JACKSONVILLE, FLA. — Cushman & Wakefield has finalized the $11.7 million sale of the 75,906-square-foot Reedy Branch Commons Shopping Center, located at 10920 Baymeadows Road in Jacksonville. A 44,270-square-foot Publix anchors the center, which features a high-quality roster of in-line tenants. The property is 96 percent leased. Karl Johnston of Cushman & Wakefield represented Blackrock, the seller, in the transaction. Publix Supermarkets was the buyer.
Southeast
COCHRAN, GA. — Agree Realty has acquired a newly constructed store leased to Dollar General Market, which is located in Cochran. The company has also purchased the fee interest in the land underlying its Walgreens store in Ann Arbor, Mich. Dollar General Market has the full term of 15 years remaining on its lease. The total cost for both properties was approximately $6 million. Agree Realty currently operates a portfolio of 87 properties in 23 states.
FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the $2.73 million sale of the 42,365-square-foot American Changer Corp. distribution facility, located at 1400 NW 65th Place in Fort Lauderdale. Douglas Mandel of Marcus & Millichap represented the seller, a limited liability company from Boca Raton, Fla., in the transaction. Mandel also represented Boston-based Cabot Properties, the buyer. The property is fully leased to American Changer.
HAMPTON, VA. — MHI Hospitality has extended the maturity date of the $8.1 million mortgage on the 172-room Crowne Plaza Hampton Marina Hotel through TowneBank to June 30, 2013. The full-service, waterfront hotel is located in downtown Hampton and features 21,000 square feet of retail space, 7,600 square feet of flexible meeting space, a roof-top pool and a four-story, 300 car parking garage.
MIAMI — Miami Dade College (MDC) has acquired the 175,000-square-foot InterAmerican Plaza, an office building located at 701 SW 27th Ave. in Miami, for $25 million. The 14-story property is adjacent to MDC's InterAmerican Campus. Adam Lustig of Bilzin Sumberg Baena Price & Axelrod represented Shavuot, the seller, in the transaction. Hank Klein of Blanca Commercial Real Estate, along with Frank Kohn of Ashlin Group, represented the buyer.
ATLANTA — The Harbor Companies has sold a three-property multifamily portfolio, located in Atlanta. The value-add portfolio is 60 percent occupied on average. The properties include the 203-unit Sandlewood Apartments, the 180-unit Wyntrace Apartments and the 138-unit Wynview Apartments. John Stone, Ron Cameron and Robert Selton of Colliers International represented the seller in the transaction. Tyler Averitt of Southeast Apartment Partners represented Sage Equities, the buyer.
NASHVILLE, TENN. — White Lodging has started construction on the 255-room Hyatt Place hotel, located at 301 3rd Ave. S. in Nashville. Host Hotels & Resorts will own the hotel with White Lodging. PFVS Architects designed the 13-story hotel, which includes 3,600 square feet of meeting space and a 175-space parking garage. Completion is slated for late 2013.
VIRGINIA — Arbor Commercial Funding has arranged $62.7 million in 13 loans across Virginia, North Carolina and Georgia through Fannie Mae and Arbor Bridge Loan product lines. The properties that received funding include the 236-unit Woodland Trail Apartments in Georgia. In North Carolina, the properties include the 192-unit Ashbury Square Apartments, a 112,880-square-foot retail property, the 132-unit Chase on Commonwealth Apartments, the 125-unit The Landing on Farmhurst, the 88-unit The Oaks Apartments and the 75-unit Sharonridge Apartments. The Virginia properties include the 32-unit 930 Providence Road, the 28-unit 710-722 East 29th Street, the 24-unit 1507 O'Keefe Street, the 24-unit 2011 Chesapeake Drive and the 24-unit 811-819 East 29th Street. Brian Scharf of Arbor's Uniondale, N.Y., office originated the loans.
MIAMI — Love Funding has secured a $26.8 million construction loan for the construction of the 240-unit Alta Mira Apartments, a market-rate apartment complex located in Miami. Construction is slated to begin in July, with the first units scheduled for completion in February 2013. Carolyn Whatley of Love Funding's Palm Beach, Fla., office secured the 40-year permanent loan through HUD.
SILVER SPRING, MD. — A joint venture between Brandywine Realty Trust and Current Creek Investments, a subsidiary of Allstate Insurance Co., has entered into an agreement to acquire three office properties totaling 499,395 square feet, located in Silver Spring, for $120.6 million. The properties include the 162,832-square-foot 1100 Wayne Ave., the 196,663-square-foot 1010 Wayne Ave., and the 139,900-square-foot 8484 Georgia Ave. The seller is a joint venture between Urdang's Value-Added Fund II and Moore&Associates. The acquisition is slated to close in July.