ORLANDO, FLA. — GDC Properties has broken ground on the 118-room Aloft Orlando Downtown, a new Starwood Hotels & Resorts Worldwide hotel located at 500 S. Orange Ave. in Orlando. The hotel will include a w xyz bar, re:mix lounge, re:charge fitness center, splash outdoor pool and 5,000 square feet of flexible meeting space. Yedla Management Co. will operate the hotel upon completion, which is slated for 2013.
Southeast
PENSACOLA AND ORLANDO, FLA. — IRA Capital has purchased two Florida shopping centers totaling 63,000 square feet for $9 million. The 49,800-square-foot Fairfield Crossings in Pensacola is fully leased to Ross Dress for Less, Office Depot and T-Mobile. Alvin Mansour with Marcus & Millichap represented the seller in the transaction, and AZUR Realty Partners, an affiliate of IRA, represented the buyer. In Orlando, the company acquired a 10,500-square-foot center that is fully leased to Verizon Wireless and Mattress Firm. Jeff Winokur of JH Winokur represented the seller in the transaction. AZUR Realty Partners represented the buyer.
GREENVILLE, S.C. — HFF has arranged $29.5 million in refinancing for a 12-building office portfolio totaling 569,841 square feet, located in Greenville. The properties are part of the Park East and Park Central office parks. Wally Reid and Chip Sykes of HFF secured the four-year, fixed-rate loan through a private investor.
SOUTHAVEN, MISS. — StyleCraft Home Collection has signed a 167,600-square-foot lease at the Airways Distribution, located at 8474 Marketplace Drive in Southaven. The space is located in the 602,500-square-foot Building E. The company will relocate and expand its distribution center in DeSoto County, and approximately 10,000 square feet will be used as a lighting and decor showroom. Allen Wilkinson and Dan Wilkinson of Colliers International represented the tenant in the lease transaction. IDI, the landlord, was self-represented by Tim Moore.
COOPER CITY, FLA. — The $45 million, 300-unit Monterra Apartments, a workforce housing community located in Cooper City, has opened. ZOM Florida and The NRP Group developed the property, and its amenities include a swimming pool, clubroom with computer work stations, 24-hour fitness center, playground, covered barbeque area and a dog park. Financing for the project included $26 million in NIBP bonds issued by the Florida Housing Financial Corp., HOME loan funding and additional loans provided under the SHIP loan program, funded and administered by Broward County. Bank of America provided project equity and construction financing. ZRS Management has been retained to provide property management services.
ATLANTA — Parkway Properties has sold 100 Ashford Center and Peachtree Ridge, two office properties totaling 321,000 square feet in Atlanta, for $29.9 million. Combined, the assets are 74.6 percent leased. The properties were part of the company's first discretionary fund, and with the close of this sale, the company has shed all assets that were part of this fund. The buyer assumed a $29.7 million mortgage.
BOYNTON BEACH, FLA. — ARA has brokered the $27.1 million sale of the 300-unit Ashley Lake Park, a multifamily community located at 5020 Ashley Lake Drive in Boynton Beach. The property is 95 percent leased. Hampton Beebe, Avery Klann and Marc deBaptiste of ARA's Boca Raton, Fla., office represented Chicago-based Capri Capital Partners, the seller, in the transaction. Boston-based Robbins Property Associates was the buyer.
ORANGE CITY, FLA. — Inland Real Estate Acquisitions has purchased the 119,894-square-foot Saxon Crossing, a shopping center located in Orange City, for $20.73 million. Hobby Lobby anchors the center, which is fully leased to tenants including LA Fitness, Papa John's and Jimmy John's. The buyer was self-represented by Lou Quilici.
MIAMI — New Boston Fund has purchased the 91,000-square-foot Waterford Centre, a Class A office building located in the Blue Lagoon Business Park at 6205 Blue Lagoon Drive in Miami. The buyer plans to invest significant capital in upgrading the building's appearance and building systems. Lincoln Property Co. represented both parties in the transaction and will continue to provide property management services. Blanca Commercial Real Estate will lease and market the property.
ATLANTA — ARA has arranged the $21 million sale of the 204-unit 626 Dekalb, an apartment complex located at 626 Dekalb Ave. in Atlanta. The property is 91 percent leased. Mesa Capital Partners, the buyer, plans to implement an enhancement program of the property's common areas. Sean Henry and John Weber of ARA's Atlanta office represented the seller, an institutional investor, in the transaction.