NASHVILLE — UMH Properties Inc. has purchased Holiday Mobile Village, a 274-site manufactured home community on 68 acres in Nashville, for $7.2 million. The property is 82 percent occupied. With the deal, UMH now owns 68 manufactured home communities consisting of 12,800 developed home sites. The buyer plans to increase occupancy at the new property by implementing its sales and rental program.
STATESBORO, GA. — Grandbridge Real Estate Capital has arranged an $11.2 million first mortgage loan for University Village at Southern, a 532-unit student housing community in Statesboro, home of Georgia Southern University. Robert Hukill of the firm's Raleigh office arranged the refinancing loan through Freddie Mac.
ORLANDO — Harvest Holdings has acquired Sand Lake Plaza, a 25,116-square-foot retail center in Orlando for $4.7 million. Built in two phases in 1995 and 2005, the property is fully leased and located at 1431 W. Sand Lake Road. The property is just east of South Orange Blossom Trail and across from the Florida Mall, the largest shopping mall in Central Florida. Daniel Baker of CBRE represented the seller, an affiliate of Ram Realty Services and Square Mile, in the transaction.
ATLANTA — Sage Hospitality has purchased six Courtyard by Marriott hotels in partnership with Whitman Peterson, including three in Georgia. The deal includes the 146-room Courtyard by Marriott 75 North in Marietta, the 127-room Courtyard by Marriott Atlanta Windy Hill in Atlanta and the 131-room Courtyard by Marriott Atlanta Norcross Peachtree Corners in Atlanta. Al Calhoun and Mark Fair of Jones Lang LaSalle represented the seller, an affiliate of Clarion Partners LLC. The additional properties are located in other “key select service markets,” in Dallas and Southfield, Mich., according to Calhoun. “The portfolio has the ability to substantially increase RevPar penetration, grow NOI and provide strong investment returns.”
BOCA RATON, FLA. — Bob Dockerty of Dockerty Romer & Co. has arranged $16.4 million in permanent mortgage financing for a 60,000-square-foot office building, along with a 105,000-square-foot warehouse space and a 17,000-square-foot Office Depot store in Boca Raton. Florida Community Bank provided the 10-year, fixed-rate loan for the borrower, Reel State Adventures and Southern State Properties Inc. The property is located on the north side of Glades Road at 123 N.W. 13th St.
AMORY, MISS. — Love Funding has arranged three loans totaling $15 million to refinance a portfolio of skilled nursing facilities in Mississippi. Laura Saull-Smith of Love Funding obtained the loans through the U.S. Department of Housing and Urban Development's Section 232/223(a)(7) LEAN program. The properties include the River Place Nursing Center in Amory, The Nichols Center in Madison and The Carrington Nursing Center in Starkville. All three facilities are operated by Briar Hill Management LLC and include 105 units.
PEMBROKE PINES, FLA. — 150 NW 180th Street LLC has acquired a retail property that is fully leased to Chase Bank in Pembroke Pines. The sale included a 1.8-acre site subject to a new 20-year, triple-net ground lease. A new 4,713-square-foot Chase Bank, with drive-thru lanes, will be completed on the site this year. Todd Weintraub and Dave Donnellan of CBRE represented the seller, Pembroke Pines Place, a Florida-based private developer, in the transaction.
BOCA RATON, FLA. — Marcus & Millichap has arranged the $5 million sale of a Sound Advice, a vacant retail building and development site situated on two adjacent parcels in Boca Raton. 331-335 Yamato Road includes Sound Advice, an electronics retailer, and a vacant retail building formerly housed by Pizza Hut. The property also includes 99 parking spaces. Douglas Mandel and Benjamin Silver of Marcus & Millichap represented the seller, a private real estate company in Boca Raton, in the transaction. Mandel and Silver also represented the buyer, a limited liability company.
The largest challenge facing the Greenville/Spartanburg industrial market is the lack of quality industrial buildings. So, how did we go from the worst recession in recent memory to a shortage of available industrial space? With the recession and the 2012 election behind us, the industrial sector has stabilized and continues to improve. Much like the rest of the country, the effects of the Great Recession were felt in the Greenville/Spartanburg market, which experienced higher-than-normal vacancy rates, lack of leasing activity and depressed rental rates. Companies planning for expansion and growth during the recession — and that ultimately survived the tough years — have recovered to the point of near-normal business. In the past few years, these companies have been able to implement their growth plans, after being on hold for an extended period. Many businesses experienced a delay in business growth, ultimately resulting in pent-up demand. The companies that were waiting to expand took advantage of the symptoms of a slowly recovering market, including depressed rental rates and high vacancy levels, to expand or enter the market at historically rental rates. In conversations with prospective clients, often times I help provide clarification on the current status of the Greenville/Spartanburg industrial …
With the presidential election and fiscal cliff behind us, the mood among retailers, developers and brokers in the Baton Rouge market has turned to cautious optimism. This year, expect continued growth at a measured pace in the Baton Rouge retail market. The Baton Rouge MSA is made up of nine parishes with a total population of 820,000. Over the past two years, the Baton Rouge MSA has seen employment growth increase at an average rate of 0.5 percent, with an unemployment rate currently at 6.2 percent, well under the national average. Home sales in 2012 were up 13.8 percent as compared to 2011, with average sales prices also increasing by 0.3 percent. The Baton Rouge retail market is comprised of 12 million square feet. The market experienced slight improvement in 2012 with the vacancy rate down to 9 percent. Most of the vacancy is concentrated in less affluent areas in centers built prior to 1985. Mirroring the national trend, month-to-month retail sales for East Baton Rouge Parish increased in 2012 as compared to 2011. On average, sales are 7.1 percent higher than 2011 and are on pace to return to pre-recession levels. In 2012 Baton Rouge saw several retailers expand …