ST. PETERSBURG, FLA. — Marcus & Millichap has arranged the $1.82 million sale of the 50-unit Crescent Lake, a multifamily property located at 1801 5th St. N. in St. Petersburg. Michael Donaldson of Marcus & Millichap's Tampa, Fla., office represented both parties in the transaction.
Southeast
JACKSONVILLE, FLA. — Jax Hotel has sold the 112-room Hampton Inn East, located at 1021 Hospitality Lane in Jacksonville, to Sun Coast Hospitality. The buyer plans to renovate the hotel. David Mumford of Mumford Co.'s Newport News, Va., office, along with Steve Kirby of the firm's Atlanta office, represented the seller in the transaction.
WILMINGTON, N.C. — Grandbridge Real Estate Capital has secured $6.5 million in first mortgage financing for two office buildings located on the Miller-Motte College campus in Wilmington. The buildings total 80,595 square feet, and include classrooms, laboratories, a library, student lounge and offices. Robert Hukill of Grandbridge arranged the 12-year, fully amortized loan through Coastal Federal Credit Union.
MIAMI BEACH, FLA. — Vornado Realty Trust has acquired the 167,000-square-foot 1100 Lincoln Road, a retail property located in Miami Beach, for $132 million. The property, which was acquired through Vornado Capital Partners LP., is 97 percent leased and tenants include Regal Cinemas, Anthropologie and Banana Republic. The acquisition was partially funded by a new $66 million mortgage loan.
ELON, N.C. —Elon University has selected Choate Construction Co. to build the private college's 249,416-square-foot Global Village project in Elon. The development will include five residence halls with 600 beds and a 30,000-square-foot commons building, containing the Isabella Cannon International Centre, classrooms, faculty offices, study rooms and large gathering spaces. Spillman Farmer Architects is the architect for the project. Construction is scheduled to begin in late July with phased delivery dates in August 2013 and August 2014.
HOLLYWOOD AND LIBERTY CITY, FLA. — Link Construction Group has finished two affordable housing developments totaling $12.2 million, located in Florida. In Hollywood, the firm completed the $5.2 million, 33-unit City of Hollywood Wiley Street Redevelopment project. The City partnered with Libreria Economic and Social Development to develop the property, which Frank Costoya Architects designed. Also included in the construction was a community center. The company also finished the $7 million, 60-unit Parkview Gardens, located at 1475 NW 61st St. in Liberty City. Parkview Gardens LTD developed the project, which Siskind Carlton and Partner designed.
DURHAM, N.C. — Phillips Development & Realty has secured a $26.7 million construction loan to develop the 292-unit Phillips Research Park Apartments in Durham. The 40-year, fixed-rate loan was funded through CBRE HMF, using HUD's 221(d)(4) financing program. LandSouth Construction is the general contractor for the project. The first units are slated for completion in spring 2013 with full completion scheduled in September 2013.
CHARLOTTE, N.C. — Red Mortgage Capital has financed a $21.18 million FHA insured mortgage loan for the 164-unit 330 West Tremont Apartments in Charlotte. The four-story apartment building, which will be located above a two-level parking deck, is slated for completion in 2013. Boykin Management Co. has a majority interest in the project, and is working with The Boulevard Company to develop the project.
SILVER SPRING, MD. — A 65,000-square-foot ShopRite, located on Cherry Hill Road in Silver Spring, has sold for $13.7 million. The grocery store shares co-tenancy with Target, Kohl's, Babies “R” Us and Staples. Bill Kent, Chris Bosworth, Gary Lawrence and Will Pike of CBRE Group represented the seller, Acadia-MCB Holding Co., a joint venture between MCB Real Estate and Acadia Realty Trust, in the transaction. The buyer was an entity advised by Mark Holdings.
CHARLOTTE, N.C. — Kimco Realty Trust has acquired a four-property portfolio that includes four shopping centers in the Carolinas from EDENS. The properties include the 51,691-square-foot Forest Park in Greenville, S.C.; the 88,955-square-foot Davidson Commons in Davidson; the 73,230-square-foot Mountain Island Marketplace in Charlotte; and the 153,820-square-foot Overlook Village in Asheville, N.C. Berkeley Capital Advisors represented the seller in the transaction.