FAYETTEVILLE, ARK. — Grandbridge Real Estate Capital has closed a $6.2 million first mortgage loan secured by Eco Modern Flats, a 96-unit LEED Platinum multifamily property near the University of Arkansas in Fayetteville. It is the first property in Arkansas to be awarded LEED Platinum certification. Green design elements include solar-heated water, landscaping with native plants, innovative heating and cooling systems, and rainwater harvesting. Other amenities include a swimming pool, community area with an outdoor fireplace and grilling area, and rooftop patio. Alan Tapie of Grandbridge Real Estate Capital’s Atlanta office originated the permanent fixed-rate loan for Eco Modern Flats. Fannie Mae provided funding for the loan, which was structured with a 10-year term and 30-year amortization schedule.
Southeast
ORLANDO, FLA. — A former Toys “R” Us location at 724 Herndon Ave. near Fashion Square Mall in Orlando has sold for $3.25 million. Tennessee-based UP Development LLC purchased the 42,000-square-foot big box retail space from Toys “R” Us. Scott Corbin of Colliers International Central Florida represented the buyer, while James Avallone of DJM Realty Inc. represented Toys “R” Us. The buyer also purchased the adjacent front parcel on Herndon Avenue to complete a retail assemblage for redevelopment, which is expected to begin in the first quarter of 2013 and be completed by the first quarter of 2014.
ORLANDO, FLA. — A joint venture between West Palm Beach, Fla.-based McCraney Property Co. (MPC) and New York-based Clarion Partners will develop three industrial buildings on 25.3 acres at Orlando Central Park in Orlando. A 150,000-square-foot building for Dade Paper is already under construction and two additional buildings will be built on spec with 225,000 square feet of rentable space. Construction of the first spec building is expected to break ground in the first quarter of 2013.
HOPE MILLS, N.C. — Traemoor Village, a 76,325-square-foot shopping center, has opened in the Stoney Point community of Hope Mills. A 53,365-square-foot Harris Teeter grocery store anchors the retail property. McDonald’s will break ground in approximately one month on an outparcel. Other tenants include Mellow Mango, Viva the Bean, High Cotton Consignments, Naturally Unleashed, Great Clips and Hallmark Cards. Greenville, S.C.-based Fox Commercial Properties developed Traemoor Village.
PARKVILLE, MD. — Beech Street Capital LLC has provided a $38.2 million Fannie Mae conventional loan to refinance the 603-unit Ridge Gardens Apartments, a multifamily community in Parkville. The borrower has owned the property since the 1970s and invested in capital expenditures in 2010 and 2011 with significant improvements planned during the next 12 months. Amenities include a pool, a clubhouse, a fitness center and a playground. Adam Bieber of Beech Street Capital’s Bethesda, Md., office originated the transaction.
NORTH LAUDERDALE, FLA. — The 560-unit Parrot’s Landing, a multifamily community situated on 29 acres in North Lauderdale, has traded. Dallas-based Behringer Harvard sold it to a Toronto, Canada-based real estate investment company that focuses on multifamily communities. Behringer Harvard acquired a 90 percent ownership interest in Parrot’s Landing in 2010 through a joint venture between Behringer Harvard Opportunity REIT II Inc., a public non-listed real estate investment trust, and Denver-based Grand Peaks Properties. Avery Klann, Marc deBaptiste and Hampton Beebe of ARA’s Boca Raton, Fla., office brokered the sale.
JACKSONVILLE, FLA. — A four-property office portfolio, totaling 54,000 square feet, has traded in Jacksonville for $1.75 million. Touchstone 9951 JAX LLC sold the portfolio to Mayport, Fla.-based Regency Business Centers. Chuck White of NAI Hallmark Partners represented both parties in the transaction. The four properties are located near the I-295 and Atlantic Boulevard intersection in Jacksonville.
JACKSONVILLE, FLA. — MAA, an apartment-only real estate investment trust, has joined Jacksonville-based Hallmark Partners and Nashville, Tenn.-based Bristol Development Group to build 220 Riverside Avenue, a mixed-use project in downtown Jacksonville. The development team is set to break ground this month on a seven-story, 294-unit multifamily property that includes 18,000 square feet of retail space. The project will also include an urban public park as Hallmark Partners is donating land for the park in a public-private partnership between the development team and the City of Jacksonville. The project and park will be located adjacent to the Northbank Riverwalk, Riverside and Downtown areas of Jacksonville.
RICHMOND, VA. — Cole Real Estate Investments has acquired the 439,740-square-foot, grocery-anchored White Oak Village at 4501 S. Laburmum <
ORLANDO, FLA. — EnTrust Realty Advisors LLC has sold two single-story office buildings totaling 105,457 square feet at Concourse at Quadrangle business park in Orlando to Orlando-based Real Estate Inverlad. The Alter Group developed both properties, which are 91 percent leased, at 3850 and 3862 Quadrangle Blvd. in 2005 and 2006. Tenants include Siemens Corp. and State Farm Mutual Auto Insurance Co. EnTrust Realty Advisors is an affiliate of The Alter Group.