KISSIMMEE, FLA. — NorthMarq Capital has arranged $20.55 million in first mortgage refinancing for the 384-unit Lake Tivoli Apartments, located at 851 Lake Tivoli Blvd. in Kissimmee. David Schofield and Robert Rothaug of NorthMarq secured the 10-year loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Lake Tivoli Apartments LLC.
Southeast
During the last two quarters, vacancy rates for Class A and Class B office properties in Columbia have declined. So far in 2012, overall Class A vacancy rates have fallen from 12.2 percent to 11.4 percent, while Class B vacancy rates have fallen from 27.3 percent to 27.1 percent. However, as tenants have been taking advantage of the opportunity to upgrade their spaces, the overall vacancy rate has remained unchanged at 22.2 percent, as Class C vacancy rates have increased from 23.7 percent to 26 percent. The Cayce/West Columbia submarket saw the biggest statistical declines in vacancy during the last year. Class A vacancy declined from 27.6 percent to 17.3 percent. Class B vacancy rates declined from 25.7 percent to 13.8 percent. While the change demonstrates increased activity in the submarket, the submarket saw only 13,603 square feet of positive absorption for the year. Activity in the Central Business District has been muted. In 2012, vacancy rates have declined by 40 basis points. Tenants are upgrading to Class A spaces from Class B and C buildings. Vacancy rates for Class A buildings downtown declined 70 basis points to 11.8 percent. However, vacancies have increased in Class B spaces rising 40 …
HYATTSVILLE, MD. — Grady Management has broken ground on the 283-unit 3350 at Alterra, a luxury mid-rise multifamily building, located along Toledo Terrace in Hyattsville. Amenities will include a cyber cafe, lounge, game room, pool and fitness center. The project is the first phase of a mixed-use planned redevelopment.
ATLANTA — Cooper Carry has completed design work on three projects for colleges throughout the state for a total construction cost of $20.4 million. The company designed the new $13.3 million student center at Georgia Highlands College in Cartersville, which opened in August in time for the fall semester. The 55,000-square-foot, two-story building includes a student lounge, bookstore, cafe and game room. The 36,000-square-foot library at Atlanta Technical College also opened in August. The $3.9 million renovation included new high-tech audio and media production space. The third project was a library expansion at Shorter University in Rome that opened earlier this month. The 13,000-square-foot, three-story addition to the Livingston Library included additional space for books, as well as a computer lab and reading room.
ATLANTA — KBS Strategic Opportunity REIT has purchased the 393,502-square-foot Powers Ferry Landing East, an office complex located in Atlanta. The property includes three, six-story buildings. KBS and its affiliates now own more than 1.26 million square feet of commercial real estate space in the greater Atlanta area.
MIAMI — Terreno Realty Corp. has acquired two industrial buildings totaling 138,000 square feet, located at 7500-7600 NW 26th St. in Miami, for $12.1 million. The properties are fully leased to one tenant. As part of the transaction, the company assumed a mortgage loan with a total principal amount of approximately $6.2 million.
BOYNTON BEACH, FLA. — Capital Advisors has arranged $12.04 million in acquisition financing for the 151,459-square-foot Shoppes at Boynton, a community shopping center located at the corner of Congress Avenue and Gateway Boulevard in Boynton Beach. Ross Dress for Less, Tuesday Morning and Deal$ anchor the center. Cooper Willis of Capital Advisors arranged the seven-year loan with a 30-year amortization schedule through Life Insurance Co. of the Southwest on behalf of the borrower, Boynton FCA.
OXFORD, MISS. — Carter and Chance Partners have broken ground on the $40 million, 753-bed Highland Square, a student housing community located less than two miles from the University of Mississippi in Oxford. Amenities will include three pools, fitness trails, media center, individual cottage courtyards, community fireplaces, basketball and volleyball courts, a lawn with a stage and games, dog park, car wash, dog wash and media center. Campus Advantage will oversee the property. Completion is slated for July 2013.
TAMPA, FLA. — Marcus & Millichap has arranged the $5.05 million sale of the 47,150-square-foot SpaceSavers Storage, a self-storage property located in Tampa. The property includes 475 units and is 85 percent occupied. Michael Mele of Marcus & Millichap represented both the seller, a Tampa-based private investor, and the buyer, a Cleveland-based limited liability company, in the transaction.
NORTH PALM BEACH, FLA. — Grieco Motors has purchased the 6.5-acre former Ed Morse Chevrolet Dealership, located at the corner of Northlake Boulevard and Alternate AIA in North Palm Beach, from Morse Operations for $5 million. The property includes three buildings totaling 45,000 square feet. The buyer plans to open a new dealership, Grieco Mazda of North Palm Beach, in the main 35,000-square-foot building and will lease the remaining 10,000 square feet. Reichel Realty represented the seller in the transaction.