FREDERICKSBURG, VA. — Calkain Cos. has arranged the $2.9 million sale of a 2.08-acre McDonald's ground lease, located in Fredericksburg. The lease term is 20 years, with structured rent increases and renewal options. Andrew Fallon of Calkain Cos. represented the seller, a private family investment group, in the transaction. The buyer was a 1031-exchange, California-based buyer.
Southeast
PANAMA CITY AND JACKSONVILLE, FLA. — CBRE Group has arranged $37.1 million in financing for three multifamily properties located in Florida. In Panama City, the company secured $23.5 million in permanent debt to refinance Eagles Landing and Enclave in Panama City on behalf of Arbor Properties, the borrower. The 10-year loan has a 30-year amortization schedule. In Jacksonville, CBRE Group arranged $13.6 million in permanent financing for the acquisition of Waterford Apartments, on behalf of Insula Properties. The 10-year loan has two years of interest-only payments followed by a 30-year amortization schedule. Glenn Housman of CBRE Group arranged the loans through Freddie Mac.
The first half of 2012 has proven fairly stable for the Columbia industrial market. While the first quarter of 2012 experienced trickle over activity from the end of 2011, the second quarter tempered that with marked slowdown. Even though the vacancy rate remained relatively flat at 15.78 percent, average asking rates actually increased 5 cents to $3.53 per square foot. The Columbia industrial market has seen significant investment during the past 12 months, with manufacturing continuing to lead the pack with major investments from Amazon.com, Mars Petcare, Nephron Pharmaceuticals, Bridgestone, Michelin and Continental Tire. South Carolina — and the Central Midlands area, in particular — has experienced significant growth. Amazon.com delivered its 1.2 million-square-foot distribution center and Nephron is building its $313 million campus in Lexington County. Mars Petcare is constructing a 290,000-square-foot expansion in Richland County, in the Southeast corridor. South Carolina is fast becoming the North American capital for tire manufacturing, with most of those facilities located throughout the Midlands region. Bridgestone is expanding, adding 474,000 square feet to its current facility and the company is constructing a new 1.5 million-square-foot manufacturing facility in Aiken. Continental Tire continues construction on its $500 million plant in Sumter County and …
NORTH BETHESDA, MD. — Archstone has purchased the 237-unit Grosvenor Tower, an apartment high-rise located at 10301 Grosvenor Place in North Bethesda. The multifamily community will be renamed Archstone Grosvenor Tower. Amenities include a 24-hour fitness center, swimming pool with sundeck, business center and walking/biking trail.
OLDSMAR AND LUTZ, FLA. — MIG Real Estate has purchased a three-hotel portfolio, located in Oldsmar and Lutz, from Menna Development & Management. The portfolio includes the 99-room Courtyard by Marriott, located at 4014 Tampa Road in Oldsmar; the 78-room Residence Inn by Marriott, located at 4012 Tampa Road in Oldsmar; and the 100-room Residence Inn by Marriott, located at 2101 Northpointe Parkway in Lutz. The buyer plans to renovate the lobby, guestrooms and other public spaces in the Courtyard, as well as the lobby and public spaces of the Residence Inn in Oldsmar. Concord Hospitality Enterprises will manage the properties. Ron Danko, Robert Taylor and Zoe Martineau of CBRE Group represented the seller in the transaction.
BONITA SPRINGS AND FORT MYERS, FLA. — RLR Investments has acquired the 106,454-square-foot Promenade at Bonita Springs, located at 26811 S. Bay Drive in Bonita Springs, and the 108,575-square-foot Island Park, located at 16520 S. Tamiami Trail in Fort Myers, for a total of $9.12 million. The buyer purchased Promenade for $5 million and plans to renovate the property in terms of maintenance and appearance. Tenants include Roy's Hawaiian Fusion, Molina's Ristorante and Robert of Philadelphia Hair Design. RLR Investments acquired Island Park for $4.12 million. Tenants include Mother Earth Natural Foods, Downtown Jerry's bar, Vincenzo's Pasteria, Coast Dental, Quizno's and The Clam Bake. Karen Johnson-Crowther of Colliers International represented the seller in the transaction. Donald DeLuca of Royal Shell Real Estate represented the buyer.
HUNTSVILLE, ALA. — GBT Realty Corp. has broken ground on a 72,000-square-foot Academy Sports + Outdoors, located at Highway 72 and Nance Road in Huntsville. This is GBT's third store with the retailer. Reed Construction is the site contractor and Stewart Perry Construction is the general contractor. Completion is slated for April 2013.
CHARLESTON, S.C. — Walker & Dunlop has arranged $22 million in financing for the 288-unit Riverland Woods Apartments, a garden-style multifamily community located at 1001 Riverland Woods Place in Charleston. Cooper Willis of Capital Advisors arranged the 10-year loan with one-year interest only and a 30-year amortization schedule through Freddie Mac's CME program. Will Baker led the Walker & Dunlop team.
NORTH EAST, MD. — A joint venture between The Dolben Company and Klein Enterprises has started construction on the $30 million, 332-unit Charlestown Crossing, a garden-style apartment complex located in North East. Amenities will include a 5,400-square-foot clubhouse, billiards room, fitness center, media room and a swimming pool with a patio and grilling area. The first units are scheduled to open in April 2013, with full completion slated for February 2014.
LAKELAND, FLA. — Ramco-Gershenson Properties Trust has acquired a 93 percent interest in the 183,842-square-foot Shoppes of Lakeland, a shopping center located in Lakeland, from its joint venture partner for $26 million. Michaels, Staples, Ashley Furniture, Petco and an anchor-owned Target anchor the center, which is 96.4 percent leased.