RALEIGH, N.C. — The 87,000-square-foot WakeMed Health & Hospitals' Diagnostic Center, located at the corner of New Bern Avenue and Sunnybrook Road in Raleigh at the WakeMed Raleigh Medical Park, has opened. Duke Realty owns and developed the property and will also lease and manage the medical park. The three-story building offers outpatient imaging, lab services and pre-anesthesia testing. It is the first of several healthcare services to be offered in the medical park. Perkins+Will was the architect for the project, and Brasfield & Gorrie was the general contractor.
Southeast
BATON ROUGE, LA. — Walker & Dunlop has arranged $32.2 million in financing for the 330-unit Indigo Park Apartments, a Class A, garden-style apartment complex located in Baton Rouge. Steven Farnsworth of Walker & Dunlop arranged the seven-year loan with two years of interest-only payments followed by a 30-year amortization through Freddie Mac's CME program.
ALEXANDRIA, LA. — Arbor Commercial Mortgage has arranged a $14.51 million FHA-insured 221(d)(4) loan for the development of the 169-unit Mason Estates, an adaptive re-use and historic preservation project in Alexandria. The former Masonic Home orphanage will be converted into 25 loft units and an additional six buildings containing 144 apartment units will be constructed. Jay Porterfield of Arbor's Plano, Texas, office originated the loan on behalf of Roger Landry, the developer.
As the economy picks up in Columbia, South Carolina, the area’s multifamily market shows improvement. Columbia’s unemployment rate has declined steadily over the last year to its current rate of 8 percent. The largest employers in Columbia — which is the largest MSA in the state of South Carolina — are the state government, the University of South Carolina, Fort Jackson, Palmetto Health Baptist, and Blue Cross and Blue Shield of South Carolina. Columbia also showed an increase in manufacturing jobs over the past year. The area also benefits from recent economic development announcements. In May 2011, Michelin North America announced a $200 million dollar investment in its Lexington facility with 270 new jobs. Nephron Pharmaceuticals plans to build a $313 million manufacturing and research campus in Cayce’s Saxe Gotha Industrial Park, creating 700 new jobs. The University of South Carolina plans to build a state-of-the-art $91 million Moore School of Business to be located downtown at Assembly and Green. The former business school location will be leased to the Department of Justice for 20 years, which will bring in an additional 250 jobs. Amazon.com built a distribution facility in Columbia, which currently employs 600 workers, will eventually create up …
ROYAL PALM BEACH, FLA. — Archstone, in a joint venture with FUTURA Acquisitions Group, has started construction on the 268-unit Enclave at Wellington, a new apartment community located at Highway 441 and Anthony Groves Road in Royal Palm Beach. Amenities will include a recreational trail with fitness stations encompassed by a new park and lakefront, a dog park and substantial green spaces. Bank of Ozarks provided construction financing, and HFF served as financial advisor and secured construction financing for the joint venture. ARA brokered the joint venture transaction between the two development partners.
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.
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.