HUNTSVILLE, ALA. — GBT Realty has completed construction on Huntsville's first Academy Sports + Outdoors. The 72,000-square-foot store, which opened April 26, sits on eight acres on the northeast corner of U.S. Highway 72 and West Nance Road. The sports, outdoor and lifestyle retailer has more than 160 locations throughout the Southeast, including a store in nearby Decatur, Ala. Reed Construction served as the site contractor on the project and Stewart Perry Construction was the general contractor.
SANFORD, FLA. — Marcus & Millichap has arranged the $6.8 million sale of Towne Center Plaza, an 82,098-square-foot retail property in Sanford. The property, located at 100-400 N. Mall Entrance Road, was built in 1998. Tenants include Books-A-Million, West Marine, JoAnn Fabric, Hobby Lobby and Honey Baked Ham. The property shares the same parking as the Seminole Towne Center Mall. Rob Keeler of Marcus & Millichap represented the seller, a limited liability company, in the transaction. He also represented the buyer, a partnership.
MIAMI — EdR will acquire a purpose-built development directly across the street from the Florida International University (FIU) campus for $43.5 million from a Miami-area developer. FIU is the second largest university in Florida and the seventh largest in the United States with a 2012 total enrollment of 50,394 students, consisting of approximately 36,000 undergraduate and 14,000 graduate students. This 15-story community is currently being constructed adjacent to the north side of the university's main campus, and it is the first purpose-built student housing community development at FIU. The 542-bed apartment community will offer a variety of two- and four-bedroom apartments, with private baths for each bedroom and a washer and dryer in each unit. Amenities include a pool, Internet and Wi-Fi access, fitness center, theater room and an outdoor deck. EdR's acquisition is subject to the completion of the project in time for fall 2014 occupancy. EdR is responsible for all leasing and management operations.
PINELLAS PARK, FLA. — Capital Advisors has arranged $33.5 million in construction financing for The Spa and Residences at Gateway Centre, a 320-unit, Class A apartment complex, located at 3115 Grand Ave. in Pinellas Park. Cooper Willis of Capital Advisors arranged the mini-perm loan on behalf of the borrower, Gateway Centre LLC, through a regional bank. The seven-year loan includes 36 months of interest-only payments and a 30-year amortization schedule. The Spa and Residences at Gateway Centre will be constructed on a 39-acre site.
FRANKFORT, KY. — Lyons Magnus Inc. plans to expand operations in Frankfort, adding 50 jobs and investing $5 million in the project. The company, which develops and markets products in the food service industry, plans to purchase land to build a new facility for food processing, warehousing space and shipping. The Kentucky Economic Development Finance Authority has approved the company for tax incentives up to $400,000. The news follows other major project announcements in Kentucky. Last week, Southern Air said it would move its global headquarters to Northern Kentucky, adding 150 jobs in Florence. ZoomEssence announced that it plans to invest $3 million in a research and development location in Hebron, and Baluff Inc. has broken ground on the company's new U.S. headquarters in Independence.
OCALA, FLA. — A 109-room Hampton Inn & Suites in Ocala has sold to a limited liability company from Michigan for $5.8 million, or $53,211 per room. The hotel is located directly off I-75 on Highway 484, just minutes from Ocala's Florida Horse Park. Ahmed Kabani and Jonathan Gerszberg of Marcus & Millichap represented the seller, a Miami bank, in the transaction. David Greenberg of Marcus & Millichap represented the seller.
ATLANTA — Medtech College has signed an 11-year lease for 16,000 square feet at 2800 Century Parkway in Atlanta, part of the Century Center office park. Medtech, a medical training school with locations in the Southeast and Midwest, currently has two Atlanta-area campuses. The space was previously occupied by AT&T before its recent consolidation. Dale Lewis of Cassidy Turley represented Medtech in the relocation of its Tucker campus to Century Center. Medtech can now provide training programs to the entire northeast Atlanta area. Jim Legg of Highwood Properties represented the landlord.
LITTLE ROCK, ARK. — Berkadia Commercial Mortgage has arranged $59.8 million for the refinancing of a portfolio of 12 skilled nursing facilities throughout Arkansas. Jay Healy worked with the borrower, Omega Healthcare Investors Inc., to secure the loan through the U.S. Department of Housing and Urban Development's HUD 232/223(a)(7) program. Omega acquired the assets in December 2011 and assumed HUD debt through a transfer of physical assets. The portfolio, totaling 1,400 beds, includes two facilities outside of Little Rock: Premier Health and Rehabilitation in North Little Rock and Canyon Springs Health & Rehabilitation in Hot Springs.
HOOVER, ALA. — RRE Autumn Wood Holdings has acquired Autumn Wood Apartments, a 206-unit apartment community in Hoover, for $8.5 million. Built in 1986, the 180,400-square-foot property includes one- and two-bedroom units. David Oakley of Hendricks-Berkadia represented the buyer in the transaction. Tom Hinton of Hinton Investments represented the seller, 1000 Autumnwood LLC.
TUSCALOOSA, ALA. — Beech Street Capital has arranged a $17 million Fannie Mae loan for the refinancing of College Station Portfolio, a 264-unit property owned by ROAR LLC in Tuscaloosa. Chad Thomas Hagwood of Beech Street originated the 10-year loan, which features a 30-year amortization schedule. The apartment community is located near the University of Alabama, and the properties typically operate at 99 percent occupancy. The interest rate on the loan was just over 4 percent.