WEST PALM BEACH, FLA. — Marcus & Millichap has negotiated the $1.93 million sale of a 6,800-square-foot Sweet Tomatoes ground lease, located at 1900 Palm Beach Lakes Blvd. in West Palm Beach. The restaurant has 13 years remaining on the ground lease, with provided rental increases every five years. Matthew Gorman and Michael Shover of Marcus & Millichap's Philadelphia office, along with Robert Granada of the firm's Fort Lauderdale, Fla., office, represented the seller, a New Jersey-based limited liability company, in the transaction. Gorman, Shover, Granada and Douglas Mandel, also of the firm's Fort Lauderdale office, represented the buyer, a South Florida-based limited liability company.
Southeast
BALTIMORE — CBRE Group has arranged $180 million in permanent financing for the 612,613-square-foot Legg Mason Tower, a Class A office building located at 100 International Drive in Baltimore. The 24-story building serves as the world headquarters for asset management firm Legg Mason. CBRE Group arranged the financing on behalf of the borrower, H&S Properties Development Corp., through Morgan Stanley and Bank of America.
NEW ORLEANS — The 364-room Doubletree by Hilton Hotel New Orleans, located in New Orleans' CBD, has received $42 million in first mortgage financing. Sonnenblick-Eichner Co. secured the five-year, fixed-rate loan with a 30-year amortization schedule through an international money center commercial bank.
ORANGE CITY, FLA. — Inland Real Estate has purchased the 119,590-square-foot Saxon Crossings Shopping Center, located at 2607 Enterprise Road in Orange City, for $20.7 million. LA Fitness and Hobby Lobby anchor the center, and additional tenants include Jimmy John's, Papa John's Pizza, Woody's BBQ and Mattress One. Cliff Taylor of CBRE Group's Jacksonville, Fla., office, along with Daniel Baker of the firm's Orlando, Fla., office, represented Saxon Crossing Partners, the seller, in the transaction.
CHARLESTON, S.C. — Holder Properties has broken ground on the $17 million, 52,000-square-foot 174 Meeting Street, a Class A office building located in Charleston. The four-story building will include a CertusBank branch, ATM and parking. Additionally, CertusBank has signed a lease to occupy the second floor. McMillian Pazdan Smith Architecture designed the property, which Trident Construction is building. Completion is slated for April 2013.
MIAMI LAKES, FLA. — A joint venture between The Easton Group and Marcus Capital Partners Fund I has sold eight buildings in the Miami Lakes Research & Industrial Park, located at 14400-14560 NW 60th Ave. in Miami Lakes, to The Graham Companies for $14.3 million. The remaining three buildings in the park sold last year to Fonga for $4.6 million. The 11 buildings total 394,000 square feet, and the campus is 50 percent leased to HeartWare.
SHREVEPORT, LA. — Lexington Realty Trust has purchased a 258,000-square-foot, build-to-suit industrial facility, located in Shreveport, for $13 million. The newly constructed building is net-leased to The Tire Rack.
NORCROSS, GA. — A 55,000-square-foot industrial and showroom building, located at 430 Technology Parkway in Norcross, has sold for $4.5 million. The building is fully leased to Simmons Bedding Co. through 2018 and serves as the company's flagship location. Tom Shafer, John Hinson and CJ Kelly of Atlanta-based Resource Real Estate Partners represented Healey Investments, the seller, in the transaction. 430 Tech Realty LP. was the buyer.
MIAMI — Swire Properties has broken ground on the $1.05 billion Brickell CitiCentre, a 5.4 million-square-foot, mixed-use development located in downtown Miami. The development will include a luxury shopping center, two condominium residences, a hotel, a wellness center, apartments and two office towers. The first phase, which includes all elements except for one office tower, is slated for completion in 2015, with full completion expected in 2018. The project will create approximately 1,000 jobs during construction.
JACKSONVILLE, FLA., AND RICHMOND, VA. — Denver-based UDR has sold 15 unencumbered multifamily properties, located in Phoenix, Dallas, Jacksonville, Fla., and Richmond, Va., for $477 million. The properties total 4,931 units.