring and the project is expected to be complete in time for the university's 2014 fall semester. Capstone Development Partners and Specialized Real Estate are the project developers, and Modus Studio Architecture & Prototyping will provide architectural services.
LOUISVILLE, KY. — Granite City Food & Brewery Ltd. plans to open a new location in Louisville. The company signed an agreement to buy 2.5 acres along South Hurstbourne Parkway in the Vinings development. The new Granite City Food & Brewery will be the chain's 31st restaurant and will feature a contemporary, upscale design. The site is located one-half mile from the University of Louisville's ShelbyHurst Campus and is east of two regional malls — Mall St. Matthew's and Oxmoor Mall. The restaurant is slated to open in spring 2014 and will include a wrap-around bar, exposed kitchen and central wood-fired pizza oven. The company also entered a sale-leaseback agreement to sell the restaurant building and land to Store Capital upon completion of the building.
LITHONIA, GA. — Variant Commercial Real Estate has acquired the Oaks at Stonecrest, a 280-unit apartment property in Lithonia. Apartment units average 995 square feet and the property totals 270,000 square feet of living space. Variant plans to make minor exterior renovations to the property and CFLane will serve as the new property manager. The property is located minutes from metro Atlanta and is close to the newly built, 1.3 million-square-foot Mall at Stonecrest. Following the deal, Variant now has 7,000 units in its commercial portfolio.
CHARLOTTE, N.C. — S&F Acquisitions Inc. has acquired the Britax Building, a 478,400-square-foot Class A industrial property in Charlotte, for $25 million. The build-to-suit facility is fully leased. Chris Norvell and Scot Humphrey of Cushman & Wakefield | Thalhimer and Stewart Calhoun, Jim Carpenter and Mike Davis of Cushman & Wakefield's Industrial Advisory Group represented the the seller, The Keith Corp., in the transaction.
FORT LAUDERDALE, FLA. — Shoreline Aerospace LLC, a global supplier of parts and services to the commercial airline industry and military forces, has signed a lease for 54,500 square feet at 1800 S.W. 34th St. in Fort Lauderdale. The company is expanding its business by establishing an airside parts distribution and maintenance and repair operation at the Fort Lauderdale-Hollywood International Airport. The company plans to employ 30 workers. Built in 1972, the cross-dock industrial facility includes its own airside access and an aircraft parking ramp. Harry Tangalakis, Larry Genet and Tom O'Loughlin of CBRE represented the owner, Airside Fort Lauderdale LLC, in the transaction.
CHARLOTTE, N.C. — Belgate Shopping Center, a new 900,000-square-foot power center, has opened in Charlotte. The property is anchored by IKEA and Walmart and additional stores include Marshalls, ULTA Beauty, Old Navy, Petco and Cost Plus World Market. Belgate is located along I-85, the primary thoroughfare connecting Washington, D.C., and Atlanta. The center is DDR Corp.'s first ground-up domestic development in more than four years.
ALPHARETTA, GA. — The first-ever Bocado Burger Bar, a spinoff of the Atlanta restaurant Bocado, has signed a lease to open at Avalon, a $600 million mixed-use project in Alpharetta. Vertical construction will begin on Avalon this September and 60 percent of the retail space has now been leased, with 20 percent in negotiations. According to North American Properties, the project developer, discussions are ongoing with retail tenants such as Antico Pizza Napoletana, Bantam & Biddy, Free People and Janie & Jack. Other retail tenants on the project will include Banana Republic, Whole Foods, C. Wonder and Regal Cinemas, which will open the first all-premium seating theater in the U.S. Avalon will open in October 2014.