CLEARWATER, FLA. — A $7.1 million construction loan has been arranged for Seasons Largo, an assisted living facility located at 1475 E. Bay Dr. in Clearwater. Robert Hernandez of NorthMarq arranged the financing for the borrower, Center Bay Office Inc., through NorthMarq’s relationship with a national bank on a 60-month term with interest-only for 36 months then a 30-year amortization schedule.
Southeast
TALLAHASSEE, FLA. — Regency Centers (NYSE: REG), a national owner, operator and developer of grocery-anchored shopping centers, will renovate the 78,583-square-foot Carriage Gate, a neighborhood center located at Thomasville Road and State Road 261 north of Interstate 10 in Tallahassee. Trader Joe’s, which is new to the market, will open a 13,000-square-foot space in Carriage Gate in 2013. Regency also secured a long-term lease with existing anchor T.J. Maxx, which is in a 25,600-square-foot space. The shopping center, which was built in 1978, will be renovated with a new exterior facade and awnings, and the parking lot will be reconfigured for improved traffic flow and additional parking.
ORLANDO AND CELEBRATION, FLA., AND SAVANNAH, GA. — Inland American Lodging Group Inc. (IALG), wholly owned subsidiary of Inland American Real Estate Trust Inc., has agreed to acquire a portfolio of three luxury hotels including the Grand Bohemian Hotel in Orlando, Bohemian Hotel Celebration in Celebration and Bohemian Hotel Savannah Riverfront in Savannah. All three are founding hotels of Marriott’s Autograph Collection, a collection of artistically inspired boutique hotels. IALG entered purchase agreements with hotelier and developer Richard Kessler on the three properties. The acquisition of Bohemian Hotel Celebration is expected to close out all three purchases in January 2013.
PIEDMONT, S.C. — Drive Automotive Industries of America, a manufacturing division of Cosma International, plans to expand its facility, located on Moon Acres Road in Piedmont, by 150,000 square feet. The $50 million investment is expected to create 60 jobs. The expansion is slated for completion in the third quarter of 2013.
DUMFRIES, VA. — Shorehaven Apts GP plans to build the $41 million, 240-unit Shorehaven Apartments, located in Dumfries. Amenities will include a clubhouse, resort-style pool, exercise facility and dog park. Bill Overman and John Wessling of S.L. Nusbaum Realty Co. represented Shorehaven Apts LP, in the $8.1 million acquisition of the land where the project will be constructed. Full completion is slated for 18 months from when construction begins.
ATLANTA — Admiral Capital Real Estate Fund and SDM Partners have purchased the 160,000-square-foot 200 Ashford Center North, an office building located in Atlanta. Amenities include a fully equipped conference room, fitness center, on-stie cafe and covered parking. Steven Martin of SDM Partners represented the buyer in the transaction. Michael McDonald, Drew Barnette and Kennedy Hicks of Eastdil Secured represented the seller, a pension fund client of ASB Real Estate Investments.
MONTGOMERY, ALA. — A 13,706-square-foot CVS/pharmacy, located at 3050 Zelda Road in Montgomery, has sold for $4.21 million. The company has 19 years remaining on its lease. Included in the sale was the assumption of a CMBS loan through Wells Fargo. Terry Marks of National Net Lease Realty represented the seller, a Southern California based limited liability company, in the transaction. A California-based broker represented the buyer.
NASHVILLE, TENN. — Beech Street Capital has secured $92.6 million in Freddie Mac Capital Markets Execution loans for the acquisition of a three-property multifamily portfolio, located in Nashville. The properties include the 627-unit Cherry Creek Apartments, the 346-unit Arbors at Brentwood Apartments and the 360-unit Cambridge at Hickory Hollow. Aaron Birnbaum of Meridan Capital Group originated the loans, which were financed by Beech Street as part of its correspondent relationship with Meridian. The seven-year loans have two years of interest-only payments.
NAPLES, FLA. — FTC Naples has sold the 161,000-square-foot Fifth Third Center, located at 999 Vanderbilt Beach Road in Naples, for $49.92 million. The property is the largest office building in Collier County. Premier Commercial represented the buyer in the transaction. Craig Timmins and Clint Sherwood of Investment Properties Corp. represented the seller.
NASHVILLE, TENN. — A joint venture between Adler Real Estate Fund and Kawa Capital Management has purchased the 135,653-square-foot Greenbriar Business Park, an office and flex property located at 2525 Perimeter Place Drive in Nashville. The property is 88 percent leased. Tenants include Honeywell International, Diebold, Dataium and Neopost USA. Steve Preston and Douglass Johnson of CBRE Group represented the seller, KBS REIT I, in the transaction. HFF secured a primary mortgage through SunTrust Bank on behalf of Adler Real Estate Fund.